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Technology sector investor Polar Capital Technology Trust posted a positive annual performance that beat its benchmark.
The company's net asset value per share for the year through April jumped 18.6% to 1715.59p.
That compared to a 14.3% rise on the Dow Jones World Technology Index, or a 18.1% rise on a Sterling adjusted basis.
Chairman Sarah Bates said the company's returns were 'spectacular and unusual'.
'They do however mask considerable volatility and we would expect that volatility to continue,' Bates said.
'We worry about valuations and we worry that the sector has become a media favourite in some ways.'
'At the same time, the longer term trends which guide our investment approach remain very robust, and in some ways the pandemic has given further strength to those trends.'
'In a world where some sectors are in turmoil, we understand the attractions of ours.'