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 18.01.2022 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
Micron Technology
Taiwan Semiconductor
ON Semiconductor

Data as of 30.11.2021

Geographic Breakdown (%)

North America 87.5
Europe ex UK 6.1
Far East & Pacific 2.3
UK 1.4
Cash 2.7

Data as of 30.11.2021

Sector Breakdown (%)

Information Technology
Consumer Discretionary
Health Care

Data as of 30.11.2021

Market Cap Breakdown (%)

Over US $100bn 35.6
US $10bn to 100bn 54.0
US $1bn to 10bn 6.9
Under US $1bn 0.8
Cash 2.7

Data as of 30.11.2021

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust’s NAV total return was 2.8% in November, underperforming the Dow Jones World Technology Index return of 5.1%. During the month, stock selection and industry allocation detracted from relative performance.

Our position in ON Semiconductor was the top relative contributor. The company’s chip solutions are used in power and data management applications with key end markets being the automotive, industrial, and communications segments. Shares surged after the company reported strong quarterly results that beat on the top and bottom lines. Management guided for profit margins to remain strong amid surging demand and for an ongoing product-mix shift toward higher-value areas, which command better pricing. We maintain a favourable view of this security as a portfolio holding as we believe the more focused company can realise a higher earnings power and valuation over time.

The Trade Desk was also among the top relative contributors during the period. The company provides a self-service platform for ad buyers to purchase and manage data-driven digital advertising campaigns across advertising formats. Shares gained after the company reported solid third quarter results that beat expectations. Management highlighted a robust and diversifying mix of advertisers and strong growth channels, such as connected TV, as contributors to the results. We remain positive on The Trade Desk as a portfolio holding, seeing the company as the leading independent programmatic ad buying platform across digital channels.

Other top active contributors included not owning Alibaba and overweight positions in Seagate and Micron.

Our position in Crowdstrike was a top relative detractor during the period as shares fell along with other high-growth software companies amid investor concerns over rising interest rates. The company’s most recent financial results benefitted from another quarter of elevated demand. Annual recurring revenue (“ARR”) and total revenue both increased by 70% year-on-year, while profitability continues to improve and exceed expectations. Results for the quarter demonstrated the company’s ability to continue to take on customers further down the revenue scale. ARR per customer declined due to mix of higher and lower-valued accounts as expected, but net revenue retention remained over 120%, attach rates – the ratio of add-on products sold with each major product – increased, sales and marketing efficiency remained healthy, and operating margins came in above expectations. We continue to view the company as having long-term secular tailwinds in security due to its native cloud platform advantage versus peers, and its expansion into additional security segments to capture a greater share of security budgets.

Our position in collaboration software provider Asana was also a top relative detractor as shares fell along with other high-growth software companies. The company’s most recent quarterly financial results exceeded expectations driven by revenue growth of 72% year-on-year. Asana has benefited 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 detractors included an underweight position in Apple and overweight positions in Paycom Software and Okta.

Market Outlook

In our view, the technology sector continues to benefit from strong tailwinds which, we believe, 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. We believe that 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 Price20 December 2021

we expect to see accelerating demand for innovative and more productive solutions such as cloud, software-as-a-service, artificial intelligence, cyber security, etc

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price13.229.627.3165.0341.2

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.11.2021.1

    Discrete 12 Month Returns to 30 November (%)

    2021 2020 2019 2018 2017
    Share Price27.367.924.110.850.2

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 30.11.2021.1

    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 2022, 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.