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Investment trust
PCTPolar Capital Technology Trust plc
Managed by Polar CapitalBen Rogoff, Alastair Unwin, Nick Evans, Xuesong Zhao, Fatima Iu, Paul Johnson, Nick Williams, Patrick Stuff, Fred Holt, Lina Ghayor, Adam Gildea, Paddy Drewett
Latest factsheet
28 Aug 2026
Net assets
£7.78bn
Yearly charge
0.69%
vs asset value
6.8% discount
Borrowing
4.33%
Holdings
95
The Company aims to maximise long-term capital growth through investing in a diversified portfolio of technology companies around the world.
6.8% discount — the shares change hands for less than the value of what the trust owns. Unlike an open-ended fund, a trust’s shares are bought and sold on the stock exchange, so their price is whatever buyers and sellers agree — not the value of the portfolio behind them.Share price 656 · asset value per share 703.89 (GBP)
Cumulative performance
| Period | Trust | Dow Jones Global Technology Index Total Return Sterling adjusted with the removal of relevant withholding taxes (from 1 May 2013) |
|---|---|---|
| 1M | +4.71% | +4.20% |
| 3M | -7.80% | -2.55% |
| YTD | +41.38% | +23.49% |
| 1Y | +64.82% | +38.82% |
| 3Y | +190.27% | +118.98% |
| 5Y | +156.25% | +131.65% |
| 10Y | +796.79% | +667.28% |
Top holdings · top 10: 44.50%
| # | Holding | Weight | |
|---|---|---|---|
| 1 | NVIDIA | 10.10% | |
| 2 | Alphabet | 6.00% | |
| 3 | Microsoft | 5.70% | |
| 4 | TSMC | 5.50% | |
| 5 | Advanced Micro Devices | 3.40% | |
| 6 | Micron Technology | 3.30% | |
| 7 | Broadcom | 3.10% | |
| 8 | Apple | 2.90% | |
| 9 | Meta Platforms | 2.30% | |
| 10 | Samsung Electronics | 2.20% |
Portfolio breakdown
Sector
| Semiconductors & Semiconductor Equip. | 41.50% | |
| Tech. Hardware, Storage & Periph. | 10.80% | |
| Electronic Equipment, Instruments & Components | 10.50% | |
| Interactive Media & Services | 8.90% | |
| Software | 8.00% | |
| Cash | 4.30% | |
| Communications Equipment | 3.90% | |
| IT Services | 3.30% | |
| Other | 3.20% | |
| Electrical Equipment | 2.90% | |
| Broadline Retail | 1.50% | |
| Diversified Telecommunication Services | 1.30% |
Geography
| US & Canada | 67.40% | |
| Asia Pac (ex-Japan) | 18.70% | |
| Japan | 4.40% | |
| Europe (ex UK) | 4.30% | |
| Cash | 4.30% | |
| Middle East & Africa | 0.70% | |
| UK | 0.10% |
Key facts
- Stock market ticker
- PCT
- ISIN
- GB00BR3YV268
- Benchmark
- Dow Jones Global Technology Index Total Return Sterling adjusted with the removal of relevant withholding taxes (from 1 May 2013)
- Currency
- GBP
- Domiciled in
- United Kingdom
- Launched
- 16 Dec 1996
- Management fee
- 0.75%
What the manager said
Global stock markets reached new highs in August. The MSCI All Country World Net Total Return Index, a broad measure of global shares, rose +2.1%. Weaker US economic data initially lowered expectations that the Federal Reserve (Fed) would raise interest rates again, helping support share prices. Sentiment cooled later in the month after Fed Chair Kevin Warsh signalled rates could stay higher for longer. The S&P 500, an index of large US companies, gained +2.1%, while the Stoxx Europe 600 Index – Europe's equivalent – returned +0.8% (all returns in sterling terms).