Almost exactly a year on from his last appearance, Ben Rogoff, manager of the Polar Capital Trust (PCT) joins this edition of the Money Makers Investment Trusts Podcast, with host Jonathan Davis (editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award 2024 and 2025), discussing the latest developments in artificial intelligence including the transition to agentic AI, market dynamics including the potential for a natural monopoly, and trust performance.
This discussion was recorded on Tuesday 28 April 2026.
Jonathan is now writing market and other comments on Substack (jdinvestor.substack.com), and for those of you who follow Money Makers on social media, two new channels are now available - TikTok (@moneymakers_its) and Bluesky (@money-makers.co). Do give us a follow!
*** OUT NOW: The 2026 Investment Trusts Handbook ***
Available to order from Harriman House: https://harriman-house.com/authors/jonathan-davis/the-investment-trusts-handbook-2026/9781804094358
The Investment Trusts Handbook 2026 is the ninth edition of the highly regarded annual handbook for anyone interested in investment trusts – often referred to as the City’s best-kept secret, or the connoisseur’s choice among investment funds. It is expertly edited by well-known author and professional investor Jonathan Davis, founder and editor of the Money Makers newsletter and podcast. The Investment Trusts Handbook 2026 is an independent educational publication, available through bookshops and extensively online. With articles by 30 different authors, including analysts, fund managers and investment writers, plus more than 80 pages of detailed data and analysis, the latest edition is an indispensable companion for anyone looking to invest in the investment trust sector.
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Section Timestamps:
0:00:37 - Introduction
0:01:02 - Significant developments in the investment trusts sector
0:04:08 - Ben Rogoff, Polar Capital Technology (PCT)
0:04:48 - The emergence of agentic AI
0:11:30 - User confidence in AI
0:18:26 - Mythos and AI scaling
0:23:19 - Potential IPOs, and a new natural monopoly?
0:32:37 - A short break
0:33:22 - Spotting tech losers
0:39:41 - The PCT portfolio
0:51:57 - Volatile technology cycles
0:55:40 - Continued trading at a discount
0:59:41 - Manchester United’s AI-supported plan for champions
1:00:46 - Close
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