Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Polar’s Rogoff: why Apple is a ‘genuine special situation’

Polar’s Rogoff: why Apple is a ‘genuine special situation’

Ben Rogoff, manager of the £597 million Polar Capital Technology Trust, has expressed confidence in Apple as it turns from being a technology firm into a luxury brand.

Rogoff characterised Apple as ‘a genuine special situation’, noting that it was simultaneously now his largest holding and his second largest underweight. The company accounts for 7% of his portfolio, a stake worth £42 million.

‘Although we believe that Apple’s best years of growth are behind it, the company appears to understand the pitfalls involved with chasing incremental growth, evidenced by the higher than expected price point of its low-end handset,’ Rogoff explained.

‘As such, Apple may yet defy the so-called innovator’s dilemma as it manages itself along the lines of other mass affluent brands such as Audi or Coach, a view well supported by the recent hire of the Burberry chief executive officer.’

Rogoff added that Apple’s huge cash pile, equivalent to around a third of its market capitalisation, created a ‘more attractive risk-reward for Apple going forwards’.

In the six months to 31 October Rogoff’s fund returned 12.6% on a net asset basis and 17.1% by share price, compared with 8.9% from its benchmark Dow Jones World Technology index and 7.7% from the S&P 500 through the same period.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Ben Rogoff
Ben Rogoff
5/17 in Equity - Technology (Performance over 3 years) Average Total Return: 52.63%
Citywire TV
Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Play Colin McLean's mid-cap picks

Colin McLean's mid-cap picks

The SVM director and fund manager on his pick of the UK mid-caps.

Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Your Business: Cover Star Club

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

Profile: Psigma's Edinburgh boss on why he is in Scotland long term

When Tim Wishart agreed to launch an Edinburgh office for Psigma he was not expecting to  head the company’s first overseas team

Wealth Manager on Twitter