Polar Capital Technology lags benchmark after missing out on mega-cap tech rally

NAV total return drop of 2.8%

The Polar Capital Technology (PCT) investment trust underperformed its benchmark in the year ending April 2023, after missing out on the growth rally led by mega-caps and AI.

According to its annual results published today (19 July), the trust delivered a net asset value total return of -2.8%, which compares to a 2.9% rise for the Dow Jones World Technology index in sterling terms. Since 30 April, NAV is up 17.2%, while the index has gained 15.5%. The share price fell 4.9%, reflecting a widening of the discount, which averaged 11.9% during the year under review. According to data from the Association of Investment Companies, the trust is currently trading at a 15.3% discount to NAV.  PCT's underweight exposure to mega-caps, such as Meta, Microsoft and Appl...