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 03.06.2020 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 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.
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 ‘A’ rated by Citywire for his three year risk-adjusted performance for the period 31/01/2017 to 31/01/2020. 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

Data as of 30.04.2020

Geographic Breakdown (%)

North America 89.8
Far East & Pacific 2.8
Europe ex UK 1.0
UK 0.9
Cash 5.5

Data as of 30.04.2020

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 30.04.2020

Market Cap Breakdown (%)

Over US $100bn 37.8
US $10bn to 100bn 37.3
US $1bn to 10bn 18.8
Under US $1bn 0.6
Cash 5.5

Data as of 30.04.2020

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust’s NAV returned 12.9% in April, outperforming the Dow Jones World Technology Index return of 11.8%. During the month, stock selection contributed to relative performance, while industry allocation detracted. For the year to date period, the Trust’s NAV returned 11.3% and significantly outperformed the benchmark return of 4.6%.

Our position in Amazon.com was also a top contributor in April. Shares outperformed in this unprecedented period as the company emerged as a beneficiary across a number of fronts. With consumers homebound, many went to Amazon’s online marketplace to purchase home goods. Amazon’s fulfillment capabilities have been pushed through this period but have performed well. The company announced it will be hiring approximately 175,000 workers to meet the influx of demand. Amazon’s web-hosting business has also benefitted as consumer and corporate usage has surged. We believe consumer behavior is likely to shift even more so online to trusted providers that can deliver goods and services effectively.

Our position in cloud security company CrowdStrike was the top contributor during the period. In March, the company reported a very strong quarter with annual recurring revenue growth of +92% and free cash flow of +$50.7M vs. the consensus estimate of -$17.5M. The CEO noted that the competitive landscape has never looked better. Guidance was also impressive, with next quarter and fiscal year revenue guidance well ahead of consensus estimates. The company is utilising remote video conferencing for sales meetings and reported that first business meetings are actually up 13%. As workforces are working remotely due to the global coronavirus outbreak, endpoint and cloud security remain very high priorities for CEOs. CrowdStrike is also seeing a demand boost from customers who are looking to migrate away from Symantec after it was acquired by Broadcom. Despite the uncertainty in the market, CrowdStrike is seeing little impact on its ability to close business. Cyber threats continue regardless of the environment, and the threat landscape grows exponentially with a move beyond a physical office (i.e., an increase in remote workers). As the numbers of customers continue to rapidly increase, those customers are also adopting a larger number of solutions across CrowdStrike’s platform.

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

Our position in Zoom Video was the top detractor during the period as competitors increased their free video conference offerings. Zoom provides a video-first communications platform that changes how people interact. The company has been making extensive investments in security and artificial intelligence technology to help make meetings more productive, transparent, and useful. 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. Zoom is a clear beneficiary from remote worker and social distancing trends.

Our underweight position in Apple, one of the largest holdings in the benchmark, was also a top detractor from relative performance. Shares rallied in April along with the market and ended the month with a positive year-to-date return. Data from China indicated a rebound in iPhone sales in March following a steep decline in February when shelter-in-place restrictions were in effect. To help in the fight against COVID-19, Apple and Google announced a partnership to create contact tracing apps for both iOS and Android devices. Apple released the second-generation of its lower-end iPhone, the iPhone SE, with a starting price of $399. The lower price point could create strong growth opportunities in emerging markets like India and China, which in turn could significantly increase the installed base of users and drive demand for wearables/accessories and services. Analysts’ supply chain checks indicated that near-term iPhone demand has fallen due to the pandemic, but that strong demand for the iPhone 12 is still expected. The portfolio’s weighting in Apple continues to be significantly underweight relative to the benchmark’s large position.

Other top active detractors included overweight positions in Take-Two Interactive and RingCentral and an underweight position in Facebook.

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 May 2020

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

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price4.919.314.0100.6200.6

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.04.2020.1

    Discrete 12 Month Returns to 30 April (%)

    2020 2019 2018 2017 2016
    Share Price14.026.239.458.7-5.5

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 30.04.2020.1

    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 2020, 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.