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Polar Capital Technology Trust (PCT) investor relations material
Polar Capital Technology Trust H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
NAV per share increased 3.1% to 325.20p, underperforming the benchmark's 5.1% rise for the year ended 30 April 2025.
Total net assets remained stable at £3.80bn; share price declined 1.2% as discount to NAV widened to 11.3%.
Technology sector volatility, US political changes, and AI developments shaped performance.
Share buybacks totaled 36.2m shares (2.6% of capital) at an average 10.4% discount to NAV.
Management fee structure revised: base fee reduced, performance fee removed from May 2025.
Financial highlights
NAV per share rose from 315.41p to 325.20p (+3.1%) year-over-year; benchmark up 5.1%.
Total return for the year was £118.4m (prior year: £1,115.4m), with £129.7m capital gain and £11.3m revenue loss.
Investment portfolio valued at £3,664.9m (prior: £3,713.8m); derivative gains of £2.8m (prior: £22.0m loss).
Total expenses increased to £32.5m (prior: £27.3m); investment management fees £30.9m.
Ongoing charges ratio improved to 0.77% (prior: 0.80%).
Outlook and guidance
Board remains optimistic on long-term technology sector prospects, especially AI and agentic AI.
Macro uncertainties and market volatility expected to persist; US dollar weakness could be a headwind.
Technology sector forecasted to deliver 11.7% revenue and 18% earnings growth in 2025, outpacing S&P 500.
Board supports continuation of the company; continuation vote scheduled for September 2025.
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