The Polar Technology trust has earned its first performance fee in 10 years after its assets finally regained their net value at the peak of the 2000 tech bubble.
The trust earned a fee of #3.3m after outperforming its Dow Jones World Technology benchmark index over the 12 months to April 30. Since the fund's net asset value peaked in April 2000 its index has halved in value.
Ben Rogoff, the fund's manager, remains 20% overweight fast-growing technology stocks compared with cheap peers.
Rogoff says some large incumbents with modest share prices are getting left behind by new technologies such as cloud computing, which exploits the "cloud" of the internet to reduce physical limitations on using IT.
By contrast, Rogoff declined to buy into the recent listing of LinkedIn, saying the social networking firm's stock was too expensive.
Copyright: Centaur Communications Ltd. and licensors
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