Polar Capital Technology Trust

A disciplined thematic investment framework

Our approach aims to cut through the hype which often can be found within the technology sector, and lead to unjustified valuations and elevated levels of risk. We have a highly disciplined, conservative approach that – in a high growth sector – differentiates the portfolio from its peers. We look for technology companies playing on structural, secular trends and that offer genuine long-term growth potential. These technology companies will be the primary beneficiaries as the sector continues to capture an ever-higher proportion of global GDP, disrupt industries, and transform business models.

A leading investment team

3 months

YTD

Ordinary Share Price (TR)

NAV per share (TR)

Relative

+18.5%

+36.7%

+22.0%

+9.36%

-9.66%

+18.23%

Past performance is not indicative or a guarantee of future results. Source: Bloomberg and HSBC Securities Services (UK) Limited, as at 31 October 2025, percentage growth, Net of Fees in GBP terms. More information on performance can be found in the Share Price & Performance tab. The end of the financial year for the Company is the final day of April each year.

AI is reshaping the technology sector and indeed the world, with economies and industries being reimagined. But the path forward remains volatile explains Alastair Unwin, Partner on the Polar Capital Technology team, who explores how geopolitics, macro-economics, and disruptive moments like DeepSeek are shaping a new technological cycle. He argues that volatility is characteristic of the emergence of general-purpose technologies and that rapid progress in AI models and infrastructure continues to support the team’s excitement in this rare example of discontinuous change.

Artificial intelligence: Not just another theme

We have witnessed an inflection point for artificial intelligence (AI), with breakthroughs in generative AI in particular setting the scene for future disruption. Many argue that the theme is over-hyped, however we believe that AI’s broad applicability, low barriers to adoption and fast diffusion timeline will see it become a pervasive force within technology and therefore the wider world. While AI has been a core theme for PCT for a number of years already, we have pivoted hard towards the AI theme and have maintained that portfolio positioning. We have added a handful of small and mid-cap stocks, but the principal driver of the portfolio remains AI as we believe it is the defining technology of this decade.

Alastair Unwin, Partner

Global multi-cap portfolio 90-110 stocks, with a growth-centric investment style

We look for technology companies exposed to structural, secular trends, applying or enabling AI which have long-term growth potential as disrupters. From there, we construct a diversified portfolio to manage risk

+53.5%

+53.3%

1 year

Exceptional long-term track record Annualised return of 14.7% since launch (October 2001)

Theme-driven investment framework Active, benchmark-aware approach to portfolio construction

Stock-picking through a AI lens Investing in the enablers and beneficiaries of artificial intelligence

Highly experienced, specialist team 11 dedicated investment professionals, one of the largest technology investment teams in Europe

1 month

+8.9%

+12.6%

+10.56%

Can AI's momentum overcome volatility?

Dow Jones Global Technology Index (TR)

+9.1%

+16.7%

+39.2%

+25.8%

+36.6%

+739.4%

+699.5%

+793.3%

Established and proven track record

Cumulative performance (%)

Managed by an expert team of dedicated technology specialists, PCT has an impressive long-term track record, built on the managers ability to identify emerging technology trends and invest with conviction in those companies best placed to exploit them.

NAV per share (TR)

-24.7%

-20.3%

29.10.21 31.10.22

+33.9%

+20.0%

+26.7%

30.10.20 29.10.21

+53.5%

+53.3%

+36.6%

31.10.24 31.10.25

+44.8%

+40.4%

+40.6%

31.10.23 31.10.24

+13.3%

+19.8%

+27.3%

31.10.22 31.10.23

Discrete performance (%)

Ordinary Share Price (TR)

View fact sheet

As one of the largest investment sectors globally, Financials offers far more diversification than many realise, with a broad range of different subsectors playing a vital role in the health and development of modern economies. Polar Capital Global Financials Trust (PCFT), with its dual focus on dividends and capital growth, is an actively managed, globally diversified portfolio that seeks to find the best investment opportunities across this broad and vital sector.

Trust Highlights

As artificial intelligence continues to rapidly advance, so does its impact and vast market potential. Polar Capital Technology Trust (PCT) is a FTSE 100 company managed by one of the largest, most experienced technology investment teams in Europe. We take a conservative approach to investing in this high growth sector and leverage our expertise to navigate AI’s early adoption cycle, embracing the opportunities afforded through widespread AI disruption.

Investing in the AI-era

Discover more

View fact sheet

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

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

1 year

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

7 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

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

Academic qualifications BSc in Economics, University of Warwick

Professional qualifications CFA Charterholder

Industry experience 5 years

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

Academic qualifications MChem in Chemistry, University of Oxford

Professional qualifications Passed CFA Level 1

Industry experience 10 years

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

Academic qualifications BA in History and Politics, Keele University MA in History, Keele University

Professional qualifications CFA Charterholder

Industry experience 13 years

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

Academic qualifications BA (1st Class Hons) in History, University of Cambridge

Professional qualifications CFA Charterholder

Industry experience 14 years

Fatima joined Polar Capital in April 2006. She is a fund manager on the Polar Capital Technology Fund, Polar Capital Technology Trust and Polar Capital Artificial Intelligence Fund. 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

Academic qualifications MSc in Chemistry with Medicinal Chemistry, Imperial College of Science & Technology, London

Professional qualifications CFA Charterholder

Industry experience 21 years

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 Technology Trust and the Polar Capital Artificial Intelligence Fund. 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 BSc (Hons) in Economics, University of Hull

Professional qualifications ASIP, Institute of Investment Management and Research

Industry experience 28 years

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

Academic qualifications BA in Modern History, University of Oxford

Industry experience 30 years

Xuesong joined Polar Capital in May 2012. He is a lead manager of the Polar Capital Artificial Intelligence Fund and is a Fund Manager on the Polar Capital Technology Trust and Polar Capital Global Technology Fund. 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

Academic qualifications BA in Economics, Peking University MSc in Finance, Imperial College of Science & Technology

Professional qualifications CFA Charterholder

Industry experience 18 years

Ben Rogoff, Partner

We believe artificial intelligence (AI) is the next general-purpose technology and a rare example of discontinuous technology change around which all industries will be reshaped. Our understanding of technology-enabled change and deep AI knowledge will be critical to navigating the considerable disruption ahead and unlocking the broader AI opportunity.

Source: Polar Capital, 31 October 2025. Note: for the purposes of the above pie chart the definitions are as follows; AI beneficiary: "Where AI is part of the investment rationale/Bull case“; AI Adopter: "Only users of AI/ML“, AI Beneficiary (Non Tech) is excluded. Totals may not sum due to rounding.

4,000+ universe

Portfolio

Thematic overview

What we look for

What we avoid

Valuation

Portfolio construction

Sell disciplines

Dynamic definition of technology Real-world changes in user behaviour

S-Curve inflections Secular themes/pure-plays

Last-generation winners Public venture capital

Growth bias – rev/earnings/cash flow Price targets (bull/base/bear)/Risk reward

Bottom-up stock picking Benchmark aware

Mis-execution/model change Price level attainment

10 years

Dow Jones Global Technology Index (TR)

Portfolio AI Exposure

+65.2%

+66.0%

+48.4%

Financial YTD

+151.6%

+157.7%

+144.4%

+127.5%

+145.7%

+160.9%

5 years

3 years

Academic qualifications BSc in Geology, University of Bristol MSc in Petroleum Geoscience, Imperial College London

Professional qualifications CFA Charterholder

Industry experience 4 years

Five-Yearly Continuation Vote

Source: Polar Capital. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. The Board acknowledge that there can be no certainty that the continuation vote will be passed although, at the date of approval of the financial statements, we have no reason to believe that it will not do so.

Feedback to date • No negative comments received • Feedback supportive to continuation

Positive shareholder sentiment • Strong communication with the Technology Team • Long-term investment outlook of many shareholders • Diversified shareholder base • Trust is included on many private buy lists

Board recommendation • Directors unanimously support continuation and intend to vote in favour

Next vote: Scheduled for AGM on 10 September 2025

Shareholder engagement: Board, Technology Team and Corporate Broker have actively sought feedback from shareholders

Five-yearly continuation vote: Last passed in September 2020

Link to Notice of AGM