Initiation of coverage POLAR CAPITAL TECHNOLOGY TRUST (PCT) 504.25p Market cap: £5.62 billion Benchmark: Dow Jones Global Technology Index Snapshot Source: Polar Capital Technology Trust Profile Polar Capital Technology Trust (PCT) is one of the best, broadly-based tech funds around, and the sole tech fund specialist in the FTSE 100. Run for nearly 20 years by lead manager Ben Rogoff, he is supported by a team deep with technology sector experience and expertise, combining to deliver an excellent record of superior investment returns over multiple investment and economic cycles. The trust believes that AI is reshaping industries, economies and the…

A potential diplomatic breakthrough between the US and Iran could unlock a significant shift in sector leadership, according to analysts and fund managers. Select sector and geographic themed ETFs could rally if President Donald Trump’s strikes an Iran peace deal. Wolfe Research analyst Chris Senyek this week highlighted that while the US administration’s messaging on the conflict has been inconsistent, Trump’s decision to walk back on comments regarding striking Iranian energy infrastructure have sent global stocks higher so far this week as oil prices fell sharply and bond yields eased. Senyek says Wolfe Research is ‘looking for further progress to…

Gold has lost nearly $1,000/oz (per ounce) in less than a month as conflict rages in the Middle East, leaving many investors confused. For years, gold has been the ultimate safe haven for investors during extreme global events. In the early months of the Covid pandemic, it shot-up around 35%, and more than doubled during the great financial crisis of 2009/2010. Now, as geopolitics again creates turmoil for nations, economies and financial markets, why is the price of gold plunging? Brutal correction Gold prices continued their sharp decline in trading on Tuesday, marking a 10th straight session of losses as…

Investors in Smiths (SMIN) are being asked some tough questions as the FTSE 100 multi-national engineering business reshapes its business. Today’s announcement confirmed sweeping changes that will see parts of the business sold. In addition, there will be a fresh £1.5 billion capital return to shareholders. This comes alongside seemingly solid half year trading. That all sounds positive, so why have the shares plunged, down more than 8% in morning trading? Smiths (SMIN)Price: £21.52 (-8.4%)Market cap: £6.71bn Profit growth amid portfolio overhaul For the six months ended 31 January, Smiths posted a 5.6% rise in headline operating profit to…

Investors expected a lot from memory chip manufacturer Micron Technology (MU). They got plenty, but not enough it seems. Pre-market data has the stock down nearly 7%, so what’s caused the kerfuffle? The short answer is cash, spending it, lots of it. Micron unveiled plans to invest more than $25 billion in new manufacturing capacity in fiscal 2026 (to end Aug), about $5 billion more than expected, or roughly 60% of last year’s net profit. If there’s one thing we’ve learned in 2026, it’s that markets now want a much clearer link between investment and returns, especially when it comes…

Softcat (SCT) shares surged after the FTSE 250 IT infrastructure reseller delivered a stronger‑than‑expected first‑half performance. It also upgraded its full‑year profit outlook. Investors were looking for signals of resilient demand trends amid intensifying corporate investment in AI‑related technologies, and they got it in spades. The £2.45 billion company now expects high single‑digit growth in underlying operating profit for FY2026 (to end July), up from a previous low single‑digit forecast. That raise follows a substantial earnings beat in the six months to January. Softcat (SCT)Price: £12.43 (+8.1%)Market cap: £2.45bn Underlying operating profit jumped 27.3% to £93.8 million, exceeding analyst expectations…

FTSE 250 Trustpilot (TRST) delivered one of its strongest financial performances to date, with annual operating profit more than quadrupling. AI‑driven search activity fuelled explosive new traffic growth. The online reviews platform, already a major digital presence, has rapidly become one of the most frequently cited data sources for large language models. Moreover, this is reshaping its strategic position in the global tech ecosystem. Trustpilot is fast emerging emerging as ‘an AI winner.’ Having flagged the results as ones to watch last Friday (read here), they did not disappoint. The stock surged 26% in early London trading following Tuesday’s announcement.…

Allianz Technology Trust (ATT) beat its benchmark again in 2025. This was supported by strong gains in semiconductor stocks and continued momentum across the global technology sector. The trust reported NAV (net asset value) total return of 24.7% for the year to 31 December 2025. This outperformed the 20% gain in the Dow Jones World Technology Index. NAV per share rose to 571.7p from 458.6p a year earlier. Shareholders benefited slightly more. In fact, the trust’s share price total return hit 25.8%, helped by a modest narrowing of the discount to NAV. Allianz Technology Trust (ATT)Price: 532.38p (+0.45%)Market cap: £1.87bn…

The Scottish Mortgage Investment Trust (SMT) wants to up its exposure to ambitious private companies. The global growth fund is one of the most owned by retail investors. It will gather shareholders at the offices of broker Deutsche Numis on 10 April 2026. They will vote on a proposal to expand its assets allocation to unlisted businesses. Under existing rules, the trust cannot allocate more than 30% of its total assets to private companies, calculated at the time a new investment is made. It’s a guardrail designed to balance boldness with prudence. Shifting arithmatic For years, Scottish Mortgage has been…

Investors have been antsy about Adobe’s (ADBE) future for more than a year and now they are facing the added uncertainty of leadership change. Shantanu Narayen’s resignation announcement came out of the blue and knocked investors for six, sending the stock plunging overnight. Pre-market data has the share price opening more than 8% lower later today, close to multi-year lows. Adobe (ADBE)Price: $248.42 (-8)Market cap: $119bn Narayen will remain in the role until a successor is named and stay on as board chair to support the transition. Even so, he’s been running the show since 2007, when the stock traded…