Interim Management Statement
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Polar Capital Global Financials Trust plc Interim Management Statement from 31 May 2014 to 31 August 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 31 May 2014 to 31 August 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 interim results for the period ended 31 May 2014 on 24 July 2014. A first interim dividend of 1.75p per ordinary share was paid on 22 August 2014.
Share Capital Since 24 July 2014, 150,000 ordinary shares have been bought back for cancellation.
Latest Total Voting Rights As at 14 October 2014, the Company's share capital consisted of 177,050,000 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 are held in Treasury.
Latest NAVs The unaudited, undiluted NAV per share at the close of business on 13 October 2014 was 101.73p (including current year income) and based on bid market values).
Diluted NAV per share Not Currently Applicable
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Financial Highlights |
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31 August 2014 |
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31 May 2014 |
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Share Price |
97.75p |
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105.75p |
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NAV (undiluted) per Share |
105.04p |
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104.25p |
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(Discount)/Premium |
(6.9%) |
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1.4% |
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Net Assets (m) |
£186.1m |
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£184.7m |
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AIC Gearing Ratio * |
3.66% |
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0.00% |
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AIC Net Cash Ratio * |
0.00% |
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4.70% |
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*Gearing calculations are exclusive of current year Revenue/Loss. |
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Performance (%) 31 May 2014 to 31 August 2014 |
% |
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Share Price |
(5.89) |
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NAV (undiluted) per Share |
2.43 |
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MSCI World Financials Index (total return in sterling) |
3.16 |
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Geographical Breakdown (% of Total Assets ) |
31 August 2014 |
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31 May 2014 |
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Europe |
28.7 |
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28.3 |
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North America |
27.2 |
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24.0 |
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Asia Pacific (ex Japan) |
14.2 |
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14.8 |
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UK |
10.8 |
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9.6 |
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Eastern Europe |
5.8 |
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4.6 |
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Latin America |
1.2 |
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1.9 |
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Japan |
1.7 |
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1.6 |
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Fixed Income |
9.0 |
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9.3 |
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Cash |
1.4 |
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5.9 |
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Sector Breakdown (% of Total Assets) |
31 August 2014 |
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31 May 2014 |
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Banks |
51.7 |
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49.2 |
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Diversified Financials |
19.6 |
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18.2 |
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Insurance |
12.1 |
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11.5 |
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Fixed Income |
9.0 |
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9.3 |
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Real Estate |
6.2 |
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5.9 |
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Cash |
1.4 |
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5.9 |
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Market Capitalisation (% of Total Assets) |
31 August 2014 |
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31 May 2014 |
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Large (greater than US$ 5bn) |
67.7 |
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72.1 |
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Medium (US$ 1bn to 5bn) |
29.7 |
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26.8 |
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Small (less than US$ 1bn) |
2.6 |
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1.1 |
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Investment Portfolio as at 31 August 2014
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% of Total Portfolio |
£ (000s) |
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Europe |
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ACE |
2.28% |
4,253 |
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Allianz |
1.56% |
2,900 |
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Axa |
1.66% |
3,098 |
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Azimut Holding |
1.85% |
3,452 |
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BNP Paribas |
2.04% |
3,799 |
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Cembra Money Bank |
1.33% |
2,477 |
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Credit Suisse |
1.73% |
3,212 |
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DNB ASA |
2.44% |
4,541 |
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Hellenic Exchanges |
0.96% |
1,788 |
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Intesa Sanpaolo |
1.67% |
3,108 |
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KBC GROUP |
1.82% |
3,393 |
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Sampo OYJ |
2.13% |
3,957 |
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Societe Generale |
2.04% |
3,802 |
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SpareBank SMN |
0.68% |
1,261 |
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SpareBank SR Bank |
0.67% |
1,241 |
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Swedbank |
1.75% |
3,260 |
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UBS |
2.11% |
3,921 |
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28.72% |
53,463 |
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North America |
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Ares Capital |
1.44% |
2,674 |
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Blackstone Group |
1.40% |
2,605 |
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Citigroup |
1.90% |
3,541 |
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Discover Financial Services |
2.20% |
4,098 |
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First Republic Bank |
1.31% |
2,445 |
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JP Morgan Chase |
2.94% |
5,477 |
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Main Street Capital |
1.42% |
2,640 |
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Marsh & McLennan |
1.63% |
3,034 |
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New York Community Bancorp |
0.95% |
1,776 |
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Oaktree Capital Group |
1.07% |
2,000 |
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PNC Financial Services |
2.90% |
5,399 |
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Solar Capital |
1.29% |
2,399 |
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Toronto-Dominion Bank |
2.16% |
4,020 |
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US Bancorp |
1.78% |
3,321 |
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Wells Fargo |
2.75% |
5,115 |
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27.15% |
50,544 |
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Asia Pacific (ex-Japan) |
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Bank Rakyat Indonesia |
1.25% |
2,321 |
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CapitaMall REIT |
1.08% |
2,015 |
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E Sun Financial Holding |
1.13% |
2,103 |
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Fortune REIT |
1.59% |
2,967 |
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Frasers Centrepoint Trust |
1.75% |
3,249 |
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Frasers Commercial Trust |
1.46% |
2,715 |
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HSBC Holdings |
1.61% |
2,989 |
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Jammu and Kashmir |
1.74% |
3,232 |
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Mapletree Commercial Trust |
0.29% |
531 |
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Security Bank |
0.93% |
1,739 |
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Siam Commercial Bank |
1.33% |
2,476 |
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14.15% |
26,337 |
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United Kingdom |
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Arrow Global Group |
0.99% |
1,838 |
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Barclays |
1.77% |
3,301 |
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City of London Investment Group |
0.97% |
1,806 |
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Close Brothers |
1.24% |
2,311 |
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Direct Line Insurance Group |
1.71% |
3,189 |
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Novae Group |
1.09% |
2,024 |
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OneSavings Bank |
1.41% |
2,620 |
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P2P Global Investments |
1.34% |
2,492 |
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Secure Trust Bank |
0.29% |
540 |
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10.81% |
20,121 |
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Eastern Europe |
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Bank of Georgia Holdings |
1.10% |
2,055 |
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Komercni Banka |
1.32% |
2,463 |
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Moscow Exchange |
0.90% |
1,673 |
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TBC Bank |
1.34% |
2,492 |
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Turkiye Sinai Kalkinma Bank |
1.17% |
2,177 |
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5.83% |
10,860 |
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Latin America |
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Cielo |
1.18% |
2,197 |
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1.18% |
2,197 |
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Japan Sumitomo Mitsui Financial |
1.69% |
3,142 |
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1.69% |
3,142 |
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Fixed Income |
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Barclays Bank 14% |
0.93% |
1,724 |
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Cloverie Plc Zurich |
0.89% |
1,660 |
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Friends Life Group 8.25% |
0.66% |
1,232 |
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Investec Bank plc 9.625% |
0.98% |
1,818 |
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JZ Capital Partners 6% |
1.09% |
2,034 |
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Lloyds Bank PLC 13% |
1.03% |
1,910 |
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Nationwide Building Society 10.25% |
1.05% |
1,951 |
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Old Mutual Plc 8% |
0.87% |
1,620 |
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Phoenix Life Ltd 7.25% |
0.93% |
1,740 |
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Societe Generale 9.375% |
0.61% |
1,135 |
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9.04% |
16,824 |
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Cash |
1.42% |
2,643 |
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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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