REG - Polar Cap Tech Tst - Results for the six months to 31 October 2025
10/12/2025 07:00
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RNS Number : 9877K Polar Capital Technology Trust PLC 10 December 2025
POLAR CAPITAL TECHNOLOGY TRUST PLC
UNAUDITED RESULTS ANNOUNCEMENT FOR THE SIX MONTHS TO 31 OCTOBER 2025
(Unaudited) (Audited)^ Movement %
As at 31 October 2025 As at 30 April
2025
Total net assets £6,107,951,000 £3,804,889,000 60.5
Net Asset Value (NAV) per ordinary share ~ 539.97p 325.20p 66.0
Price per ordinary share 476.50p 288.50p 65.2
Benchmark 7803.48 5259.96 48.4
Dow Jones Global Technology Index (total return, Sterling adjusted, with the
removal of relevant withholding taxes)
Discount of ordinary share price to NAV per ordinary share~ (11.8%) (11.3%)
Ordinary shares in issue * 1,131,160,000 1,170,007,019 (3.3)
Ordinary shares held in treasury * 241,990,000 203,142,981 19.1
KEY DATA
For the six months to 31 October 2025
Local Currency Sterling Adjusted
% %
Benchmark (see above) 45.9 48.4
Other Indices over the period (total return)
FTSE World 22.2 24.2
FTSE All-share 16.0
S&P 500 composite 23.6 25.6
Nikkei 225 46.7 38.1
Eurostoxx 600 11.9 13.7
As at As at
Exchange rates 31 October 2025 30 April 2025
US$ to £ 1.3139 1.3357
Japanese Yen to £ 202.41 190.52
Euro to £ 1.1383 1.1750
No interim dividend has been declared for the period ended 31 October 2025,
nor were there for periods ended 31 October 2024 or 30 April 2025, and there
is no intention to declare a dividend for the year ending 30 April
2026.
^ The financial information for the six-month periods ended 31 October 2025
and 31 October 2024 have not been audited. The figures and financial
information above and in the following pages, for the year ended 30 April 2025
are an extract from the latest published Financial Statements and do not
constitute statutory accounts for that year.
~See Alternative Performance Measure below.
* The issued share capital on 08 December 2025 (latest practicable date) was
1,373,150,000 ordinary shares of which 252,688,878 were held in
treasury.
References throughout this document to "the Company" or "the Trust" relate to
Polar Capital Technology Trust PLC, while references to "the portfolio" relate
to the assets managed on behalf of the
Company.
For further information please contact:
Kelly Nice - Company Secretary Ed Gascoigne-Pees
Polar Capital Technology Trust PLC Camarco
Tel: 020 7227 2700 Tel: 020 3757 4984
INVESTMENT MANAGER'S REPORT
Market review
Global equity markets delivered strong returns during the Trust's financial
half year to 31 October 2025. The MSCI All Country World Index gained +23.6%
in sterling terms with positive returns every month. The sustained recovery
from post-Liberation Day lows in April was supported by robust US economic
data, renewed fiscal stimulus, looser financial conditions and accelerating AI
investment. Consumer spending and the labour market remained largely resilient
despite tariff and policy uncertainty.
Equity market returns were driven by the US (S&P 500: +25.6%) and Asia
(MSCI All Country Asia ex Japan Index: +28.3%) with Europe (Eurostoxx 600:
+13.7%) and Japan (TOPIX: +18.9%) trailing. Brent crude oil rose through June
on supply concerns from ongoing conflicts in the Middle East and Europe,
before retracing gains on signs of ample supply and worries about global
demand. Bitcoin rose 15% during the period amid the passage of the GENIUS Act,
which established a formal regulatory framework for stablecoins and bolstered
investor enthusiasm for digital assets. Meanwhile, volatility increased
briefly in August on the back of weaker labour data and renewed tariff noise,
but soon subsided as confidence in policy support returned with a more
accommodative Federal Reserve (Fed) and amelioration of tariff concerns.
In the United States, market returns were driven by both positive earnings
revisions and multiple expansion(( 1 (#_ftn1) )), the forward P/E (price to
earnings(( 2 (#_ftn2) ))) on the S&P 500 increasing from c20.2x to 22.8x.
Economic momentum remained positive, despite political volatility and high
policy uncertainty. Moody's downgraded the United States' sovereign credit
rating in May on rising government debt, but equity markets took their cue
from bond yields as 10-year US Treasury yields fell from early-May highs of
c4.5% back towards 4% by the end of the period. The US dollar also showed
signs of potential distress, weakening notably in March and April, but
remained largely stable between May and October as the US regained its
position as the engine of developed market growth and AI momentum. The passage
of the One Big Beautiful Bill Act in early July provided substantial stimulus
through corporate tax cuts and investment incentives. While the bill is
expected to add an estimated $3-4trn to the federal deficit over the next
decade, it also provided an additional incentive for corporate investment,
including for AI infrastructure.
Markets climbed the proverbial 'wall of worry' as tariff concerns and erratic
policy meant uncertainty remained elevated and markets volatile during the
half year, exacerbated by the Trump administration's 'escalate to de-escalate'
modus operandi. Eventual trade agreements with Japan, South Korea and the
European Union helped offset earlier tariff uncertainty and growth fears,
establishing a 15% rate in return for substantial foreign investment
commitments.
Economic data painted a mixed but largely resilient picture. Payroll gains
slowed from the robust levels seen in early 2025 and by July the US labour
market showed its first meaningful signs of softening as payrolls missed
expectations, and prior data were sharply revised downward. Inflation
continued to trend down toward the Fed's target: core Personal Consumption
Expenditure (PCE) inflation eased to 2.7% by August, the lowest in two years.
The Fed also faced renewed political pressure to ease; Chair Jerome Powell
publicly clashed with President Trump over the pace of cuts and Fed
independence. After holding rates steady through the summer, the benign
inflation backdrop and softer employment data saw the Fed deliver its first
0.25% rate cut of the period in September and another in October.
European markets lagged the US and Asia but still delivered positive returns
as inflation continued to cool, but economic momentum remained subdued.
European Central Bank (ECB) projected inflation would undershoot its 2% target
in 2026, allowing it to hold rates at 2% for a third consecutive meeting. The
region's returns were restrained relative to the US in part due to the absence
of a technology sector of comparable scale.
Asia-Pacific equities were stronger with China leading the charge. After a
difficult first half of the period marked by property sector stress and weak
domestic demand, Chinese markets rebounded sharply on hopes of policy
stimulus, an improving trade outlook and an acceleration in AI investment and
product launches as Beijing rolled out support for its domestic tech industry.
US/China trade tensions boiled over after Trump threatened a "massive" tariff
hike on Chinese imports (from 30% to 130%) in retaliation for China's new
export controls on rare earth minerals, but the extension of a tariff truce
and high-level negotiations (culminating in the late-October tariff reduction
deal) reassured investors that the situation was stabilising. Japan also
delivered strong gains as equities benefited from robust domestic data and
ongoing corporate reforms as well as a landmark trade deal with the US that
cut tariffs on Japanese exports from 25% to 15%.
Technology Review
After a volatile start to the calendar year navigating DeepSeek and Liberation
Day tariff shocks, the technology market led the market rebound during the
Trust's financial half year. The Dow Jones Global Technology Index returned
+48% in sterling terms. After a 'top-heavy' 2024, when index returns were
dominated by the Magnificent Seven (Mag7(( 3 (#_ftn3) ))) stocks (+67%),
technology market leadership changed in 2025. During the half year period,
Mag7 (+51%) no longer proved the best conduit for AI as, ex-NVIDIA (+90%), the
group trailed the sector. Concerns about the impact of higher AI investment on
margins and uncertain paybacks led to more of a two-way debate, considering AI
risks as well as potential rewards, on many Mag7 constituents.
The main driver of the technology sector's strong performance was accelerating
hyperscaler(( 4 (#_ftn4) )) investment in AI infrastructure and rapid
adoption across both consumer and enterprise segments. Consensus expectations
for 2026 capex have increased from $314bn at the start of 2025 to $524bn at
the end of the half year, up +68% in 10 months. Sovereign AI initiatives,
particularly in the Middle East, also picked up notably. Echoing our long-held
view that AI is best understood as the next general-purpose technology,
NVIDIA's CEO Jensen Huang stated: "Countries around the world are recognising
AI as essential infrastructure - just like electricity and the internet".
OpenAI made a series of very large multi-year compute commitments with third
parties including Oracle ($250bn+), Microsoft ($250bn) and Amazon ($38bn). The
company also made a series of huge first-party commitments including 10GW of
compute from NVIDIA (alongside NVIDIA making a $100bn equity investment in
OpenAI), 6GW from Advanced Micro Devices (AMD; in exchange for OpenAI
receiving warrants covering 10% of AMD), and 10GW from ASIC(( 5 (#_ftn5) ))
leader Broadcom. Nearer term, OpenAI has committed to roughly 30GW of
first-party AI compute capacity over the next eight years, at a projected cost
of $1.4trn.(( i (#_edn1) ))
Extraordinary compute commitments reflect widespread confidence in the
continuation of scaling laws and the size of the potential market for AI. Elon
Musk's xAI released Grok 4, which claimed to be "the smartest AI in the
world," achieving record benchmark scores of 25.4% on Humanity's Last Exam and
44.4% in its multi-agent configuration. OpenAI launched GPT-5, which was not a
significantly larger model than GPT-4, but significantly reduced hallucination
rates and put reasoning models - in our view the most important innovation of
the past 18 months - in the hands of many more users. The AI talent war also
heated up with Meta Platforms (Meta)'s investment in Scale AI resulting in
founder Alexandr Wang joining to run its Superintelligence lab.
Positive AI infrastructure capital expenditure (capex) revisions reflected
accelerating demand for AI services, with cloud providers showing revenue
growth acceleration and extraordinary backlog growth. Despite significant
increases in AI capacity, all hyperscalers remained capacity-constrained
versus current AI demand. AI adoption metrics were equally striking: ChatGPT
remained the world's most downloaded app for a second consecutive month in
July and reached 800 million weekly active users by the end of the period, up
from 500 million in March. OpenAI's commercial traction accelerated alongside
usage growth and the company now expects to end 2025 above $20bn in annualised
revenue run rate, up from $13bn in August and $6bn in January. Annual
recurring revenue (ARR) could be significantly higher with more compute
capacity. Rival Anthropic approached an estimated $7bn ARR from $1.5bn at the
start of the year, primarily from enterprise customers, and raised $13bn at a
$183bn valuation in September.
AI progress and capex revisions saw AI infrastructure suppliers rewarded in
public markets. Semiconductors were the largest beneficiary at the subsector
level as the SOX (the PHLX Semiconductor Sector Index) returned +74% with
NVIDIA returning +89% and becoming the first company to reach a $5trn market
capitalisation (cap). AMD led the pack (+167%), buoyed by expectations for its
next-generation Mi450 GPU (graphics processing unit(( 6 (#_ftn6) ))) and
expanded OpenAI relationship. Broadcom (+96%) was also strong on the back of
its direct OpenAI deal, dominant position in networking chips and supplier to
Alphabet's well-regarded TPU (tensor processing unit(( 7 (#_ftn7) ))) chips.
Taiwan's TSMC returned +76% with its high-performance computing segment
(largely AI chip fabrication) driving growth.
Stocks exposed to other aspects of the AI infrastructure buildout also thrived
as hyperscalers navigated data centre power and space availability
constraints. Networking stocks were pulled into the AI trade as a new AI
compute architecture requires a new networking topology to drive performance
and help solve power and other bottlenecks. Suppliers of connectors, cables,
componentry, power systems and cooling solutions to the data centre buildout
also delivered strong returns. Towards the end of the half year, memory and
storage providers showed stronger pricing power as AI-related demand for both
has surprised to the upside rendering acute supply shortages. Lack of clean
room space and the conversion of capacity to high bandwidth memory (HBM) have
squeezed commodity memory supply and induced customers to seek longer-term
agreements. Hard disk drives (HDD) were also pulled into the trade as the most
cost-effective solution for storing and retaining the massive volumes of
training and inference data.
Software lagged on a relative basis with IGV returning +22%, although this was
flattered by returns at perceived AI winners Palantir Technologies (+72%),
AppLovin (+141%) and Oracle (+90%) versus non-participation at SaaS (software
as a service) stalwarts Salesforce (-1%), Workday (0%), ServiceNow (-2%) and
Adobe (-7%). Concerns around the impact of the Department of Government
Efficiency (DOGE) on federal spending bled into more fundamental concerns
around application software being on the wrong side of the AI trade as model
makers move up the stack, coding tools proliferate and seat-based models come
under pressure. Early in August there was a material negative inflection in
software sentiment as mildly disappointing earnings reports were punished
heavily as concerns about the terminal value of SaaS businesses gained
traction. Microsoft (+34%) had a mixed period where an impressive
reacceleration in its Azure revenue growth was offset by concerns around
Microsoft's incumbent application software business, growing capex intensity
and the complexities of its evolving relationship with OpenAI.
Internet companies were volatile as advertising spending and e-commerce growth
remained strong but significant upward capex revisions put pressure on free
cashflow and AI narrative swings impacted sentiment. Alphabet initially
suffered as traffic share loss and a deceleration in paid click growth
highlighted the disruptive threat from ChatGPT, before rallying after a judge
ruled on more lenient remedies than the Department of Justice (DoJ) had
initially asked for, effectively removing the legal overhang on Google's
search business. Alphabet's AI narrative improved in tandem with the company's
AI product release cadence including further integration of Gemini within
Chrome and a successful video and image generation model, Nano Banana.
Meta delivered strong results but investors - perhaps still scarred by Reality
Labs losses - became increasingly concerned around the increase in spending on
AI talent and compute without a leading foundation model or cloud business to
monetise it. Amazon's performance was linked to Amazon Web Services (AWS)'s
growth as a proxy for its positioning in an AI-first world, which appeared
lacklustre against Azure and Google Cloud. The retail business delivered
strong results and the stock rallied on stronger Q3 AWS growth. Other leading
internet platforms such as Spotify (+8%) and Netflix (0%) delivered
underwhelming returns as they became caught up in concerns around consumer,
market share saturation and greater terminal value risk in a world of
AI-generated content. Apple (+30%) was initially a lightning rod for the trade
war given the company's high dependence on manufacturing and demand from
China, but the favourable Alphabet DoJ outcome and solid start to the iPhone
17 cycle were better than feared as tariff concerns alleviated.
Portfolio performance
The Trust outperformed its benchmark during the period, with the net asset
value (NAV) per share increasing by +66.0% during the first half of the
financial year versus +48.4% for the sterling-adjusted Dow Jones Global
Technology Net Total Return Index. The Trust's share price advanced by 65.2%,
reflecting the higher NAV, offset by the discount widening marginally from
-11.3% to -11.8% during the period. We continue to monitor the discount and
the Trust bought back 38.85 million shares during the period and had 1,131.16
million shares in issue as at 31 October 2025.
While we are naturally reticent to celebrate periods of strong performance, we
should nonetheless acknowledge a remarkable half year - even if absolute
returns were flattered by the weak close to our last financial year. The
Trust's relative performance over the period was among our strongest in some
time, while its outperformance versus peers - which was already strong across
most timeframes - has extended meaningfully, evidenced by top decile
performance over one, three, five and 10 years versus our Lipper peer group.
Although our largest stock-level contributor to relative performance was our
significant underweight position in Apple (+224 basis points (bps(( 8
(#_ftn8) )))), which lagged the benchmark amid tariff concerns and an
uncertain AI strategy, the real driver of relative performance was our 'AI
maximalist' positioning, which aligned well with accelerating AI adoption and
surging infrastructure investment.
As such, stock selection was positive across most major geographies and
market-cap tiers, led by strength in our semiconductor holdings. While our
underweight position in NVIDIA detracted 116bps from relative performance (see
below), this was more than offset by our broader AI-related semiconductor
exposure. This included a position in Broadcom (+9bps) as well as overweight
holdings in AMD (+103bps) and TSMC (+20bps). The Trust also benefited from its
overweight exposure to memory chip manufacturers, as accelerating AI demand
supporting HBM alongside firmer commodity DRAM and NAND(( 9 (#_ftn9) ))
pricing. This backdrop produced some spectacular returns during the half year,
notably SK Hynix (+221%) and Micron Technology (+196%), which contributed
+113bps and +56bps to relative performance and, to a lesser extent, Sandisk
(+42bps), partly offset by our zero weight in Samsung Electronics (+85%,
-54bps). In aggregate, the Trust's memory exposure contributed more than
100bps to relative performance over the period.
Higher AI-related capex and tighter supply conditions also drove strong
returns across other technology subsectors, including HDDs, an area we had not
held significant exposure to for many years but, applying our 'AI lens',
revisited during the half year. This resulted in meaningful positive
contributions from both Seagate Technology (+60bps) and Western Digital
(+15bps) as well as new positions in HDD component suppliers Hoya (glass
substrates) and Nitto Denko (heads/films).
Semiconductor equipment companies also performed well during the period,
supported by AI and memory-related strength, together with improved sentiment
around both Intel and Samsung Electronics (neither held). Trump's stated
desire to reshore semiconductor manufacturing added further momentum. Chinese
demand also proved more resilient than feared, as China's threat to restrict
rare earth exports appeared to temper US efforts to tighten export controls.
The portfolio benefited from strong performances by Lam Research (+43bps) and
KLA (+21bps), as well as smaller holdings such as Advantest (+18bps).
While chip companies enjoyed most of the spotlight during an eventful period,
one of the most important sources of our outperformance came from our
significant exposure to networking stocks. As we have previously discussed,
the networking sector - encompassing chips, cables, fibre, switches and more -
appears uniquely well positioned to benefit from the shift toward denser,
higher-performance computing. During the half year, the theme benefited from
stronger-than-expected AI capex, the growing need to interconnect AI training
clusters across multiple data centres and a sharp rebound from the depressed
Liberation Day-induced levels seen earlier in the period. As a result, the
networking sector accounted for four of our strongest relative contributors,
including Celestica (+160bps), Credo Technology Group Holding (+154bps),
Fujikura (+121bps) and Ciena (+109bps).
Positive relative performance was also driven by the Trust's off-benchmark
exposure to the power and cooling theme which, like networking, benefited from
capex strength and the increasingly power-intensive nature of AI-optimised
servers and data centres. Strong results and expanding order books led to
positive contributions from Delta Electronics (+57bps), Asia Vital Components
(+37bps), Vertiv Holdings (+48bps) and GE Vernova (+31bps), more than
offsetting softer performances from other power-related holdings such as
Belimo Holdings (-15bps) and Siemens Energy (-14bps).
The Trust also benefited from its significant underweight exposure to the
software sector which materially underperformed during the period. This
positioning reflected our out-of-consensus view that the sector is unlikely to
prove a good conduit for AI progress. Underweight positions in Microsoft
(+94bps), SAP (+26bps) and ServiceNow (+19bps) all contributed positively to
relative performance, as did our zero weightings in Adobe (+44bps), Intuit
(+35bps) and Salesforce (+62bps). Finally, the Trust enjoyed strong individual
stock contributions from Robinhood Markets (+137bps) and Elite Material
(+82bps).
In terms of detractors - and unsurprisingly in a strong market environment -
the largest negative contributions to relative performance came from cash and
our NASDAQ put options(( 10 (#_ftn10) )). Our average cash position of around
4% was the single greatest drag on performance (-228bps), while we spent 82bps
on NASDAQ put options, designed to ameliorate the impact of sharp technology
market drawdowns.
As we have previously outlined, we view both cash and the NASDAQ put strategy
within the context of an overall portfolio whose beta(( 11 (#_ftn11) )) -
owing to our growth and AI focus - remains well above one. We would also
remind investors that the NASDAQ puts worked very effectively during the
January-April selloff, although that benefit fell within the prior financial
year. The puts also allowed us to maintain the pro-AI shape of the portfolio
during early April volatility, which undoubtedly helped contribute to the
Trust's strong rebound. Finally, our use of equity call options - implemented
to protect against upside risk in select stocks where we hold large
underweight positions - contributed 175bps to relative performance during the
half year.
While our underweight exposure to the Mag7 did not weigh on relative
performance during the period, our sizeable underweight positions in both
NVIDIA and Alphabet were among the largest stock-level detractors. In the case
of NVIDIA, our position accounted for an average 11.1% of NAV during the half
year - less than the index weighting (14.8%) - resulting in a relative drag of
116bps. Likewise, our large underweight position in Alphabet detracted 53bps
from relative performance, reflecting a strong post-April recovery supported
by better-than-expected fundamentals and a favourable US court ruling. The
negative impact was partially offset by our Google equity call options, which
added back 127bps.
Another headwind to relative performance came from stocks that struggled to
keep pace in a strong AI-driven market. These included several of our internet
holdings that, as 'winner-takes-most' platforms, had previously enjoyed 'AI
winner' status. This status was challenged by elevated investment levels,
which blunted the pace of positive revisions and led to performance drags from
Spotify Technology (-44 bps), Netflix (-40bps), and MercadoLibre (-36bps).
There were also a few genuine disappointments, including Monday.com (-10bps),
eMemory Technology (-43bps), and Harmonic Drive Systems (-7bps), although
these were largely contained within the portfolio tail.
Portfolio Activity
In terms of our relative geographic exposure, we increased both Asia (+1.1%)
and Japan (+4.2%) at the expense of Israel (-3.0%), Latin America (-0.6%) and
Europe (-2.2%) during the period. However, these shifts are better understood
as the result of subsector reallocations: further reducing software (-5%) and
internet (-4%) in favour of hardware and equipment (+7%) and capital goods
(+4.5%). As in prior periods - and consistent with our 'AI maximalist'
approach - this continued reallocation reflects our long-held view, supported
by sharply higher capex, that the AI cycle is fundamentally a hardware rather
than a software cycle. Despite lower software and internet weightings (both
predominantly US-centric), our overall US exposure remained broadly unchanged
as we initiated new positions in hard drives, storage and power, and rebuilt
our US semiconductor capital equipment exposure.
As these changes attest, we remain active within the portfolio to ensure that
our positioning stays on the right side of the AI trade. The market is
evolving rapidly, both in terms of underlying technologies and the emergence
of new potential bottlenecks that create incremental investment opportunities.
Our investments across power and networking illustrate this well, with old
industries being reimagined as the world races to stand up AI infrastructure.
At the same time, AI-driven disruption has spread beyond software into
information services and other adjacent sectors. More capable models, rising
adoption and falling token pricing suggest that this disruption is far from
over. As a result, we have sharpened our focus on avoiding potential losers,
something we view as critical at this stage in the cycle. In practice, this
means we move quickly to reduce exposure where an AI 'bear case' begins to
emerge. During the half year, we exited positions including RELX and Netflix
where we felt ongoing AI progress had introduced new risks to the investment
narrative. More recently, we shifted from an overweight to an underweight
position in Meta as the company highlighted how its AI investment may come at
the expense of margins.
Finally, turnover has also been influenced by our allocation to adjacent areas
- such as power - where our initial hit rates may be lower as we build out our
domain expertise. A year ago, we made our first power-related investment
through Eaton, a diversified industrial and power-management company. Although
Eaton ultimately proved disappointing (we exited in January), we have since
expanded our exposure to the broader AI power theme, adding positions across a
wide range of companies and technologies, spanning turbines, power supplies,
thermal management, liquid cooling, fuel cells and solar modules.
Concentration Risk
Following a strong period, we need to remind shareholders of the concentration
risk both within the Trust and the market cap-weighted index around which we
construct the portfolio. Looking at the US market, concentration is today at
its highest level in a century which poses a potential risk to future returns.
Today, the 10 largest companies explain 42% of the S&P 500 market cap and
trade at a forward P/E ratio of 31x, well above the remaining 490 stocks at
19x. However, we continue to view this concentration as an output of the
remarkable fundamentals of these companies which also account for c32% of
S&P 500 profits.
What has changed more recently is that many of these 'winner takes most'
companies are becoming significantly more capital intensive while AI is
beginning to present risks as well as opportunities. The high level of
concentration brings vulnerability with the International Monetary Fund (IMF)
suggesting "an abrupt repricing of tech stocks could threaten macrofinancial
stability". The Trust has moved further underweight the largest technology
companies reflecting our concerns about more of a two-way fundamental debate
on their position in an AI-first world. At period end, the Mag7 explained
c30% of the Trust's portfolio compared to 54% of the Dow Jones Global
Technology benchmark.
Market Outlook
The market has rebounded very strongly from post-Liberation Day lows as the
inflationary impact of tariffs have so far been contained, economic growth has
remained robust, financial conditions have loosened and the labour market has
softened modestly. The 'AI trade' led the market higher in the context of
extraordinary technological progress, rapid consumer adoption and aggressive
AI infrastructure investment plans. Early November brought elevated
volatility, particularly in the highest velocity parts of the market, but our
base case remains positive, albeit likely to be tested by bouts of volatility,
with the AI trade setting the pace. Our constructive outlook is primarily
driven by our conviction in the AI story itself and, as such, sustained
challenges to rapid AI progress and investment would present a meaningful
headwind to equity market returns.
There are, of course, other risks which could undermine our constructive view.
A significant macroeconomic slowdown is the most obvious. In its October
update, the IMF slightly raised its 2026 global growth prospects from those
issued in April from 3% to 3.1%, but presented a "subdued" outlook with "dim"
prospects as the global economy adjusts to a new policy landscape, with risks
skewed to the downside. US growth expectations are slightly more bullish
supported by a positive fiscal impulse which should peak in 2Q26, a robust if
bifurcated consumer and the impetus from significant AI investment. A more
'K-shaped' economy reflects strong wealth effects and consumer spending for
upper income groups while less affluent groups (and the companies that serve
them) may fare less well. US households' aggregate financial asset allocation
to equities is 52%, a post-WW2 high, which means that the fate of the market
and the consumer are more intertwined.
The biggest near-term macroeconomic risk appears to be any significant
softening in the labour market. The 'low hiring/low firing' environment has
so far been soft enough to encourage the Fed to cut rates without damaging
growth prospects or sparking recessionary concerns. With limited data released
during the government shutdown the picture is murkier, but the Chicago Federal
Reserve's estimated hiring rate fell for the sixth consecutive month in
October and layoff announcements are ticking up even if actual weekly jobless
claims have remained steady (c200,000-250,000). AI's potential impact on the
labour market is hotly debated and laced with anxiety; several academic papers
have found evidence of slowing junior hiring in AI-exposed sectors and at
AI-adopting firms while IMF analysis estimates that AI could affect 60% of
occupations in advanced economies over the next decade.
Despite a softening labour market, inflation remains stubbornly above target
with Bloomberg showing consensus core US PCE forecast at 2.9% for 2025 and not
anticipated to fall below 2.5% until 2027. Notably, longer-term bond yields
have incorporated a higher term premium, reflecting both heavy Treasury supply
and investors' higher inflation-term risk premium. The administration's
stricter stance on immigration may also tighten the labour supply. The level
of inflation is not a huge concern and inflation expectations appear
well-anchored with the 5yr5yr (the market-implied average inflation rate for
the five-year period that begins five years from today) remaining rangebound
between 2.1% and 2.4%, but inflation so far from target increases the
probability that monetary policy remains too restrictive for too long.
The Fed's reaction function is also being questioned. At the October FOMC
(Federal Open Market Committee) press conference, Chair Powell was explicit
that "there were strongly differing views on how to proceed" and a widely
assumed December cut was "not a foregone conclusion, far from it". Central
bank independence is a further source of concern, especially with Powell's
term as Chair finishing in May 2026. That said, the Fed could deliver more
aggressive cuts should labour market data deteriorate. During the past 40
years, the S&P 500 has delivered a 15% median 12-month return when the Fed
resumed cutting rates, so long as the economy avoided a recession.
Tariff escalations and geopolitical tensions will continue to bring
volatility, but our base case is that current tariff pressures represent a
recalibration rather than a hard reset of the global trading system. Even with
the one-year truce announced in October, the US/China relationship continues
to fragment global trade as countries pursue multi-alignment strategies and
regional agreements. The main 'left-tail' risks remain centred on US/China
relations, particularly over Taiwan, which produces roughly 60% of global
semiconductor shipments and more than 90% of advanced chips. A recent war-game
simulation suggested that a conflict in the Taiwan Strait could cost around
$10trn - roughly 10% of global GDP - far exceeding the economic impact of
either the global financial crisis or the pandemic. At period end, Taiwanese
and Chinese equities represented 11.2% of the Trust's NAV, compared with 8%
for the Dow Jones Global Technology Index. However, any deterioration in the
geopolitical environment would likely have broader repercussions for the
portfolio given Taiwan's pivotal role in the AI supply chain and China's
importance as a source of end demand.
Growing deficits and debt burdens are among the biggest issues for the
longer-term risk asset outlook, but Treasury yields have been rangebound and
the US dollar appears to have stabilised after earlier volatility during 2025.
As a reminder, the Manager does not look to hedge currencies but does manage
foreign exchange (FX) exposure relative to the benchmark. Credit concerns
remain pertinent after several prominent bankruptcies (although the impact
appears contained) and there is concern around the growth and opacity of
private credit exposure - albeit this is still fairly modest at a headline
level of c5% of households' and firms' credit. While the labour market may
come under further pressure and other macroeconomic challenges might present
themselves, we remain hopeful that these are unlikely to derail the economy or
challenge the favourable AI investment backdrop.
Elevated valuation metrics also present a challenge to the market outlook,
with the S&P 500 forward P/E ratio at 22.7x, ahead of the five-year (20x)
and 10-year (18.6x) averages, a decade during which US 10-year Treasuries
typically yielded less than 3%. This is somewhat justifiable in the context of
record-high returns on equity and margins, but earnings forecasts may still
prove optimistic, with consensus earnings growth calling for 11.6% and 13.8%
S&P 500 earnings per share growth in 2025 and 2026 respectively. On a free
cashflow basis the median S&P 500 stock's free cashflow yield (c3.5%) has
trended down from c5% over the past decade and now sits in line with the
mid-1990s, but still materially higher than it was at the height of dot.com
era (1.2%). While high company valuations present a challenging starting point
for long-term future returns, they are poor predictors of near-term returns.
We do not see valuations at levels that preclude further expansion, although
the high starting point does represent additional risk should the market
environment deteriorate.
Technology Outlook
AI adoption is showing up across the economy today. AI-related capex has
significantly boosted Gross Domestic Product (GDP) growth while companies
including Amazon, Paramount and Target have announced significant office-based
layoffs with some citing plans to use AI to drive employee efficiency. In
stark contrast to the MIT Study which found only 5% of firms adopting AI were
seeing benefits, Wharton's three-year enterprise study found 75% of large US
firms are already reporting a return on their AI spending, with >10%
already spending $20m+ and 46% of business leaders now using AI daily
themselves, up from 11% in 2023 and 29% in 2024. JP Morgan has reported
150,000 employees are using AI tools daily with CEO Jamie Dimon talking to
$2bn in annual cost savings, meanwhile a survey of Goldman Sachs bankers
indicated that 37% of clients are at production scale using AI.
We are optimistic about the potential for significant AI investments to
translate into productivity gains. This year's Nobel laureate, Philippe
Aghion, has suggested AI should increase aggregate productivity growth by
0.8-1.3pts per year over the next decade. Rather than widespread job losses,
Aghion believes "the main risk for workers is that they will be displaced by
workers at other firms using AI, rather than by AI directly".
After a period of rapid share price gains, concerns about the existence of an
AI bubble have increased. We continue to believe that the differences between
today and the dot.com period are far more striking than the similarities.
First, technology returns have primarily been driven by earnings revisions
rather than multiple expansion since the arrival of ChatGPT. While valuations
are extended, we do not believe they are extreme nor at bubble levels today.
The technology sector is trading at c30x forward EPS (earnings per share), or
1.35x the market multiple for much faster growth as compared to 50x EPS and
more than twice the broader market during the dot.com bubble.
Second, AI investment is large and growing quickly but far from bubble levels
compared to historical technology buildouts: Goldman Sachs believes AI
investment as a share of US GDP is c1% versus prior major tech cycles that
have ranged between 2-5%. Historical technology buildouts also continued for
many years (decades, in some cases) before peaking at much higher percentages
of GDP.
Third, the source of capital is very different from the dot.com bubble as most
AI capex has so far been funded from the balance sheets and cashflows of the
largest, best capitalised and smartest companies on earth. The most informed
players in the market are accelerating the deployment of their own capital
towards AI. While leverage is picking up, only 7% of AI capex has been
financed with debt, well below 15% during the Shale Revolution and 32% during
the Telecom cycle. Bank of America has suggested that the largest five AI
spenders could move to a modestly net leveraged position and create a further
$1trn of AI investment capacity.
Perhaps more importantly, AI demand is real and continues to outpace the
industry's capacity to supply it, unlike during the dot.com bubble when up to
97% of fibre deployed remained 'dark'. ChatGPT receives 2.5 billion queries
per day across 800 million users each week, whereas it took Google 11 years to
reach one billion queries per day. AI token demand is doubling every two
months, according to NVIDIA, and all hyperscalers have referenced accelerating
AI demand and insufficient capacity to meet it despite their significant AI
capex investments to date. Our expectation is that this dynamic continues as
AI model progress drives increased AI demand which drives increased AI capex
to serve it. While we understand why investors - many of whom may have
'missed' the AI trade to date - default to an 'AI bubble', we are encouraged
that so few appear to be considering, let alone positioning for, bull case
scenarios.
In addition, many commentators appear to be conflating Big Tech (i.e. the
largest technology companies) with AI which we believe is, at best, an
oversimplification and, at worst, misleading. Our own portfolio has moved
further underweight the largest technology companies, reflecting our concerns
about more of a two-way fundamental debate on AI. We prefer to own companies
that are recipients of AI capex as a new computing infrastructure is built out
with very different requirements from the first generation of cloud computing.
There are also concerns about circular funding following recent high profile
(and large) deals and alliances within the AI world. We are watching these
developments closely, but it is worth noting that prior infrastructure builds
and technology innovations have often developed alongside financial innovation
to support it. Singer (sewing machines) was among the first companies to offer
hire purchase on a consumer product to prove the use case: the machines cost
$125 versus an average US income of $500 in the 1850s. From 1919, General
Motors financed customer purchases to drive mass adoption via General Motors
Acceptance Corporation (GMAC). By 1929, GMAC's loan portfolio was c0.5% of US
GDP.
The need for huge amounts of capital in a hurry today is resulting in some
creative structures such as NVIDIA's equity investment in OpenAI and neo-cloud
operators. This does not concern us unduly as such arrangements have occurred
on a relatively small scale so far and - unlike networking equipment vendor
financing in the late 1990s - the arrangements have been transparent, related
to true end demand (e.g. AI token consumption) and justifiable from a
strategic perspective. The parties involved also have alternative sources of
demand and capital, so the revenues NVIDIA derives would still exist without
these arrangements, in our view. AI infrastructure is a capex-heavy industry
and vendor financing itself is standard in such industries: Rolls-Royce
engines, Kion forklifts and Nokia base stations. What matters is the structure
not the mechanism and the financing must match the asset's useful economic
life and be matched against demand over time.
On GPU useful life, one distinction is key: for training, AI model builders
chase the leading edge. For inference, prior-generation GPUs remain
economically useful, especially with techniques like distillation and
quantisation. Microsoft has shown a 2x improvement in 12 months running the
same model on the same GPU from software optimisations alone and 30% greater
throughput in running GPT-5 in the last quarter alone. Alphabet recently
suggested even their 7-8 year-old TPUs are being heavily utilised which should
give further confidence.
Instead, we continue to focus on the adoption and monetisation of AI products
and services, tracking indicators such as token consumption, user uptake and
revenue generated from AI-enabled offerings. Earlier this year, investor
concerns centred on the perceived lack of AI revenues needed to justify
current capex levels. Notably, OpenAI recently indicated that it expects to
finish the year with an annualised revenue run rate above $20bn and projects
this could grow to hundreds of billions by 2030.
Rapid technological change plays to our strength and experience as one of the
largest technology investment teams globally, with 11 dedicated PM/analysts.
Eight years managing a dedicated AI fund has also shaped our investment
perspective and focus while also giving us invaluable insights. We are also
excited about the application of AI within our own investment process and
intend to use this to further differentiate and 'turbocharge' our approach.
While we expect our bullish outlook to be periodically tested by bouts of
volatility (as per our 1995-1998 parallel), we remain AI maximalists. This
translates into a portfolio with significant exposure to AI capex recipients,
limited ballast and higher-than-typical active share, meaning the Trust's
near-term fortunes are closely tied to AI progress, both fundamental and
share-price related. Just as this stance has supported unusually strong
absolute and relative performance during the half-year, it also means we may
experience more buffeting than peers or our benchmark in a weaker market. To
help mitigate this, we continue to hold cash (c7% at the time of writing) as
well as some out-of-the-money NASDAQ puts. While unwelcome, we view volatility
as a normal feature of a new technology cycle where a steep innovation curve
meets investor immaturity. We will remain vigilant to the risks while
remaining focused on AI's transformative potential.
As such, we remain constructive, a view supported by strong earnings growth
and several supportive impulses into next year - monetary policy, fiscal
policy, fund flows and AI investment - which should help the market climb the
'wall of worry'. Bull markets do not typically end when the Fed is cutting
rates, earnings are growing double digits and the world is breaking ground on
the infrastructure for a transformative new technology. With AI advancing at
extraordinary speed, we expect 2026 to be the year when the capabilities of
these models become unmistakable and the impact of AI increasingly difficult
for investors to ignore.
Ben Rogoff & Alastair Unwin
Polar Capital Technology Trust
9 December 2025
PORTFOLIO BREAKDOWN
Market Capitalisation of underlying investments
% of invested assets Less than $1bn $1bn-$10bn Over $10bn
as at 31 October 2025 0.2 2.8 97.0
as at 30 April 2025 0.5 10.1 89.4
% of total net assets
Breakdown of Investments by Geographic Region 31 October 2025 30 April 2025
US & Canada 69.1 71.9
Asia Pacific (ex-Japan) 13.3 12.1
Japan 6.3 2.1
Europe (inc - UK) 4.6 6.2
Middle East & Africa 0.2 3.1
Latin America - 0.9
Other Net Assets 6.5 3.7
Total 100.0 100.0
Classification of Investments as at 31 October 2025++
North Europe Asia Pacific Total Total
America (inc. (inc. Middle 31 October 30 April
Latin America) East) 2025 2025
% % % % %
Semiconductors & Semiconductor Equipment 27.9 - 8.0 35.9 28.8
Software 9.3 0.2 0.2 9.7 19.2
Interactive Media & Services 7.5 - 1.4 8.9 11.6
Electronic Equipment, Instruments & Components 4.0 - 3.7 7.7 5.5
Technology Hardware, Storage & Peripherals 5.4 0.5 0.8 6.7 6.4
Electrical Equipment 1.6 1.8 2.1 5.5 2.1
IT Services 5.0 - - 5.0 5.5
Communications Equipment 3.5 0.1 0.1 3.7 2.8
Broadline Retail 1.0 - 1.3 2.3 3.7
Entertainment 0.5 0.5 0.2 1.2 4.1
Aerospace & Defence 0.3 0.7 - 1.0 1.2
Automobiles - - 0.8 0.8 0.8
Machinery 0.8 - - 0.8 0.1
Healthcare Technology - - 0.6 0.6 0.4
Capital Markets 0.7 - - 0.7 0.9
Healthcare Equipment & Supplies 0.6 - - 0.6 0.7
Hotels, Restaurants & Leisure - 0.3 0.2 0.5 0.7
Building Products 0.5 - - 0.5 0.2
Financial Services - 0.5 - 0.5 0.7
Media - - 0.4 0.4 -
Chemicals 0.2 - - 0.2 0.1
Trading Companies & Distributors 0.1 - - 0.1 0.1
Professional Services - - - - 0.3
Wireless Telecommunication Services 0.2 - - 0.2 -
Life Sciences Tools & Services - - - - -
Specialty Retail - - - - 0.1
Real Estate Management & Development - - - - 0.3
Total investments (£5,710,374,000) 69.1 4.6 19.8 93.5 96.3
Other net assets (excluding loans) 6.3 0.1 1.3 7.7 5.8
Loans - - (1.2) (1.2) (2.1)
Grand total (net assets of £6,107,951,000) 75.4 4.7 19.9 100.0 -
At 30 April 2025 (net assets of £3,804,889,000) 74.8 6.6 18.6 - 100.0
++ Classifications are derived from the Benchmark as far as possible. The
categorisation of each investment is shown in the portfolio available on the
Company's website. Not all sectors of the Benchmark are shown, only those in
which the Company has an investment at the period end or in the comparative
period.
.
Top 30 Holdings
Ranking Value of holding % of net assets
£'000
31 30 Apr Stock Sector Region 31 30 31 30
Oct 2025 October April October April
2025 2025 2025 2025 2025
1 (1) Nvidia Semiconductors & Semiconductor Equipment North America 686,312 342,219 11.2 9.0
2 (2) Microsoft Software North America 357,540 258,174 5.9 6.8
3 (5) Broadcom Semiconductors & Semiconductor Equipment North America 335,167 162,907 5.5 4.3
4 (6) Taiwan Semiconductor Semiconductors & Semiconductor Equipment Asia Pacific 274,110 153,370 4.5 4.0
5 (7) Alphabet Interactive Media & Services North America 242,451 151,504 4.0 4.0
6 (22) Advanced Micro Devices Semiconductors & Semiconductor Equipment North America 234,770 38,698 3.8 1.0
7 (3) Meta Platforms Interactive Media & Services North America 201,735 240,661 3.3 6.3
8 (4) Apple Technology Hardware, Storage & Peripherals North America 177,992 185,568 2.9 4.9
9 - LAM Research Semiconductors & Semiconductor Equipment North America 136,722 - 2.2 -
10 (9) Cloudflare IT Services North America 128,350 79,538 2.1 2.1
Top 10 investments 2,775,149 45.4
11 (14) KLA Semiconductors & Semiconductor Equipment North America 107,172 55,399 1.8 1.5
12 (29) SK Hynix Semiconductors & Semiconductor Equipment Asia Pacific 105,600 35,455 1.7 0.9
13 - Fujikura Electrical Equipment Asia Pacific 99,052 - 1.6 -
14 (32) Ciena Communications Equipment North America 84,321 34,743 1.4 0.9
15 (18) Tencent Interactive Media & Services Asia Pacific 84,203 47,580 1.4 1.2
16 (36) Celestica Electronic Equipment, Instruments & Components North America 80,228 31,122 1.3 0.8
17 13 Alibaba Broadline Retail Asia Pacific 79,187 58,628 1.3 1.5
18 - Lumentum Communications Equipment North America 77,264 - 1.3 -
19 (41) Micron Technology Semiconductors & Semiconductor Equipment North America 75,665 28,327 1.2 0.7
20 - Western Digital Technology Hardware, Storage & Peripherals North America 75,308 - 1.2 -
Top 20 investments 3,643,149 59.6
21 - Delta Electronics Electronic Equipment, Instruments & Components Asia Pacific 69,657 - 1.2 -
22 (47) TDK Electronic Equipment, Instruments & Components Asia Pacific 69,158 22,911 1.1 0.6
23 (33) CrowdStrike Software North America 67,155 34,179 1.1 0.9
24 (12) Shopify IT Services North America 62,023 60,224 1.0 1.5
25 (34) Snowflake IT Services North America 61,942 33,248 1.0 0.9
26 (17) Amazon.com Broadline Retail North America 61,260 49,473 1.0 1.3
27 (39) Credo Technology Group Semiconductors & Semiconductor Equipment North America 60,126 29,099 1.0 0.8
28 (26) Oracle Software North America 59,657 37,523 1.0 1.0
29 (20) Corning Electronic Equipment, Instruments & Components North America 54,891 42,451 0.9 1.1
30 (21) Vertiv Electrical Equipment North America 54,549 41,332 0.9 1.1
Top 30 investments 4,263,567 69.8
Other investments (59) 1,446,807 23.7
Total equities (89) 5,710,374 93.5
Other net assets* 397,577 6.5
Total net assets 6,107,951 100.0
Note: Asia Pacific includes Middle East and North America includes Latin
America.
*Refer to Balance Sheet below for more details.
CORPORATE MATTERS
THE BOARD
There have been no changes to the membership of the Board in the six months
ended 31 October 2025. Full biographical details of all Directors are
available on the Company's website.
GEARING
The Company has a single fixed rate term loan of 15bn JPY from The Bank of
Nova Scotia. This has been fixed at an all-in rate of 2.106% pa and is due to
be repaid in September 2027 at which time the loan facility will be reviewed
and may be replaced. The loan represents c.1.2% of the Company's Net Asset
Value as at 31 October 2025.
SHARE BUY-BACKS
As described in the full year report and accounts for the year ending April
2025, the Board continually monitors the discount at which the Company's
ordinary shares trade in relation to the Company's underlying NAV. The Board
discusses the market factors giving rise to any discount or premium, the long
or short-term nature of those factors and the overall benefit to Shareholders
of any available actions. Whilst the Board does not have a formal discount
policy or absolute target discount level at which it buys back shares, it will
continue to exercise its discretion to buy back shares and is usually more
active in doing this in periods of elevated share price volatility with the
objective of reducing the share price volatility and adding a small uplift in
NAV per share.
In the six months to 31 October 2025, the Company has been continually active
in the market and has repurchased a total of 38,847,019 shares into treasury
representing 2.8% of the total issued capital. Since the period end to 8
December 2025, we have bought back a further 10,698,878 shares.
AUDITOR
KPMG LLP were re-appointed as the Company's external auditor at the AGM held
on 10 September 2025.
PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider that the principal risks and uncertainties faced by the
Company for the remaining six months of the financial year, which could have a
material impact on performance, remain consistent with those outlined in the
Annual Report for the year ended 30 April 2025. A detailed explanation of the
Company's principal risks and uncertainties, and how they are managed through
mitigation and controls, can be found on pages 62 to 65 of the Annual Report
for the year ended 30 April 2025. The Company has a risk management framework
that provides a structured process for identifying, assessing and managing the
risks associated with the Company's business. The investment portfolio is
diversified by geography which mitigates risk but is focused on the technology
sector and has a high proportion of non-Sterling investments. Further detail
on the Company's performance and portfolio can be found in the Investment
Managers' Review.
RELATED PARTY TRANSACTIONS
In accordance with DTR 4.2.8R there have been no new related party
transactions during the six-month period to 31 October 2025 and therefore
nothing to report on any material effect by such transactions on the financial
position or performance of the Company during that period. There have
therefore been no changes in any related party transaction described in the
last Annual Report that could have a material effect on the financial position
or performance of the Company in the first six months of the current financial
year or to the date of this report.
GOING CONCERN
The Board were pleased to note the passing of the Resolution at the Annual
General Meeting (AGM) to continue the Company in operation in its current
form. The next continuation vote of the company, in accordance with the
Articles of Association, will be proposed at the AGM in 2030. As detailed in
the notes to the financial statements and in the Annual Report for the year
ended 30 April 2025, the Board continually monitors the financial position of
the Company and has considered for the six months ending 31 October 2025 a
detailed assessment of the Company's ability to meet its liabilities as they
fall due. The review also included consideration of the level of readily
realisable investments and current cash and debt ratios of the Company and the
ability to repay the outstanding bank facility. Repayment of the bank facility
would equate to approximately 18% of the total cash and cash equivalents
readily available to the Company as at 31 October 2025.
In light of the results of these tests on the Company's cash balances and
liquidity position, the Directors consider that the Company has adequate
financial resources to enable it to continue in operational existence. Having
carried out the assessment, the Directors are satisfied that it is appropriate
to continue to adopt the going concern basis in preparing the financial
results of the Company. The Directors have not identified any material
uncertainties or events that might cast significant doubt upon the Company's
ability to continue as a going concern.
The assets of the Company comprise mainly of securities that are readily
realisable and accordingly, the Company has adequate financial resources to
meet its liabilities as and when they fall due and to continue in operational
existence for the foreseeable future.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors of Polar Capital Technology Trust plc, all of whom are listed in
the Directors and Contacts Section, confirm to the best of their knowledge and
belief that:
· The condensed set of financial statements has been prepared in
accordance with UK-adopted International Accounting Standard 34, and gives a
true and fair view of the assets, liabilities, financial position and profit
or loss of the Company as at 31 October 2025; and
· The Interim Management Report includes a fair review of the
information required by:
a) DTR 4.2.7R of the Disclosure Guidance and
Transparency Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and
Transparency Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have materially
affected the financial position or performance of the entity during that
period; and any changes in the related party transactions described in the
last annual report that could do so.
The Half Year Report for the six-month period to 31 October 2025 has not been
audited or reviewed by the Company's Auditor. The Half Year Report for the
six-month period to 31 October 2025 was approved by the Board on 9 December
2025.
On behalf of the Board
Catherine Cripps
Chair
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 October 2025
(Unaudited) (Audited)
Six months ended Six months ended Year ended
31 October 2025 31 October 2024 30 April 2025
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return Return Return Return Return Return Return Return Return
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment income 2 11,603 266 11,869 10,747 - 10,747 19,055 - 19,055
Other operating income
2 3,550 - 3,550 3,374 - 3,374 6,309 - 6,309
Gains on investments held at fair value
3 - 2,424,120 2,424,120 - 439,407 439,407 - 128,523 128,523
Gains on derivatives
4 - 27,195 27,195 - 3,925 3,925 - 2,767 2,767
Other currency gains/(losses)
5 - 8,433 8,433 - (3,548) (3,548) - (1,649) (1,649)
Total income 15,153 2,460,014 2,475,167 14,121 439,784 453,905 25,364 129,641 155,005
Expenses
Investment management fee 6 (15,152) - (15,152) (30,854) - (30,854)
(16,326) - (16,326)
Other administrative expenses 7 (793) - (793) (1,644) - (1,644)
(907) - (907)
Total expenses (17,233) - (17,233) (15,945) - (15,945) (32,498) - (32,498)
Profit before finance costs and tax (2,080) 2,460,014 2,457,934 (1,824) 439,784 437,960 (7,134) 129,641 122,507
Finance costs (852) - (852) (912) - (912) (1,786) - (1,786)
Profit before tax (2,932) 2,460,014 2,457,082 (2,736) 439,784 437,048 (8,920) 129,641 120,721
Tax (1,297) - (1,297) (1,305) - (1,305) (2,366) - (2,366)
Net profit for the period and total comprehensive income (4,229) 2,460,014 2,455,785 (4,041) 439,784 435,743 (11,286) 129,641 118,355
Earnings per share (basic and diluted) (pence) 9 (0.37) 215.41 215.04 (0.34) 36.77 36.43 (0.95) 10.92 9.97
The total column of this statement represents the Company's Statement of
Comprehensive Income, prepared in accordance with UK-adopted International
Accounting Standards.
The revenue return and capital return columns are supplementary to this and
are prepared under guidance published by the Association of Investment
Companies (AIC).
All items in the above statement derive from continuing
operations.
The Company does not have any other comprehensive
income.
BALANCE SHEET
as at 31 October 2025
Notes (Unaudited) (Unaudited) (Audited)
31 October 2025 31 October 2024 30 April 2025
£'000 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 5,710,374 4,007,531 3,664,891
Current assets
Receivables 57,561 55,589 39,801
Overseas tax recoverable 465 419 441
Cash and cash equivalents 8 419,822 191,371 188,911
Derivative financial instruments 43,164 14,522 12,958
521,012 261,901 242,111
Total assets 6,231,386 4,269,432 3,907,002
Current liabilities
Payables (49,326) (13,294) (22,337)
Overdraft at bank and derivative clearing houses 8 - - (1,046)
(49,326) (13,294) (23,383)
Non-current liabilities
Bank loans* (74,109) (76,594) (78,730)
Net assets 6,107,951 4,179,544 3,804,889
Equity attributable to equity shareholders
Share capital 10 34,329 34,329 34,329
Capital redemption reserve 12,802 12,802 12,802
Share premium 223,374 223,374 223,374
Special non-distributable reserve 7,536 7,536 7,536
Capital reserves 5,988,303 4,048,422 3,681,012
Revenue reserve (158,393) (146,919) (154,164)
Total equity 6,107,951 4,179,544 3,804,889
Net asset value per ordinary share (pence) 11 539.97 352.15 325.20
* As detailed within the Corporate Matters - see paragraph on Gearing.
Approved and authorised by the Board of Directors on 9 December 2025.
Catherine Cripps
Chair
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 October 2025
(Unaudited) Six months ended 31 October 2025
Notes Share Capital Share Special non- Capital Revenue Total
capital redemption premium distributable reserves reserve £'000
£'000 reserve £'000 reserve £'000 £'000
£'000 £'000
Total equity at 30 April 2025 34,329 12,802 223,374 7,536 3,681,012 (154,164) 3,804,889
Total comprehensive income/(expense):
Profit/(loss) for the period to 9 - - - - 2,460,014 (4,229) 2,455,785
31 October 2025
Transactions with owners, recorded directly to equity: 10 - - - - (152,723) - (152,723)
Ordinary shares repurchased into treasury
Total equity at 31 October 2025 34,329 12,802 223,374 7,536 5,988,303 (158,393) 6,107,951
(Unaudited) Six months ended 31 October 2024
Share Capital Share Special non- Capital Revenue Total
capital redemption premium distributable reserves reserve £'000
£'000 reserve £'000 reserve £'000 £'000
£'000 £'000
Total equity at 30 April 2024 34,329 12,802 223,374 7,536 3,669,370 (142,878) 3,804,533
Total comprehensive income/(expense):
Profit/(loss) for the period to 9
31 October 2024 - - - - 439,784 (4,041) 435,743
Transactions with owners, recorded directly to equity: 10 - - - -
Ordinary shares repurchased into treasury
(60,668) - (60,668)
Share split costs 10 - - - - (64) - (64)
Total equity at 31 October 2024 34,329 12,802 223,374 7,536 4,048,422 (146,919) 4,179,544
(Audited) Year ended 30 April 2025
Share Capital Share Special non- Capital Revenue Total
capital redemption premium distributable reserves reserve £'000
£'000 reserve £'000 reserve £'000 £'000
£'000 £'000
Total equity at 30 April 2024 34,329 12,802 223,374 7,536 3,669,370 (142,878) 3,804,533
Total comprehensive income/(expense):
Profit/(loss) for the year to 30 April 2025 9 - - - - 129,641 (11,286) 118,355
Transactions with owners, recorded directly to equity:
Ordinary shares repurchased into treasury 10 - - - - (117,935) - (117,935)
Share split costs - - - - (64) - (64)
Total equity at 30 April 2025 34,329 12,802 223,374 7,536 3,681,012 (154,164) 3,804,889
Note - Share capital, Capital redemption reserve, Share premium and Special
non-distributable reserve are all non-distributable. Capital reserves and
Revenue reserve are
distributable.
CASH FLOW STATEMENT
for the six months ended 31 October 2025
(Unaudited) (Audited)
Notes Six months ended Six months ended Year ended
31 October 2025 31 October 2024 30 April 2025
£'000 £'000 £'000
Cash flows from operating activities
Profit before tax 2,457,082 437,048 120,721
Adjustments:
Gains on investments held at fair value through profit or loss 3 (2,424,120) (128,523)
(439,407)
Gains on derivative financial instruments 4 (27,195) (3,925) (2,767)
Proceeds of disposal on investments 3,623,907 1,965,901 4,648,853
Purchases of investments (3,237,847) (1,837,141) (4,464,412)
Proceeds on disposal of derivative financial instruments 108,043 99,136
44,496
Purchases of derivative financial instruments (111,051) (45,537) (99,770)
(Increase)/decrease in receivables (619) 1,581 1,550
Increase/(decrease) in payables 795 354 (9)
Finance costs 852 912 1,786
Overseas tax (1,321) (1,378) (2,461)
Foreign exchange (gains)/losses 5 (8,433) 3,548 1,649
Net cash generated from operating activities 380,093 126,452 175,753
Cash flows from financing activities
Finance costs paid (884) (928) (1,776)
Ordinary shares repurchased into treasury 10 (151,064) (61,701) (117,689)
Share split costs - (59) (64)
Loan repaid - (46,688) (46,689)
Loan Drawn - 78,179 78,307
Net cash used in financing activities (151,948) (31,197) (87,911)
Net increase in cash and cash equivalents 228,145 95,255 87,842
Cash and cash equivalents at the beginning of the period 187,865 102,596
102,596
Effect of movement in foreign exchange rates on cash held 5 3,812 (2,573)
(6,480)
Cash and cash equivalents at the end of the period 8 419,822 191,371 187,865
Reconciliation of cash and cash equivalents
to the Balance Sheet is as follows:
Cash held at bank and derivative clearing houses 8 255,648 173,081 166,498
BlackRock's Institutional Cash Series plc (US Treasury Fund), money market 8 164,174 33,015
fund
18,290
Cash and cash equivalents at the end of the period 8 419,822 191,371 187,865
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 October 2025
1. GENERAL INFORMATION
The Financial Statements comprise the unaudited results for Polar Capital
Technology Trust Plc for the six-month period to 31 October
2025.
The unaudited Financial Statements to 31 October 2025 have been prepared in
accordance with UK-adopted International Accounting Standard 34 "Interim
Financial Reporting" and the accounting policies set out in the statutory
annual Financial Statements of the Company for the year ended 30 April
2025.
Where presentational guidance set out in the Statement of Recommend Practice
("the SORP") for investment trusts issued by the Association of Investment
Companies in July 2022 is consistent with the requirements of UK-adopted
International Accounting Standard ("UK-adopted IAS"), the accounts have been
prepared on a basis compliant with the recommendations of the
SORP.
The financial information in this Half Year Report does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
financial information for the six-month periods ended 31 October 2025 and 31
October 2024 has not been audited. The figures and financial information for
the year ended 30 April 2025 are an extract from the latest published
Financial Statements and do not constitute statutory accounts for that year.
Full statutory accounts for the year ended 30 April 2025, prepared under
UK-adopted IAS, including the report of the auditors which was unqualified,
did not draw attention to any matters by way of emphasis and did not contain a
statement under section 498 of the Companies Act 2006, have been delivered to
the Registrar of Companies.
The accounting policies have not varied from those described in the Annual
Report for the year ended 30 April 2025.
The Directors believe it is appropriate to adopt the going concern basis in
preparing the Financial Statements. As at 31 October 2025 the Company's total
assets exceeded its total liabilities by a multiple of over 50. The Board
continually monitors the financial position of the Company. The Directors have
considered a detailed assessment of the Company's ability to meet its
liabilities as they fall due. The assessments took account of the Company's
current financial position, its cash flows and its liquidity position. In
light of the results of these assessments, the Company's cash balances, and
the liquidity position, the Directors consider that the Company has adequate
financial resources to enable them to continue in operational existence for at
least 12 months. Accordingly, the Directors are satisfied that it is
appropriate to continue to adopt the going concern basis in preparing the
Company's Financial
Statements.
There were no new UK-adopted IAS or amendments to UK-adopted IAS applicable to
the current year which had any significant impact on the Company's Financial
Statements.
The following new or amended standards became effective for the current annual
reporting period and the adoption of the standards and interpretations have
not had a material impact on the Financial Statements of the
Company.
Standards & Interpretations Effective for periods commencing on or after
Lack of Exchangeability (Amendments to IAS 21) The amendments specify how to assess whether a currency is exchangeable and 1 January 2025
how to determine a spot exchange rate if it is not.
The Financial Statements are presented in Pounds Sterling and all values are
rounded to the nearest thousand pounds (£'000), except where otherwise
stated.
The majority of the Company's investments are in US Dollars, the level of
which varies from time to time. In determining the functional currency the
Board considered the indicators in IAS 21 and the guidance in the AIC SORP.
The Board considered that the indicators were mixed as although the Company's
investments are predominantly denominated in USD, the majority of the
Company's operating expenses and the Company's shares are denominated in
Sterling. The Board consider that Sterling best reflects the economic
environment in which the Company operates and is most relevant to the majority
of the Company's Shareholders and creditors, and therefore concluded that the
Company's functional currency is Sterling.
2. INCOME
(Unaudited) (Unaudited) (Audited)
For the six For the six For the
months ended months ended year ended
31 October 2025 31 October 2024 30 April 2025
£'000 £'000 £'000
Investment income
Revenue:
UK dividend income 263 58 58
Overseas dividend income 11,340 10,689 18,997
Total investment income 11,603 10,747 19,055
Other operating income
Bank interest 1,862 1,898 3,932
Money market fund interest 1,688 1,476 2,377
3,550 3,374 6,309
Total Income 15,153 14,121 25,364
Capital
Special dividends allocated to capital 266 - -
Total investment income allocated to capital 266 - -
Included within income from investments is £206,000 (31 October 2024 and 30
April 2025: 48,000) of special dividends classified as revenue in nature.
£266,000 of special dividends have been recognised in capital as the dividend
paid out of the proceeds from disposal of certain businesses (31 October 2024
and 30 April 2025:
£nil).
All investment income is derived from listed investments.
3. GAINS ON INVESTMENT HELD AT FAIR VALUE
(Unaudited) (Unaudited) (Audited)
For the six For the six For the
months ended months ended year ended
31 October 2025 31 October 2024 30 April
£'000 £'000 2025
£'000
Net gains on disposal of investments at historic cost 740,074 332,797 695,869
Transfer on disposal of investments (166,018) (368,858) (618,762)
Gains/(losses) on disposal of investments based on carrying value at previous 574,056 (36,061) 77,107
balance sheet date
Valuation gains on investments held during the period 1,850,064 475,468 51,416
2,424,120 439,407 128,523
4. GAINS ON DERIVATIVES
(Unaudited) (Unaudited) (Audited)
For the six For the six For the
months ended months ended year ended
31 October 2025 31 October 2024 30 April
£'000 £'000 2025
£'000
Gains on disposal of derivatives held 7,790 4,690 10,212
Gains/(losses) on revaluation of derivatives held 19,405 (765) (7,445)
27,195 3,925 2,767
The derivative financial instruments represent the call and put options, which
are used for the purpose of efficient portfolio management. As at 31 October
2025, the Company held NASDAQ 100 Stock Index put options, and the market
value of the open put option position was £7,986,000 (31 October 2024: NASDAQ
100 Stock Index put options with a market value of £9,950,000; 30 April 2025:
NASDAQ 100 Stock Index put options with a market value of £5,905,000). As at
31 October 2025, the Company also held Alphabet call options and Apple Inc
call option, the market value of these open call option position were
£20,139,000 and £15,038,000 respectively (31 October 2024: Microsoft Corp
call options with a market value of £2,736,000 and Apple call options with a
market value of £1,836,000; 30 April 2025: Microsoft Corp call options with a
market value of £11,000 and Apple Inc Call option with a market value of
£7,042,000).
5. OTHER CURRENCY GAINS/(LOSSES)
(Unaudited) (Unaudited) (Audited)
For the six For the six For the
months ended months ended year ended
31 October 2025 31 October 2024 30 April
£'000 £'000 2025
£'000
Exchange gains/(losses) on currency balances 3,812 (6,480) (2,573)
Exchange gains on settlement of loan balances - 9,753 9,753
Exchange gains/(losses) on translation of loan balances 4,621 (6,821) (8,829)
8,433 (3,548) (1,649)
6. INVESTMENT MANAGEMENT AND PERFORMANCE FEES
INVESTMENT MANAGEMENT
FEE
With effect from 1 May 2025, the base management fee paid by the Company
monthly in arrears to the Manager is calculated on the daily Net Asset Value
('NAV') as
follows:
- Tier 1: 0.75 per cent. for such of the NAV up to and including £2
billion;
- Tier 2: 0.60 per cent. for such of the NAV above £2
billion;
Any investments in funds managed by Polar Capital are excluded from the
investment management fee calculation.
PERFORMANCE
FEE
With effect from 1 May 2025, the performance fee has been removed
entirely.
At 31 October 2025, there was no accrued performance fee (31 October 2024 and
30 April 2025: £nil).
A fuller explanation of the performance and management fee arrangements is
given in the Annual Report.
7. OTHER ADMINISTRATIVE EXPENSES
At 31 October 2025, the Company's other administrative expenses, were
£907,000 (31 October 2024: £793,000 and 30 April 2025: £1,644,000).
8. CASH AND CASH EQUIVALENTS
(Unaudited) (Unaudited) (Audited)
For the six months ended For the six months ended For the
31 October 31 October Year ended
2025 2024 30 April
£'000 £'000 2025
£'000
Cash at bank 251,392 166,427 167,544
Cash held at derivative clearing houses 4,256 6,654 -
Money market fund 164,174 18,290 21,367
Cash and cash equivalent 419,822 191,371 188,911
Overdraft at bank and derivative clearing houses - - (1,046)
Total 419,822 191,371 187,865
As at 31 October 2025, the Company held BlackRock's Institutional Cash Series
plc - US Treasury Fund with a market value of £164,174,000 (31 October 2024:
£18,290,000 and 30 April 2024: £21,367,000), which is managed as part of the
Company's cash and cash equivalents as defined under IAS 7.
9. EARNINGS PER ORDINARY SHARE
(Unaudited) (Unaudited) (Audited)
For the six months ended For the six months ended For the
31 October 31 October Year ended
2025 2024 30 April
£'000 £'000 2025
£'000
Net profit for the period:
Revenue (4,229) (4,041) (11,286)
Capital 2,460,014 439,784 129,641
Total 2,455,785 435,743 118,355
Weighted average number of shares in issue during the period 1,142,037,643 1,196,163,910 1,187,532,192
Revenue (0.37)p (0.34)p (0.95)p
Capital 215.41p 36.77p 10.92p
Total 215.04p 36.43p 9.97p
10. SHARE CAPITAL
At 31 October 2025 there were 1,131,160,600 ordinary shares in issue (31
October 2024: 1,186,874,680 and 30 April 2025: 1,170,007,019). During the six
months ended 31 October 2025, there was no ordinary shares issued to the
market (31 October 2024 and 30 April 2025: same).
During the period 38,847,019 (31 October 2024:19,341,010 and 30 April 2025:
36,208,671) ordinary shares were repurchased into treasury for a total
consideration of £152,723,000 (31 October 2024: £60,668,000 and
£117,935,000).
Subsequent to the period end, and to 8 December 2025 (latest practicable
date), 10,698,878 ordinary shares were repurchased and placed into treasury at
an average price of 459.36p per share.
11. NET ASSET VALUE PER ORDINARY SHARE
(Unaudited) (Unaudited) (Audited)
31 October 31 October 30 April
2025 2024 2025
£'000 £'000 £'000
Undiluted:
Net assets attributable to ordinary Shareholders (£'000) 6,107,951 4,179,544 3,804,889
Ordinary shares in issue at end of period 1,131,160,000 1,186,874,680 1,170,007,019
Net asset value per ordinary share (pence) 539.97p 352.15p 325.20p
12. DIVIDEND
No interim dividend has been declared for the period ended 31 October 2025 nor
the periods ended 31 October 2024 or 30 April 2025.
13. RELATED PARTY TRANSACTIONS
There have been no related party transactions that have materially affected
the financial position or the performance of the Company during the six-month
period to 31 October 2025.
14. POST BALANCE SHEET EVENTS
Subsequent to the period end, and to 08 December 2025, 10,698,878 Ordinary
Shares were repurchased and placed into treasury at an average price of
459.36p per share.
There are no other significant events that have occurred after the end of the
reporting period to the date of this report which require disclosure.
Alternative Performance Measures
In assessing the performance of the Company, the Investment Manager and the
Directors use the following APMs which are not defined in accounting standards
or law but are considered to be known industry metrics:
NAV Total Return
The NAV total return shows how the net asset value per share has performed
over a period of time taking into account both capital returns and dividends
paid to shareholders.
NAV total return reflects the change in value of NAV plus the dividend paid to
the Shareholder. Since the Company has not paid a dividend the NAV total
return is the same as the NAV per share return as at the six months ended 30
October 2025 and year ended 30 April 2025.
(Unaudited) (Audited)
For the six months ended Year ended
31 October 2025 30 April 2025
Opening NAV per share
a 325.20p 315.41p
Closing NAV per share
b 539.97p 325.20p
NAV total return (b/a)-1
66.0% 3.1%
Share Price Total Return
Share price total return shows how the share price has performed over a period
of time. It assumes that dividends paid to shareholders are reinvested in the
shares at the time the shares are quoted ex dividend.
Share price total return reflects the change in share price value plus the
dividend paid to the Shareholder. Since the Company has not paid dividends the
share price total return is the same as the price per ordinary share return as
at the six months ended 31 October 2025 and year ended 30 April 2025.
(Unaudited) (Audited)
For the six months ended Year ended
31 October 2025 30 April 2025
Opening share price
a 288.50p 292.00p
Closing share price
b 476.50p 288.50p
Share price total return (b/a)-1
65.2% (1.2%)
(Discount)/Premium
A description of the difference between the share price and the net asset
value per share usually expressed as a percentage (%) of the net asset value
per share. If the share price is higher than the NAV per share the result is a
premium. If the share price is lower than the NAV per share, the shares are
trading at a discount. A premium or discount is generally the consequence of
supply and demand for the shares on the stock market.
(Unaudited) (Audited)
31 October 30 April
2025 2025
Closing share price
a 476.50p 288.50p
Closing NAV per share
b 539.97p 325.20p
Discount of ordinary share price to the NAV per ordinary share
(a/b)-1 (11.8%) (11.3%)
DIRECTORS AND CONTACTS
Directors (all independent non-executive)
Catherine Cripps (Chair)
Tim Cruttenden (Senior Independent Director)
Jane Pearce (Audit Committee Chair)
Adiba Ighodaro
Charles Park
Stephen White
Investment Manager and AIFM Portfolio Manager
Polar Capital LLP Ben Rogoff
Authorised and regulated by the Financial Services Authority
Deputy Manager
Alastair Unwin
Registered Office and address for contacting the Directors Company Secretary
16 Palace Street, London SW1E 5JD Polar Capital Secretarial Services Limited
020 7227 2700 represented by Kelly Nice, CG Affiliated
Corporate Broker Depositary, Bankers and Custodian
Stifel Nicolaus Europe Limited HSBC Bank Plc, 8 Canada Square, London E14 5HQ
150 Cheapside
London EC2V 6ET
Registered Number
Incorporated in England and Wales with company number 3224867 and registered
as an investment company under section 833 of the Companies Act 2006
Forward Looking Statements
Certain statements included in this report and financial statements contain
forward-looking information concerning the Company's strategy, operations,
financial performance or condition, outlook, growth opportunities or
circumstances in the countries, sectors or markets in which the Company
operates. By their nature, forward-looking statements involve uncertainty
because they depend on future circumstances, and relate to events, not all of
which are within the Company's control or can be predicted by the Company.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Actual results could differ
materially from those set out in the forward-looking statements. For a
detailed analysis of the factors that may affect our business, financial
performance or results of operations, we urge you to look at the principal
risks and uncertainties included in the Strategic Report section on pages 62
to 65 of the Annual Report. No part of these results constitutes, or shall be
taken to constitute, an invitation or inducement to invest in Polar Capital
Technology Trust plc or any other entity and must not be relied upon in any
way in connection with any investment decision. The Company undertakes no
obligation to update any forward-looking statements.
Half Year Report
The Company has opted not to post half year reports to shareholders. Copies of
the Half Year Report will be available from the Secretary at the Registered
Office, 16 Palace Street, London SW1E 5JD and from the Company's website at
www.polarcapitaltechnologytrust.co.uk
National Storage Mechanism
A copy of the Half Year Report has been submitted to the National Storage
Mechanism ('NSM') and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Neither the contents of the Company's website nor the contents of any website
accessible from the hyperlinks on the Company's website (or any other website)
is incorporated into or forms part of this announcement.
1 (#_ftnref1) When investors pay a higher valuation (e.g. a higher P/E
ratio) for a company's earnings, causing its share price to rise without
profit growth
2 (#_ftnref2) Price-to-earnings ratio relates a company's share price to its
earnings per share
3 (#_ftnref3) Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms and
Tesla
4 (#_ftnref4) The largest cloud service providers
5 (#_ftnref5) Application-specific integrated circuit; circuits for specific
applications or tasks, rather than general-purpose use
6 (#_ftnref6) An electronic circuit designed to process images and graphics
on a computer
7 (#_ftnref7) A tensor operation is a mathematical calculation on
multi-dimensional arrays of numbers, used by neural networks to learn patterns
and make predictions
8 (#_ftnref8) A basis point is a common unit of measure for interest rates
and other percentages in finance; one basis point equals 0.01%
9 (#_ftnref9) DRAM is fast, short-term working memory for a device; NAND is
slower, long-term storage that keeps data even when the power is off
10 (#_ftnref10) A put option grants the right to the owner to sell
some/all of an underlying security at a specified price, on or before the
option's expiration date
11 (#_ftnref11) A measure of a stock's volatility compared to the market/ an
index; the market/index has a beta of 1 with each stock rated at +/-1 in
comparison
(#_ednref1)
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