Polar Capital Technology (ticker: PCT) was listed in 1996 and was initially known as Henderson Technology, before its managers left in 2000 to set up Polar Capital. The trust moved its mandate to the new firm and renamed itself Polar Capital Technology. Ben Rogoff, PCT’s current lead manager, joined Polar Capital in 2003 and took over as lead manager in May 2006. From launch to April 2026, its latest year-end, PCT returned 15.7% a year in NAV terms versus 12.4% a year for its benchmark, the Dow Jones World Technology Index, making it the second-best-performing trust of the last three decades, ...
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Polar Capital Global Financials (ticker: PCFT) was launched in 2013 with a seven-year fixed life. As the name suggests, it focuses on the financial sector, which is the second-largest globally after technology. In 2020, its shareholders opted to replace its fixed-life structure with five-yearly 100% tender offers. The first tender offer in 2020 saw 39% of shares bought back, but was followed by a strong period of regular share issuance and a large C share issue, resulting in the share count almost tripling. The second offer in June 2025 saw 44% of shares bought back, and the trust's net assets...
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UPDATE (Sep 2026): In 2025, PCGH proposed switching from a fixed-life trust to holding five-yearly 100% tender offers. This was approved by shareholders, and the first such offer in March 2026 saw 22.5% of the trust's shares redeemed. In the year ended June 2023, PCGH returned +7.5% on a NAV total return basis versus +1.2% for the MSCI ACWI Healthcare index. For June 2024, it returned +14.6% versus +11.3%; for June 2025 -14.5% versus -12.3%; and for June 2026, +29.2% versus +19.4%. PCGH has traded at a premium for much of 2026 and has been able to issue a significant amount of new shares.
Pol...
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UPDATE: A revised profile for this trust was published in October 2026.
Polar Capital Technology (ticker: PCT) began trading in 1996 as a roll-over vehicle for TR Technology Trust. It was initially called Henderson Technology but in late 2000 its managers left Henderson to set up a new company called Polar Capital. The trust stuck with them and appointed Polar Capital as its new management firm. Ben Rogoff, PCT's current lead manager, joined Polar Capital in 2003 and has been responsible for running its portfolio since 2006. PCT's shares are currently around 1,900p, representing an annualised...
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UPDATE: A revised version of this profile was published in October 2025.
Polar Capital Global Financials has had a very eventful two years. It was launched in 2013 with a seven-year fixed life but in April 2020 shareholders voted to extend it indefinitely although 39% opted to have their cash returned in a tender offer. The trust's shares have risen by over 70% since then and the number in issue has risen from 123m to 312m, thanks to regular share issuance, a C share offer, and a placing completed this past week. Polar Capital Global Financials is the only trust in the AIC's Financials sector...
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