Performance against wider global equity market
Launched over eight years ago in October 2017, the Polar Capital Artificial Intelligence Fund has delivered strong relative performance, reflecting a long-standing focus on identifying AI winners.
1 year
3 years
Since Inception
Fund
Index
Relative
106.5%
187.2%
31.0%
72.1%
153.4%
75.5%
115.1%
198.3%
Past performance is not indicative or a guarantee of future results. Source: Polar Capital, Bloomberg, USD I Acc Share Class, 6 October 2017 to 30 April 2026. Benchmark: MSCI ACWI Net Total Return Index (USD). Performance data takes account of fees paid by the fund but does not take account of any commissions or costs you may pay to third parties when subscribing for or redeeming shares or any taxes or securities account charges that you may pay on your investment in the fund. Such charges will reduce the performance of your investment. A 5% subscription fee can be charged at the Investment Managers discretion.
351.7%
AI adoption is driving better growth and profitability, whilst also generating investment opportunities.
Despite its rapid adoption, we believe most of AI’s value creation still lies ahead.
Xuesong Zhao,
Lead Fund Manager
Download fund overview
Artificial intelligence will not create value evenly. As with previous technological shifts, we believe a relatively small group of companies will capture a disproportionate share of the economic benefits, while others risk disruption or obsolescence.
The key investment challenge is not recognising the importance of AI but identifying which companies will translate adoption into sustained financial outcomes, and which will struggle to adapt.
With experience across multiple technology cycles, the team focuses on how AI is likely to reshape competitive positioning within industries, assessing where it can drive structural advantages in growth, profitability and market share.
Capturing disruptive transformation at a portfolio level
•
Ben Rogoff, Co-Head,
Polar Capital Global Technology Team
Past performance is not indicative or a guarantee of future results. 1. Source: Polar Capital and Bloomberg, USD I Acc Share Class which was launched on 6 October 2017 to 30 April 2026.
Fund Highlights
Not another technology fund A differentiated approach focused on AI beneficiaries as well as enablers
Identifying the winners and avoiding the losers
AI remains in the early stages of reshaping business models, unlocking new markets and driving a step-change in global productivity.
143.8%
66.1%
77.7%
5 years
Artificial intelligence is no longer a future theme. It is already embedded across the global economy driving productivity, decision-making and competitive advantage across industries.
Despite rapid adoption, we believe most of AI’s value creation still lies ahead. The Polar Capital Artificial Intelligence Fund is a global equity portfolio aiming to capture this transformation. It invests in the companies benefiting from AI adoption across all sectors. We focus on identifying where AI is driving real economic impact: accelerating revenue, expanding margins and reshaping competitive dynamics.
Global portfolio of AI winners across all sectors Typically 50-80 stocks, extending beyond just technology names
Capturing AI-driven value creation Focused on companies using AI to deliver earnings growth, margin expansion and multiple rerating
Investing in AI through the full adoption cycle Launched in 2017, spanning the transition from early adoption to mainstream deployment
Established track record Annualised return of 19.2% since launch1
Analyst-Driven 55%
Data Coverage 98%
Performance indicators
1.3
Past performance is not indicative or a guarantee of future results. Source: Polar Capital, Bloomberg, USD I Acc Share Class, 6 October 2017 to 30 April 2026. Benchmark: MSCI ACWI Net Total Return Index (USD). 2. Lipper, 30 April 2026. Peer Group: Lipper Global: Equity Global.
YTD
40.5%
6.7%
33.8%
Universe quartile2
1
Paddy joined Polar Capital as an Operations Executive in 2019 from the Global Markets division of Société Générale. During this time, Paddy provided operational support to the Technology team for over three years and successfully became a CFA Charterholder. Paddy transferred to the Technology team as a Data Analyst in June 2024 and will provide expertise on AI implementation while bolstering the wider data analysis capabilities of the team.
Paddy Drewett, CFA
BSc in Economics & Finance, Queen Mary University of London
Academic qualifications
CFA Charterholder
Professional qualifications
2 years
Industry experience
Completed CFA Levels I and II
Professional qualifications
Lina joined Polar Capital in September 2023 as an Investment Analyst in the Technology team. Prior to joining Polar Capital, Lina worked at Exane BNP Paribas as an Equity Research Analyst.
Lina Ghayor
MSc in Management – Finance & Law, ESSEC Business School
Academic qualifications
8 years
Industry experience
Fred joined Polar Capital in July 2023 as an Investment Analyst in the Technology team. Prior to joining Polar Capital, he worked at Janus Henderson investors as a Portfolio Analyst on the Global Technology Leaders and Sustainable Future Technologies strategies.
Fred Holt, CFA
BSc in Geology, University of Bristol
MSc in Petroleum Geoscience, Imperial College London
Academic qualifications
CFA Charterholder
Professional qualifications
5 years
Industry experience
Patrick joined Polar Capital as an Operations Executive, where he provided operational support to all fund management teams at Polar, including the Technology team. During this time Patrick successfully achieved the CFA charter, and subsequently, after a successful 8 months seconded to the technology team, Patrick joined on a full-time basis in May 2021 as an investment analyst with a focus on small and mid-cap companies.
Patrick Stuff, CFA
BSc in Economics, University of Warwick
Academic qualifications
CFA Charterholder
Professional qualifications
5 years
Industry experience
Nick joined Polar Capital in June 2019 as an analyst on the Polar Capital Technology team. Prior to joining Polar Capital, Nick worked at Neptune Investment Management as the Assistant Fund Manager on the US Opportunities growth fund. Prior to that he worked in academia at the University of Oxford.
Nick Dumas-Williams
MChem in Chemistry, University of Oxford
Academic qualifications
Passed CFA Level 1
Professional qualifications
10 years
Industry experience
Paul joined Polar Capital in March 2012 as an investment analyst on the Polar Capital Technology team.
Prior to joining Polar Capital, Paul helped manage a private investment fund between 2010 and 2012. Paul is responsible for a number of thematic areas, including game software and automotive technologies.
Paul Johnson, CFA
BA in History and Politics, Keele University; MA in History, Keele University
Academic qualifications
CFA Charterholder
Professional qualifications
14 years
Industry experience
Alastair joined Polar Capital in June 2019 as a Fund Manager. Prior to joining Polar Capital, Alastair co-managed the Arbrook American Equities Fund. Between 2014 and 2018 he launched and then managed the Neptune Global Technology Fund and managed the Neptune US Opportunities Fund. Prior to Neptune, Alastair was a technology analyst at Herald Investment Management.
Alastair Unwin, CFA
BA (1st Class Hons) in History, University of Cambridge
Academic qualifications
CFA Charterholder
Professional qualifications
14 years
Industry experience
Fatima joined Polar Capital in April 2006. She is a fund manager on the Polar Capital Technology Fund, Polar Capital Artificial Intelligence Fund and a supporting fund manager on the Polar Capital Technology Trust. She is responsible for the coverage of European Technology, Global Security, Networking, Clean Energy and Medical Technology.
Prior to joining Polar, Fatima spent 18 months working at Citigroup Asset Management with a focus on consumer products and pharmaceuticals.
Fatima lu, CFA
MSc in Chemistry with Medicinal Chemistry, Imperial College of Science & Technology, London
Academic qualifications
CFA Charterholder
Professional qualifications
21 years
Industry experience
Nick joined Polar Capital in September 2007. He was appointed lead fund manager of the Global Technology Fund on 1 January 2008, and is also a fund manager on the Polar Capital Artificial Intelligence Fund and a supporting fund manager on the Polar Capital Technology Trust.
Nick was previously head of technology at AXA Framlington where he was lead fund manager of the AXA Framlington Global Technology Fund and the AWF Framlington Global Technology Fund between August 2001 and July 2007. Both funds were rated five stars by S&P and received several S&P and Lipper performance awards. Nick graduated with a BSc (Hons) in Economics from University of Hull.
Nick Evans
Academic qualifications
ASIP, Institute of Investment Management and Research
Professional qualifications
28 years
Industry experience
BSc (Hons) in Economics, University of Hull
Ben joined Polar Capital in May 2003. He is lead manager of Polar Capital Technology Trust plc and is a Fund Manager of the Polar Capital Global Technology Fund and Polar Capital Artificial Intelligence Fund.
Prior to joining Polar Capital, Ben began his career in fund management at CMI, as a global technology analyst. He moved to Aberdeen Asset Managers in 1998 where he spent four years as a senior technology manager.
Ben Rogoff
BA in Modern History, University of Oxford
Academic qualifications
30 years
Industry experience
Xuesong joined Polar Capital in May 2012. He is the lead manager of the Polar Capital Artificial Intelligence Fund and is a Fund Manager on the Polar Capital Global Technology Fund and a supporting fund manager on the Polar Capital Technology Trust.
Prior to joining Polar Capital, he spent four years working as an investment analyst within the emerging markets & Asia team at Aviva Investors, where he was responsible for the technology, media and telecom sectors. Prior to that, he worked as a quantitative analyst and risk manager for the emerging market debt team at Pictet Asset Management. He started his career as a financial engineer at Algorithmics, now owned by IBM, in 2005.
Xuesong Zhao, CFA
BA in Economics, Peking University MSc in Finance, Imperial College of Science & Technology
Academic qualifications
Professional qualifications
19 years
Industry experience
A leading investment team
Source & Copyright: CITYWIRE. Xuesong Zhao has been awarded an AA rating by Citywire for his 3 year risk-adjusted performance for the period 31/03/2023 - 31/03/2026.
Source & Copyright: CITYWIRE. Ben Rogoff has been awarded an AA rating by Citywire for his 3 year risk-adjusted performance for the period 31/03/2023 - 31/03/2026.
Source & Copyright: CITYWIRE. Nick Evans has been awarded an A rating by Citywire for his 3 year risk-adjusted performance for the period 31/03/2023 - 31/03/2026.
Adam Gildea
Investment Analyst
Paddy Drewtt, CFA
Data Analyst
Lina Ghayor
Investment Analyst
Fred Holt, CFA
Investment Analyst
Patrick Stuff, CFA
Investment Analyst
Nick Dumas-Williams
Investment Analyst
Paul Johnson, CFA
Investment Analyst
Alastair Unwin, CFA
Partner
Fatima Iu, CFA
Partner
Nick Evans
Partner
Ben Rogoff
Partner
Xuesong Zhao, CFA
Partner
Adam joined Polar Capital in January 2026 as an analyst on the Polar Capital Technology team. Prior to joining Polar Capital, from December 2021 Adam worked at Bank of America as an equity research analyst on the European consumer discretionary team. Prior to that he worked in baseball operations and analytics for the Philadelphia Phillies and Los Angeles Dodgers.
Adam Gildea
MSc in Economic History, London School of Economics
BA in Economics, Arizona State University
Academic qualifications
4 years
Industry experience
High conviction but diversified 81.5% active share relative to MSCI ACWI Net Total Return Index1
CFA Charterholder
Source & Copyright: CITYWIRE. Fatima Iu s has been awarded an A rating by Citywire for her 3 year risk-adjusted performance for the period 31/03/2023 - 31/03/2026.
Sharpe ratio
0.9
Sortino ratio
1.3
Alpha
7.1%
Information ratio (net of fees)
0.8
The Fund invests across the AI ecosystem, targeting both the companies enabling the technology and those applying it to generate tangible economic value.
•
Enablers – providing the infrastructure, compute and tools underpinning AI development and deployment, benefiting from accelerating demand for AI capabilities
Beneficiaries – applying AI to enhance products, improve productivity and unlock new revenue streams, driving earnings growth, margin expansion, and multiple rerating
This structure allows the Fund to capture AI value across the full adoption cycle, from infrastructure build-out to real-world monetisation.