When asked in a recent Investors Chronicle interview whether loyalty to the benchmark has restricted performance at the Polar Capital Technology Trust (PCT), fund manager Ben Rogoff shrugged, “I’d like to see the numbers”.
It’s hard to claim underperformance in a fund that has delivered 250 per cent share price growth in the last five years – comfortably ahead of its benchmark, the Dow Jones Global Technology Index, which has risen 182 per cent in the same period. But Mary McDougall – who posed the question to Mr Rogoff – might have a point. The Polar Capital Technology Trust has not kept pace with its peer, the Allianz Technology Trust (ATT) which is far less wedded to its benchmark and has delivered 300 per cent share price growth in the last five years.
Past performance is certainly not the only indicator of future success, but investors pondering increasing their exposure to the US tech sector – which contributes 70 per cent and 90 per cent of the portfolio at PCT and ATT respectively – are likely to assess the relative success of Mr Rogoff and his counterpart at ATT, Walter Price, when picking which of these two trusts to invest in.