Polar Technology trust benefits from 'evolution' in IT

Polar Capital's Technology trust rose 13.6% in NAV terms over the six months to 31 October, as its manager tilted the portfolio towards companies benefiting from web-based delivery of IT.

The £299m trust beat the benchmark Dow Jones Technology index, which rose 11.5% in sterling terms. Ben Rogoff, manager of the 13-year old trust,  says the space is now "well supported" by a combination of sector earnings and M&A activity. "It has been a very good period and the sector remains a good each-way bet for generalist investors who want a sector that does well, but does not have to refinance itself, like banks for example," he says. Rogoff believes tech is entering a new cycle which may not really be captured by generalist investors. He says underutilised servers which ...