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 21.03.2019 based on market close mid price.

Awards & Ratings

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 28.02.2019

Geographic Breakdown (%)

North America 87.3
Europe ex UK 5.1
UK 4.2
Far East & Pacific 2.2
Cash 1.2

Data as of 28.02.2019

Sector Breakdown (%)

Consumer Services
Consumer Goods

Data as of 28.02.2019

Market Cap Breakdown (%)

Over US $100bn 28.2
US $10bn to 100bn 36.2
US $1bn to 10bn 33.6
Under US $1bn 0.8
Cash 1.2

Data as of 28.02.2019

Fund Manager Comments

Portfolio Overview

The Trust’s NAV rose by 5.5% in February, outperforming the Dow Jones World Technology Index return of +3.4%. During the month, both stock selection and industry allocation contributed to relative performance.

Cloud networking software and hardware provider, Arista Networks, was a top contributor during the period. The company reported solid fourth quarter financial results with revenue growth of 27% year on year, exceeding expectations. Overall demand was good across segments with cloud networking and other enterprise customers continuing to invest. Further, management’s outlook for the current fiscal year was better than anticipated with growth from enterprise customers and adoption of 100G network technologies offsetting some large customer slowdowns. Arista 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 Square was also a top contributor in February. The company develops business management software for small- & medium-sized businesses (SMB) and monetises many of these products through transaction processing. Square reported strong quarterly financial results driven by growth in subscriptions and services. Square continues to execute well against its goals of moving to larger sellers, expanding internationally, and building e-commerce tools. The company has been effectively adding new services to its platform to make the total value proposition more compelling for customers.

Other top active contributors included overweight positions in Paycom Software and Teradyne and an underweight position in Tencent.

Our position in Amazon.com was the top detractor during the period. The company reported results ahead of expectations for both revenue and operating income. Notably, Amazon Web Services (AWS) and other revenue (largely advertising) grew 46% and 97%, respectively. We reduced our weighting as we expect the higher spending expectations to be a near term headwind for the company’s profit growth. Nevertheless, we expect Amazon to strengthen its leadership position in retail and cloud services over time.

Our position in video game publisher Take-Two Interactive Software was also a top detractor during the period. The company’s financial results beat expectations, and management raised full year guidance. However, its shares came under pressure after fiscal Q4 guidance fell short of expectations, and investors remain concerned about the growth of one of the company’s popular online games. Take-Two is focusing on stabilising growth by increasing recurring revenues from digital game downloads, in-game micro transactions, and mobile sales. However, these initiatives will likely take time to stabilise the company’s growth. As a result, we decided to exit the position while the company works through some near-term headwinds.

Other top active detractors included an underweight position in Microsoft and not owning Intel or Cisco Systems.

Market Outlook

Despite the recent market volatility, our view is that technology is well-positioned to remain a major driver of market returns. 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. We believe this is a multi-year transition which is still in the very early stages. 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. During the sharp sell-off in the fourth quarter, many high quality technology companies continued to deliver strong operational execution. With more reasonable valuations and less euphoria in the market, we believe high quality companies should exceed expectations and deliver attractive stock returns in 2019.

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 (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.

Artificial intelligence (AI) is also becoming a significant trend. From consumer goods, such as the Amazon Echo, to autonomous driving, practical applications of AI are emerging. We expect AI will increasingly be used to make our lives more convenient.

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

Walter Price 11 March 2019

We continue to believe the technology sector can provide some of the best absolute and relative return opportunities in the equity markets

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 7.9 -12.0 14.3 147.4 154.1
    NAV 6.2 -6.7 14.6 133.7 158.8
    Benchmark 1.7 -8.0 4.9 93.6 148.4

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 28.02.2019.1

    Discrete 12 Month Returns (%)

    2019 2018 2017 2016 2015
    Share Price 14.3 40.4 54.1 -0.7 3.4
    NAV 14.6 37.2 48.6 -1.1 11.9
    Benchmark 4.9 23.4 49.6 1.4 26.5

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 28.02.2019.1

    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.