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 22.01.2021 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 (%)

Alphabet - A shares
Micron Technology
Paycom Software

Data as of 31.12.2020

Geographic Breakdown (%)

North America 89.1
Far East & Pacific 6.4
Europe ex UK 2.1
UK 1.3
Cash 1.1

Data as of 31.12.2020

Sector Breakdown (%)

Consumer Goods
Consumer Services
Health Care

Data as of 31.12.2020

Market Cap Breakdown (%)

Over US $100bn 36.3
US $10bn to 100bn 53.6
US $1bn to 10bn 9.0
Cash 1.1

Data as of 31.12.2020

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust’s NAV returned 5.4% in December, outperforming the Dow Jones World Technology Index return of 2.9%. During the month, stock selection contributed, and industry allocation detracted from relative performance. For the full year period, the Trust’s NAV returned 76.1%, significantly outperforming the benchmark return of 41.7%.

Our position in security software vendor CrowdStrike was the top relative contributor during the period. The company delivered strong quarterly results as revenue and billings growth accelerated, an impressive feat given that the company is approaching a $1 billion revenue run rate. Margins continue to improve, while annual recurring revenue (ARR) growth also exceeded expectations, up about 81% year-on-year. The company added 1,186 net new customers in the quarter, surpassing some estimates by over 500. The robust growth demonstrates that the company is benefiting from tailwinds generated by an acceleration in digital transformation and a shift in workforces moving to a work-from-home model as organisations of all sizes prioritise security platform adoption. Traditional perimeter-based security architectures have become far less effective as more organisations adopt cloud-based applications. CrowdStrike remains well-positioned to benefit from multiple tailwinds.

Our position in cloud security company Zscaler was also a top relative contributor during the period. The company delivered another robust quarter posting billings growth of 64%, blowing away consensus expectations, and demonstrating the underlying cloud deal momentum the company is seeing. Management yet again raised guidance as deal flow and pipeline activity are changing. With strong execution and massive cloud tailwinds, which have been accelerated in this COVID-19 environment, Zscaler is helping to drive transformative trends in cyber security for enterprises across the board. Zscaler is a first mover in cloud security that has essentially created a new market in the cyber security world with an innovative product umbrella and strategic focus, which should disrupt the competitive landscape for years to come. We believe the company continues to benefit from multiple tailwinds. We believe the cloud journey is still in the early innings, and Zscaler remains well-positioned to significantly expand its addressable market.

Other top active contributors included overweight positions in Tesla and MongoDB and an underweight position in Alibaba.

Our underweight position in Apple, one of the largest holdings in the benchmark, was the top detractor from relative performance. In this challenging environment, the company continues to execute and deliver solid profitability and strong free cash flow. 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 benefitted from the second-generation of the 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. Positive drivers for Apple include the reopening of the economy as well as the ongoing roll out of the new 5G iPhone, which is expected to be one of the biggest product cycles in the company’s history. Apple remains one of the top positions in the portfolio but continues to be significantly underweight relative to the benchmark’s large position.

Our position in Zoom Video was also a top relative detractor during the period. The company reported strong quarterly financial results driven by revenue growth of 367% year-on-year, but shares fell as the results failed to meet heightened investor expectations. Analysts were concerned by decreasing margins pressured by free usage as well as expectations that the COVID-19 vaccine will soon allow more in-person meetings. During the pandemic, tens of millions of new customers have flocked to the platform with employees attending meetings while working from home, students engaging in remote learning setups, and individuals maintaining contact with their personal networks. While Zoom is a clear beneficiary from remote worker and social distancing trends, we reduced our position during the period given the increasingly uncertain outlook.

Other top active detractors included overweight positions in Snowflake, STMicroelectronics, and Pinterest.

Market Outlook

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 Price18 January 2021

We believe the cloud journey is still in the early innings

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price18.331.780.3154.1360.5

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.12.2020.1

    Discrete 12 Month Returns to 31 December (%)

    2020 2019 2018 2017 2016
    Share Price80.335.04.442.727.0

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 31.12.2020.1

    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 2021, 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.