What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Scottish Mortgage is broader than Polar Capital Technology Trust by sector and company type, but neither is a broad-market tracker. Scottish Mortgage invests in global growth companies, both public and private; Polar Capital Technology Trust (PCT) is a focused technology-sector trust. So if “overall” means a wider range of growth businesses, Scottish Mortgage is the closer fit. If it means a neutral slice of the global stock market, neither provides that.
The right comparison is therefore about what kind of exposure you want—not which trust is the universal winner. Both are actively managed investment trusts, and their portfolios, risks and recent return figures differ materially.
As an Amazon Associate I earn from qualifying purchases.
What do the two trusts invest in?
Polar Capital Technology Trust: a direct technology allocation
PCT is a sector-focused investment trust. Its mandate and benchmark—the Dow Jones Global Technology Index—make it the more direct choice of the two for technology exposure. That focus also means it should not be mistaken for diversified exposure across the whole stock market: its fortunes are more closely tied to the technology sector and the companies selected by its managers.
Scottish Mortgage: global growth across public and private companies
Scottish Mortgage Investment Trust (SMT) has a global growth remit spanning multiple sectors and both listed and unlisted companies. At 30 September 2026, Baillie Gifford reported 73.9% of total assets in 48 public companies, 24.9% in 54 private companies and 1.2% in net liquid assets. This is broader than PCT by sector and company type, but it is still a concentrated, actively managed growth portfolio—not a representative holding of every market, sector or investment style.
#1 Best Overall
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
Its private-company allocation brings exposure to businesses that are not publicly listed, but their valuations are less directly observable through daily trading and their shares may be harder to sell. Baillie Gifford’s risk disclosures also warn that private-company prices may fluctuate more and liquidity may be limited.
How do their portfolios compare?
| Feature | Polar Capital Technology Trust (PCT) | Scottish Mortgage (SMT) |
|---|---|---|
| Main exposure | Technology-sector companies; its benchmark is the Dow Jones Global Technology Index. | Global growth companies across public and private markets. |
| Portfolio mix | The percentage split between public and private holdings is not stated in the cited official annual highlights for the year ended 30 April 2026 (Polar Capital Technology Trust plc, 2026). | At 30 September 2026, 73.9% public companies, 24.9% private companies and 1.2% net liquid assets (Baillie Gifford & Co Limited, 2026). |
| Concentration detail | A comparable top-holdings percentage is not stated in the cited official annual highlights for the year ended 30 April 2026 (Polar Capital Technology Trust plc, 2026). | At 30 September 2026, the top 30 holdings represented 81.2% of total assets. The largest holding, Space Exploration Technologies, was 15.0%; TSMC was 6.5%; and NVIDIA was 6.2% (Baillie Gifford & Co Limited, 2026). |
The table shows why geographic or company-count breadth alone can mislead. SMT has a broad global opportunity set, yet its large top holdings make the trust meaningfully exposed to individual companies. Its public/private split also does not make it equivalent to a broad index fund.
Rank #2
- Comes with secure packaging
- Easy to read text
- It can be a gift option
Which has performed better recently?
The reported periods are not aligned, so the figures below are context rather than a head-to-head result.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match| Trust and period | Reported total return | Comparison benchmark |
|---|---|---|
| PCT, year ended 30 April 2026 (Polar Capital Technology Trust plc, 2026) | NAV: +102.2%; share price: +109.0%. | Dow Jones Global Technology Index: +55.0%, total return, sterling adjusted, with relevant withholding taxes removed. |
| SMT, one year to 30 September 2026 (Morningstar and FTSE, as reported by Baillie Gifford & Co Limited, 2026) | Share price: +40.3%; NAV: +36.3%. | FTSE All-World Index: +18.7%. |
SMT’s reported figures are sterling total returns with dividends reinvested. PCT’s results cover a year ending five months earlier and use a different benchmark. The different periods and benchmarks prevent a fair direct ranking from these figures, and neither result establishes what either trust will return in future.
Rank #3
What do charges, gearing and discounts tell you?
Charges and borrowing
SMT reported an ongoing charge of 0.33% and net gearing of 4% at 30 September 2026 (Baillie Gifford & Co Limited, 2026). Gearing means borrowing is used to increase investment exposure; it can magnify losses as well as gains when asset values move.
A like-for-like charge comparison is not established by the available official PCT figures: its current ongoing charge, performance-fee terms and gearing could not be verified from the cited official materials. That means SMT’s stated charge alone is not enough to conclude it is cheaper overall. Check each trust’s latest official documents for charges and borrowing before comparing them.
Rank #4
Share price versus net asset value
An investment trust’s shares trade on the stock market, so their price can be below (at a discount to) or above (at a premium to) the value of the underlying portfolio per share, or net asset value (NAV). PCT reported an 8.3% discount to NAV at 30 April 2026; SMT reported a 7.9% discount at 30 September 2026. These are snapshots from different dates, not a simultaneous comparison, and discounts can change.
Recommended Free Tools
How should you think about the risks?
Sector and growth concentration
PCT’s technology focus makes it the more concentrated sector bet. SMT’s wider remit reduces dependence on a single sector in principle, but does not remove concentration risk: at 30 September 2026, its top 30 holdings made up 81.2% of total assets, and its largest holding represented 15.0% (Baillie Gifford & Co Limited, 2026).
Best Value
Private companies, currency and gearing
SMT’s official risk disclosures identify foreign-exchange exposure, emerging-market risks including China, private-company valuation and liquidity risks, gearing and derivatives. Currency movements can affect sterling returns on overseas investments. Borrowing can increase losses when investments fall, while private holdings may be difficult to sell at a desired time or price.
Time horizon and income needs
SMT’s target-market statement says it may not suit investors concerned about short-term volatility or performance, seeking regular income, or investing for less than five years. It offers no capital protection, and investors should be prepared to bear losses. Its historical dividend yield was 0.3% as reported at 30 September 2026; that is a backward-looking figure, not a promised income rate.
Which trust fits which meaning of “overall”?
- For a dedicated technology allocation: PCT is the more focused proposition.
- For global growth exposure beyond technology and including private companies: SMT has the broader remit, while retaining active-management, growth and concentration risks.
- For exposure close to the whole global stock market: neither is designed to be a neutral tracker. “Broader” is not the same as “market-like.”
This distinction is more useful than choosing from a single year of returns or comparing undated discounts. Match the trust’s mandate and risks to the role you want it to play in a portfolio; this is a comparison of exposures, not a personal recommendation.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
