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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.H2 2025 earnings summary11 Jul, 2025
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.
Why did small cap stocks underperform?
Explain the new management fee structure.
Assess the impact of DeepSeek's Al model.
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Next Polar Capital Technology Trust earnings date
H1 20269 Dec, 2025
Next Polar Capital Technology Trust earnings date
H1 20269 Dec, 2025
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Frequently asked questions
Polar Capital Technology Trust plc (PCT) is a prominent investment entity specializing in technology investments. Launched in 1996, PCT focuses on maximizing long-term capital growth for its investors by investing in a diversified portfolio of technology companies worldwide. Managed by a dedicated team of technology specialists, the trust leverages its expertise to identify and invest in companies positioned to benefit from the evolving technological landscape. PCT's approach is distinguished by its multi-cycle track record, demonstrating its ability to navigate the complexities of the technology sector over various market conditions. The company is headquartered in London, UK, and its shares are listed on the London Stock Exchange.
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