Portfolio & Performance

ISIN GB0003390720
SEDOL 0339072

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 18.09.2019 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 2018, Specialist category: Allianz Technology Trust won this coveted award in November 2018, having also been victorious in 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 AAA fund manager rating 2019: 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 ‘AAA’ rated by Citywire for his three year risk-adjusted performance for the period 31/07/2016 to 31/07/2019. Citywire awards apply to the Manager, rather than the Fund.
© 2019 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
Advanced Micro Devices
Alphabet - A shares
Akamai Technologies

Data as of 31.08.2019

Geographic Breakdown (%)

North America 89.5
Europe ex UK 4.5
UK 2.0
Cash 4.1

Data as of 31.08.2019

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 31.08.2019

Market Cap Breakdown (%)

Over US $100bn 21.8
US $10bn to 100bn 46.4
US $1bn to 10bn 27.3
Under US $1bn 0.4
Cash 4.1

Data as of 31.08.2019

Fund Manager Comments

Portfolio Overview

The Trust’s NAV fell by 4.6% in August, underperforming the Dow Jones World Technology Index return of -2.4%. During the month, both stock selection and industry allocation detracted from relative performance.

Our position in video streaming platform provider, Roku, was one of the top relative contributors. Shares surged after the company reported solid quarterly revenue results and management raised their outlook for the year. Underlying metrics were also strong with average revenue per user growth accelerating versus the prior quarter and user counts continuing to grow at impressive rates. Roku is a direct beneficiary of the secular trend towards streaming. In the near-term, we expect consumer engagement on its platform to rise as new direct-to-consumer offerings are launched over the next year.

Paycom Software was also a top contributor to relative performance after reporting strong quarterly results driven by revenue growth of 31% year over year. 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. We see the company as a unique cloud asset modernising the payroll market.

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

Our position in cloud security company Zscaler was the top relative detractor during the period. The company’s shares more than doubled this year through July, but then pulled back in August amid market volatility and an analyst’s downgrade. Zscaler operates as a SaaS company, offering a cloud-based security platform. The platform provides web and mobile security, threat protection, cloud application visibility, and cloud-enabled networking solutions. Customers are increasingly adopting Zscaler’s products, which provide a single platform to enforce business and security policy for their users to access multiple applications and services. Zscaler has compelling competitive advantages with its unique capabilities in cloud security. Additionally, customers are seeing a quick return on their investment, which is a very strong selling point for Zscaler relative to competitors.

Our position in Square was also one of the top relative detractors during the period. The company develops business management software for small & medium-sized businesses (SMB) and monetises many of these products through transaction processing. Shares came under pressure after the company reported fiscal quarter earnings results with strong revenue growth but lower-than-expected volume metrics. The company also announced plans to sell its food delivery business, Caviar, to pure-play DoorDash.

Other top active detractors included overweight positions in Cree, Bloom Energy, and DXC Technology.

Market Outlook

In our view, the technology sector continues to benefit from strong tailwinds which should continue to drive attractive long-term appreciation. 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. For the semiconductors and hardware segments, we expect the environment to remain mixed as companies work through production and inventory adjustments amid the trade conflict between the US and China. From a fundamental perspective, these companies are much stronger after years of consolidation and we expect growth to reaccelerate in 2020. We maintain exposure to companies that we believe will benefit from secular growth themes. Despite periods of volatility driven by geopolitical uncertainty, we expect the broad technology sector to see attractive growth in the future.

Despite high valuations for some high growth companies, we continue to see massive addressable markets much larger than the revenue today. However, we have consolidated our exposure to these areas in select companies having the most compelling solutions and whose business models demonstrate a discernible path to deliver strong earnings and cash flow growth over the next few years.

We are also finding excellent investment opportunities among more attractively valued areas of technology. In particular, certain technology incumbents are making compelling progress on their “as-a-service” offerings. Artificial Intelligence (AI) is also becoming a significant trend. From consumer goods, such as the Amazon Echo, to autonomous driving, practical applications of AI are emerging. We expect AI will increasingly be used to make our lives more convenient.

Finally, we will carefully balance risks and opportunities going forward, leveraging our industry expertise, and emphasising individual stock selection.

Walter Price 13 September 2019

certain technology incumbents are making compelling progress on their “as-a-service” offerings.

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


Performance (%)

Select period:

    Cumulative Returns (%)

    3M 6M 1Y 3Y 5Y
    Share Price 8.3 17.6 3.6 125.8 223.8
    NAV 7.8 13.8 6.2 109.3 194.0
    Benchmark 12.3 17.8 8.3 79.9 162.1

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.08.2019.1

    Discrete 12 Month Returns (%)

    2019 2018 2017 2016 2015
    Share Price 3.6 55.7 40.1 26.7 13.2
    NAV 6.2 40.2 40.6 31.6 6.7
    Benchmark 8.3 24.3 33.6 40.4 3.8

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.08.2019.1

    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 2019 © 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 2019, 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.