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Polar Capital Technology Trust underperforms but sees AI opportunities

19th Jul 2023 09:16

(Alliance News) - Polar Capital Technology Trust PLC on Wednesday reported a decline in net asset value per share, underperforming its benchmark, but it said it is well-placed to pursue its investment objective within the artificial intelligence industry.

The London-based investment trust seeks capital gains from investing in technology companies globally.

It said net asset value at April 30 was 2,239.48 pence per share, down 2.8% from 2,305.13p per share a year before. Over the same period, its benchmark, the Dow Jones Global Technology Index, rose by 2.9% on a total return, sterling adjusted basis.

Pretax loss for the financial year that ended April 30 narrowed to GBP103.0 million from GBP256.6 million the year before, partly driven by a 22% drop in total expenses to GBP23.01 million

The company did not declare a dividend for financial 2023, unchanged from the previous year.

Looking ahead, Polar Capital noted a positive outlook and said it was well-placed to benefit from AI disruption.

Chair Catherine Cripps said: "I would like to be reporting more positive performance numbers, but generally markets have not been constructive and technology in particular has suffered in the post-Covid reset and high interest rate environment."

Shares in Polar Capital were up 2.5% at 2,290.00p each in London on Wednesday morning.

By Sabrina Penty; Alliance News reporter

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