Despite rising bond yields and rate worries, the AI-tech narrative continues to dominate the stock market in 2026.
For British investors seeking exposure to the sector, two UK-listed trusts stand out: Polar Capital Technology Trust (LSE:PCT) and Scottish Mortgage Investment Trust (LSE:SMT).
The former’s a dedicated global tech growth vehicle, while the latter’s a broader global growth trust with heavy tech exposure.
Both have ridden the AI-fuelled boom, yet they suit very different investors in today’s market. Let’s take a look at how they measure up.
Polar Capital edges ahead on momentum
Recent figures show Polar Capital’s been the stronger short-term performer. The trust has posted more than 55% total return year to date (YTD), far outshining the 24% return of the MSCI World Information Technology Index.
Some of its top holdings include Nvidia, Apple, TSMC, Microsoft and Alphabet.
Scottish Mortgage hasn’t been far behind. The trust’s gained roughly 38% YTD and hit fresh 52-week highs in early October, reflecting broad confidence in its long-term growth strategy.
It invests in a more diverse mix of public and private companies such as SpaceX, MercadoLibre, Amazon, ByteDance and Anthropic.
But performance only tells part of the story — the real difference lies in what you actually own.
Focused tech versus diversified growth
Polar Capital runs a focused, high-conviction portfolio of global technology and tech-enabled businesses. Its benchmark is the Dow Jones Global Technology Index, but the managers have flexibility on region and subsector.
The trust can hold up to 25% in emerging markets and concentrate up to 20% in a single name if benchmark weightings justify it. In practice, that makes Polar Capital a purer, more concentrated investment in the public tech stock market.
Subsequently, drawdowns can be sharp when sentiment turns, so it isn’t ideal for every long-term holder.
Scottish Mortgage takes a different approach. It runs a global growth portfolio with a long-term horizon, mixing listed shares and private or unquoted investments. There’s a heavy weighting to mega-cap US tech giants, but also exposure to disruptive private names and thematic bets across sectors.
That diversification can smooth returns over time, yet the private book adds illiquidity and makes the trust more speculative in downturns.
In simple terms:
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Polar Capital = pure-play, public-market tech exposure.
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Scottish Mortgage = tech-led growth with wider diversification and private assets.
So which fits your portfolio?