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 17.10.2019 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.
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 (%)

Micron Technology
Alphabet - A shares
Paycom Software
Advanced Micro Devices
Akamai Technologies

Data as of 30.09.2019

Geographic Breakdown (%)

North America 89.8
Europe ex UK 4.6
UK 2.1
Cash 3.5

Data as of 30.09.2019

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 30.09.2019

Market Cap Breakdown (%)

Over US $100bn 25.7
US $10bn to 100bn 40.3
US $1bn to 10bn 30.2
Under US $1bn 0.3
Cash 3.5

Data as of 30.09.2019

Fund Manager Comments

Portfolio Overview

The Trust’s –NAV fell 5.6% in September, underperforming the Dow Jones World Technology Index return of 0.6%. During the month, both stock selection and industry allocation detracted from relative performance.

Recent performance has been negatively impacted by the sharp rotation from high growth, “momentum” stocks to value and cyclical stocks. The rotation has been driven more by the significant outperformance and higher valuation of high growth stocks versus cyclical and value stocks, rather than a dramatic shift in the fundamental landscape. At the macro level, conditions remain favorable for growth stocks, and we do not expect these conditions to materially change any time soon. While value and cyclical stocks have performed well recently, the macro factors which have supported growth over value in recent years: low yields, low inflation, low growth, flatter yield curves, all remain intact and accommodative for growth relative to value and cyclical stocks. While there may be periods of market rotations or higher volatility due to macro issues, the move to cloud and the broader digital transformation remains well intact. We believe the long term growth prospects for the higher growth software companies remain very compelling.

Our position in Cree was the top relative contributor in September. Cree develops LED products, lighting products, and power and RF applications. Shares rallied in September after falling in August when the company reported earnings. Cree’s June quarter results were in line with the company’s revised ranges. However, management highlighted several near term challenges due to the company's exposure to Huawei and the global trade uncertainty that has created weakness in the LED business.

Our position in Proofpoint was also a top relative contributor in September. Shares rallied after an analyst upgrade highlighted the company’s recent improvement in execution and potential for strong growth through 2020. Proofpoint’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 by companies seeking to comply with the EU’s 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.

Other top active contributors included overweight positions in Teradyne and Taiwan Semiconductor and an underweight position in Alibaba.

Our position in cloud security company Zscaler was a top relative detractor during the period. The company reported strong quarterly results that beat expectations driven by revenue growth of 53%. However, investors were disappointed by management’s conservative guidance for growth in 2020, raising concerns of potential increased competitive risks. Zscaler 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.

Our position in video streaming platform provider, Roku, was also one of the top relative detractors. Shares were under pressure due to competitive concerns from announcements by Comcast and Facebook. We do not view these offerings as major competitive threats in their current form.

Other top active detractors included overweight positions in Okta and Paycom Software and not owning Apple.

Market Outlook

The digital transformation is the top priority for many companies across the economy, as these technologies are increasingly becoming critical drivers of growth, productivity, and competitive positioning. If IT budgets must be cut in an economic slowdown, management teams are reporting that the budget for the digital transformation will be the last to be reduced. This transition is a multi-year process, and we believe we are still in the fairly early stages. We maintain exposure to companies that we believe will benefit from secular growth themes. Despite periods of volatility driven by geopolitical uncertainty, we expect the broad technology sector 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 from the growth of the gross domestic product.

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 continue to carefully balance risks and opportunities going forward, leveraging our industry expertise, and emphasising individual stock selection.

Walter Price 15 October 2019

the move to cloud and the broader digital transformation remains well intact

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 -3.5 3.8 1.8 110.3 196.8
    NAV -3.6 2.5 1.6 90.8 177.6
    Benchmark 5.8 12.1 10.9 74.7 162.4

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.09.2019.1

    Discrete 12 Month Returns to (%)

    2019 2018 2017 2016 2015
    Share Price 1.8 49.0 38.7 34.7 4.8
    NAV 1.6 40.6 33.5 40.3 3.7
    Benchmark 10.9 25.7 25.4 45.1 3.5

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 30.09.2019.1

    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.