Polar Capital Technology assets rise 30.7%

3rd Jul 2015 07:24

Polar Capital Technology has recorded a 30.7% rise in its total net assets, according to final results published on Friday.The investment trust's earnings per share came in at 140.84p, well up from 45.17p, off a total net profit of £180m up from £58m the year prior."Our total return performance came in ahead of our benchmark, our own net asset value per share rising during the year versus a 29.5% increase for the sterling adjusted benchmark," Polar Capital said.Chairman Michael Moule said it had been an excellent year for the global technology sector and most world equity markets."The scale of the increase was partially attributable to a recovery from the final six week collapse in US technology shares which depressed our 2014 year end, and also a circa 10% increase in the dollar versus sterling."Moule said no performance fees would be paid as the manager needs to catch up on underperformance since the previous fee paid in 2011.