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 17.06.2021 based on market close mid price.

Awards & Ratings

Association of Investment Companies (AIC) Shareholder Communication Awards 2020: 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 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.
Source and copyright of Citywire. Walter Price is ‘A’ rated by Citywire for his three year risk-adjusted performance for the period 31/05/2017 to 31/05/2020. 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
Expedia Group
Samsung Electronics
Seagate Technology

Data as of 30.04.2021

Geographic Breakdown (%)

North America 86.6
Far East & Pacific 6.1
Europe ex UK 4.2
UK 1.5
Cash 1.6

Data as of 30.04.2021

Sector Breakdown (%)

Consumer Services
Consumer Goods
Health Care

Data as of 30.04.2021

Market Cap Breakdown (%)

Over US $100bn 38.2
US $10bn to 100bn 53.5
US $1bn to 10bn 6.7
Cash 1.6

Data as of 30.04.2021

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust returned 5.3% in April, underperforming the Dow Jones World Technology Index return of 5.6% GBP. During the month, stock selection and industry allocation detracted from relative performance.

Our position in Okta was a top relative contributor during the period. The company’s most recent quarterly financial results beat expectations for revenue and earnings per share (EPS). Revenue grew 40% year-on-year and total billings grew 40.5% year-on-year. Okta saw a continuation of strong demand as identity access management benefits from a number of trends such as the shift to cloud/hybrid environments, zero trust, and digital transformation. Large deal activity was again strong, with 170 new customers added with an average contract value (ACV) greater than $100,000. The company also recently announced a large acquisition, as it intends to acquire private competitor Auth0 for $6.5 billion in an all-stock transaction. The rationale for the acquisition is that Auth0 will accelerate Okta’s growth in the critical consumer identity access market, with Auth0’s solution largely complementary to Okta’s. Auth0 focuses on the DevOps arena and developers with limited overlap in terms of capabilities of the solutions. We believe the company is on a multiyear journey benefiting from massive tailwinds such as zero trust, digital transformation, and cloud transition.

Our position in CrowdStrike was also a top relative contributor during the period. The company’s Q4 results were robust across the board with revenue, Annual Recurring Revenue (ARR), and profitability all ahead of estimates. ARR grew 75% year-on-year, bookings were strong with remaining performance obligation (RPO) up 78%, and net customer additions came in at an all-time record. CrowdStrike added 1,480 net customer additions in Q4, and now has 9,866 total subscription customers, up an impressive 82% year-on-year. While the company has seen consistently strong demand with the large enterprise, the low-touch frictionless model is also resonating with small-to-medium sized enterprise customers. CrowdStrike also continued to demonstrate solid upsell success, with the percent of subscription customers adopting 4+ modules increasing to 63% at the end of the fiscal year.

Other top active contributors included overweight positions in Seagate and Amazon.com and not owning Intel.

Our position in memory chip supplier, Micron, was a top relative detractor during the period as the outlook for the semiconductor industry was tempered with supply constraints limiting companies’ ability to meet healthy demand. Micron reported quarterly revenue and margins that beat expectations driven by above-seasonal demand in mobile, PC, and automotive, along with recovering enterprise/cloud demand. Management believes the dynamic random access memory (DRAM) market is currently facing a severe shortage and will remain undersupplied in 2021 because of strong demand prospects and disciplined capex investment in 2020. We maintain a constructive view of Micron’s prospects amid a host of new applications such as data center servers, 5G infrastructure, smartphones, and automotive end markets. We believe the company remains well positioned to benefit from industry supply discipline and long-term demand trends in mobile and cloud computing.

Our position in ride-sharing company Lyft was also a top relative detractor. Shares came under pressure after the US Labor Secretary indicated to reporters that he thought many “gig” workers should be classified as full-time employees. Such a move would change the financial model of Lyft and other gig economy companies likely yielding a long-term model that is ultimately less profitable. While this employee classification issue is a concern longer-term, we do not believe such a change is imminent. However, other labor issues do remain a concern as Lyft and its peers are facing challenges in the US finding a sufficient supply of drivers and are having to pay greater incentives to get people to drive. Despite these headwinds, we believe Lyft remains well positioned to benefit from the ongoing economic recovery and the increase in travel as pandemic restrictions are lifted.

Other top active detractors included a net underweight in Alphabet and overweight positions in Infineon Technologies and Flex.

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, and cyber security. 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 2021

the outlook for the semiconductor industry was tempered with supply constraints limiting companies’ ability to meet healthy demand

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price3.319.860.2130.4409.8

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.04.2021.1

    Discrete 12 Month Returns to 30 April (%)

    2021 2020 2019 2018 2017
    Share Price60.

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 30.04.2021.1

    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.