Polar Capital Technology Trust Share News (PCT)

Global technology stocks investment trust Polar Capital Technology was ahead of the game in the three months to end-January as tech stocks outpaced the market.Net asset value per share at 29 January was 265.6p, up 7.6% from the 246.8p at the end of October. Over the same period the Dow Jones World Technology Index climbed 6.5%.‘Whilst the sector underperformed during the January sell-off, this reflected profit-taking as most companies delivered earnings ahead of expectations. However, lacklustre stock action post strong reports reflected how expectations had risen with stock prices during the final months of 2009,’ the trust’s investment manger said.Recent results from technology companies appear to support the investment manager’s preference for ‘next-generation’ technology companies over their legacy peers, at least in terms of revenue growth.The trust’s three biggest holdings are Apple, Google and Microsoft.‘Technology remains the only major sector with net cash on its collective balance sheet which is not only supportive of valuations but should also fund a new wave of strategic M&A [mergers 7 acquisitions] and stock buybacks,’ the company said.