Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Polar Capital Technology Trust PLC on Wednesday reported a decline in net asset value per share, underperforming its benchmark, but it said it is well-placed to pursue its investment objective within the artificial intelligence industry.
The London-based investment trust seeks capital gains from investing in technology companies globally.
It said net asset value at April 30 was 2,239.48 pence per share, down 2.8% from 2,305.13p per share a year before. Over the same period, its benchmark, the Dow Jones Global Technology Index, rose by 2.9% on a total return, sterling adjusted basis.
Pretax loss for the financial year that ended April 30 narrowed to £103.0 million from £256.6 million the year before, partly driven by a 22% drop in total expenses to £23.01 million
The company did not declare a dividend for financial 2023, unchanged from the previous year.
Looking ahead, Polar Capital noted a positive outlook and said it was well-placed to benefit from AI disruption.
Chair Catherine Cripps said: ‘I would like to be reporting more positive performance numbers, but generally markets have not been constructive and technology in particular has suffered in the post-Covid reset and high interest rate environment.’
Shares in Polar Capital were up 2.5% at 2,290.00p each in London on Wednesday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved.