Polar Capital Tech shifts to AI winners as US mega-cap underweight hurts relative performance

Share price up 10.6%

Elliot Gulliver-Needham
clock • 2 min read

The £3.1bn Polar Capital Technology trust has continued to reposition towards AI winners, after relative underperformance hit the vehicle due to an underweight in stocks such as Broadcom and Adobe.

In its interim results to 31 October published today (12 December), the trust revealed its NAV had increased 12.1% over the six months, while its share price rose 10.6%. However, it lagged the Dow Jones Global Technology index, which rose 12.8% over the same period. Its discount also continued to widen, rising from 13.4% in April to 14.5% by 31 October, and currently sits at 13.2%, according to data from the Association of Investment Companies. Since 31 October, the trust's NAV has risen up 11.1%, compared to a 10.1% rise for the index. Monks laments 'bruising' underperformance period...

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