With FE data as at 30 September 2026, the S class of the Polar Capital Artificial Intelligence Fund is ahead of most of its technology category over three years and one year, and behind most of it over the last three months. This note lays out the figures and the portfolio behind them.
Returns against the category
Over three years the fund returned 156.2%, against a category median of 111.4%, ahead of 89% of the Equity Information Technology category. Over one year it returned 54.1%, against 30.9%, ahead of 94%. Over three months it fell 8.8%, against a category median fall of 0.7%, ahead of 17%.
| Window | Artificial Intelligence Fund (S class) | Category median | Ahead of |
|---|---|---|---|
| Three years | 156.2% | 111.4% | 89% |
| One year | 54.1% | 30.9% | 94% |
| Three months | -8.8% | -0.7% | 17% |
Returns are in pounds sterling from FE’s month-end data to 30 September 2026, for the S USD Acc class, which has an ongoing charge of 0.54%. The R USD Acc class has an ongoing charge of 1.35% and no FE return data on that date, so the figures and rankings above belong to the S class only. The category median is the median of the funds’ own returns, with one share class per fund.
What the portfolio looks like
As at 30 September 2026, by sector, 44.0% is in Information Technology, 21.7% in Industrials, 7.8% in Consumer Staples, 6.3% in Consumer Discretionary, 5.7% in Materials and 4.9% in Communication Services, with 9.7% in other sectors. By country, 59.9% is in the United States, 12.1% in Japan, 6.5% in Taiwan, 4.3% in Korea, 3.5% in the United Kingdom and 3.2% in Belgium, with 10.5% elsewhere.
The fund’s name points at one theme, and the holdings show that just under half of it is in the technology sector as classified. A little over a fifth is in industrial companies. If you are comparing the fund with a plain technology fund or with a broad global fund, those sector weights are the first thing to check, since they set how much of the comparison is like for like.
The last three months
The three month figure is the only window where the fund trails the category median, and it falls further than the median did (8.8% against 0.7%). That is a fact about one quarter. It is not a signal about the next one, and it should be read alongside the three year figure rather than instead of it.
Questions to ask of the table
Three questions follow from the table. How does the fund compare with a narrower group of technology funds, given that a little over a fifth of it is in industrial companies? How much of the return came from a short run of years rather than the whole period? And do the figures belong to the class you hold? The S USD Acc class is a lower cost class than the R class, so the record and the charge differ between them. Each question can be checked on the fund page by changing the class and the window.
How to check it yourself
Open the fund page, confirm the share class, and compare the sector and country weights with the category average. Then check the dates on the returns before you use any of them.
How we calculated these figures
Returns come from FE fundinfo’s month-end cumulative return data, in pounds sterling, one share class per fund. A category median is the median of the returns of the funds in the same FE category. “Ahead of” is the share of the other funds in that category that the fund beat over the same window.
Holdings come from the fund’s latest reported portfolio and are shown as at the date given, so they can be a little later than the return data. A figure for one share class can differ from another class of the same fund, so we name the class. We have not adjusted or estimated any figure, and we use no forecasts, ratings or opinions on the manager.
Source: FE fundinfo. Returns and holdings as at 30 September 2026. Past performance is not a reliable guide to future returns. Capital is at risk. This is information, not personal advice.
Past performance is not a guide to future returns. Capital is at risk.
Funds Benchmark provides research and tooling for institutional and private investors. Nothing in this note is investment advice or a recommendation to buy or sell any specific fund.