Interim Results
Polar Capital Technology Trust PLC
12 December 2007
POLAR CAPITAL TECHNOLOGY TRUST PLC
Unaudited Half Year Results for the Six Months ended 31 October 2007
12 December 2007
• Polar Capital Technology Trust's NAV rose by 5.7% over the half year,
compared to an increase of 3.0 % for the previous six months. Strong
out-performance by Dow Jones World Technology Index which rose by 13.3%
driven by exceptional strength in very large capitalisation shares
• NAV held back both by our exposure to small and mid capitalisation
technology shares and by the weak performance of Japanese technology shares
• Change of asset allocation to higher base level exposure in USA to reflect
greater depth of US technology market and lower level of exposure in Japan
• Conditions in the world technology industry markedly improved in 2007
driven by the appetite for new technology and the strength of demand from
the developing economies
• Broadband and environmental technology remain two of the most important
areas for focus
• Recent credit market tightening raises risks of a US recession but, in the
absence of such an outcome, we anticipate continuing technology
outperformance driven by superior relative earnings growth and undemanding
relative valuations
• 1.5m shares repurchased and cancelled in period against a backdrop of
widening discounts in the investment trust sector
FINANCIAL HIGHLIGHTS
(Unaudited) (Audited) Movement
Half year ended Year ended %
31 October 2007 30 April 2007
Net assets per ordinary share 253.43p 239.66p 5.7
Price per ordinary share 230.75p 228.00p 1.2
Total net assets £351,003,000 £335,498,000 4.6
Shares in issue 138,498,914 139,990,821 -1.1
Benchmark Index 13.3%
Dow Jones World Technology
(total return sterling adjusted)
For further information please contact:
Ben Rogoff Ed Gascoigne-Pees / Felicity Murdoch
Polar Capital Technology Trust PLC Financial Dynamics
Tel: 020 7227 2700 Tel: 020 7269 7132 / 020 7269 7243
CHAIRMAN'S REVIEW
The half year to 31 October 2007 produced an encouraging performance from the
technology sector in a number of key markets. In the US, technology shares
outperformed the general market with the largest capitalisation stocks showing
remarkable strength as excess global liquidity was funnelled into an unusually
narrow number of stocks. However, the dollar's weakness remained a negative
influence on performance. European technology indices also outperformed
although the breadth of their advance was similarly narrow. In contrast, Asian
technology shares disappointed, with Japanese stocks falling and those elsewhere
in the Pacific region trailing the extraordinary advances recorded by regional
general market indices. Over the six months, the Dow Jones World Technology
Index rose by 13.3% (in sterling terms) which reflected its significant exposure
to large capitalisation US stocks. This return meaningfully outpaced other
global technology indices; for example our former benchmark (which is much more
diversified by geography and market capitalisation) rose just 6.0% (in sterling
terms) over the period.
The Company's net assets rose by 5.7% over the half year. This increase lagged
that of the Dow Jones World Technology Index due to our low representation in
the largest capitalisation US technology stocks as well as the weak performance
of the Japanese technology sector.
The extent of the divergence between your Company's performance and the Dow
Jones World Technology Index is unprecedented. A number of reasons however, may
help to explain the extraordinary performance of large and mega-cap technology
shares. Firstly, evidence is increasing to support our long held view that the
technology sector would (and did) reach a relative low point during the third
quarter of 2006. Given how bruised investors had been during the technology bear
market, it is perhaps understandable that they should return first to the larger
capitalisation stocks with which they are more familiar. Secondly, while many of
these companies are unlikely to be the leaders of the new cycle unfolding, some
such as Google, Apple and Research in Motion are undoubtedly well positioned,
whilst others have offered an acceptable level of shorter term growth prospects
relative to their valuation. Thirdly, the current credit market dislocation has
undoubtedly served to reduce risk appetite and to encourage a preference for
liquidity. Consequently the recovery that has taken place in global stock
markets since mid August has been unusually narrow.
Given the experience of the last half year, our fund manager proposed a change
of asset allocation. Consequently in the future we expect to operate with a
higher base level of exposure to the USA and a lower one in Japan. To a large
extent this reflects the far greater depth of the US technology market as
compared to that of any other region and the tendency in previous technology
bull markets for the USA to lead. It also reflects our disappointment at the
slow pace of change in Japan. We have already implemented these changes and as a
result have reduced the size of the Yen loan which has been financing our
Japanese exposure.
The plight of Japanese technology shares reflects both the weakness of the
Japanese equity market and the semiconductor sub-sector. Increased optimism
regarding likely structural change in response to shareholder pressure has
certainly proved premature.
Conditions in the world technology industry have certainly improved in 2007.
Although consumer spending has been under some pressure, the appetite for new
technology has remained very positive. Moreover, demand from the developing
economies has proved to be a major source of strength for most US technology
suppliers, aided by the continuing weakness of the US Dollar. Capital spending
has, however, remained subdued in spite of the very strong cash flow being
generated by the corporate sector. Indeed the discipline being shown by
companies in areas such as the semiconductor industry has been a major source of
underperformance for our Asian portfolio where our enthusiasm for semiconductor
capital equipment suppliers has proved both premature and costly. In a more
general sense, this spending discipline may ultimately be deleterious to
productivity growth and, as such, is likely to prove transitory. Certainly a
renewed focus on productivity enhancement is critical to the global economy and
should prove very beneficial to the technology industry.
In addition to a more favourable spending backdrop we believe that we are
currently in the early stages of a new technology cycle that is being driven by
a plethora of technologies that leverage the Internet. In terms of
infrastructure, the Internet is beginning to render obsolete existing IT
architectures by allowing technologies such as 'virtualisation' and
'grid-computing' to harness the availability of cheap bandwidth and commodity
hardware in order to lower the cost of computing. Similarly, the ability to
deliver information instantaneously across the Internet is allowing global
corporations to reorganise how data is stored and processed. More important
still are the new applications such as advertising, 'software-as-a-service' and
social networking that are thriving as a result of leveraging the internet as a
delivery mechanism. The pervasive nature of the Internet is also beginning to
impact the wireless world due to the proliferation of broadband-capable handsets
and infrastructure which should result in an explosion in mobile data usage over
the coming years.
Whilst broadband remains the most significant technology driver today another
important source of demand is emanating from the environmental technology
domain. With a number of governments providing subsidies and mandated
production targets, renewable energy adoption is accelerating globally. We
continue to favour solar as the most scalable of the alternative energy
technologies. Beyond energy production, the technology industry is playing a
pivotal role in helping reduce the environmental impact of existing practices
whilst improving energy efficiency in areas such as lighting and electricity
transmission.
This sanguine view of the technology cycle and equity markets in general depends
on the scenario that, despite a number of significant challenges, the US economy
will avoid recession in 2008. That being said, we are far from complacent about
the risks posed to this thesis, most notably the weakening US housing market,
the crisis in the banking system and sharply higher energy prices. However,
benign core inflation affords the Federal Reserve Board significant monetary
flexibility that may well be sufficient to underpin the US economy. The quid pro
quo may be further US Dollar weakness although there appears to be less risk
versus Sterling than against a weighted basket of currencies.
We believe that, in the absence of a US recession, the technology leadership
which began in the fourth-quarter of 2006 is set to continue due to the sector's
superior earnings outlook next year and undemanding relative valuations. With a
myriad of new products offering compelling returns to would-be buyers, the
outlook for technology spending is likely to remain robust against anything
other than a recessionary backdrop.
Against a backdrop of widening discounts for investment trusts, we decided to
repurchase and cancel 1.5m shares in the six month period to 31 October 2007 and
to date a further 1.4m shares have been purchased and cancelled. All these
purchases have been at prices well below net asset value and consequently have
had the effect of enhancing net assets per share for continuing shareholders.
Richard Wakeling
11 December 2007
Consolidated Income Statement for the half year ended 31 October 2007
(Unaudited) (Unaudited) (Audited)
Half year ended Half year ended Year ended
31 October 2007 31 October 2006 30 April 2007
Revenue Capital Total Revenue Capital Total Revenue Capital Total
return return return return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment income 1,934 - 1,934 1,469 - 1,469 2,495 - 2,495
Other operating income 372 - 372 345 - 345 694 - 694
Gains/(losses) on - 20,741 20,741 - (32,561) (32,561) - (21,940) (21,940)
investments held at fair
value
Other (losses)/gains - (1,113) (1,113) - 723 723 - 1,294 1,294
Total income 2,306 19,628 21,934 1,814 (31,838) (30,024) 3,189 (20,646) (17,457)
Expenses
Investment management fee (2,025) - (2,025) (1,829) - (1,829) (3,793) - (3,793)
Other administrative (503) - (503) (422) - (422) (747) - (747)
expenses
Profit/(loss) before (222) 19,628 19,406 (437) (31,838) (32,275) (1,351) (20,646) (21,997)
finance costs and tax
Finance costs (256) - (256) (244) - (244) (485) - (485)
Profit/(loss) before tax (478) 19,628 19,150 (681) (31,838) (32,519) (1,836) (20,646) (22,482)
Tax (244) - (244) (110) - (110) (222) - (222)
Net profit/(loss) for the (722) 19,628 18,906 (791) (31,838) (32,629) (2,058) (20,646) (22,704)
period
Earnings per ordinary 13.59p (23.31p) (16.22p)
share (pence)
The total columns of this statement represent the Group's Income Statement,
prepared in accordance with IFRS. The revenue return and capital return columns
are supplementary to this and are prepared under guidance published by the
Association of Investment Companies.
All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of Polar Capital Technology
Trust Plc. There are no minority interests.
Consolidated and Company Statements of Changes in Equity for the half year ended
31 October 2007
(Unaudited) Half year ended 31 October 2007
Ordinary Capital Share Warrant Retained Total
share capital redemption premium exercise earnings
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000
Group and Company
Total equity at 30 April 2007 34,998 9,214 117,902 7,536 165,848 335,498
Profit for the period - - - - 18,906 18,906
Shares bought back for (373) 373 - - (3,401) (3,401)
cancellation
Total equity at 31 October 2007 34,625 9,587 117,902 7,536 181,353 351,003
(Unaudited) Half year ended 31 October 2006
Ordinary Capital Share Warrant Retained Total
share capital redemption premium exercise earnings
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000
Total equity at 30 April 2006 34,998 9,214 117,902 7,536 188,552 358,202
Loss for the period - - - - (32,629) (32,629)
Total equity at 31 October 2006 34,998 9,214 117,902 7,536 155,923 325,573
(Audited) Year ended 30 April 2007
Ordinary Capital Share Warrant Retained Total
share capital redemption premium exercise earnings
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000
Total equity at 30 April 2006 34,998 9,214 117,902 7,536 188,552 358,202
Loss for the year - - - - (22,704) (22,704)
Total equity at 30 April 2007 34,998 9,214 117,902 7,536 165,848 335,498
Consolidated and Company Balance Sheets at 31 October 2007
(Unaudited) (Unaudited) (Audited)
Group Company Group Company Group Company
Interim Interim Interim Interim Year End Year End
31 October 31 October 31 October 31 October 30 April 30 April
2007 2007 2006 2006 2007 2007
£'000 £'000 £'000 £'000 £'000 £'000
Non current assets
Investments held at fair value 340,552 342,692 348,128 348,585 352,205 352,463
Current assets
Other receivables 15,033 18,285 9,956 13,145 5,829 9,056
Cash and cash equivalents 36,119 30,727 19,537 15,891 22,059 18,574
51,152 49,012 29,493 29,036 27,888 27,630
Total assets 391,704 391,704 377,621 377,621 380,093 380,093
Current liabilities
Other payables (13,518) (13,518) (11,725) (11,725) (6,895) (6,895)
Bank loans (10,439) (10,439) (17,946) (17,946) (37,700) (37,700)
(23,957) (23,957) (29,671) (29,671) (44,595) (44,595)
Total assets less current liabilities 367,747 367,747 347,950 347,950 335,498 335,498
Non current liabilities
Bank loans (16,744) (16,744) (22,377) (22,377) - -
Net assets 351,003 351,003 325,573 325,573 335,498 335,498
Equity attributable to equity
shareholders
Ordinary share capital 34,625 34,625 34,998 34,998 34,998 34,998
Capital redemption reserve 9,587 9,587 9,214 9,214 9,214 9,214
Share premium 117,902 117,902 117,902 117,902 117,902 117,902
Warrant exercise reserve 7,536 7,536 7,536 7,536 7,536 7,536
Retained earnings 181,353 181,353 155,923 155,923 165,848 165,848
Total equity 351,003 351,003 325,573 325,573 335,498 335,498
Net asset value per ordinary share 253.43p 253.43p 232.57p 232.57p 239.66p 239.66p
Consolidated and Company Cash Flow Statements for the half year ended 31 October 2007
(Unaudited) (Unaudited) (Audited)
Half year ended 31 Half year ended 31 Year ended 30 April
October 2007 October 2006 2007
Group Company Group Company Group Company
£'000 £'000 £'000 £'000 £'000 £'000
Cash flows from operating activities
Profit/(loss) before finance costs 19,406 19,406 (32,275) (32,275) (21,997) (21,997)
and tax
Adjustments for :
Decrease in investments 12,766 10,884 10,767 10,722 9,202 9,352
Increase in receivables (9,198) (9,223) (5,609) (5,648) (1,489) (1,566)
Increase/(decrease) in payables 6,612 6,612 4,214 4,214 (6,314) (6,314)
10,180 8,273 9,372 9,288 1,399 1,472
Net cash from operating activities 29,586 27,679 (22,903) (22,987) (20,598) (20,525)
before tax
Taxation paid (250) (250) (107) (107) (212) (212)
Net cash from operating activities 29,336 27,429 (23,010) (23,094) (20,810) (20,737)
Cash flows from financing activities
Cost of shares repurchased (3,401) (3,401) - - - -
Loans matured (26,827) (26,827) (19,049) (19,049) (40,652) (40,652)
Loans taken out 16,285 16,285 19,049 19,049 40,652 40,652
Finance costs (220) (220) (226) (226) (475) (475)
Net cash from financing activities (14,163) (14,163) (226) (226) (475) (475)
Net increase/(decrease) in cash and 15,173 13,266 (23,236) (23,320) (21,285) (21,212)
cash equivalents
Cash and cash equivalents at the 22,059 18,574 42,050 38,488 42,050 38,488
beginning of the period
Effect of foreign exchange rate (1,113) (1,113) 723 723 1,294 1,298
changes
Cash and cash equivalents at the end 36,119 30,727 19,537 15,891 22,059 18,574
of the period
NOTES TO THE ACCOUNTS
For the six month period ended 31 October 2007
1. General Information
The consolidated accounts comprise the unaudited results for Polar Capital
Technology Trust Plc and its subsidiary PCT Finance Limited for the six months
to 31 October 2007.
The unaudited accounts to 31 October 2007 have been prepared using the
accounting policies used in the Group's annual accounts to 30 April 2007. These
accounting policies are based on International Financial Reporting Standards ('
IFRS') and comprise standards and interpretations approved by the International
Accounting Standards Board ('IASB') together with interpretations of the
International Accounting Standards and Standing Interpretations Committee
approved by the International Accounting Standards Committee ('IASC') that
remain in effect, to the extent that IFRS has been adopted by the European
Union.
The financial information contained in this half year report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
results for the six months ended 31 October 2007 and 31 October 2006 have not
been audited. Full statutory accounts for the year ended 30 April 2007,
prepared under IFRS, including the report of the auditors which was unqualified
and did not contain a statement under either section 237(2) or 237(3) of the
Companies Act 1985, have been delivered to the Registrar of Companies.
The financial statements are presented in GBP and all values are rounded to the
nearest thousand pounds (£'000) except where otherwise stated.
2. Earnings per ordinary share
Earnings per ordinary share is based on the net profit after taxation
attributable to the ordinary shares of £18,906,000 (31 October 2006 - loss of
£32,629,000; 30 April 2007 - loss of £22,704,000) and on 139,125,123 (31 October
2006 - 139,990,821; 30 April 2007 - 139,990,821) ordinary shares, being the
weighted average number of shares in issue during the period.
3. Net asset value per ordinary share
Net asset value per ordinary share is based on net assets attributable to the
ordinary shares of £351,003,000 (31 October 2006 - £325,573,000; 30 April 2007 -
£335,498,000) and on 138,498,914 (31 October 2006 - 139,990,821; 30 April 2007 -
139,990,821) ordinary shares, being the number of ordinary shares in issue at
the end of the period.
4. Share capital
During the period, the Company made market purchases of 1,491,907 of its own
ordinary shares for cancellation for a total consideration of £3,401,556
including stamp duty (nominal value of £372,977).
5. Daily NAV
The NAV released to the London Stock Exchange is calculated in accordance with
the AIC recommendations and is not on the same basis as the numbers reported in
these accounts. The daily NAV does not reflect retained earnings or losses.
6. Dividend
In accordance with stated policy, no interim dividend has been declared for the
period (31 October 2006 and 30 April 2007 - nil).
7. VAT on investment management fees
Following the European Court of Justice ruling in June 2007, that investment
trusts should be treated as special investment funds, HM Revenue & Customs have
accepted that the provision of investment management services to investment
trusts is exempt from VAT. As a result, the Company will no longer pay VAT on
its investment management fees and may be able to recover some VAT suffered on
these fees in the past. The Company is currently working with its manager and
advisors on any potential reclaim of previously paid VAT but, at present, is not
in a position to quantify amounts.
8. Interim report
The interim report will be posted to shareholders in January 2008. Copies will
be available from the Secretary at the Registered Office, 4 Matthew Parker
Street, London, SW1H 9NP and from the Company's website at
www.polarcapitaltechnologytrust.co.uk
Responsibility Statement
The Directors of Polar Capital Technology Trust plc, which are listed in the
Shareholder Information Section, confirm to the best of their knowledge:
• The condensed set of financial statements have been prepared in accordance
with IAS34 as adopted by the European Union
• The Chairman's Review (constituting the interim management report)
includes a fair review of the information required by the Disclosure and
Transparence Rules 4.2.7R
• In accordance with DTR 4.2.8R there have been no new related party
transactions during the six months to 31 October 2007 and therefore nothing
to report on any material effect by such transactions on the financial
position or performance of the Company during that period. There have been
no changes in any related party transaction described in the last annual
report that could have a material effect on the financial position or
performance of the company in the first six months of the current financial
year.
• The half-yearly financial report has not been audited or reviewed by the
Auditors
• The half-yearly financial report was approved by the Board on 11 December
2007 and the responsibility statement was signed on its behalf by Richard
Wakeling, Chairman of the Board.
Portfolio Review - Classification of Investments at 31 October 2007
Total Total
North 31 October 30 April
America Europe Asia 2007 2007
% % % % %
Computing 12.4 0.6 1.4 14.4 14.6
Components 10.2 2.9 5.5 18.6 31.1
Software 13.5 5.5 - 19.0 17.4
Services 0.6 1.9 0.4 2.9 5.8
Communications 7.0 2.0 0.6 9.6 6.9
Life Sciences 7.6 1.5 - 9.1 8.4
Consumer, Media & Internet 3.6 5.3 1.9 10.8 3.4
Other Technology 5.9 3.8 2.3 12.0 15.4
Unquoted Investments 0.5 0.3 - 0.8 0.9
Money Market Funds - - - - 1.0
EQUITY INVESTMENTS 61.3 23.8 12.1 97.2 104.9
Net Current Assets 2.0 7.5 1.0 10.5 6.3
Loans - - (7.7) (7.7) (11.2)
OTHER NET ASSETS/(LIABILITIES) 2.0 7.5 (6.7) 2.8 (4.9)
GRAND TOTAL (net assets of
£351,003,000) 63.3 31.3 5.4 100.0 -
At 30 April 2007 (net assets of
£335,498,000) 61.3 24.8 13.9 - 100.0
Portfolio Review - Equity Investments over 0.75% of net assets at 31 October 2007
North America
£000 Stock Activity % of net assets
12,074 Apple Computers Computing 3.4%
9,675 Google Internet 2.8%
7,842 Cisco Systems Data Networking 2.2%
7,113 Qualcomm Wireless IP 2.0%
6,866 Applied Materials Semiconductor capital equipment 2.0%
6,746 Adobe Systems Software 1.9%
5,795 Nuance Communications Software 1.7%
5,499 Texas Instruments Semiconductors 1.6%
5,389 International Business Machines IT services 1.5%
5,271 Hewlett-Packard Hardware 1.5%
4,698 Ciena Telecoms equipment 1.3%
4,501 Oracle Software 1.3%
4,239 EMC Computing 1.2%
3,964 Lam Research Semiconductor capital equipment 1.1%
3,894 DST Systems IT services 1.1%
3,787 Lockheed Martin Aerospace/defence 1.1%
3,680 Broadcom Semiconductors 1.0%
3,669 Electronic Arts Software 1.0%
3,489 Citrix Systems Software 1.0%
3,471 Genzyme Transgenics Biotechnology 1.0%
3,455 Comtech Telecommunications Telecom equipment 1.0%
3,416 Thermo Electron Instruments 1.0%
3,391 Itron Instruments 1.0%
3,235 Harris Telecom equipment 0.9%
3,235 Research In Motion Telecom equipment 0.9%
3,220 Cypress Semiconductor Semiconductors 0.9%
3,063 Digital River Internet 0.9%
3,012 BF Goodrich Aerospace/defence 0.9%
2,922 Millipore Life sciences 0.8%
2,893 Autodesk Software 0.8%
2,810 KLA Tencor Semiconductor capital equipment 0.8%
2,798 Raytheon Aerospace/defence 0.8%
2,776 Altera Semiconductors 0.8%
2,747 Genentech Biotechnology 0.8%
2,633 Hologic Medical equipment 0.8%
157,268 Total investments over 0.75% 44.8%
58,040 Other investments 16.5%
215,308 61.3%
Total North American investments
Europe
£000 Stock Activity % of net assets
5,013 Aveva Software 1.4%
4,867 Philips Electronics Other 1.4%
4,196 Nokia Wireless handsets 1.2%
4,097 Business Objects Software 1.2%
3,774 ARM Semiconductor IP 1.1%
3,708 Wirecard Internet services 1.1%
3,482 United Internet Internet services 1.0%
3,416 NDS Encryption software 1.0%
3,400 Telecity Data services 1.0%
3,256 Tele Atlas Navigation 0.9%
3,254 Fidessa Software 0.9%
3,182 Fresenius Medical Care Renal care products & services 0.9%
3,033 Sword IT Services 0.9%
2,681 Tandberg Video conferencing Equipment 0.8%
51,359 Total investments over 0.75% 14.8%
31,640 Other investments 9.0%
82,999 Total European investments 23.8%
Asia
£'000s Stock Activity % of net assets
5,377 Renesola Solar Wafers 1.5%
4,493 Union Tool Electrical components 1.3%
3,669 Tokyo Seimitsu Semiconductors 1.0%
3,431 Nidec Electronic components 1.0%
3,413 Ibiden Electrical components 1.0%
2,829 Mitac International Computing 0.8%
2,708 Sony Consumer 0.8%
25,920 Total investments over 0.75% 7.4%
16,325 Other investments 4.7%
42,245 Total Asian investments 12.1%
INDEX CHANGES over the half year to 31 October 2007
(total return)
Local Sterling
Currency % Adjusted %
Technology Indices:
NYSE ARCA Technology 100 8.9 4.8
MS Eurotec (based in US dollars) 12.8 8.6
FTSE Techmark 100 - 7.3
Tecdax 21.4 23.8
Tokyo SE Electronics -7.1 -7.3
MSCI AC Asia Pacific ex Japan 18.4 14.0
Information Technology
Market Indices:
FTSE World - 5.6
S&P 500 Composite 5.5 1.6
FTSE All-Share - 4.6
FTSE World Europe (ex UK) - 4.2
Tokyo SE (Topix) -4.2 -4.4
FTSE World Pacific Basin (ex Japan) - 28.4
EXCHANGE RATES
31 October 2007 30 April 2007
US$ to £ 2.0774 1.9999
Japanese Yen to £ 239.49 238.99
Euro to £ 1.4359 1.4653
FUND DISTRIBUTION BY MARKET CAPITALISATION
as at 31 October 2007
Market Capitalisation % of invested
assets
< $2bn 29.0
$2bn-$10bn 24.5
> $10bn 46.5
SHAREHOLDER INFORMATION
Directors
RKA Wakeling (chairman)
BJD Ashford-Russell
PF Dicks
DJ Gamble
R Montagu
M Moule
Investment Manager
Polar Capital LLP
Authorised and regulated by the Financial Services Authority
Fund Manager
B Rogoff
Deputy Fund Manager
C Mercer
Secretary
Polar Capital Secretarial Services Limited, represented by
N P Taylor FCIS
Registered Office
4 Matthew Parker Street, London SW1H 9NP
020 7227 2700
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