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LONDON (Alliance News) - Polar Capital Technology Trust PLC Monday said the increase in its net assets per share lagged that of its benchmark over the course of its last financial year to the end of April.
Financial Highlights
| As at 30 April 2014 | As at 30 April 2013 | Movement % | ||
Total net assets | GBP606,633,000 | GBP528,845,000 | 14.7% | ||
Net assets per ordinary share | 458.40p | 412.41p | 11.2% | ||
Ordinary shares in issue | 132,336,159 | 128,231,742 | 3.2% | ||
Price per ordinary share | 442.00p | 398.50p | 10.9% | ||
Subscription shares in issue (Note 1) | - | 24,774,460 | - | ||
Price per subscription share | - | 7.88p | - | ||
Note 1: The subscription shares ceased to exist following the final conversion date of 31 March 2014 | |||||
Benchmark Change over the year to 30 April 2014 Dow Jones World Technology Index total return Sterling adjusted with withholding taxes removed | +13.1% | ||||
"Having led the benchmark for much of the year, the sharp rotation away from growth and small-caps during March and April left the trust moderately trailing the benchmark during the year, our own net asset value rising 11.2%," investment manager Ben Rogoff's report read.
"The trust was negatively impacted by not owning or holding underweight positions in a number of large-cap incumbents that delivered strong absolute returns during the year, including Apple (+26%), Hewlett Packard (+51%), Nokia (+106%) and Microsoft (+16%)," the report continued.
"Relative performance was also hindered by our constructive view on Japan and the decision to retain some liquidity. However, it was the year-end rotation away from growth/small-caps that proved most deleterious to relative performance as small-caps ended up trailing their larger peers over the full year having outperformed by more than 10% during the first half," the report said.
"In terms of positives, the trust was aided by a significant underweight position in IBM (-9%) the only stock in the DJ Industrials to have fallen during 2013. Relative performance was also generated by an overweight position in Facebook (+98%) and a number of off-benchmark positions such as Harman (+129%), Telit (+170%) and TripAdvisor (+41%). The trust also benefited from M&A activity with three of our holdings - ExactTarget, Responsys and Sourcefire acquired during the year at premiums that ranged from 29-52%," the report added.
Polar Capital Technology Trust shares were Monday quoted at 476.426 pence, up 0.1%
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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