Polar Tech gains performance fee for first time in decade

The £509m Polar Capital Technology trust has managed to generate its first performance fee for the first time since the tech bubble more than a decade ago.

In its annual report covering the year to 30 June, Polar reported it had been paid £3.3m in performance fees, the first ever for the trust under the group’s tenure. The last time it was paid was in April 2000, when Henderson managed the portfolio under the name Henderson Technology. Polar took over management of the trust later that year, setting a high watermark it did not manage to reach, despite strong performance versus the benchmark.  The trust, managed by Ben Rogoff, returned 17% in its last financial year, outshining its benchmark, the Dow Jones World Technology index, which ...