The rapid recovery in the fortunes of technology’s global juggernauts has been one of the big trades of the year by investors. However, Polar Capital Technology Trust, the largest London-listed fund focused solely on the sector, has missed out on the best gains.
Why? Because it holds an underweight position in the biggest technology stocks that dominate America’s equity indices and have led the rally — that’s even though the likes of Microsoft and Apple are large absolute positions, accounting for just over 20 per cent of the trust’s net assets by value. Over the 12 months to the end of April, the value of the trust’s assets declined by 2.8 per cent, against a 2.9 per cent increase in the Dow Jones global technology
