Polar Cap Tech bounces back

Polar Capital Technology, the global technology stocks investment trust, said it outperformed its benchmark index in the first half of its financial year.Net assets rose 13.6% in the six months to end-October, compared to a rise of 11.5% in sterling terms for the Dow Jones World Technology Index.The company said that relative valuations of its portfolio of stocks look well supported by a mixture of sector earnings and bid activity, and the outlook for the technology sector for 2010 looks favourable.‘While the sector's relative performance appears to have plateaued recently, the performance of next generation stocks such as Apple, Google and Amazon has continued to outpace the broader market,’ fund manager Ben Rogoff said.Net asset value (NAV) per share rose from 216.75p at the end of April to 246.21p at the end of October, despite the weakness of the dollar against the pound reducing returns on a sterling basis.Investment income over the period eased to £1.50m from £1.71m at the interim stage last year. Profit before tax totalled £37.46m, compared to a loss of £58.08m last year, when the value of the company’s portfolio was written down by £57.77m.In accordance with stated policy, no interim dividend has been declared for the period. Polar Capital Technology Trust