Polar Capital Tech Trust sees first-half growth amid tough market
By Josh White
Date: Thursday 12 Dec 2019
(Sharecast News) - Polar Capital Technology Trust reported a 2% improvement in its total net assets in its half-year results on Thursday, to £1.97bn.
The FTSE 250 firm said its net assets per ordinary share also rose 2% to 1,474.95p, as its price per ordinary share moved 4.6% higher to 1,416p.
In comparison, its benchmark Dow Jones World Technology Index increased 4.7% in the same six months ended 31 October.
The board said no interim dividend was being declared for the period, following the nil dividends for the periods ended October 2018 or April 2019.
It added that there was also no intention to declare a dividend for the year ended 30 April 2020.
"The growth versus value debate is likely to be driven by the direction of risk-free rates and hopes of a trade deal," said Polar Capital's director of technology, Ben Rogoff, of the firm's short-term outlook.
"However, we remain hopeful that the current rotation is likely to prove a tremor rather than a seismic shift in investment style, particularly if the Japanese experience proves a useful guide.
"We certainly hope so as the past few months have been challenging for our investment approach and we have no desire to dust off our value playbook, nor hunt for value in washed-out enterprise tech, IT services companies and would-be turnarounds."
At 1022 GMT, shares in Polar Capital Technology Trust were up 0.54% at 1,473.94p.
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