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LONDON (Alliance News) - Polar Capital Technology Trust PLC on Tuesday reported growth in net asset value per share in its recently-ended financial year and warned on increased volatility following the European Union referendum result.
The trust said its NAV per share rose by 1.0% to 605.51 pence in the year ending April 30, from 599.25p the year before, beating its benchmark the Dow Jones World Technology Index which fell by 0.1%.
Polar Capital said the most significant contributor in the US was e-commerce giant Amazon.com Inc, while exposure to computer gaming companies also benefited the portfolio. Outside the US, Polar Capital managed to add value in all major regions with the exception of Japan where performance "modestly trailed the benchmark".
"The increased level of volatility in both currency and equity markets may endure for some time given the current political and economic uncertainty, combined with a potentially lengthy and bitter divorce from the EU, and a possible break up of the United Kingdom," Chairman Michael Moule said in a statement.
"For your trust, the near term consequences are less serious as our exposure to UK and European technology stocks is very small and the circa 10% fall in sterling versus the dollar has tended to compensate for the decline in the prices of US tech stocks. Investment trust discounts tend to widen with investment anxiety and the board will monitor events closely. Our management team have a good record in difficult markets in the past and so feel confident they can ride out any storms that lie ahead," he added.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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