Interim Management Statement
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Polar Capital Global Financials Trust plc Interim Management Statement from 1 December 2013 to 28 February 2014 (unaudited - including material events up to the date of publication) |
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The Board of Polar Capital Global Financials Trust plc (the "Company") is pleased to announce its Interim Management Statement, which relates to the period from 1 December 2013 to 28 February 2014 and includes information up to the date of publication of this statement unless otherwise specified.
Investment objective and benchmark The Company's investment objective is to generate for investors a growing dividend income together with capital appreciation. The Company seeks to achieve its objective by investing primarily in a global portfolio consisting of listed or quoted securities issued by companies in the financials sector operating in the banking, insurance, property and other sub-sectors.
The benchmark is the MSCI World Financials Total Return Index (in sterling).
Material events in the period (and up to the date of publication of this statement) The Company announced its results for the period ended 30 November 2013. A dividend of 0.68p per ordinary share was paid on 31 March 2014.
Share Capital There have been no changes in share capital since 3 March 2014 when the financial results for the period ended 30 November 2013 were published. Full details of the changes in the share capital in the period from 1 September 2013 up to 28 February 2014 are set out in the Annual Report.
Latest Total Voting Rights As at 17 April 2014, the Company's share capital consisted of 174,700,000 ordinary shares of 5 pence each and 30,600,000 subscription shares of 1 pence each.
Each ordinary share carries one vote while the subscription shares have no voting rights. No shares were held in Treasury as at 17 April 2014.
Latest NAVs The unaudited, undiluted NAV per share at the close of business on 16 April 2014 was 101.88p (including current year deficit and based on bid market values).
Diluted NAV per share Not Currently Applicable
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Financial Highlights |
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28 February 2014 |
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30 November 2013 |
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Share Price |
106.00p |
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105.75p |
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NAV (undiluted) per Share |
102.83p |
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101.66p |
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Premium |
3.08% |
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4.02% |
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Discount |
- |
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- |
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Net Assets (m) |
£180m |
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£170m |
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AIC Gross Gearing Ratio * |
0.00% |
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0.00% |
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AIC Net Cash Ratio * |
2.37% |
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3.70% |
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*Gearing calculations are exclusive of current year Revenue/Loss. |
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Performance (%) 30 November 2013 to 28 February 2014 |
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% |
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Share Price |
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0.24 |
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NAV (undiluted) per Share |
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1.13 |
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MSCI World Financials Index (total return in sterling) |
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-1.40 |
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Geographical Breakdown (% of Total Assets ) |
28 February 2014 |
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30 November 2013 |
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Europe |
29.2 |
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25.9 |
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North America |
27.0 |
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25.9 |
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Asia Pacific (ex Japan) |
13.9 |
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15.2 |
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UK |
8.1 |
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8.6 |
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Eastern Europe |
6.5 |
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7.8 |
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Latin America |
2.0 |
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2.3 |
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Japan |
1.7 |
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1.8 |
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Fixed Income |
9.4 |
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8.4 |
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Other Net Assets |
2.4 |
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4.1 |
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Sector Breakdown (% of Total Assets) |
28 February 2014 |
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30 November 2013 |
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Banks |
50.5 |
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50.7 |
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Diversified Financials |
18.5 |
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17.3 |
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Insurance |
13.8 |
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14.2 |
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Real Estate |
5.5 |
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5.3 |
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Fixed Income |
9.4 |
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8.4 |
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Cash |
2.4 |
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4.1 |
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Market Capitalisation (% of Total Assets) |
28 February 2014 |
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30 November 2013 |
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Large (greater than US$ 5bn) |
74.1 |
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72.1 |
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Medium (US$ 1bn to 5bn) |
25.1 |
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26.8 |
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Small (less than US$ 1bn) |
0.8 |
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1.1 |
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Investment Portfolio as at 28 February 2014
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£ |
% of Total Portfolio |
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Europe |
(000s) |
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UBS |
4,472 |
2.5% |
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BNP Paribas |
4,407 |
2.5% |
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Societe Generale |
4,385 |
2.4% |
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DNB |
4,122 |
2.3% |
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Azimut |
3,933 |
2.2% |
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Sampo |
3,931 |
2.2% |
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ACE |
3,766 |
2.1% |
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Swedbank |
3,499 |
1.9% |
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KBC |
3,314 |
1.8% |
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Allianz |
2,902 |
1.6% |
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AXA |
2,880 |
1.6% |
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Credit Suisse |
2,862 |
1.6% |
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Intesa Sanpaolo |
2,413 |
1.3% |
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Cembra Money Bank |
1,900 |
1.1% |
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Sparebank SR Bank |
1,023 |
0.6% |
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SpareBank Nord-Norge |
1,005 |
0.6% |
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BBVA |
948 |
0.5% |
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Standard Chartered |
633 |
0.4% |
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52,394 |
29.2% |
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US & Canada |
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PNC Financial Services |
5,051 |
2.8% |
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JPMorgan |
5,002 |
2.8% |
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Wells Fargo |
4,431 |
2.5% |
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Discover Financial Services |
3,596 |
2.0% |
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Toronto-Dominion |
3,308 |
1.8% |
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Citigroup |
3,191 |
1.8% |
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US Bancorp |
3,131 |
1.7% |
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Blackstone |
3,104 |
1.7% |
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Marsh & McLennan |
2,688 |
1.5% |
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Oaktree Capital |
2,564 |
1.4% |
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Ares Capital |
2,419 |
1.3% |
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First Republic Bank |
2,403 |
1.3% |
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Solar Capital |
1,987 |
1.1% |
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PartnerRe |
1,933 |
1.1% |
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New York Community Bancorp |
1,858 |
1.0% |
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Affiliated Managers |
1,796 |
1.0% |
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48,461 |
27.0% |
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Asia Pacific (ex-Japan) |
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Jammu and Kashmir |
3,737 |
2.1% |
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HSBC |
2,812 |
1.6% |
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Frasers Centrepoint Trust |
2,705 |
1.5% |
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CapitaMall REIT |
2,443 |
1.4% |
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Fortune REIT |
2,357 |
1.3% |
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Frasers Commercial Trust |
2,333 |
1.3% |
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Siam Commercial Bank |
2,278 |
1.3% |
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Bank Rakyat Indonesia |
1,897 |
1.1% |
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E Sun Financial Holdings |
1,609 |
0.9% |
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Bajaj Finance |
1,442 |
0.8% |
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Security Bank |
1,442 |
0.8% |
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25,056 |
13.9% |
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United Kingdom |
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Barclays |
3,718 |
2.1% |
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Direct Line Insurance |
2,972 |
1.7% |
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Close Brothers |
2,893 |
1.6% |
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Lancashire |
1,631 |
0.9% |
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City of London Investment Group |
1,206 |
0.7% |
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Novae |
1,082 |
0.6% |
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Arrow Global |
1,034 |
0.6% |
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W&G Investment |
17 |
0.0% |
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14,554 |
8.1% |
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Eastern Europe |
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Hellenic Exchanges |
2,726 |
1.5% |
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Bank of Georgia |
2,538 |
1.4% |
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Komercni Banka |
2,528 |
1.4% |
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Sberbank of Russia |
2,209 |
1.2% |
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Turkiye Sinai Kalkinma Bank |
1,603 |
0.9% |
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11,604 |
6.5% |
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Latin America |
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Cielo |
2,595 |
1.4% |
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Brasil Insurance |
976 |
0.5% |
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3,571 |
2.0% |
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Japan Sumitomo Mitsui Financial |
2,972 |
1.7% |
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2,972 |
1.7% |
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Fixed Income |
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Lloyds Bank PLC 13% Bond |
1,971 |
1.1% |
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Barclays Bank 14% Bond |
1,915 |
1.1% |
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Nationwide Building Society 10.25% Bond |
1,912 |
1.1% |
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Phoenix Life Ltd 7.25% Bond |
1,798 |
1.0% |
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Investec Bank plc 9.625% Bond |
1,744 |
1.0% |
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Cloverie Plc Zurich VRN Bond |
1,741 |
1.0% |
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LBG Capital 16.125% Bond |
1,669 |
0.9% |
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Old Mutual Plc 8% Bond |
1,599 |
0.9% |
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Friends Life Group 8.25% Bond |
1,311 |
0.7% |
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Societe Generale 9.375% Bond |
1,174 |
0.7% |
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16,836 |
9.4% |
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General Information
For further information on the subscription shares and for the monthly factsheets please visit the Company's website: www.polarcapitalglobalfinancialstrust.com
The net asset value of the Company's ordinary shares is 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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This information is provided by RNS
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