Polar Capital has soft closed its Global Technology fund to new investors after £1.6bn of inflows over three months increased its assets under management (AUM) to £4.5bn.
The fund, which has been co-run by Ben Rogoff and Nick Evans since 2006 and 2008 respectively, has increased in size by 256.4% over the last three years and by 51% over the last 12 months, according to data from FE fundinfo.
Residing in the IA Technology & Communications sector, the Global Technology fund has returned 26.9% over the past six months alone, outperforming its average peer by 9.9 percentage points and putting it in third place in the 15-strong sector.
It has also been the best performer in its sector over three years, having achieved gains of 110% and 266.8% respectively.
Its largest holdings include the likes of Apple at 5.5%, Alphabet at 5.3% and Microsoft at 5.1% of the overall portfolio. Some 73% of the fund's 78-stock portfolio is held in US-domiciled companies.
Iain Evans, global head of distribution at Polar Capital, said: "Following a period of strong performance and steady net inflows, the Polar Capital Global Technology Fund is approaching £4.5bn in AUM.
"Our core philosophy is to focus on investment performance, so the decision has been taken to soft close the fund to allow the fund managers to continue to meet their investment objectives and to focus on delivering future returns for our investors.
"We are constantly monitoring capacity management best practices in order to safeguard investor interests."
Adrian Lowcock, head of personal investing at Willis Owen, said it "makes sense it puts the breaks on now to slow inflows to protect existing investors and the strategy".
"The demand for technology stocks has rocketed this year as investors see them as winners of the chaos caused by Covid-19, with wider social and business trends being accelerated.
"The fund has become a leader in the specialist technology space and delivered some impressive performance. A soft close is pragmatic and sensible, while giving the fund the option reopen at a later date if suitable."