Technology Fund Landscape 2026

Investment themes and portfolio changes across 23 technology equity managers, using fund letters, public reports and disclosed holdings for 2024–2026.

Comparisons cover chip supply-chain exposure, software investment views and published trading decisions. The 12-page report includes linked original sources and methodology.

Transcript

1. GLOBAL TECHNOLOGY 2026 Fund Landscape Investment themes and portfolio changes across technology equity managers 23 managers | Fund letters and public reports | 2024-2026 Source coverage through 10 September 2026 | September 2026
2. INVESTMENT LANDSCAPE Chip exposure broadens, while software views diverge The report covers 23 managers’ technology equity strategies. Fund letters, investment reports and disclosed holdings document investment themes and portfolio changes in 2024-2026. Chip supply chain 13 / 70 → 27 / 70 Semiconductor exposure 16.5% → 40.1% Software stock selection Diverging views Chip-related positions among seven managers’ top ten holdings, March 2024 to June 2026. BlackRock World Technology: chip-related weights within the disclosed top ten, February 2024 to February 2026. Polar maintains an underweight. Allianz buys back ServiceNow; DNB sees excessive pessimism in selected businesses. Sources and calculations: pp.4-8. Portfolio weights are percentages of fund assets; methodology: p.12. 02
3. PUBLISHED VIEWS / 2024-2026 Investment themes across five managers, 2024-2026 Five recurring publications illustrate changes in emphasis; each cell links to its source Manager 2024 2025 2026 / through Sep Interconnected Cloud infrastructure software forms the core of the portfolio. Intel and Nebius reach inflection points and gain a higher market valuation. Chips and networking feature in holdings; puts and cash support risk control. AllianzGI / Voya IM Cloud computing remains a long-running portfolio theme. Memory supply shortages become an important investment theme. ServiceNow is bought back, supported by recurring revenue and cash generation. Polar Capital AI is described as the next general-purpose technology. The team maintains an explicitly strong conviction in AI. Software and internet exposure stays below the benchmark on disruption concerns. ARK Five platforms span AI, robotics, energy storage, multiomics and blockchain. Circle’s IPO brings a listed pure-play stablecoin issuer into focus. AI platforms and infrastructure take priority over traditional SaaS exposure. TIN Fonder Enterprise software is an early place to look for AI opportunities. Sectra’s transition to cloud-delivered software attracts attention. Sectra expands into autonomous chest X-ray analysis through Oxipit. Sources: annual / quarterly letters, monthly reports and manager commentaries. Year labels refer to the periods discussed. 03
4. PORTFOLIO COMPOSITION / QUARTERLY Chip-related names occupy 27 of 70 top-holding slots Same seven managers across ten quarters | Number of chip-related names in each disclosed top ten 21 27 13 15 13 15 12 13 15 16 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Change Atreides 4 3 2 3 3 1 2 3 3 5 +1 Altimeter 1 2 1 1 1 2 3 2 3 4 +3 Whale Rock 1 2 2 2 0 2 2 1 3 4 +3 Alkeon 3 4 4 4 4 4 4 4 5 5 +2 Light Street 4 4 4 5 4 4 4 4 5 6 +2 SoMa 0 0 0 0 0 0 0 2 2 3 +3 Cadian 0 0 0 0 0 0 0 0 0 0 0 Total / 70 slots Counts give equal weight to each manager. A company held by several managers occupies several slots. Source: SEC 13F tables, Q1 2024-Q2 2026. Cells link to filings. Options excluded; classification and coverage: p.12. 04
5. PORTFOLIO WEIGHTS / 2024-2026 Chip-related top holdings expand at BlackRock and Allianz Combined chip-related weights within each fund’s disclosed top ten | % of fund assets BlackRock 40.1% 40 Allianz 38.7% 30 Polar Capital 29.5% 20 Fidelity International 15.3% 10 DNB 9.7% 0 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Dots mark disclosure dates. Dashed lines connect two available observations. Figures cover the named positions inside the top ten. Sources: linked data points. Five global technology funds with comparable 2024 and 2026 observations; definitions: p.12. 05
6. CHIP SUPPLY CHAIN / SELECTED FUNDS Memory and equipment gain weight within chip exposure Weights of disclosed top-ten positions, grouped by issuer | % of fund assets Allianz Technology Trust BlackRock 60 T. Rowe Price 60 60 52.8% 38.7% 40 25.8% 20 7.3 40 40 6.1 16.2 20 16.5% 12.8 10.9 9.4 0 2024-06 NVIDIA 10.0 7.9 0 2026-06 24.3 20 19.4 11.9 13.4 17.9 19.9 6.6 41.7% 40.1% 15.1 0 2024-02 2026-02 Other chipmakers / foundries 2025-12 2026-06 Memory / production equipment Allianz’s 2025 review identifies memory supply shortages as an important investment theme. Sources: linked report dates. Samsung is grouped with memory at issuer level. Broadcom includes software; category definitions: p.12. 06
7. MANAGER VIEWS / 2026 Managers differ on software valuations and AI risk Published reasoning distinguishes the managers’ positions on software and application businesses Manager Investment reasoning Published stance / action Polar Capital AI may erode customer relationships and profit pools in established software and internet businesses. Maintains a significant underweight in software and the internet. Annual report, April 2026. BlackRock Compute and model providers capture value; applications and services face greater disruption questions. Tony Kim emphasizes the lower layers of the technology stack. Interview, 17 August 2026. DNB Domain expertise, embedded workflows and enterprise integration can sustain business value. Sees excessive pessimism and attractive valuations in selected software businesses. April 2026. AllianzGI / Voya IM Recurring revenue, cash generation and mission-critical workflows support selective purchases. ServiceNow bought back in June; Atlassian added in July 2026. Allianz June purchase rationale Sources: linked manager names. These are attributed investment views. BlackRock’s interview describes the team’s view across strategies. 07
8. INVESTMENT THEMES / SELECTED EXAMPLES Payments, healthcare and entertainment offer distinct exposures Named positions illustrate how technology investing extends across end markets Payments Healthcare technology Digital entertainment Visa Sectra Paradox Interactive DNB Fund - Technology TIN Ny Teknik TIN Ny Teknik 3.65% → 7.36% 4.8% → 9.0% 4.0% → 5.8% 2024-12 2024-06 2024-06 2026-06 Payment networks also feature in TIN’s portfolio: Adyen accounts for 4.6% in June 2026. 2026-06 TIN follows Sectra’s shift to cloud delivery and its expansion into autonomous X-ray analysis. Sources: linked dates and commentary. Weights are percentages of the named fund’s assets. TIN absorbed World Tech in March 2026; p.12. 2026-06 Fidelity’s 2026 outlook highlights gaming and music streaming, citing high engagement and room to monetize usage. 08
9. DECISIONS REPORTED BY MANAGERS Entry prices and risk control shape trading decisions Dated examples connect the investment thesis to an explicit decision Aug 2024 Avoided expensive chip names Fidelity International Fidelity favors more diversified, value-oriented semiconductor businesses. Q2 2025 → Q2 2026 Sold Microsoft; reintroduced NVIDIA NZS Capital NZS reallocates toward more compelling ideas; later adds NVIDIA after revisiting the balance of risk and valuation. Q2 2026 Trimmed Micron and SanDisk; added SK hynix Janus Henderson After strong price gains, Janus trimmed Micron and SanDisk and initiated SK hynix, citing a potential US listing. H1 2026 Added protection and retained cash Interconnected Interconnected describes more balanced positions, put hedges and cash after a sharp portfolio rise. NZS Q2 2025: Microsoft sale Sources: linked letters and manager commentary. Actions refer to the named strategy and reporting period. 09
10. APPENDIX / 1-11 OF 23 Manager coverage and source material Technology equity managers across long-only and long/short strategies | Source coverage through 10 September 2026 Manager Fund / strategy Available narrative sources Historical top-ten tables Interconnected Global technology equity Letters Latest positions / 2026-06-30 NZS Capital Growth Equity / Select Letters Latest positions / 2026-06-30 Atreides Public equity long/short Interview excerpts 10 quarters / 2024 Q1-2026 Q2 Coatue Public Equities Company research articles Latest positions / 2026-06-30 Altimeter Public Equity BG2 program descriptions* 10 quarters / 2024 Q1-2026 Q2 Whale Rock Long/Short Interviews / public statements 10 quarters / 2024 Q1-2026 Q2 Alkeon Alkeon UCITS Fund Xanthus annual reports* 10 quarters / 2024 Q1-2026 Q2 Light Street Public equity long/short Interview headlines / summaries 10 quarters / 2024 Q1-2026 Q2 SoMa SoMa Partners Dated commentary unavailable 10 quarters / 2024 Q1-2026 Q2 Cadian Global equity long/short Dated commentary unavailable 10 quarters / 2024 Q1-2026 Q2 ARK ARK Innovation ETF (ARKK) Quarterly CIO commentary Latest positions / 2026-09-10 *BG2 reflects personal discussion; Alkeon’s published commentary comes from Xanthus, a different vehicle from UCITS. The quarterly chart uses manager-level 13F disclosures. Sources: manager names link to narrative material; history labels link to holdings reports. Source selection and definitions: p.12. 10
11. APPENDIX / 12-23 OF 23 Manager coverage and source material Technology equity managers across long-only and long/short strategies | Source coverage through 10 September 2026 Manager Fund / strategy Available narrative sources Historical top-ten tables Polar Capital Polar Capital Technology Trust Annual / interim / monthly reports 2 dates / 2024-04-2026-04 AllianzGI / Voya IM Allianz Technology Trust / Voya IM Annual reports / monthly comments 5 dates / 2024-06-2026-06 Janus Henderson Global Technology Leaders (UK OEIC) Manager articles / fund comments 2 dates / 2025-10-2026-04 Fidelity International Fidelity Funds - Global Technology Manager articles / annual reports 2 dates / 2024-04-2026-04 BlackRock BGF World Technology Team interviews / insights 5 dates / 2024-02-2026-02 Franklin Templeton Franklin Technology Manager articles / fund comments 2 dates / 2025-06-2026-07 T. Rowe Price Global Technology (PRGTX, US) Manager articles / reports 2 dates / 2025-12-2026-06 Pictet Pictet - Digital Fund reviews / outlooks 3 dates / 2025-03-2026-03 DNB DNB Fund - Technology (Lux) Webinar summary / comments 5 dates / 2024-06-2026-06 Swedbank Robur Technology A Annual reports / comments 3 dates / 2024-12-2025-12 Columbia Threadneedle CT (Lux) Global Technology Signed articles / comments 3 dates / 2025-03-2026-03 TIN Fonder TIN Ny Teknik Monthly letters / reports 6 dates / 2024-06-2026-08 Historical counts show the comparable tables retained for analysis. Polar’s delta-adjusted December 2025 factsheet is excluded. TIN Ny Teknik absorbed TIN World Tech in March 2026. Sources: manager names link to narrative material; history labels link to holdings reports. Source selection and definitions: p.12. 11
12. METHODOLOGY Scope, definitions and source treatment Research universe 23 specialist technology investors and diversified managers with dedicated technology strategies. The sample spans investment trusts, mutual funds, an ETF and private funds. Documents run from January 2024 through 10 September 2026. Investment views Letters, reports and manager articles support attributed summaries. Investment theses and forecasts retain their authorship. Interview descriptions receive lower evidential weight than full commentary. Three paywalled Interconnected letters contribute metadata only. Quarterly comparison / p.4 Seven managers across ten quarters. Top holdings rank by reported market value; price moves and trades can change membership. Options are excluded; issuer rows are combined. Each manager contributes ten equally weighted slots from its disclosed long holdings. Fund weights / pp.5-6, 8 Weights use fund assets as the denominator. Chip-related figures sum only positions in the disclosed top ten; holdings outside that group remain unmeasured. Changes combine market prices, transactions and changes in fund assets. Report dates appear on charts. Chip supply-chain classification Chip designers, foundries, memory and production suppliers, classified at issuer level. Broadcom and Samsung include other businesses. Western Digital includes flash memory until its February 2025 separation. EDA software, cloud, networking, servers, HDD-only storage and power equipment are outside the group. Comparability and sources Polar’s option-adjusted December 2025 table is excluded from physical-holding comparisons. TIN’s March 2026 merger affects portfolio comparability. Comparisons use the fund named in the coverage tables; 13F data aggregate a manager’s reported holdings. Public documents are linked on each page. Western Digital separation E9 Technologies | Technology Fund Landscape 2026 | September 2026 Mycronic semiconductor mask writers MKS semiconductor-production solutions 12