"I'd have thought their portfolio would be more Alphabet, Meta, and Apple rather than Tesla and Nvidia? If they're an old school value orientated IT. Their portfolio is more like Cathie Woods of ARK."

I think they may have moved towards being ARK like over time. Before last year's correction they were one of the high-flying trusts that often got a lot of positive attention along with Fundsmith for UK investors.

The people running it believe that the companies they buy into have such long runways for growth they are less worried about valuation than other funds/ investors are.

I've also seen it mentioned somewhere they have a significant number of investments in companies that have little liquidity - not sure how big an issue this is but I recall was a problem for Woodford when things turned against him.