Analysis of the Polar Capital Global Technology Fund

Artificial intelligence is rapidly becoming a general-purpose technology, reshaping industries, business models and competitive dynamics across the global economy. As this transformation accelerates, the gap between companies that benefit from AI and those that are disrupted by it is widening. For investors, this makes active stock selection increasingly important.

The Polar Capital Global Technology Fund is designed specifically for this environment. Actively managed and unconstrained by its benchmark, the Fund focuses on identifying long-term winners from technological change while avoiding businesses at risk of obsolescence. Launched in 2001, it draws on more than two decades of experience investing across multiple technology cycles, from the dot-com era to cloud computing and now AI.

Characteristics

• Investment strategy: the Fund is actively managed relative to its benchmark, the Dow Jones Global Technology Net Total Return Index. The investment process is driven primarily by bottom-up stock selection, supported by a thematic view of long-term technological change. A central element of the strategy is an AI-first investment framework, or “AI lens”, which the team uses to identify companies that enable artificial intelligence, benefit from its adoption, or face disruption as AI accelerates. The main source of returns therefore comes from fundamental company analysis, with portfolio positioning also informed by broader technology cycles, valuation discipline and risk management considerations.

• Benchmark: the Fund uses the Dow Jones Global Technology Net Total Return Index as a performance target. As the Fund is actively managed, its holdings, weightings and asset allocation may differ materially from those of the benchmark, and performance may therefore diverge.

• Manager: the Fund is managed by Polar Capital, a specialist active investment manager with a long-standing focus on technology investing. The manager highlights its deep expertise in disruptive technology and artificial intelligence as a key differentiator, supported by early adoption of AI within its own investment process and the launch of a dedicated AI fund in 2017.

• Investment team: the strategy is managed by Polar Capital’s Global Technology team, one of the largest and most experienced technology-focused teams in Europe with a 25+ year technology track record. It is led by seasoned portfolio managers with multiple decades of experience in the sector and is supported by a group of specialist analysts and data professionals. This depth of resources allows for detailed fundamental research across global technology sub-sectors and market capitalisations.

• Assets: the Polar Capital Global Technology Fund manages approximately USD 10.3 billion in assets under management, as at the end of November 2025.

A long-term strength

Performance has been a defining feature of the Fund, particularly in 2025. As at the end of November, the Fund delivered a year-to-date return of 53.8%, significantly outperforming its benchmark, the Dow Jones Global Technology Net Total Return Index, which returned 28.0% over the same period. This placed the Fund firmly in the top quartile of its peer group, highlighting the effectiveness of its active approach.

This strong year builds on an already impressive long-term record. Over ten years, the Fund has returned more than 650%, and since inception has generated cumulative returns of almost 2,000%. Such consistency across different market environments reflects disciplined portfolio construction and the ability to adapt as technology leadership evolves.

Next phase of technological change

As AI adoption accelerates, the dispersion between winners and losers within technology is likely to increase further. In this environment, the managers believe that deep technological understanding and active stock selection are critical to delivering attractive risk-adjusted returns.With a strong long-term track record, exceptional recent performance and a clearly defined AI-led investment philosophy, the Polar Capital Global Technology Fund aims to provide investors with focused exposure to global technology innovation, while remaining mindful of the risks inherent in a fast-moving and disruptive sector.