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Polar Capital Technology Trust reports record annual results

Fri 10 Jul 2026 11:12

(Sharecast News) - Polar Capital Technology Trust reported record annual results on Friday after artificial intelligence-driven gains helped it more than double its net asset value per share and significantly outperform its benchmark. For the year ended 30 April, net assets increased 92.5% to £7.32bn, while net asset value per share rose 102.2% to 657.41p, comfortably ahead of the benchmark's 55.0% total return.

The FTSE 100 firm said its share price climbed 109.0% to 603.0p, with the discount to NAV narrowing to 8.3% from 11.3%.

The ongoing charges ratio fell to 0.69% from 0.77% following changes to the trust's fee structure, and no dividend was recommended.

Chair Catherine Cripps said the trust had delivered its strongest relative performance in at least two decades as its "AI maximalist" positioning aligned with accelerating adoption of artificial intelligence.

Lead manager Ben Rogoff said the portfolio benefited from heavy exposure to semiconductor, networking and AI infrastructure companies while remaining underweight software, adding that the team remained confident in the long-term AI investment theme despite expecting continued market volatility.

At 1053 BST, shares in Polar Capital Technology Trust were down 0.4% at 678.76p.

Reporting by Josh White for Sharecast.com.

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