13th Dec 2019 07:34
(Correcting that Ben Rogoff is director of Polar Capital Technology Trust, not chair.)
(Alliance News) - Polar Capital Technology Trust PLC on Thursday said it was behind its benchmark in the first half of its current financial year despite an increase in net asset value.
The trust's total return performance came in below its benchmark, with the net asset value per share rising 2.0% during the first half of the year versus 4.6% for the sterling-adjusted benchmark, the Dow Jones World Technology Index.
The investment company reported NAV per share as at the end of October of 1,474.95 pence, up 2.0% from 1,446.40p as at April 30.
Polar Capital's share price stood at 1,416.00p at the end of the period, representing a 4.0% discount to NAV.
The trust does not pay a dividend.
Looking ahead, Director Ben Rogoff said: "Near term, the growth versus value debate is likely to be driven by the direction of risk-free rates and hopes of a trade deal. However, we remain hopeful that the current rotation is likely to prove a tremor rather than a seismic shift in investment style, particularly if the Japanese experience proves a useful guide.
"We certainly hope so as the past few months have been challenging for our investment approach and we have no desire to dust off our value playbook, nor hunt for value in washed-out enterprise tech, IT services companies and would-be turnarounds."
By Evelina Grecenko; [email protected]
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