The share price fell 4.9%, reflecting a widening of the discount, which averaged 11.9% during the year under review.
According to its annual results published today (19 July), the trust delivered a net asset value total return of -2.8%, which compares to a 2.9% rise for the Dow Jones World Technology index in sterling terms. Since 30 April, NAV is up 17.2%, while the index has gained 15.5%.
The share price fell 4.9%, reflecting a widening of the discount, which averaged 11.9% during the year under review. According to data from the Association of Investment Companies, the trust is currently trading at a 15.3% discount to NAV.
PCT's underweight exposure to mega-caps, such as Meta, Microsoft and Apple, was a headwind to performance, as larger companies within the index outperformed smaller companies, particularly after the collapse of Silicon Valley Bank in March.
Polar Capital profits sink as AUM falls 13%
The trust, which holds £3.3bn in assets, saw its next-generation software holdings detract from performance, with CrowdStrike (-40%), CloudFare (-45%), Atlassian (-34%) and GitLab (-37%) suffering some of the most significant declines.
Managers Ben Rogoff and Ali Unwin increased the portfolio's exposure to the sector, which they argued may have been «premature» given price weakness.
There were also a number of «genuine disappointments», including Snap (-69%), Bill.com (-55%), Square (-39%) and Kornit Digital (-72%).
In terms of positives, PCT's growth semiconductor positions made a strong positive contribution given «ongoing strength in data centre demand and enthusiasm around AI». This included Lattice Semiconductor (+66%), Monolithic Power Systems (+18%), eMemory Technology (+36%) and Advanced Micro Devices
Read more on investmentweek.co.uk