Polar Capital Technology Trust (PCT) H2 2026 earnings summary

Executive summary

• NAV per share rose 102.2% year-over-year to 657.41p, with net assets reaching £7.32bn, outperforming the benchmark's 55.0% return.

• Share price total return was 109.0%, narrowing the discount to NAV from 11.3% to 8.3%.

• The portfolio's 'AI maximalist' positioning drove exceptional performance, with strong gains in semiconductors, networking, and AI infrastructure.

• Management fees were reduced and performance fees eliminated, lowering the ongoing charges ratio to 0.69%.

• No dividend was declared, maintaining the focus on long-term capital growth.

Financial highlights

• Net assets increased 92.5% year-over-year to £7.32bn.

• NAV per share rose from 325.20p to 657.41p; share price increased from 288.50p to 603.00p.

• Total return from the portfolio was £3,752.5m, with capital gains of £3,762.0m and a revenue loss of £9.5m.

• Ongoing charges ratio fell to 0.69% from 0.77% due to fee changes and asset growth.

• Earnings per share were 330.42p, up from 9.97p in the prior year.

Outlook and guidance

• The sector outlook remains positive, with AI adoption and infrastructure investment expected to drive further growth.

• Macroeconomic uncertainty and potential US dollar weakness are noted as near-term headwinds.

• The portfolio is positioned to benefit from continued AI developments and market regime shifts favoring diversification.