LONDON (Alliance News) - RCM Technology Trust PLC Wednesday said that it underperformed its benchmark in the first half of the year as a result of a sharp sell-off in March.
In a statement, the trust said its net asset value per share fell 0.1% in the six months to the end of May, while its benchmark, the Dow Jones World Technology Index, rose 7.6% in sterling terms over the same period. The trust also said that it was hit by the weakening of the US dollar against sterling as the majority of its assets are held in US dollars.
The trust said that its investors continued to benefit from the strong absolute and relative performance seen during the last financial year ended November 30, 2013, when the Trust outperformed the benchmark by 26.7% as stocks continued to benefit from growth trends such as the Cloud and mobile internet.
However, the trust said that a sharp selloff in March this year, which affected these higher growth and higher valuation stocks, resulted in the NAV per share decline.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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