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(Alliance News) - Polar Capital Technology Trust PLC on Friday said its value jumped in the first half of its financial year as many of the technology sector stocks in its portfolio benefited from the Covid-19 pandemic.
The technology-focused investment trust reported net asset value per share at October 31 of 2,197.67 pence, up 28% from 1,715.59p at April 30.
Net assets at October 31 were up 31% to GBP3.02 billion from GBP2.31 billion at April 30.
For the six months ended October 31, Polar Capital posted pretax profit of GBP656.6 million, soaring from just GBP39.0 million a year before.
Total income increased over 100% year-on-year to GBP679.7 million from GBP49.2 million a year before.
Polar Capital said that, at a stock level, the strongest performances were delivered by Covid-19 beneficiaries concentrated in the internet and software sectors. These included e-commerce companies such as Zalando SE and PayPal Holdings Inc, food delivery firms such as Ocado Group PLC, and home gym equipment provider Peloton Interactive UK Ltd.
Polar Capital did not declare an interim dividend, following suit to the year prior, and does not intend to pay a dividend for the year ending April 30, 2021.
Going forward, Polar Capital said: "While the immediate path for the technology sector may wax and wane with vaccine and Covid-19 developments, our constructive medium-term view remains unwavering. The 'new normal' is unlikely to prove as costly a moniker as the 'new economy' proved post 2000, a view supported by a profoundly different valuation starting point."
The investment firm added it is considering risks arising from the uncertainties that Brexit poses and Covid-19 continues to pose.
Polar Capital shares were down 0.6% at 2,231.62p each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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