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Polar Capital Technology Trust (PCT) investor relations material
Polar Capital Technology Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary10 Dec, 2025
Executive summary
Net asset value (NAV) per share rose 66.0% to 539.97p for the six months to 31 October 2025, with total net assets reaching £6.1bn, outperforming the benchmark's 48.4% return.
Share price increased 65.2% to 476.50p, with the discount to NAV widening slightly to 11.8%.
No interim dividend declared, consistent with prior periods and no intention to declare for the year ending April 2026.
Financial highlights
Total comprehensive income for the period was £2,455.8m, driven by £2,424.1m in gains on investments and £27.2m in derivative gains.
Investment income was £11.6m, with additional £3.6m from other operating income.
Expenses totaled £17.2m, with investment management fees of £16.3m.
Cash and cash equivalents at period end were £419.8m.
38.85m shares were repurchased into treasury, representing 2.8% of issued capital.
Outlook and guidance
Constructive outlook driven by conviction in AI investment and adoption, though volatility is expected.
Risks include macroeconomic slowdown, labour market softening, inflation above target, and geopolitical tensions, especially US/China relations and Taiwan.
AI adoption and capex expected to continue driving sector growth, with no signs of an AI bubble.
Detail AI maximalist strategy's top drivers?
What's driving software/internet underweighting?
How is portfolio concentration risk mitigated?
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Next Polar Capital Technology Trust earnings date
H2 202610 Jul, 2026
Next Polar Capital Technology Trust earnings date
H2 202610 Jul, 2026
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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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