Rated Fund 2013-2017. An indirect beneficiary of President Trump's promises
Launched in 1996, Polar Capital Technology invests in a diversified portfolio of technology companies from around the world. The lead manager on the investment team is Ben Rogoff, who has specialised in technology for the past 20 years.
He is assisted by three other fund managers and three analysts. The team emphasise that they do not invest in technology for its own sake but in companies that can deliver good returns.
For this reason they pay attention to management quality, as well as to the identification of new growth markets, the globalisation of major technology trends, and international valuation anomalies and sector volatility.
At the end of 2016, Rogoff's preferred themes included online advertising, e-commerce, cloud infrastructure, cyber security, SaaS, gaming, mobile payments and Chinese internet.
The team also likes areas where technology is attacking the profit pools of other industries, such as travel, media/TV distribution, automotive (including electric vehicles) and manufacturing (factory automation, robotics, sensors and the 'internet of things').
Rogoff points out that while the election of Donald Trump may not directly benefit the technology sector, he believes many of the trust's holdings will gain either directly or indirectly from the president's proposed tax cuts and infrastructure spending. He also expects a continued high level of mergers and acquisitions.
But he says the biggest positive is the diminished risk of a US recession - given that 40 per cent of IT spending takes place in the US. In addition, a stronger banking/financial sector is a significant positive and will likely accelerate the adoption of new cloud-based technologies.