Brian Ashford-Russell, the star fund manager who left Henderson Global Investors to set up on his last year, has seen his Polar Capital Technology trust lose 40% of its value in the year to April 30.

The trust had been managed by Ashford-Russell while he was at Henderson. When he set up on his own, with 20% backing from the Cayzer family's Caledonia Investments, management of the trust was transferred from Henderson to him directly.