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 25.11.2021 based on market close mid price.

Awards & Ratings

Association of Investment Companies (AIC) Shareholder Communication Awards 2021: 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 fund manager rating 2021: 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 ‘+’ rated by Citywire for his three year risk-adjusted performance for the period 33/06/2018 to 30/06/2021. Citywire awards apply to the Manager, rather than the Fund.
© 2021 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
Taiwan Semiconductor
Infineon Technologies

Data as of 31.10.2021

Geographic Breakdown (%)

North America 88.0
Europe ex UK 6.2
Far East & Pacific 2.5
UK 1.4
Cash 1.9

Data as of 31.10.2021

Sector Breakdown (%)

Information Technology
Consumer Discretionary
Health Care
Real Estate

Data as of 31.10.2021

Market Cap Breakdown (%)

Over US $100bn 35.7
US $10bn to 100bn 55.6
US $1bn to 10bn 6.2
Under US $1bn 0.6
Cash 1.9

Data as of 31.10.2021

Fund Manager Comments

The Allianz Technology Trust NAV total return was 8.2% in October, outperforming the Dow Jones World Technology Index return of 5.7%. During the month, stock selection and industry allocation contributed to relative performance.

Our position in electric vehicle maker, Tesla, was the top relative contributor during the period. Shares gained after the company reported quarterly results that included strong profit margin improvements driven by pricing decisions and scale efficiencies. After the report, news circulated that vehicle rental company, Hertz, had ordered a significant number of Tesla Model 3 sedans to electrify its fleet. We believe the near-term results could remain solid amid strong demand and ramping supply. We believe the world is now embracing EVs and the move toward sustainable transport has reached an inflection point.

Our position in collaboration software provider Asana was also a top relative contributor. The company’s recently reported quarterly financial results exceeded expectations driven by revenue growth of 72% year-on-year. Asana is benefiting from better-than-expected demand from large customers as well as strong international growth. Management raised revenue guidance driven by accelerating new customer growth, expansion of current customer contracts, investments in enterprise sales capacity, product enhancements, and international expansion. Asana offers a flexible and scalable work management platform that helps individuals, teams, managers, and executives coordinate and execute activities and tasks, streamline and automate workflows, and collaborate more effectively.

Other top active contributors included overweight positions in Cloudflare and Zscaler and an underweight position in Meta (Facebook).

Our underweight position in Microsoft was the top relative detractor. The company delivered another strong quarter and topped expectations for revenue and earnings. Total revenue grew 20% year-on-year, and guidance for the December quarter was also stronger than expected. Microsoft Cloud annual revenue surpassed $20 billion for the first time, growing 34% year-on-year and now accounting for 46% of total revenue. The company’s security segment reported 70 billion attacks having been stopped over the last year alone, and the customer base grew by 50%. Management further detailed plans to invest $20 billion over the next five years to advance Microsoft’s security strategy and solutions. This has demonstrated a continued strong execution across both established and emerging products. The urgency of digital transformation has increased due to the COVID-19 pandemic, and Microsoft has demonstrated its strategic position in helping customers along this journey, with a proven ability to execute across multiple vectors of growth. We remain underweight relative to the benchmark’s large position in the stock.

Our position in Twilio was also a top relative detractor during the period. The company provides a cloud-based platform that enables developers to build, scale, and operate real-time communications within software applications as a pay-as-you-go service. Shares fell after the company reported slowing organic growth in the latest quarter and management’s guidance suggested further deceleration. The company faced difficult growth comparisons this quarter, and we believe management is establishing a conservative outlook. Twilio is benefiting from an acceleration of projects tied to digital transformation in customer engagement. The company’s messaging capability is increasingly used to implement authorisations, notifications, and multi-factor authentication in security schemes. 

Other top active detractors included an underweight position in Alphabet (Google) and overweight positions in Lyft and Micron.

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 COVID-19 crisis will spur the use of technology and change how we live and work in the future.  Additionally, many businesses are struggling to find workers to meet customer demand and need technology solutions to improve productivity of limited staffs. As companies need to reduce costs and improve productivity, we expect to see accelerating demand for innovative 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 Price19 November 2021

The company’s security segment reported 70 billion attacks having been stopped over the last year alone

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price8.78.229.6140.9301.0

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.10.2021.1

    Discrete 12 Month Returns to 30 September (%)

    2021 2020 2019 2018 2017
    Share Price18.558.11.849.038.7

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 30.09.2021.1

    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 2021 © 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.