Polar Capital Technology Trust (LSE: PCT) has delivered one of the strongest performances in the UK investment trust sector this year, with its shares climbing approximately 47% since January, rising from 464p at the close of 2025 to around 680p by 22 May 2026, as its bold artificial intelligence infrastructure strategy paid off in dramatic fashion.
The trust, managed by Ben Rogoff and a team of 11 technology specialists, has long positioned itself as an “AI maximalist,” targeting companies supplying the physical backbone of the AI boom rather than its most celebrated software names. That approach — concentrating roughly 37% of the portfolio in semiconductors and building significant stakes in optical networking and power infrastructure — has proven transformative.
The standout winners within the portfolio tell the story. Optical components maker Lumentum returned approximately 850% over the past 12 months, networking equipment specialist Ciena surged around 326%, and chip equipment firm LAM Research gained roughly 193%, as demand from hyperscaler data-centre build-outs accelerated sharply.
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Combined capital expenditure from Alphabet, Amazon, Meta, and Microsoft is forecast to reach approximately $660 billion in 2026 — around 60% above last year’s levels — with AI adoption metrics providing the justification. OpenAI’s annualised revenue grew from $6 billion in January 2025 to over $20 billion by year-end, while Anthropic’s reportedly reached $19 billion by early March 2026.
Rogoff’s decision to cut software exposure to below 5% of the portfolio also proved prescient, shielding the trust as many SaaS valuations were hit by AI disruption fears.
A further boost came in May, when a US-China trade truce and reports of cleared NVIDIA chip sales to China ignited a broad global technology rally, pushing PCT shares to a peak of around 685p on 14 May.
The trust’s discount to net asset value also narrowed over the period — from nearly 20% at its widest to around 7% — adding a further kicker to an already exceptional share price return.
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