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 15.11.2018 based on market close mid price.


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 30.09.2018

Geographic Breakdown (%)

North America 87.1
Europe ex UK 3.9
UK 3.3
Far East & Pacific 0.2
Cash 5.5

Data as of 30.09.2018

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 30.09.2018

Market Cap Breakdown (%)

Over US $100bn 26.5
US $10bn to 100bn 37.4
US $1bn to 10bn 30.1
Under US $1bn 0.5
Cash 5.5

Data as of 30.09.2018

Fund Manager Comments

Portfolio Overview

The Trust’s NAV fell by 1.32% in September, outperforming the benchmark return of -1.68%. During the month, both stock selection and industry allocation contributed to relative performance.

Our position in Square was the top relative contributor 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 rallied after the company introduced its new Square Payroll App and an analyst significantly raised his price target for the company’s shares. The company has been effectively adding new services to its platform to make the total value proposition more compelling for customers. Square’s recent acquisition of Weebly as well as the monetisation opportunities for its Cash App could provide additional growth drivers for the company. Square’s subscriptions and services are key differentiators against other processors and include a variety of offerings designed to help customers operate their businesses more efficiently.

Our position in Okta was also a top relative contributor in September after reporting strong quarterly results driven by 59% revenue growth and record customer additions. Okta is a data security provider offering services such as automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta has an opportunity to disrupt the large market for identity and access management. The company has developed a highly scalable identity platform with integrations to over 5,000 applications. With the large number of applications and over 4,000 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.

Other top active contributors included an underweight position in Facebook and overweight positions in Advanced Micro Devices (AMD) and Activision Blizzard.

Cloud networking software and hardware provider, Arista Networks, was a top relative detractor during the period. Shares jumped in August on news of the company’s inclusion in the S&P 500 Index, but then pulled back in September. The company provides cloud networking software and hardware for Internet and Cloud service providers, as well as next generation datacenters. Its products include modular cloud networking platforms that enable in-service upgrades and application extensibility.

Our position in Proofpoint was also a top relative detractor in September. Shares came under pressure as investors became concerned about the potential for management to issue conservative 2019 guidance. The company’s emerging products category, which includes Email Fraud Defense, Threat Response, Targeted Attack Protection, and Social Media Protection, is expected to be a driver of future growth. The company continues expansion efforts in Europe as they anticipate increased spending this year by companies seeking to comply with the EU’s new General Data Protection Regulation. Proofpoint is benefiting from several growth drivers, and the power of its Software-as-a-Service model is beginning to generate leverage and produce solid free cash flow growth. Email security is a mature market and Proofpoint could continue to capture market share as enterprises shift to cloud-based infrastructure and adopt more of the company’s products, which include broader data security, advanced malware protection, and security analytics.

Other top active detractors included overweight positions in Teradyne and Tesla and an underweight position in Microsoft.

Market Outlook

Our view is that technology is well-positioned to remain a major driver of market returns. The combination of solid global GDP growth, strong corporate earnings, domestic tax cuts in the US, and the ongoing digital transformation among corporations should continue to drive growth in IT spending. Feedback from our discussions with company management teams, as well as management surveys from multiple sources, indicate that companies across the economy are turning to technology solutions to increase revenue, improve productivity, and enhance operating efficiency. While the largest technology companies today will inevitably struggle to grow as rapidly in the future, the broad technology sector should continue to see attractive growth in the future.

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 Gross Domestic Product 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 will continue carefully balancing risks and opportunities, leveraging our industry expertise, and emphasizing individual stock selection.

Walter Price 09 October 2018

While the largest technology companies today will inevitably struggle to grow as rapidly in the future, the broad technology sector should continue to see attractive growth in the future.

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 9.5 28.9 49.0 178.3 217.7
    NAV 10.8 25.9 40.7 163.5 208.6
    Benchmark 6.9 17.7 25.7 128.7 194.6

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.09.2018.1

    Discrete 12 Month Returns (%)

    2018 2017 2016 2015 2014
    Share Price 49.0 38.7 34.7 4.8 9.0
    NAV 40.7 33.5 40.3 3.7 12.9
    Benchmark 25.7 25.4 45.1 3.5 24.5

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.09.2018.1

    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 2018 © 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 2018, 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.