AI & Technology Thematic Growth Fund

AI & Technology Thematic Growth Fund: Diversified Access to the Defining Investment Theme

Artificial intelligence is restructuring the economics of every industry it touches — from the way companies write software, to how drugs are discovered, factories are run, and financial transactions are processed. For investors, the challenge is not whether to have AI exposure, but how to build it in a diversified, professionally managed way.

This thematic growth fund provides exposure to 50+ companies positioned across the full AI value chain, managed actively to capture the most compelling opportunities within the theme.

Investment Approach

The fund takes a multi-layer approach to AI investing, ensuring that exposure is not concentrated in a single part of the value chain:

Infrastructure layer: Companies providing the physical and computational foundation for AI — semiconductor manufacturers, data centre operators, networking hardware providers, and power infrastructure companies supporting the energy demands of large-scale AI compute.

Platform layer: Cloud computing providers and enterprise software platforms embedding AI into their core product offerings. These companies benefit from AI's integration into business workflows — growing revenues as AI adoption accelerates.

Application layer: Companies in specific industries — healthcare, finance, logistics, and manufacturing — where AI is generating measurable productivity improvements and competitive advantage. This layer provides the broadest diversification across sectors and geographies.

The fund is actively managed, with a systematic review process that assesses company weightings, sector exposures, and emerging sub-themes on a quarterly basis. As the AI landscape evolves — new sub-sectors emerging, leading companies changing — the portfolio is adjusted accordingly.

Structure and Access

The fund is available in a UCITS structure for non-US investors, providing the regulatory protections and investor rights associated with EU-regulated collective investment vehicles. Daily dealing liquidity is available, though investors are strongly encouraged to treat this as a minimum 5-year investment to capture the full potential of the AI investment cycle and to withstand short-term price volatility.

The benchmark is the MSCI World Technology Index — a broad global technology index that provides meaningful comparison for performance assessment. The fund aims to outperform this benchmark over rolling 3-year periods, though outperformance is not guaranteed.

Why Thematic AI Investment Now

The AI investment case in 2026 rests on three structural pillars:

Capital deployment: Major technology companies — Microsoft, Google, Amazon, Meta — are investing hundreds of billions of dollars annually in AI infrastructure. This investment creates a durable spending cycle that benefits the entire AI supply chain.

Enterprise adoption: AI is moving from experimentation to production deployment across enterprise customers. Companies that successfully implement AI are reporting meaningful cost reductions and revenue gains — creating competitive pressure for peers to accelerate their own AI programmes.

Regulatory tailwind: While AI regulation is increasing, most jurisdictions are taking a pro-innovation approach — setting guardrails rather than blocking development. This creates a supportive environment for continued commercial AI deployment.

Risk Considerations

Valuation risk: AI and technology companies currently trade at significant premiums to the broader market. High price-to-earnings multiples reflect expectations of continued strong growth. Any disappointment — slower-than-expected AI revenue growth, margin compression, or broader market correction — could result in sharp price falls. Investors must be prepared for significant short-term volatility.

Concentration risk: Despite the fund's diversification across 50+ holdings, the AI investment universe remains dominated by a relatively small number of large US technology companies. Performance of the fund is partly driven by these major holdings, and a correction in a handful of positions could have a material impact on overall portfolio performance.

Technology cycle risk: Technology investment themes have historically moved in cycles. The current AI enthusiasm could moderate or correct as the technology matures, competition increases, or near-term returns from AI investment fall short of expectations. A patient, long-term perspective is essential.

Currency risk: The fund is denominated in USD. Investors with non-USD home currencies face currency risk on their investment — a decline in the USD against the investor's home currency would reduce the effective return.

Who Should Consider This Fund

This fund is appropriate for investors who:

• Have a strong conviction in the long-term AI and technology investment thesis
• Can commit to a minimum 5-year investment horizon and withstand short-term volatility
• Are seeking capital growth rather than income
• Already have a diversified core portfolio and are using this as a satellite growth allocation
• Are sophisticated or high-net-worth investors comfortable with high-risk, high-potential-reward strategies

To receive the full fund documentation — including the Key Investor Information Document (KIID), prospectus, and current portfolio holdings — contact our investment team using the enquiry button above.