Polar Capital Tech trust sees 70% share price rise over year

The £408m Polar Capital Technology Trust beat its benchmark over one year as technology stocks have benefitted from a cyclical upturn, the manager says.

The NAV of the specialist trust returned 45.4% over the year to 30 April, compared to a 39.6% return from the Dow Jones World Technology index, and 34.9% from the FTSE World. Trust chairman Richard Wakeling says: "Technology shares outperformed in almost all markets. These developments, together with a pronounced reduction in our shares' discount to NAV, generated a rise of 67.7% in the share price over the year." The outlook for the sector is positive, as it is typically an early beneficiary of cyclical upturns, he adds. Ben Rogoff, the manager of the trust, says techno...