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Polar Capital Technology Trust PLC - London-based investment trust that seeks capital gains from investing in technology companies globally - Proposes 1-into-10 share split, to be voted on at its annual general meeting on September 11. Says the subdivision is to assist regular savers who would like to invest smaller amounts. The announcement comes as the trust says it slightly outperformed its benchmark in the financial year that ended April 30. Net asset value per share on that day is 3,154.11 pence, up 41% from 2,239.48p a year before. During the same time frame, its benchmark, the Dow Jones global technology index, rises 39% in sterling terms. Total net assets on April 30 are £3.80 billion, up 35% from £2.83 billion a year before. The trust pays no dividend due to its focus on long-term capital growth. Investment managers Ben Rogoff and Ali Unwin note that the technology sector led global equities markets during its recent financial year. This was driven by excitement about the possibilities of generative artificial intelligence and more broadly by the ’goldilocks’ scenario of interest rate hikes by central banks to combat inflation not derailing economic growth. Polar Capital Technology Trust is ‘broadly neutral’ in its weighting toward AI star Nvidia Corp, but an underweight position in chipmaker Broadcom Inc weighed on its relative performance in financial 2024. Current stock price: 3,292.70 pence, down 3.2% in London on Wednesday 12-month change: up 48% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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