Polar Capital Technology Trust Share News (PCT)

Tech-focused trust Polar Capital will continue to focus on the small to medium cap end of the market as it believes a new tech cycle is just getting underway.The trust, which posted a 5.7% increase in NAV to 333p in the half year to October, said that this could explain the recent burst of M&A deals was firms ready themselves for the new innovations."We continue to believe that we remain in the early stages of a disruptive new cycle that is based on three key drivers - the shift towards 'cloud computing', growth in broadband applications and the advent of ubiquitous computing," Polar said. "We will continue to move the portfolio away from our index as and when we anticipate large cap impairment. We remain as convinced as ever about the potential of this new cycle and expect the next phase to be characterised by continued small and mid-cap outperformance," Polar added.Total assets at the end of October were £421.4m. The 5.7% gain over the six months compared to a 2.5% decline in its benchmark index.