Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
4/20 in Equity - Technology (Performance over 3 years) Average Total Return: 63.73%
Your Business: Cover Star Club

Profile: why Jamie MacLeod turned to private clients

Profile: why Jamie MacLeod turned to private clients

Many considered it a left hand turn when MacLeod left product origination in 2010 to become the head of a smallish distributor

Wealth Manager on Twitter