Top Ten Holdings

Polar Capital Technology Trust PLC
14 August 2003

Polar Capital Technology Trust PLC


Monthly Fact Sheet -  31st July 2003


The fact sheet for the month of  July has been posted to the company's website.
As at 31st July 2003 the top ten equity holdings and the sector breakdowns were
as follows


      Top Ten Equity Holdings                                Sector Breakdown

NTT DoCoMo                     1.9%      Computing                                            7.7%
NEC                       1.8%           Consumer                                             4.3%
Genentech                      1.6%      Communication Equipment ex wireless                  4.9%
Venture                        1.5%      Semiconductor/SPE/EMS                               30.8%
Amgen                          1.5%      Services                                             8.3%
IBM                            1.5%      Software                                            15.9%
Nokia                          1.4%      Healthcare                                           5.3%
NT & T                         1.2%      Telecom/Media                                        2.9%
Maxim                          1.2%      Wireless                                            14.3%
Electronic Arts                1.2%      Defence                                              3.0%
                                         Other                                                2.6%

                   Total      14.8%                                             Total       100.0%



The Manager commented as follows:


Stock markets continued to move forward during July with technology shares very
much to the fore.  Economic data has been broadly supportive of the case for a
modest economic recovery and June quarter earnings generally met expectations.
Although the upturn appears to be somewhat hesitant, the most recent data has,
for the first time, suggested an upturn in capital spending.  With a recovery
now in sight, bond markets have turned sharply downwards and the dollar has
firmed against most major currencies.



While US technology shares moved well ahead over the month, the real action was
elsewhere.  CSFB's European Technology Index climbed 12% while both Taiwanese
and Korean electronic shares rose sharply.  The Japanese electronics sector also
maintained the strong momentum seen the previous month.  In almost all areas,
smaller companies outperformed their larger counterparts.  Semiconductor shares,
which had hitherto lagged the recovery, rose sharply; so too did the
biotechnology sector and those areas most exposed to a recovery in capital
spending.


Over the month, we maintained our geographical asset allocation broadly in line
with June's levels.  We did, however, take some profits in the more extended
Japanese holdings earlier in the month.  At a sectoral level, we added to our
semiconductor holdings and are looking to increase our software and cyclical
services weighting.  We continue to retain only modest liquidity.


The second quarter earnings season is now behind us.  Results were reasonably
encouraging although it is notable that management guidance for the third
quarter has been relatively cautious.  We suspect that this reflects a more
sensible approach on the part of management given the number of false dawns over
the last couple of years.  We remain optimistic that the recovery will gather
pace later in the year and be accompanied by an acceleration in the earnings
growth of the technology sector.  Over the next few months, we will continue to
reposition the portfolio towards smaller companies and the more cyclical areas
of the technology market.  With investor optimism now quite marked and the
technology sector materially overbought, some consolidation over the short term
would be constructive.


Brian Ashford-Russell, 5th August 2003



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