RCM Technology has reported its results for the six months ended 31 may 2014. Over that period the net asset value fell by 0.1%, this does not compare well with the return on the Dow Jones World Technology index which gained 7.6%. The share price fell by 3.6%. The result for this period should be set against those of the previous twelve months however when the fund outperformed the index by 26.7%. The manager says that fears of higher interest rates in the US triggered a sell-off in companies with high growth prospects but little current revenue.
RCM Technology Trust proposes to change its name to Allianz Technology Trust : ATT with effect from 18 August 2014.
Stocks that contributed positively to performance included Palo Alto Networks (IT security), SanDisk (flash memory) and Micron Technology (DRAM chips). On the negative side, holdings in e-Health (online comparison website for health insurance) and ServiceNow (cloud based software for automating and optimising corporate IT systems) detracted from performance.