Polar Capital Technology Trust PLC (PCT) has disclosed that Rathbones Investment Management Ltd, acting through entities ultimately controlled by Rathbones Group Plc, crossed a major shareholding threshold on 6 November 2026. The combined holding now stands at 17.066%, up from a previously notified 16.031%, representing 187,576,096 voting rights in the UK-listed technology investment trust. The notification was filed with the issuer on 9 November 2026 in accordance with DTR5 disclosure requirements. The increase signals a meaningful addition to one of the trust's largest declared positions and may attract attention from investors monitoring institutional ownership trends.

Key Points

  • Polar Capital Technology Trust PLC (PCT), ISIN GB00BR3YV268, is the subject of this major shareholding notification
  • Rathbones Group Plc's combined holding in PCT crossed the 17% threshold on 6 November 2026
  • Total voting rights held: 187,576,096, equating to 17.066% — up from a prior notified level of 16.031%
  • Investors should watch for further threshold crossings or any change in Rathbones' disclosed position

Rathbones Group Plc Crosses 17% Voting Rights Threshold in PCT on 6 November 2026

The TR-1 notification confirms that the threshold was crossed on 6 November 2026, with the issuer notified three days later on 9 November 2026. The voting rights are held entirely as shares, with no financial instruments such as options or contracts for difference forming part of the position. All 187,576,096 voting rights are classified as indirect holdings under DTR5.2.1, reflecting the structure through which Rathbones Group Plc exercises control over its investment management subsidiaries. No direct voting rights are held by the ultimate controlling entity itself.

How Rathbones Investment Management Ltd and Its Jersey Affiliate Hold PCT Shares

The notification identifies two entities subject to the disclosure obligation: Rathbones Investment Management Ltd, registered in London, and Rathbones Investment Management International Limited, registered in St Helier, Jersey. Within the ownership chain, Rathbones Investment Management Limited accounts for 16.7285% of voting rights, while Rathbones Investment Management International Limited contributes a further 0.3378%, together reaching the reported combined total of 17.066%. Shares are held through custodians BNP Paribas Limited and Rathbone Nominees Limited, both registered in London.

Polar Capital Technology Trust's Profile as a UK-Listed Technology-Focused Investment Trust

Polar Capital Technology Trust is a UK-domiciled closed-ended investment trust focused on global technology companies. Managed by Polar Capital LLP, the trust seeks long-term capital growth by investing across a broad range of technology-related businesses internationally. As a listed investment trust, its shares trade on the London Stock Exchange and are subject to standard UK corporate governance and disclosure rules, including DTR5 major shareholding notifications whenever an investor crosses or reaches defined voting rights thresholds.

What the Increased Rathbones Stake Means for PCT's Institutional Shareholder Register

An increase of approximately one percentage point in a single notification is a notable shift for a trust of PCT's size. Investors monitoring the shareholder register may observe that Rathbones Group, through its managed portfolios and discretionary client accounts, has accumulated a substantial disclosed interest. The company did not disclose this figure in the announcement, but further acquisitions above the next notifiable threshold would require an additional TR-1 filing. No additional information was provided in the notification.