Interim Management Statement

RNS Number : 4964Z

Polar Capital Technology Trust PLC

07 March 2013

 



Polar Capital Technology Trust plc Interim Management Statement for the 3 months to 31 January 2013 (unaudited)

The Board of Polar Capital Technology Trust plc (the "Company") is pleased to announce its Interim Management Statement which relates to the period from 31 October 2012 to 31 January 2013 including information up to the date of publication of this statement unless otherwise specified. Investment objective and benchmark The investment objective of Polar Capital Technology Trust PLC is to maximise long-term capital growth through investing in a diversified portfolio of technology companies around the world. The benchmark is the Dow Jones World Technology Index (in sterling). Material Events in the period The half year unaudited results were announced on 10 December 2012. Share Capital Changes in the share capital in the period from 31 October 2012 and up to 5 March 2013: Ordinary Shares Subscription Shares In issue at 31 October 2012 128,219,920 24,786,282 Conversion of subscription shares on 3 December 2012 and 2 January 2012 +437 -437 In issue at 31 January 2012 128,220,357 24,785,845 Conversion of subscription shares on 1 February 2013 and 1 March 2013 0 0 In issue at 5 March 2013 128,220,357 24,785,845 Latest  Total Voting Rights As at 31 January 2013, Polar Capital Technology Trust plc's share capital consisted of 128,220,357 ordinary shares of 25 pence each and 24,785,845 subscription shares of 1 pence each. Each ordinary share carries one vote while the subscription shares have no voting rights. Therefore as at 31 January 2012, the total number of voting rights was 128,220,357. No shares were held in Treasury. Latest NAVs The unaudited, undiluted NAV per share at the close of business on 6 March 2013 was 430.26p (including current year deficit and based on bid market values). Diluted Not Currently Applicable The Company  can earn a performance fee which would be payable as a result of outperformance over the benchmark index, subject to the adjusted NAV per share exceeding the high water mark, being the higher of the NAV per share when the last performance fee was paid (368.74p) or the NAV per share at the previous year end (392.56p). The performance fee, if payable, will be accrued daily.

Performance
	31 January 2013		31 October  2012
Share Price	380.40p		366.00p
NAV (undiluted) per Share	399.45p		370.55p
Discount  / (Premium)	4.77%		1.23%
Total Investments	£512.5m		£475.0m
AIC Gross Gearing Ratio *	0.00%		0.00%
AIC Net Cash Ratio *	5.00%		2.00%
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) to 31 January 2013	6 Months	1Year		5 years
Share Price	0.90	8.65		114.01
NAV (undiluted) per Share	6.25	8.50		88.70
Dow Jones World Technology Index (total return in sterling)	3.94	7.04		59.22
Portfolio The portfolio as at 31 October 2012 was published in the half year report which is available on the Company's website. The portfolio as at 31 January 2013 is attached.
Geographical Breakdown (% of Total Assets )	31 January 2013		31 October 2012
US & Canada	69.8		71.9
Asia Pac (ex-Japan)	10.9		11.9
Europe	9.1		8.2
Japan	2.8		2.6
Middle East	2.6		2.4
Cash & Equivalents	4.8		3.0
Sector Breakdown (% of Total Assets)	31 January 2013		31 October  2012
Software	22.9		22.8
Semiconductors	20.9		21.4
Internet software & Services	15.0		12.8
Communications Equipment	11.6		11.6
Computers & Peripherals	11.0		15.6
IT Services	5.5		6.5
Electronic equipment, instruments & components	2.2		2.6
Chemicals	1.3		-
Internet & catalogue retail	1.1		1.0
Machinery	0.6		0.7
Leisure Equipment & Products	0.6		-
Commercial Services & Supplies	0.5		0.3
Household Durables	0.5		-
Other	1.5		0.8
Office Electronics	-		0.2
Building products	-		0.3
Healthcare Technology	-		0.4
Cash	4.8		3.0

Top Ten Holdings (% of Total Assets)	31 January 2013		31 October 2012
Apple	7.3		11.3
Google	6.8		5.6
Microsoft	4.1		4.7
Samsung Electronics	3.7		3.9
International Business Machines	3.3		3.7
Oracle	3.0		2.3
Qualcomm	2.4		2.6
Taiwan Semiconductor	2.2		2.3
SAP	2.1		1.9
Cisco	2.0		1.7

Investment Portfolio as at 31 January 2013 £'000 % of Total Portfolio US and Canada   Apple 37,132,646 7.25% Google 34,820,205 6.79% Microsoft 21,141,952 4.13% International Business Machines 16,656,701 3.25% Oracle 15,331,296 2.99% Qualcomm 12,523,643 2.44% Cisco 9,969,361 1.95% Intel 7,442,244 1.45% Facebook 7,250,966 1.41% Salesforce.com 7,104,553 1.39% ebay 6,769,810 1.32% Texas Instruments 6,624,512 1.29% Red Hat 6,097,861 1.19% Amazon.com 5,735,553 1.12% Adobe Systems 5,718,261 1.12% Citrix Systems 5,243,653 1.02% EMC 4,972,029 0.97% Akamai 4,707,235 0.92% Juniper Networks 4,668,685 0.91% KLA-Tencor 4,292,750 0.84% Aruba Networks 3,965,631 0.77% NetApp 3,849,659 0.75% Infoblox 3,559,283 0.69% LSI Logic 3,541,816 0.69% Synopsys 3,414,173 0.67% Cavium 3,390,192 0.66% Intuit 3,146,634 0.61% F5 Networks 3,087,236 0.60% Broadcom A 3,017,689 0.59% Analog Devices 2,958,311 0.58% LinkedIn 2,944,540 0.57% Sandisk 2,907,129 0.57% ON Semicon  2,851,121 0.56% Sourcefire 2,818,380 0.55% Tibco Software 2,806,371 0.55% Mastercard 2,669,364 0.52% Cognizant 2,647,619 0.52% EnerNOC 2,582,406 0.50% Fortinet 2,572,977 0.50% Concur 2,552,044 0.50% Ixia 2,499,576 0.49% Imperva 2,478,261 0.48% Semtech 2,438,420 0.48% QLIK Technologies 2,411,217 0.47% LAM Research 2,397,057 0.47% Teradata 2,374,371 0.46% Integrated Device Technology 2,365,661 0.46% Harman International Industries 2,331,912 0.45% Splunk 2,326,268 0.45% Xilinx 2,302,200 0.45% Acme Packet 2,217,657 0.43% Neustar 2,134,896 0.42% Align Tech 2,005,052 0.39% VMware 1,950,033 0.38% Netscout Systems 1,936,598 0.38% Altera 1,901,355 0.37% Keynote Systems 1,897,716 0.37% Fusion-io 1,814,833 0.35% Polycom 1,726,255 0.34% Lattice Semiconductor 1,713,044 0.33% Ultratech 1,691,273 0.33% Micron 1,645,715 0.32% JDS Uniphase 1,633,372 0.32% PROS 1,614,627 0.32% Entergis 1,554,773 0.30% BroadSoft 1,501,979 0.29% Peregrine Semiconductor 1,480,650 0.29% Itron 1,461,067 0.29% Commvault Services 1,354,753 0.26% Netsuite Inc 1,327,959 0.26% Monsanto 1,279,392 0.25% Sciquest 1,211,542 0.24% Exar Corp 1,198,268 0.23% Stamps 1,195,061 0.23% Inphi 1,193,844 0.23% FEI 1,122,646 0.22% ExactTarget 1,108,084 0.22% Proto Labs 1,091,379 0.21% Proofpoint 1,059,027 0.21% EXA Corp 878,247 0.17% Qualys 810,396 0.16% Symmetricom 626,632 0.12% WaterFurnace Renewable Energy 552,731 0.11% 357,302,290 69.70% Asia Pacific (ex-Japan) Samsung Electronics 18,854,598 3.68% Taiwan Semiconductor 11,068,751 2.16% Tencent 6,811,438 1.33% Mediatek 3,745,348 0.73% Baidu 3,536,778 0.69% Chipbond 3,038,795 0.59% TXC 2,040,535 0.40% Sina 1,568,501 0.31% NHN 1,434,844 0.28% ASM Pacific 1,319,307 0.26% Quanta Computer 1,237,482 0.24% Lenovo Group 858,213 0.17% Array 389,480 0.08% 55,904,070 10.92% Europe SAP 10,489,138 2.05% ARM 5,830,578 1.14% Ericsson 5,413,394 1.06% Impax Environmental Markets 4,332,000 0.85% ASML 3,185,648 0.62% Gemalto 2,014,244 0.39% Pentair 2,009,877 0.39% Adva Optical Networking 1,933,527 0.38% ASM International 1,838,989 0.36% Ingenico 1,788,530 0.35% Spirent Communications 1,732,352 0.34% Seagate 1,678,168 0.33% Telecity 1,439,900 0.28% Austriamicrosystems 1,412,084 0.28% Infineon Technologies 727,792 0.14% Herald Ventures Ltd Partnership 377,476 0.07% Herald Ventures II Ltd Partnership 270,309 0.05% Telit Communications 107,300 0.02% 46,581,306 9.10% Japan Nitto Denko 3,165,104 0.62% Nikon 2,982,975 0.58% Anritsu 2,246,101 0.44% Shin-Etsu Chemical 2,024,478 0.40% Keyence 1,630,522 0.32% Digital Garage 1,539,459 0.30% Hoya 1,012,495 0.20% 14,601,133 2.85% Middle East Radware 4,941,210 0.96% Check Point Software Technologies 3,940,546 0.77% Silicom 2,255,400 0.44% Allot Communications 1,864,908 0.36% Mellanox Technologies 333,330 0.07% 13,335,394 2.60% Cash & Equivalents 24,734,701 4.83% Grand Total 512,510,077 100.00% Subscription Share Information Each Subscription Share entitles the holder to subscribe for one ordinary share at the applicable subscription price by 5.00 p.m. on the last business day of each month between the last business day in March 2011 and the last business day in March 2014, after which the subscription rights will lapse. The subscription price is 478p per ordinary share.

General Information:

For further information on the subscription shares and for the monthly factsheets please visit the Company's website:  www.polarcapitaltechnologytrust.co.uk. The net asset value of the Company's ordinary shares are calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

IMSBXGDXIBGBGXR