11th Jul 2025 09:47
(Alliance News) - Polar Capital Technology Trust PLC on Friday said it remained positive despite market volatility and a continuously weakening dollar.
The investor in technology companies that is managed by Polar Capital LLP said net asset value per share climbed 3.1% to 325.20 pence as at April 30, from 315.41p a year prior.
The company did not recommend a dividend, unchanged from a year ago.
Polar Capital Tech said: "The financial year under review has been a challenging period for the company with the technology sector experiencing volatility following the arrival of DeepSeek's potentially low-cost AI model, President Trump's administration and the uncertainty surrounding the introduction of US tariffs and retaliatory tariffs as well as other geopolitical and macro-economic factors."
Looking ahead, Catherine Cripps said: "Whilst the macro-economic uncertainties remain and it is likely that market volatility will persist, we remain positive on the outlook for the sector with rapid developments in agentic AI falling into place. We look forward to the investment opportunities this brings for the sector and our portfolio, which looks well placed to benefit from these developments in the AI space. It is important to remember, however, that continuing devaluation of the US dollar could potentially cause a headwind to the performance of the company as, in the near term, the majority of our assets are US dollar based."
Polar Capital Tech shares were 0.6% lower at 370.26 pence each on Friday morning in London, giving it a market capitalisation of GBP4.29 billion.
By Tom Budszus, Alliance News slot editor
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