The Polar Capital Technology Trust remains on a 5.2% premium to NAV, despite the portfolio falling b...
The Polar Capital Technology Trust remains on a 5.2% premium to NAV, despite the portfolio falling badly following the collapse in new economy stocks.
The trust, managed by Brian Ashford-Russell and Tim Woolley, who left Hendersons last year to set up Polar Capital Partners, saw its net asset value fall by 30.2% between 30 April and 31 October 2001. This compares with a fall of 31.8% in the Dow Jones World Technology index, in sterling terms, in the six months to 31 October 2001.
The trust also moved from a 20% cash position to become fully invested in late September/early October last year, with the group looking to take advantage of what it saw as attractive technology valuations and optimism over a cyclical recovery during 2002.
Richard Wakeling, chairman of the trust, said: 'Demand throughout the technology industry has remained weak and companies have struggled to slash their inventories and reduce break-even levels fast enough. The weakest area remains wireline communications and it is disappointing to see the snail-like pace of the rationalisation and consolidation underway in this industry.'
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