Polar Capital Technology – Me, myself and AI

The manager of Polar Capital Technology’s (PCT), Ben Rogoff, believes that we are close to an inflection point in the use of artificial intelligence (AI) as major improvements in output and rapid adoption make it more likely that it will become a general purpose technology (like the computer and internet before it), with the potential to impact on all parts of everyday life. Ben has a steadfast conviction in the all-encompassing potential of AI and has been positioning the portfolio towards what he believes will be AI winners, with the majority of PCT exposure now in companies that he believes will be AI beneficiaries. It is estimated that between a quarter and two-thirds of jobs are exposed to AI automation, with the potential for a meaningful uptick in productivity and economic output. A higher-than-usual cash position should allow PCT to take advantage of volatility in the market and any buying opportunities that are thrown up in AI beneficiaries.

PCT’s shares are currently trading at a discount of 13.4%, which could be attractive given the substantial upside potential in the portfolio’s exposure to what Ben believes are AI beneficiaries.