Investment Trusts
Polar Capital Technology Trust is one of the UK's largest technology investment trusts, investing in a diversified global portfolio of listed technology companies. Its objective is long-term capital growth rather than income, with substantial exposure to companies benefiting from artificial intelligence and digitalisation.
Investment in global semiconductor, software, cloud, internet, hardware and digital-platform companies, actively managed by Polar Capital's specialist technology team.
Global listed technology equities, heavily weighted towards North America but with additional exposure to Asian semiconductor supply chains and selected European technology businesses.
AI infrastructure spending, semiconductor demand, cloud and software growth, corporate technology budgets, interest rates and valuations, manager stock selection and changes in the discount to NAV.
Technology-sector concentration, high valuations, exposure to large US growth stocks, a downturn in AI or semiconductor spending, US-China tensions, export controls, foreign exchange and discount volatility.
Mid-2026 reporting continued to emphasise the accelerating AI investment cycle and the trust's sizeable semiconductor and AI-infrastructure exposure. Total assets were about £8.76bn at 30 June 2026, making portfolio positioning around AI spending, chip supply and valuations the main issues to watch through the 2027 investment horizon.
PCT is managed for capital growth and does not currently pay a dividend; the quoted dividend yield is effectively zero. Returns are expected to come from NAV and share-price growth rather than income distributions.
The complete 350 Trade Book — 350 leading UK-listed companies, presented in one consistent working reference.