Interim Management Statement

RNS Number : 2105R

Polar Capital Technology Trust PLC

09 September 2014

 



Polar Capital Technology Trust plc Interim Management Statement for the 3 months to 31 July 2014 (unaudited)

9 September 2014 The Board of Polar Capital Technology Trust plc (the "Company") is pleased to announce its Interim Management Statement which relates to the period from 30 April 2014 to 31 July 2014 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 total return, sterling adjusted with the removal of withholding taxes. Material Events in the period (and up to the date of publication of this statement) The audited final results for the year ended 30 April 2014 were announced on 30 June 2014 and sent out to shareholders on 31 July 2014. The Annual General Meeting was held on 4 September 2014 and all resolutions were passed on a show of hands.  The AGM presentation and proxy votes can be viewed on the Company's website. The business of the AGM is set out in the Notice of Meeting and a copy of this is available from the Company's website.  Copies of resolutions 13, and 14 having been passed as special resolutions have been submitted to Companies House. Share Capital There has been no change in the issued ordinary share capital in the period from 30 April 2014 and up to 8 September 2014: Latest  Total Voting Rights As at 8 September 2014, Polar Capital Technology Trust plc's share capital consisted of 132,336 159 ordinary shares of 25 pence each. Each ordinary share carries one vote.  No shares were held in Treasury. Latest NAVs The unaudited, undiluted NAV per share at the close of business on 8 September 2014 was 540.53p (including current year deficit and based on bid market values). Polar Capital Technology Trust plc can earn a performance fee which would be payable at the year end, as a result of outperformance over the benchmark index, if the NAV per share (after adjusting for share buy backs and issuance and any accrual for the performance fee) exceeds the benchmark-adjusted high water mark. The high water mark is the higher of the benchmark-adjusted NAV per share when the last performance fee was paid or the benchmark-adjusted NAV per share at the previous year end. The current NAV per share is below the current benchmark-adjusted high water mark. The performance fee, if payable, will be accrued daily.

Financial Highlights
	31 July 2014		30 April 2014
Share Price	474.00p		442.00p
NAV (undiluted) per Share	494.20p		458.40p
Discount	4.09%		3.59%
Total Investments	£654.0m		£606.6m
AIC Gross Gearing Ratio *	0.00%		0.00%
AIC Net Cash Ratio *	4.81%		5.28%
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) to 31 July 2014	6 Months	1 Year		5 years
Share Price	0.85	8.32		132.35
NAV per Share	2.80	9.98		113.16
Dow Jones World Technology Index total return, sterling adjusted with the removal of withholding taxes.	9.84	15.09		94.59
Portfolio The portfolio as at 30 April 2014 was published in the annual report which is available on the Company's website. The portfolio as at 31 July 2014 is attached.
Geographical Breakdown (% of Total Assets )	31 July 2014		30 April 2014
US & Canada	69.5		68.6
Asia Pac (ex-Japan)	11.6		11.9
Europe	5.8		7.8
Japan	5.3		5.7
Middle East	1.9		2.5
Latin America	0.6		-
Cash & Equivalents	5.3		3.5

Sector Breakdown (% of Total Assets)	31 July 2014		30 April 2014
Internet Software & Services	23.3		20.7
Semiconductors & Semiconductor Equip.	20.3		20.5
Software	17.2		20.0
Tech. Hardware, Storage & Peripherals	12.7		12.5
Communications Equipment	8.1		8.3
Elec. Equip. Instruments & Components	3.9		3.7
IT Services	2.7		3.5
Internet & Catalogue Retail	2.0		2.5
Healthcare Technology	0.9		1.0
Machinery	0.8		1.5
Other	2.9		2.3
Cash	5.2		3.5

Top Ten Holdings as at 31 July 2014 (% of Total Assets)	31 July 2014		Holding at 30 April 2014
Apple	8.3		7.7
Google	7.6		7.9
Facebook	4.3		3.7
Microsoft	3.1		4.6
Intel	2.8		2.1
Samsung Electronics	2.4		2.5
Qualcomm	2.3		2.2
Baidu	2.1		1.4
Cisco Systems	1.8		1.7
Tencent	1.7		1.4

	Investment Portfolio as at 31 July 2014	£ '000	% of total portfolio
	North America	454,533	69.50%
	Apple	54,345	8.31%
	Google	49,976	7.64%
	FaceBook	28,270	4.32%
	Microsoft	20,165	3.08%
	Intel	18,076	2.76%
	Qualcomm	14,754	2.26%
	Cisco	11,700	1.79%
	Splunk	11,006	1.68%
	Oracle	9,271	1.42%
	Western Digital	8,526	1.30%
	Salesforce.com	8,305	1.27%
	VMware	6,923	1.06%
	Micron Technology	6,610	1.01%
	LAM Research	6,412	0.98%
	Palo Alto Networks	6,257	0.96%
	F5 Networks	6,168	0.94%
	Texas Instruments	6,155	0.94%
	Red Hat	5,721	0.87%
	TripAdvisor	5,631	0.86%
	Adobe	5,631	0.86%
	Amazon.Com	5,541	0.85%
	Sandisk	5,477	0.84%
	Cornerstone OnDemand	5,122	0.78%
	Linear Tech	4,906	0.75%
	Applied Materials	4,746	0.73%
	Yahoo	4,679	0.72%
	Athenahealth	4,667	0.71%
	Stratasys	4,441	0.68%
	Twitter	4,422	0.68%
	Ultimate Software	4,222	0.65%
	Visa	4,151	0.63%
	Yelp	4,110	0.63%
	Cognex	4,083	0.62%
	Intuit	4,078	0.62%
	Proofpoint	3,948	0.60%
	Demandware	3,909	0.60%
	Monsanto	3,842	0.59%
	Synaptics	3,836	0.59%
	Cavium	3,556	0.54%
	Microchip Technology	3,521	0.54%
	Concur Technologies	3,516	0.54%
	Cree	3,491	0.53%
	Sunpower	2,782	0.43%
	Harman International	3,162	0.48%
	Cognizant Technology Solutions	3,160	0.48%
	Mastercard	3,031	0.46%
	LinkedIn	2,964	0.45%
	Netscout	2,930	0.45%
	Schlumberger	2,869	0.44%
	LogMeIn	2,811	0.43%
	Integrated Device Technology	2,596	0.40%
	Sapient	2,571	0.39%
	Trimble Navigation	2,556	0.39%
	Callidus Software	2,518	0.38%
	Nimble Storage	2,396	0.37%
	Illumina	2,344	0.36%
	Corning	2,102	0.32%
	Priceline	2,002	0.31%
	Cvent	1,858	0.28%
	Rackspace	1,855	0.28%
	PROS	1,854	0.28%
	Tableau Software	1,850	0.28%
	Akamai Technologies	1,807	0.28%
	Ciena	1,775	0.27%
	Arista Networks	1,758	0.27%
	Marin Software	1,594	0.24%
	Taser International	1,501	0.23%
	Avigilon	1,397	0.21%
	Nvidia	1,369	0.21%
	Lattice Semiconductor	1,352	0.21%
	Costar	1,243	0.19%
	Evolving Systems	1,186	0.18%
	Cerner	1,143	0.17%
	Integrated Silicon Solution	1,086	0.17%
	S&P 500 Option October 2014	898	0.14%
	Netsuite	869	0.13%
	Calamp	672	0.10%
	Datawatch	506	0.08%
	Cermetek	0	0.00%
	Latin America	3,848	0.59%
	Mercadolibre	3,848	0.59%
	Europe	37,983	5.81%
	SAP	8,588	1.31%
	NXP Semiconductors	5,892	0.90%
	ASML	4,516	0.69%
	Ericsson	4,039	0.62%
	ARM Holdings	3,313	0.51%
	Telit Communications	2,202	0.34%
	Arcam	2,093	0.32%
	Ingenico	1,918	0.29%
	Infineon Technologies	1,843	0.28%
	Amadeus IT	1,583	0.24%
	Aixtron	1,079	0.16%
	Wandisco	425	0.06%
	Herald Ventures Ltd Partnership	275	0.04%
	Herald Ventures Ltd Partnership II	219	0.03%
	Low Carbon Accelerator	-	0.00%
	Unus Technologies KRW 1	-	0.00%
	Asia & Pacific (including Middle East & Africa)	34,591	18.82%
	Samsung Electronics	15,535	2.38%
	Baidu	13,845	2.12%
	Tencent	11,172	1.71%
	Taiwan Semiconductor	9,817	1.50%
	Mediatek	6,748	1.03%
	SKh Hynix	6,700	1.02%
	Check Point Software	4,956	0.76%
	Keyence	4,582	0.70%
	Allot Communications	4,041	0.62%
	Hirose Electric	3,991	0.61%
	Quanta Computer	3,864	0.59%
	Radware ILS0.10	3,810	0.58%
	Disco Corporation	3,537	0.54%
	Next	3,306	0.51%
	Harmonic Drive Systems	3,251	0.50%
	GMO Payment Gateway	3,230	0.49%
	SMS	2,883	0.44%
	Bitauto	2,664	0.41%
	Omron	2,659	0.41%
	Konica Minolta	2,257	0.35%
	Naver	1,980	0.30%
	Nippon Ceramic	1,519	0.23%
	Eizo	1,461	0.22%
	Himax Technologies	1,445	0.22%
	Advanced Semiconductor	1,344	0.21%
	TDK	655	0.10%
	Yahoo Japan	637	0.10%
	Access	623	0.10%
	Siliconware	601	0.09%
	Cash	34,525	5.28%
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.

 

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