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 18.06.2019 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 AA 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 ‘AA’ rated by Citywire for his three year risk-adjusted performance for the period 31/12/2015 to 31/12/2018. 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

Data as of 31.05.2019

Geographic Breakdown (%)

North America 85.5
Europe ex UK 4.6
UK 3.8
Far East & Pacific 0.2
Cash 5.8

Data as of 31.05.2019

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 31.05.2019

Market Cap Breakdown (%)

Over US $100bn 21.8
US $10bn to 100bn 41.1
US $1bn to 10bn 30.3
Under US $1bn 1.0
Cash 5.8

Data as of 31.05.2019

Fund Manager Comments

Portfolio Overview

The Trust’s NAV fell by 4.7% in May, outperforming the Dow Jones World Technology Index return of -6.5%. During the month, both stock selection and industry allocation contributed to relative performance.

Our position in Okta was the top contributor in May after reporting 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 as customers looking for an identity management solution for cloud applications are attracted to the wide range of applications. Management noted that 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.

Our position in cloud security company Zscaler was also a top contributor in May after delivering impressive quarterly results with revenue growth of 61% year-on-year. The company operates as a Security-as-a-Service 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.

Other top active contributors included overweight positions in Paycom Software and AVEVA Group and not owning Apple.

Our underweight position in Microsoft was the top detractor from relative performance. Shares outperformed the technology sector following the release in April of very strong quarterly results driven by broad-based strength in its cloud business. Commercial cloud grew 34%, which is very impressive given the size of this business segment, and its Azure segment grew about 75% year over year. We are seeing an inflection of demand from enterprise customers as more companies move their workloads to the cloud. Microsoft should continue to benefit from this shift over time given their strong long-term relationships with enterprise customers. At the current pace of growth, it is likely that Microsoft’s cloud business alone could become one of the largest technology platforms in the world. Microsoft has been investing in data centres and developing partnerships to boost sales of its main cloud products, which appears to be paying off for the company. We are underweight relative to the benchmark’s large position in the stock. Our exposure to the cloud and artificial intelligence themes is spread across multiple companies in the portfolio, as we believe this approach offers a more attractive risk/reward profile.

Cloud networking software and hardware provider, Arista Networks, was also a top relative detractor during the period. The company delivered solid first quarter 2019 results with revenue up 26%, earnings up 39%, and billings up 32% year over year. However, Arista’s second quarter revenue guidance fell short of consensus estimates, which management attributed to delayed capital expenditures by a couple of large cloud customers following their strong 2018 investments. Arista provides cloud networking software and hardware for Internet and Cloud service providers, as well as next generation datacentres. Its products include modular cloud networking platforms that enable in-service upgrades and application extensibility. End-demand and Arista’s competitive position remain strong in the cloud segment.

Other top active detractors included overweight positions in Pure Storage, DXC Technology, and Cree.

Market Outlook

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. The growth in technology is coming from the creation of new markets, rather than simply GDP growth. Investors need to find companies generating organic growth by creating new markets or effecting significant change on old markets. Industries such as automobiles, advertising, security, retail, and manufacturing are all being shaped and transformed by advances in technology.

We are seeing an ongoing wave of innovation in the sector that we believe has the potential to produce attractive returns for companies with best-in-class solutions. We also see a number of companies with present valuations that, in our view, do not fully reflect positive company- and/or industry-specific tailwinds.

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.

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

Walter Price 11 June 2019

Our exposure to the cloud and artificial intelligence themes is spread across multiple companies in the portfolio, as we believe this approach offers a more attractive risk/reward profile.

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 8.6 17.1 10.5 160.5 212.5
    NAV 5.6 12.2 11.0 133.0 199.0
    Benchmark 4.9 6.6 4.0 94.2 152.4

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.05.2019.1

    Discrete 12 Month Returns (%)

    2019 2018 2017 2016 2015
    Share Price 10.5 38.9 69.7 -4.2 25.3
    NAV 11.0 32.8 58.0 1.9 26.0
    Benchmark 4.0 22.0 53.1 2.9 26.3

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.05.2019.1

    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.