Interim Management Statement

RNS Number : 7623Z

Polar Cap Gbl Healthcare Growth&IT

19 January 2011

 



Polar Capital Global Healthcare Growth and Income Trust plc

The Board of Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") is pleased to announce its second interim management statement which relates to the period from 31 August 2010 to 31 December 2010 and contains information that covers this period and up to the date of publication of this statement unless otherwise specified. Investment objective The investment objective of the Company is to generate capital growth and income by investing in a global portfolio of healthcare stocks. Share Capital The Company has in issue 89,000,000 ordinary shares and 17,800,000 subscription shares. Each subscription share gives the holder the right to subscribe in cash for one ordinary share on 31 January 2014 at £1 per ordinary share.  There have been no shares allotted or bought back for cancellation. Material Events in the period The Board declared the first interim dividend of 0.4p per ordinary share on 26 October 2010 payable to shareholders on the register on 5 November 2010.  The shares traded ex-dividend from 3 November 2010 and the dividend was paid on 30 November 2010. The Board declared a second interim dividend of 0.4p per ordinary share on 19 January 2011 payable to shareholders on the register on 11 February 2011.  The shares will trade ex-dividend from 9 February 2011and the dividend will be  paid on 28 February 2011. Latest NAVs The unaudited, undiluted NAV per share on 18 January 2011 was 100.10p.(cum income) and  the unaudited, diluted NAV per share (assuming the17,800,000 subscription share rights had been exercised at 100p) was 100.09p per share (cum income)

	31 December 2010	31 August  2010
Ordinary share price (p)	100.25	99.50
Subscription share price (p)	14.00	11.00
NAV (undiluted) per ordinary share (p)	100.83	94.23
NAV (diluted) per ordinary share (p)	100.69	-
Discount / (Premium) (%)	0.58	(5.59)
Total Investments (£m)	90	84
AIC Gross Gearing Ratio (%)*	100.00	100.00
AIC Net Gearing Ratio (%)*	94.00	94.00
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%)	Over 1 month (December 2010)	Over the period 31 August 2010 to 31 December 2010
Ordinary share price	-1.72	0.75
NAV (undiluted) per Share (cum income)	4.86	7.00
MSCI All Country World Index / Healthcare (sterling)	4.40	9.51
Market Capitalisation Exposure (%)	31 December 2010	31 August  2010
Large (greater than US$ 5bn)	75.4	76.9
Medium (US$ 1bn to 5bn)	10.5	12.0
Small (less than US$ 1bn)	14.1	11.1
Sector Breakdown (%)	31 December 2010	31 August  2010
Life & Health Insurance	0.5	0.5
Healthcare Distributors	1.6	0.8
Healthcare Technology	0.7	0.8
Life Sciences Tools & Services	1.0	1.2
Biotechnology	2.5	2.0
Managed Healthcare	2.5	2.4
Healthcare Facilities	-	2.9
Multi-line Insurance	0.2	-
Healthcare Suppliers	2.7	3.0
Healthcare Services	5.6	3.4
Specialised REITs	6.1	6.7
Healthcare Equipment	7.3	7.0
Pharmaceuticals	64.1	69.5
Geographic Exposure (%)	31 December 2010	31 August  2010
Cash	5.4	4.1
Sweden	0.3	-
Israel	0.9	-
China	-	1.0
Ireland	-	1.2
Germany	1.0	1.8
Japan	1.3	2.1
Brazil	1.9	1.2
Australia	2.4	2.2
France	8.0	7.6
Switzerland	12.0	13.8
United Kingdom	15.6	12.8
United States	51.0	52.2
Top Ten Holdings (%)	31 December 2010	31 August  2010
GlaxoSmithKline	9.1	8.1
Pfizer	9.0	8.3
Novartis	8.4	8.2
Sanofi Aventis	7.8	7.6
Bristol Myers Squibb	7.7	8.3
Eli Lilly	7.0	7.3
Merck & Co	4.7	6.4
AstraZeneca	3.3	2.9
Abbott Labs	2.4	2.1
Roche Holding	2.1	4.2
Total	61.5	63.4

Monthly fact sheets for the Company are available by email, post or fax on request from the company secretary and will be available from the Company's website at www.polarcapitalhealthcaretrust.co.uk in due course. 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 The unaudited, undiluted NAV per share on 18 January 2011 was 100.10p.(cum income) and  the unaudited, diluted NAV per share (assuming the17,800,000 subscription share rights had been exercised at 100p) was 100.09p per share (cum income)

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.

 

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