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 12.07.2019 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.
Investors Chronicle Top 100 Fund: Allianz Technology Trust has been chosen as one of the ‘Investors Chronicle Top 100 Funds’, for the sixth consecutive year. From almost 3,000 eligible actively-managed funds, ATT’s selection is based on its performance history relative to risk, fees, tenure of manager and consistency of returns.
AIC Shareholder Communication Award, Best Specialist Report and Accounts 2018: The independent judging panel commented on the report’s excellent use of pictures as well as its use of text and design in a creative way. The judges also described the ‘Insights’ section in the report, explaining the technology sectors it invests in, as “simply superb”. These awards celebrate those AIC member investment trusts and their managers who are providing clear, meaningful information to shareholders in an imaginative way.
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 (%)

Alphabet - A shares
Paycom Software
Arista Networks

Data as of 30.06.2019

Geographic Breakdown (%)

North America 88.3
Europe ex UK 5.1
UK 3.6
Far East & Pacific 0.3
Cash 2.8

Data as of 30.06.2019

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 30.06.2019

Market Cap Breakdown (%)

Over US $100bn 27.5
US $10bn to 100bn 39.6
US $1bn to 10bn 28.9
Under US $1bn 1.2
Cash 2.8

Data as of 30.06.2019

Fund Manager Comments

Portfolio Overview

The Trust’s NAV gained 5.5% in June, underperforming the Dow Jones World Technology Index return of 6.8%. During the month, stock selection contributed and industry allocation detracted from performance relative to the index.

Our position in Square was among the top contributors 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 gained as investors looked toward the second half of the year where Square is expected to show growth in processing volume generated by the onboarding of a large events marketplace. Additionally, the company announced the integration of third-party food delivery services such as Postmates and DoorDash to the Square for Restaurants platform. We see the company as a disruptor in the SMB payments and software market with multiple vectors for growth.

Our position in Okta was also a top contributor after it reported strong quarterly results with 50% revenue growth year-on-year. Okta is a data security provider offering services such as automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta has a compelling opportunity to disrupt the large market for identity and access management. With a large number of applications and over 5,000 customers, Okta is beginning to see a network effect developing. The company also benefits from the shift to the cloud. Subscription revenue was driven by the company’s acceleration with enterprise customers. The world's largest organisations are increasingly realising that identity security is essential to their cloud, digital transformation, and security initiatives. A growing market opportunity, strong execution, and new product launches should further advance Okta’s leadership in identity security.

Other top active contributors included an underweight position in Alphabet (Google’s parent) and overweight positions in Tableau Software and Cypress Semiconductor.

Not owning Apple, one of the largest holdings in the benchmark, was the top detractor from relative performance. After falling sharply in May, shares outperformed in June due to easing US-China trade tensions and a series of dovish statements from key central banks. Some investors are optimistic that Apple’s large installed base of iPhone users will boost future iPhone upgrades as well as monetisation of services. However, we expect to see a lull in the 2019 iPhone product cycle ahead of the 5G iPhones in 2020. Further, we are seeing lower demand from Chinese consumers. We are not currently invested in the stock.

Our position in Cree was also a top detractor from relative performance. Cree develops light-emitting diode (LED) products, lighting products, and power and RF applications. Shares came under pressure after the company negatively revised financial guidance for the June quarter. Sales of materials related to the wireless infrastructure buildout were impacted by US restrictions on Huawei, and sales of LED products fell short due to global trade concerns. The company is currently increasing manufacturing capacity for its specialty semiconductors, which dramatically increase efficiency in electric vehicle (EV) drivetrains and charging stations. We believe demand for these EV components could increase significantly over the next few years.

Other top active detractors included not owning Samsung or NVIDIA and an overweight position in Zynga.

Market Outlook

Technology is well-positioned to remain a major driver of market returns. The ongoing digital transformation among corporations should continue to drive growth in IT spending. Companies across the economy are turning to technology solutions to increase revenue, improve productivity, and enhance operating efficiency. We believe this is a multi-year transition which is still in the very early stages.

The growth in technology is coming from the creation of new markets, rather than simply gross domestic product (GDP) growth. Industries such as automobiles, advertising, security, retail, and manufacturing are all being shaped and transformed by advances in technology.

Despite high valuations for some high growth companies, we continue to see the potential for 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.

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) remains a significant trend. We expect AI will increasingly be used to make our lives more convenient.

We will continue carefully balancing risks and opportunities, leveraging our industry expertise, and emphasising individual stock selection.

Walter Price 05 July 2019

Companies across the economy are turning to technology solutions to increase revenue, improve productivity, and enhance operating efficiency

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 7.6 34.9 15.5 165.5 225.1
    NAV 6.3 27.4 16.7 129.1 203.2
    Benchmark 6.0 22.9 12.0 93.8 167.1

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.06.2019.1

    Discrete 12 Month Returns (%)

    2019 2018 2017 2016 2015
    Share Price 15.5 45.3 58.2 2.3 19.7
    NAV 16.7 36.7 43.6 14.9 15.2
    Benchmark 12.0 23.4 40.2 18.9 15.9

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.06.2019.1

    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.