The FSA Spy market buzz – 30 May 2025
Korean AI-driven investing, The wisdom of Nvidia, Goldman Sachs and active good news, The sheer size of the top ten, Ferris Bueller and Trump’s tariffs, A trillion here - a trillion there, and much more.
HEAD-TO-HEAD: Henderson vs Polar Capital
FSA compares the Henderson Horizon Global Technology Fund with the Polar Capital Global Technology Fund.
Stuart O’Gorman has been manager of the Henderson fund since 2001. His team experienced departures in 2013 and 2014, however, which means that the average experience of the team members has decreased.
O’Gorman is the final decision maker on the five-person team, which tends to have a collegial approach, according to Meakin. Each team member specialises in several technology sectors.
The Polar Capital fund is co-managed by Nick Evans, the lead manager since 2008, and Ben Rogoff. They are supported by five analysts.
Evans and Rogoff have more of a growth bias, noted Meakin. This is reflected in the average PE ratio of the companies in their portfolio, which is around 26, compared to Henderson’s, and category average’s 22. “They are willing to pay for growth,” he said.
Both teams stay fairly consistent to their styles, Meakin noted.
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