Polar Capital Technology NAV growth slows in FY25

(Sharecast News) - Technology investor Polar Capital Technology said on Friday that net asset value had grown 3.1% to 325.20p in the year ended 30 April, slowing considerably from the prior year's 40.8% surge and tracking behind the benchmark average of 5.1%. Total net assets were broadly flat year-on-year at £3.8bn, up just 0.01% on FY24, while price per ordinary share fell 1.2% to 288.50p, a marked difference to the prior year's 50.5% increase.

The FTSE 250-listed trust said the financial year under review had been "a challenging period for the company", with the technology sector experiencing volatility following the arrival of DeepSeek's potentially low-cost AI Model, Donald Trump's administration and uncertainty surrounding the introduction of US Tariffs and retaliatory tariffs, as well as other geopolitical and macroeconomic factors.

Polar Capital Technology said its underperformance came largely from an overweight position in the small-cap sector and from difficult stock selection within it but noted that it remains "optimistic" about the overall outlook for the technology sector.

Chairwoman Catherine Cripps said: "With the recent investment trust market challenges and meeting requisitions, it would be remiss not to reflect that the board is conscious of the interest in the investment trust industry of activist shareholders. The board has reflected on and continually monitor the shareholder register and position of the company. While the board does not feel there are any current concerns, the board is mindful of acting in the best interests of shareholders and stakeholders at all times and we would like to reassure shareholders of this."

As of 0810 BST, Polar Capital Technology shares were down 0.17% at 371.87p.

Reporting by Iain Gilbert at Sharecast.com