Polar Capital Technology Trust (PCT) H1 2026 earnings summary

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.