Portfolio & Performance


Share Price is the price of a single ordinary share, as determined by the stock market. The share price above is the mid-market price at market close.
Share Price

Net Asset Value (NAV) per Share is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities. The NAV figure above is based on the fair/market value of the company’s long-term debt and preference shares (known as debt at market value). This allows for the valuation of long-term debt and preference shares at fair value or current market price, rather than at final repayment value (known as debt at par).
NAV per Share

Premium/Discount. Since investment company shares are traded on a stock market, the share price that you get may be higher or lower than the NAV. The difference is known as a premium or discount.

Dividend Yield is calculated using the latest full year dividend divided by the current share price. Allianz Technology Trust does not currently pay a dividend.
Dividend Yield

Data source DataStream and Allianz Global Investors as at 07.04.2020 based on market close mid price.

Awards & Ratings

Money Observer Investment Trust Awards 2019: Allianz Technology Trust won the Best Large Trust category, in recognition of its consistent, high achievement. The publication noted that ATT achieved the highest returns among this year’s award-winners (performance measured over three years to 31 January 2019), calling it “a worthy winner of our most prestigious sector award”. This accolade is an independent, statistical and qualitative assessment of ATT’s performance and highlights the Trust’s outperformance both in its class and against its peers.
Money Observer Rated Fund 2019: Allianz Technology Trust has been included in Money Observer’s Rated Funds list for 2019. The list recognises open-ended funds and close-ended investment companies that have demonstrated consistent outperformance or that have been chosen as ideal routes into specific markets and sectors, reflecting the current investment environment.
Investment Week Investment Company of the Year Award 2019, Specialist category: Allianz Technology Trust won this coveted award in November 2019, having also been victorious in 2018, 2017 and 2015. This award recognises excellence in closed-ended fund management and highlights ATT’s consistent performance over time. The judging panel was made up of some of the UK's leading researchers and investors in investment trusts and closed-ended companies, as well as several senior board members with many years' experience in the industry.
Citywire's A fund manager rating 2020: Citywire is the only firm to exclusively rate managers, not funds. The manager’s track record is scrutinised with a methodology approved by an independent actuary. The ratings take account of a three-year performance record and is updated every month. It is entirely quantitative with the analysis being based on the information ratio, a recognised measure of risk-adjusted performance. It also takes into account career moves and all the funds a manager runs. In order to be rated, a fund manager will need to beat his or her benchmark over a three-year period. A benchmark is often the relevant stock market index. Fewer than 25% of fund managers tracked by Citywire will actually achieve this.
Morningstar Rating: Allianz Technology Trust has a 5 star rating with Morningstar. This is a risk-adjusted, cost-adjusted comparison of fund performance within fund categories. The underlying methodology is robust and accounts for periods of volatility-downward volatility in particular-and also adjusts for fund expenses, including sales charges. That means the more expensive the fund is, the harder it will be for the fund to earn a high star rating.
Best Investment Trust for The Online Personal Wealth Awards: We are pleased to announce that the trust has been selected as Best Investment Trust for 2018 again by the users of MoneyAM. The trust was previously selected in 2017 too.
Source and copyright of Citywire. Walter Price is ‘A’ rated by Citywire for his three year risk-adjusted performance for the period 31/01/2017 to 31/01/2020. Citywire awards apply to the Manager, rather than the Fund.
© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.


The data shown is not constant over time and the allocation may change in the future. Totals may not sum to 100.0% due to rounding. All data source Allianz Global Investors unless otherwise stated.

Top 10 Holdings (%)

Paycom Software
Micron Technology
Lam Research

Data as of 29.02.2020

Geographic Breakdown (%)

North America 85.2
Europe ex UK 4.5
Far East & Pacific 2.8
UK 1.3
Cash 6.3

Data as of 29.02.2020

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 29.02.2020

Market Cap Breakdown (%)

Over US $100bn 28.1
US $10bn to 100bn 42.3
US $1bn to 10bn 22.5
Under US $1bn 0.8
Cash 6.3

Data as of 29.02.2020

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust’s NAV returned -1.1% in February, outperforming the Dow Jones World Technology Index return of -2.9%. During the month, both stock selection and industry allocation contributed to relative performance.

Our position in RingCentral was a top relative contributor after reporting strong quarterly results that exceeded expectations driven by subscription revenue growth of 34% year over year. RingCentral provides cloud-based unified communications (UC) services that connect multiple users over multiple devices. The company’s solution replaces legacy business communication systems and offers advantages such as minimal upfront investment, rapid deployment, increased functionality, and ease of management. RingCentral has the largest scale among its cloud-based competitors.

Our position in small-business payments and software provider, Square, was also one of the top relative contributors during the period. The company reported strong fourth quarter results at the end of the month with volumes steady and gross profit growth accelerating quarter-on-quarter. We believe these results provide an early proof point that Square’s incremental investments in sales and marketing to reinvigorate growth in its core payments processing business will bear fruit.

Other top active contributors included an underweight position in Apple, an overweight position in Netflix, and not owning Intel.

Paycom Software was a top detractor from relative performance during the period. The company reported a solid end to 2019 with full year results exceeding expectations and Q4 revenue growing 29% year over year. Despite the strong results, investors were disappointed with management’s conservative guidance for 2020. Paycom provides cloud-based payroll and human capital management software in a software-as-a-service (SaaS) format to small and medium businesses in the US. The company’s software provides unique value to customers because it typically replaces multiple systems and helps manage complex compliance requirements. The single database, ease of implementation, and high customer satisfaction should help Paycom continue to take market share in this market.

Our position in Fortinet was also a top relative detractor during the period. Fortinet again delivered an impressive quarter, exceeding expectations across all metrics (billings, revenue, and adjusted earnings per share (EPS)) by a wide margin. 2020 guidance was also above the consensus estimates for revenue, adjusted EPS, and billings. Product growth was again a highlight, with the company delivering 18.9% growth despite a very tough comparison year-over-year. Billings grew by 23.6%, and total revenue grew 21.2%. Fortinet continues to see success in the next generation firewall space, while most of its competitors are reporting negative product growth. The company’s focus and ability to innovate has led to significant credibility gains with enterprise customers.

Other top active detractors included not owning Tencent or Alibaba and an overweight position in Snap.

Market Outlook

While it is too early to predict the ultimate economic impact of the coronavirus outbreak, we do believe some industries will be more severely impacted than others. Within technology, supply chain disruptions will have an impact on some hardware and semiconductor companies. However, we expect companies associated with the digital transformation to hold up better than other segments in the economy. As companies adjust budgets due to supply and/or demand disruptions, there may be some delays in deal closings, but the need for companies to reduce costs should accelerate the move to cheaper and more productive solutions such as cloud, software as a service, artificial intelligence, cyber security, etc.

The recent market decline is certainly not pleasant, but we maintain our conviction in the long term growth opportunity for these companies. The global digital transformation will continue to progress due to numerous cost and productivity benefits relative to traditional technologies. These are dynamic and growing companies delivering products and services that solve real-world problems. Although further market downside is possible near term, and earnings estimates will likely come down over the next few months, we believe the long term reward to risk ratio is now more attractive.

In the longer term the digital transformation is the top priority for many companies across the economy, as these technologies are increasingly becoming critical drivers of growth, productivity, and competitive positioning. If IT budgets must be cut in an economic slowdown, management teams are reporting that the budget for the digital transformation will be the last to be reduced. This transition is a multi-year process, and we believe we are still in the fairly early stages.

We continue to believe the technology sector can provide some of the best absolute and relative return opportunities in the equity markets – especially for bottom-up stock pickers.

Walter Price11 March 2020

The recent market decline is certainly not pleasant, but we maintain our conviction in the long term growth opportunity for these companies

This is no recommendation or solicitation to buy or sell any particular security.


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price-3.0-5.211.579.0174.0

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 29.02.2020.1

    Discrete 12 Month Returns to 28 February (%)

    2020 2019 2018 2017 2016
    Share Price11.514.340.454.1-0.7

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 29.02.2020.1

    1Past performance is not a reliable indicator of future returns. You should not make any assumptions on the future on the basis of performance information. The value of an investment and the income from it can fall as well as rise as a result of market fluctuations and you may not get back the amount originally invested.

    Copyright 2020 © DataStream, a Thomson Reuters company. All rights reserved. DataStream shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

    © Allianz Global Investors GmbH 2020, Registered Office: Frankfurt am Main, Register: HRB 9340, Local court: Frankfurt am Main. All Rights Reserved. Allianz Technology Trust PLC is incorporated in England and Wales. (Company registration no. 3117355). Registered Office: 199 Bishopsgate, London, EC2M 3TY. VAT registration no. 678 1784 81. The Company is a member of the Association of Investment Companies - Category: Sector Specialists - Technology, Media & Telecoms.