(Alliance News) - Polar Capital Technology Trust PLC on Tuesday said net asset value rose in the first six months of its financial year, although it slightly underperformed its benchmark.
The London-based investment trust, focused on the technology sector, said NAV at October 31, the end of its financial first half, was 2,509.58 pence per share, up 12.1% from 2,239.48p per share at April 30.
Over the same period, Polar Capital Technology's benchmark, the Dow Jones Global Technology Index, provided a 12.8% total return.
Polar Capital Technology pays no dividend, so its NAV change and NAV total return are the same.
Its shares were trading 0.1% lower at 2,426.80p on Tuesday morning in London.
The half year, the investment trust said, "saw global markets continue to rebound from lows in March, to almost recover their December 2021 highs by the end of July. Investors were pulled back into the market as the US regional banking and Credit Suisse turmoil appeared contained and economic growth remained firm, supported by tight labour markets and a resilient consumer.
"However, the market recovery proved short-lived and gave back about half the gains by the end of October as financial conditions continued to tighten and geopolitical risks increased."
In recent months, Polar Capital Technology said the market has delivered strong economic growth but with "a great deal of volatility and even outright weakness below the surface".
The more uncertain economic environment and stronger dollar, it added, "are exerting downward pressure on worldwide IT spending this year", with the increased dollar strength in particular representing a potential headwind.
By Emma Curzon, Alliance News reporter
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Polar Capital Technology Trust (PCT)