Polar Capital Technology (PCT ) has secured a place in the FTSE 100, marking a major ‘milestone’ for the tech-focused investment trust.

Effective from today, PCT becomes the sixth investment company in the blue-chip index alongside 3i Group (III ), Scottish Mortgage (SMT ), Pershing Square (PSH ), F&C Investment Trust (FCIT ) and Alliance Witan (ALW ). 

The trust, which now boasts a £4.7bn net asset value (NAV) and £4.4bn market valuation, was originally launched as Henderson Technology Trust in 1996. However, the reins were handed to Polar Capital in 2001, after then fund managers Tim Woolley and Brian Ashford-Russell left to start the boutique firm. 

PCT, which has replaced recently-acquired packaging company DS Smith in the FTSE 100, has been managed by Ben Rogoff (Pictured) since 2006.

In a statement, Polar Capital chief executive officer Gavin Rochussen lauded the team’s contribution to this achievement, highlighting the ‘hard work, dedication and expertise’ of Rogoff, as well as deputy manager Alastair Unwin and the broader technology team.

Catherine Cripps, chair of PCT, echoed this sentiment, highlighting the trust’s resilience during a tough period for the investment companies sector. 

‘To enter the FTSE 100 Index is no ordinary feat and I and my fellow board members are delighted to see the Company reach this milestone,’ Cripps said.

For Rogoff, the milestone represents the culmination of nearly 25 years of dedication to tech investing.

‘In the early days, Brian [Ashford-Russell] had to convince UK investors of the merits of technology investment; today, our companies need no introduction,’ said the lead manager.

Rogoff also works on Polar Capital’s massive £5.5bn open-ended Global Technology fund. 

PCT’s jump to the FTSE 100 has been helped by the incredibly strong performance of the tech companies it focuses on.

Shareholders have enjoyed a 134% total return over five years, with returns held back somewhat by the shares falling to a 6.6% discount. The NAV return has been a stronger 148%, which is closer to 165% for the Dow Jones World Technology index, according to Deutsche Numis data.