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 08.04.2021 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
Taiwan Semiconductor

Data as of 28.02.2021

Geographic Breakdown (%)

North America 84.2
Far East & Pacific 6.9
Europe ex UK 3.0
UK 1.2
Cash 4.7

Data as of 28.02.2021

Sector Breakdown (%)

Consumer Goods
Consumer Services
Health Care

Data as of 28.02.2021

Market Cap Breakdown (%)

Over US $100bn 37.6
US $10bn to 100bn 50.4
US $1bn to 10bn 7.3
Cash 4.7

Data as of 28.02.2021

Fund Manager Comments

Portfolio Overview

The Allianz Technology Trust’s NAV total return was 0.52% in February, outperforming the Dow Jones World Technology Index return of -0.62%. During the month, stock selection and industry allocation contributed to relative performance.

Our underweight position in Apple, one of the largest holdings in the benchmark, was the top contributor to relative performance. Shares were down in February after the company released December quarter results that beat expectations but provided a cautious outlook for the current quarter. Apple reported double digit growth across all product categories and record iPhone revenue. Demand from China was particularly strong with 57% year-on-year growth driven by demand for the new 5G iPhone. New products and wearables were particularly strong for both AirPods and Watch, and the installed base of active devices reached an all-time high of 1.65 billion. Apple generated record operating cash flow and returned over $30 billion to shareholders during the quarter. In this challenging environment, the company continues to execute and deliver solid profitability and strong free cash flow. In part, Apple is benefitting from the work-from-home trend as reflected in strength in their desktop and tablet product categories. Apple remains one of the largest positions in the portfolio but continues to be significantly underweight relative to the benchmark’s large position.

Our position in memory chip supplier, Micron, was also a top relative contributor. Shares have outperformed since the company reported quarterly financial results in January that beat expectations. Investors reacted positively to management’s comment that Dynamic random access memory (“DRAM”) had passed the bottom of the industry cycle and should experience improving trends throughout 2021. NAND commentary was more mixed, with management expecting the market to stabilise over the course of 2021 if suppliers moderate production growth. Micron’s business should benefit from a host of new applications such as data center servers, 5G infrastructure, smartphones, and automotive end markets. The company remains well positioned to benefit from industry supply discipline and long-term demand trends in mobile and cloud computing.

Other top active contributors included overweight positions in Expedia and Zillow and an underweight position in Alibaba.

Our position in lithium ion battery producer, Samsung SDI, was a top relative detractor during the period. After strong performance in January, shares declined along with the broader market selloff toward the end of February. The company’s most recent quarterly financial results missed expectations, but management provided a positive outlook across all major segments. Electric vehicle battery sales increased by more than 30% quarter-on-quarter as the company continued to capture market share. Samsung SDI has the potential to benefit from the accelerating revolutionary transformation of the auto industry toward a new era of fully electric vehicles.

Our position in Amazon.com was also a top relative detractor. The company reported Q4 results with both sales and profit handily exceeding expectations as the company is clearly demonstrating its ability to profitably operate at higher volume and cost created by the pandemic. The sales results were driven by strength in its North American and International marketplaces, both growing nearly 50% year-on-year. AWS sales growth remained steady around 30%, while management called out a 68% increase in the backlog. The company also announced that founder and CEO Jeff Bezos will transition to the role of executive chair in the third quarter of 2021 and will be replaced by the CEO and founder of AWS, Andy Jassy, who has been with the company since 1997. We think this is a well-deserved promotion for Mr. Jassy, given his incredible success in building the AWS business. The segment continues to produce rapid revenue growth while also delivering strong profit growth. In our view, the pandemic has strengthened Amazon’s long-term competitiveness as demand for e-commerce and cloud computing has increased

Other top active detractors included an overweight position in Tesla, an underweight in Shopify, and not owning Twitter.

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, 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 Price15 March 2021

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, cyber security

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price-0.99.471.6118.7373.3

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 28.02.2021.1

    Discrete 12 Month Returns to 28 February (%)

    2021 2020 2019 2018 2017
    Share Price71.611.514.340.454.1

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 28.02.2021.1

    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 2020 © 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.