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020 7189 9999
This fund has a global approach to technology investment across large, medium and smaller companies. The fund invests globally, but the portfolio companies will be predominantly in the US in common with the location of much of the industry. It is similar to the London-listed investment trust “Polar Capital Technology Trust” (LSE:PCT) run by the same managers, but has a more concentrated portfolio and is less benchmark aware.
| Sector | Technology and Telecoms | |
|---|---|---|
| Structure | OFFSHORE FUND | |
| Launched | September, 2009 | |
| Size | £2,674m | |
| Yield | 0.0% | |
| Charging basis | Income | |
| Dividends paid | May | |
| Standard initial charge | 5.00% |
|---|---|
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 1.50% |
| Ongoing charges figure | 1.79% |
There is a performance fee of 10% of outperformance of Dow Jones World Technology index.
Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.
The fund is run by an experienced management duo with proven track records in the sector, backed by a team of specialist technology analysts. It is similar to the London-listed closed-ended investment trust “Polar Capital Technology Trust” (LSE:PCT) run by the same managers. However the directors of the investment trust have required the managers to keep the portfolio closer to the benchmark and so is less flexible.
| Allocation | Proportion(%) | |
|---|---|---|
| Equity | 99 | |
| High yield bonds | 0 | |
| Quality bonds | 0 | |
| Property | 0 | |
| Commodities | 0 | |
| Hedge | 0 | |
| Fund cash | 1 | |
| Allocation | Proportion(%) | |
|---|---|---|
| UK | 2 | |
| Europe | 7 | |
| North America | 72 | |
| Japan | 6 | |
| Pacific | 5 | |
| Emerging Markets | 8 | |
| Allocation | Proportion(%) | |
|---|---|---|
| Large Caps | 58 | |
| Mid Caps | 24 | |
| Small Caps | 18 | |
The company aims to maximise capital returns through investment in a portfolio of technology companies. Stocks are selected on their potential shareholder return, not necessarily on the basis of of their technology alone. The rigorous fundamental analysis focuses on management quality, the identification of new growth markets, major global trends and on exploiting international valuation anomalies and sector volatility. Computer hardware, software and services, communications and healthcare are key sub-sectors. Nick Evans and Ben Rogoff are the named managers and have direct responsibility for overall asset allocation and strategy. Stock research is sub divided amongst the management team by region, sub-sector and company size.
| Bid price(inc) | 3,788.00p |
|---|---|
| Accum units | 3,788.00p |
| Fund commentary | |
| Fund data updated on | 16/08/19 |
| Allocation | Proportion(%) | |
|---|---|---|
| Equity | 99 | |
| High yield bonds | 0 | |
| Quality bonds | 0 | |
| Property | 0 | |
| Commodities | 0 | |
| Hedge | 0 | |
| Fund cash | 1 | |
| Allocation | Proportion(%) | |
|---|---|---|
| UK | 2 | |
| Europe | 7 | |
| North America | 72 | |
| Japan | 6 | |
| Pacific | 5 | |
| Emerging Markets | 8 | |
| Allocation |
Propor tion(%) |
|
|---|---|---|
| Large Caps | 58 | |
| Mid Caps | 24 | |
| Small Caps | 18 | |
As at: 31/8/2013
7.1% Google
3.0% Cisco Systems
2.2% TripAdvisor
2.0% Sourcefire
1.9% LinkedIn
1.9% Mastercard
1.8% Facebook
1.7% Synopsys
1.6% Amazon
1.5% Imperva
Source: Polar Capital
70-90 stocks. The asset allocation ranges are US 35-75%, Europe 15-45%, Asia 5-40%, Other 0-15%.
Up to half the portfolio is invested in smaller and medium-sized companies under $10bn in market cap and will always be heavily underweight the largest technology companies. Currency hedging and stock and index options may all be used.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.
| Average monthly relative returns | Bestinvest MRI | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 14/15 | 15/16 | 16/17 | 17/18 | 18/19 | 3 years | 5 years | Career | 3 years | 5 years | Career | |
| 0.13% | 0.07% | 0.83% | -0.10% | -0.34% | 0.13% | 0.12% | 0.07% | 82.40% | 85.30% | 89.10% | |
| Performance figures are based on the average of monthly percentage returns relative to the benchmark index. | |||||||||||
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Evans started his career on Lloyds TSB's IT Specialist graduate training scheme before spending three years as a Pan-European investment manager and technology analyst at Hill Samuel Asset Management. He moved to Framlington in 2000 (now AXA Framlington) where he headed up the technology team, before joining Polar Capital in September 2007. He has a degree in Economics from Hull University.
Rogoff began his career in fund management at CMI as a global technology analyst before moving to Aberdeen Fund Managers in 1998 where he spent four years as a senior technology manager. He joined Polar Capital in May 2003. He graduated from St Catherine’s College, Oxford in 1995.
Nick Evans / Ben Rogoff has 12 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.07%. During the worst period of relative performance (from March 2011 - March 2016) there was a decline of 20% relative to the index. The worst absolute loss has been 34%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 89%.
| Periods of worst performance | |
|---|---|
| Absolute | -34% (October 2007 - November 2008) |
| Relative | -20% (March 2011 - March 2016) |
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
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