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 24.09.2020 based on market close mid price.

Awards & Ratings

Association of Investment Companies (AIC) Shareholder Communication Awards 2020: Allianz Technology Trust won the award for ‘Best Report and Accounts – Specialist’. The panel thought the winning report was excellently designed and included engaging, educational content about the sector and its themes.
Money Observer Investment Trust Awards 2020: 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 2020), 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.
Source and copyright of Citywire. Walter Price is ‘A’ rated by Citywire for his three year risk-adjusted performance for the period 31/05/2017 to 31/05/2020. 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

Data as of 31.08.2020

Geographic Breakdown (%)

North America 88.6
Far East & Pacific 5.0
Europe ex UK 1.6
UK 0.8
Cash 4.0

Data as of 31.08.2020

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 31.08.2020

Market Cap Breakdown (%)

Over US $100bn 43.0
US $10bn to 100bn 47.1
US $1bn to 10bn 5.9
Cash 4.0

Data as of 31.08.2020

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust’s NAV returned 5.8% in August, underperforming the Dow Jones World Technology Index return of 7.3%. During the month, stock selection and industry allocation detracted from relative performance. For the year to date period, the Trust returned 41.9%, significantly outperforming the benchmark return of 24.0%.

Our position in electric vehicle maker, Tesla, was the top relative contributor during the period. Shares surged after the company announced a five-for-one stock split to take place at the end of August. Additionally, optimism around potential inclusion in the S&P 500 Index after the company achieved profitability in the latest quarter contributed to the rally. We believe the upcoming battery day in September will be a positive catalyst. Moreover, the work on the company's factories in Germany, Texas, and Shanghai appears to be progressing at surprising speed. With the rapid scaling of their vehicle production and further planned capacity, our earnings power estimates have increased significantly over the past several months.

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 second quarter results that included better trends across both seller and consumer ecosystems. Seller volumes declined 15% during the quarter, but Square fared better than many payments peers, as it added many new merchants who needed more mobile and online-friendly payment services. Consumers downloaded and transacted on Square’s Cash App at an accelerated rate with physical forms of payments disrupted due to COVID-19. We believe these trends speak to the strength of Square’s platform of products, which enable businesses and consumers to transact and operate in a more digitally oriented world.

Other top active contributors included an overweight position in Zoom Video, not owning Cisco Systems, and an underweight position in Tencent.

Our underweight position in Apple, one of the largest holdings in the benchmark, was the top relative detractor during the period. Shares continued their strong outperformance after the company reported quarterly financial results well ahead of expectations at the end of July. During the month, Apple became the first American company to reach a market capitalization of $2 trillion. The strength in the quarter was driven by iPhone, iMac, and iPad sales that more than offset slightly weaker sales in wearables/accessories. In part, Apple is benefitting from the work-from-home trend as reflected in strength in their PC and tablet product categories. iPhone demand has picked-up meaningfully coupled with the launch of the second-generation of its lower-end iPhone, the iPhone SE, with a starting price of $399. The lower price point creates strong growth opportunities in emerging markets like India and China, which could significantly increase the installed base of users and drive demand for wearables/accessories and services. The reopening of the economy as well as the beginning of the new 5G iPhone product cycle should provide a supportive environment for the remainder of the year. Apple remains the largest position in the portfolio but continues to be significantly underweight relative to the benchmark’s large position.

Our position in Twilio was also one of the top relative detractors during the period. The company reported solid quarterly financial results driven by revenue growth of 46% year-over-year. Weakness in verticals such as travel, hospitality, and ride sharing were more than offset by its diversified customer base and strength in elevated use cases in education, health care, and retail. While the overall results were positive, they fell short of elevated investor expectations, and shares pulled back following very strong outperformance since the market lows in March. Twilio provides a cloud-based platform that enables developers to build, scale, and operate real-time communications within software applications as a pay-as-you-go service. Customers across industries are turning to the company’s customer engagement platform to help accelerate their digital transformation efforts. We continue to see Twilio offering differentiated solutions and strong developer relationships in the communications platform-as-a-service market.

Other top active detractors included an underweight position in Salesforce.com and overweight positions in Micron Technology and Datadog.

Market Outlook

While technology stocks have pulled back recently, we remain confident that long term trends continue to favour the sector. In our view, the technology sector continues to benefit from strong tailwinds which should continue to drive attractive long term appreciation. There is no question in our minds that the present events around the COVID-19 crisis will spur the use of technology and change how we live and work in the future. As companies adjust budgets due to supply and/or demand disruptions, 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. We are in a period of rapid change, where the importance of technology is key to the prosperity of most industries. This environment is likely to provide attractive growth opportunities in many technology stocks over the next several years.

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 Price16 September 2020

the importance of technology is key to the prosperity of most industries

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price21.356.948.7139.7325.4

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.08.2020.1

    Discrete 12 Month Returns to 31 August (%)

    2020 2019 2018 2017 2016
    Share Price48.73.655.740.126.7

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 31.08.2020.1

    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.