POLAR CAPITAL TECHNOLOGY TRUST PLC Polar Capital Technology Trust plc
Artificial Intelligence sparks into life
Annual Report & Financial Statements For the year ended 30 April 2023
Contents
Overview
Our Business at a Glance | IFC |
Financial Highlights | 1 |
Performance | 3 |
Chair's Statement* | 4 |
Financial Performance Review | 6 |
Board of Directors | 8 |
Technology Investment Team | 10 |
Manager's Report
Investment Manager's Report* | 14 |
Investment Manager's Core Themes | 28 |
Portfolio Review | 31 |
Environment, Social and
Governance Report ("ESG")
ESG - Corporate Perspective* | 40 |
ESG - Investment Perspective* | 42 |
ESG Dashboard | 51 |
Corporate Governance
Strategic Report* | 54 |
Section 172 Statement* | 66 |
Report of the Directors | 72 |
Report on Corporate Governance | 74 |
Audit Committee Report* | 80 |
Directors' Remuneration Report | 85 |
Report of the Nomination Committee | 90 |
Management Engagement Committee Report | 92 |
Statement of Directors' Responsibilities | 93 |
Independent Auditor's Report | 94 |
Financial Statements
Statement of Comprehensive Income | 100 |
Statement of Changes in Equity | 101 |
Balance Sheet | 102 |
Cash Flow Statement | 103 |
Notes to the Financial Statements | 104 |
Shareholder Information
Alternative Performance Measures (APMs) | 128 |
Glossary of Terms | 130 |
Corporate Information - AGM | 133 |
Corporate Information - Other | 136 |
Contact Information | IBC |
Our Business at a Glance
Purpose
The purpose of the Company is to provide a vehicle in which investment is spread across a diversified portfolio of technology companies which aim to deliver long term capital growth to shareholders. The purpose is achieved through the Investment Objective and by applying the investment policy incorporating parameters to ensure excessive risk is not undertaken.
Investment Objective
The Investment Objective is to maximise long-term capital growth through investing in a diversified portfolio of technology companies around the world. The investment policy and investment guidelines are set out in full in the Strategic Report on pages 54 to 56.
Management structure
The Company is an investment trust led by an experienced Board of Independent non-executive Directors with extensive knowledge of investment matters, and the regulatory and legal framework within which your Company operates. The role of the Board is to provide oversight of the Company's activities and to seek to ensure that the appropriate financial resources and controls are in place to deliver the Investment Objective and manage the risks associated with such activities. The Directors have appointed various third-party suppliers to provide a range of services including investment management, depositary and administrative services to the Company.
Polar Capital LLP has been the appointed Investment Manager and AIFM throughout the year. Ben Rogoff, the appointed portfolio manager, has been responsible for the Company's portfolio since 1 May 2006 and is supported by Deputy Fund Manager, Alastair Unwin and a team of technology specialists. Polar Capital LLP is authorised and regulated by the Financial Conduct Authority.
- These narrative statements form part of the Strategic Report section as required under The Companies Act 2006.
Overview
Manager's Report
Environmental, Social and Governance (ESG)
Corporate Governance
Financial Statements
Shareholder Information
Financial Highlights
Year ended 30 April 2023
Net Assets Per Ordinary Share | |||||||||
Total Return1 | Benchmark Total Return2 | Share Price Total Return1 | |||||||
-2.8% | +2.9% | -4.9% | |||||||
2022: -7.7% | 2022: -0.9% | 2022: -13.7% |
1 Alternative Performance Measure, see pages 128 to 129
2 Dow Jones Global Technology Index (total return, Sterling adjusted, with the removal of relevant withholding taxes). See page 130 for further details.
Key Contents
Chair's Statement | 4 |
Investment Manager's Report | 14 |
Investment Manager's Core Themes | 28 |
Environmental, Social and Governance | 40 |
Audit Committee Report | 80 |
Financial Statements | 100 |
Information for Shareholders | 133 |
AGM: 7 September 2023 at 2:30pm
See the separate Notice of AGM also available on our website.
Polar Capital Technology Trust plc
Artificial Intelligence sparks into life
Notice of Annual | |
General Meeting | |
Thursday 7 | September 2023 |
2.30PM |
www.polarcapitaltechnologytrust.co.uk 1
Polar Capital Technology Trust plc Annual Report and Financial Statements 30 April 2023
Financial Highlights continued
Financial Summary
As at | Change % | |||
As at | Year Ended | Year Ended | ||
30 April 2023 | ||||
30 April 2022 | 2023 | 2022 | ||
Total net assets | £2,828,141,000 | £3,050,985,000 | (7.3%) | (10.5%) |
Net Asset Value (NAV) per ordinary share | 2239.48p | 2305.13p | (2.8%) | (7.7%) |
Benchmark1 | 3604.43 | 3504.44 | 2.9% | (0.9%) |
Price per ordinary share | 1940.00p | 2040.00p | (4.9%) | (13.7%) |
Discount of ordinary share price | (13.4%) | (11.5%) | ||
to the NAV per ordinary share2 | ||||
Ordinary shares in issue3 | 126,285,544 | 132,356,426 | (4.6%) | (3.1%) |
Ordinary shares held in treasury | 11,029,456 | 4,958,574 | 122.4% | 543.8% |
Key Data
For the year to 30 April 2023 | ||
Local Currency | Sterling Adjusted | |
% | % | |
Benchmark1 | ||
Dow Jones Global Technology Index (TR) | 3.0 | 2.9 |
Other Indices over the year (total return) | ||
FTSE World | 3.4 | 3.4 |
FTSE All-Share | 6.1 | |
S&P 500 Composite | 2.7 | 2.7 |
Nikkei 225 | 10.0 | 4.9 |
Eurostoxx 600 | 7.3 | 12.3 |
Exchange Rates
As at 30 April | 2023 | 2022 |
US$ to £ | 1.2569 | 1.2555 |
Japanese Yen to £ | 171.15 | 162.66 |
Euro to £ | 1.1385 | 1.1901 |
Expenses
For the year to 30 April | 2023 | 2022 |
Ongoing charges ratio2 | 0.81% | 0.84% |
Ongoing charges ratio including performance fee2 | 0.81% | 0.84% |
Data supplied by Polar Capital LLP and HSBC Securities Services.
1 Dow Jones Global Technology Index (total return, Sterling adjusted, with the removal of relevant withholding taxes). See page 130 for further details. 2 Alternative Performance Measure see pages 128 to 129.
3 The issued share capital on 13 July 2023 (latest practicable date) was 137,315,000 ordinary shares of which 12,258,825 were held in treasury.
2
Overview
Manager's Report
Environmental, Social and Governance (ESG)
Corporate Governance
Financial Statements
Shareholder Information
Performance
Total Return (rebased to 100)
10 Year Performance Graph
800
Benchmark² | Company ordinary share price | Company NAV per share | |
600
400
200
02013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||
As at 30 April |
Historic Performance
As at 30 April | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Net Assets (£m) | 528.8 | 606.6 | 793.0 | 801.3 | 1,252.5 | 1,551.6 | 1,935.6 | 2,308.6 | 3,408.8 | 3,051.0 | 2,828.1 |
Share price (pence) | 398.5 | 442.0 | 592.0 | 566.0 | 947.0 | 1,148.0 | 1,354.0 | 1,774.0 | 2,364.0 | 2,040.0 | 1,940.0 |
NAV per share (pence) | 412.4 | 458.4 | 599.2 | 605.5 | 945.4 | 1,159.7 | 1,446.4 | 1,715.6 | 2,496.4 | 2,305.1 | 2,239.5 |
Indices of Growth1 | |||||||||||
Share price | 100.0 | 110.9 | 148.6 | 142.0 | 237.6 | 288.1 | 339.8 | 445.2 | 593.2 | 511.9 | 486.8 |
NAV per share | 100.0 | 111.2 | 145.3 | 146.8 | 229.2 | 281.2 | 350.7 | 416.0 | 605.3 | 559.0 | 543.0 |
Dow Jones Global Technology Index2 | 100.0 | 113.1 | 146.4 | 146.2 | 224.3 | 262.5 | 318.8 | 376.5 | 551.0 | 546.3 | 561.8 |
The Company commenced trading on 16 December 1996 and the share price on the first day was 96.0p per share and the NAV per share was 97.5p. Notes:
1 Rebased to 100 at 30 April 2013
2 Dow Jones Global Technology Index (total return, Sterling adjusted) with the removal of relevant withholding taxes. All data sourced from Polar Capital LLP.
www.polarcapitaltechnologytrust.co.uk 3
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Polar Capital Technology Trust plc published this content on 19 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2023 16:20:05 UTC.
