ATT Share Price, Performance & Updates

Fund Manager’s Review

Portfolio overview

Allianz Technology Trust advanced significantly in May, topping the Dow Jones World Technology Index. Allianz Technology Trust’s Net Asset Value (NAV) total return was 18.1% in May, compared to the Dow Jones World Technology Index return of 15.6% in GBP.

Global equities rose on improvement in Middle East tensions and a continued expansion of the artificial intelligence rally. Within technology, the majority of industries were higher, led by technology hardware, semiconductors, and information technology services, amid improved sentiment and robust demand trends, while interactive media & services declined slightly. 

Monthly relative performance was driven by bottom-up stock picking in software, technology hardware and IT services, which was offset by more conservative stock selection in communications equipment and electronic equipment industries. 

Contributors

Micron Technology, Inc., a leading producer of dynamic random-access memory (DRAM) and NAND memory (a type of non-volatile storage that retains data without power, commonly used in smartphones and USB drives), including high-bandwidth memory (HBM) for AI and data centre workloads, continued to advance as investors focused on the strength and durability of AI-driven memory demand, supported by favourable supply-demand dynamics, pricing trends, and confidence in the company’s earnings trajectory. 

Similarly, Sandisk Corp., a manufacturer of memory and Universal Serial Bus (USB) drives for photography, gaming, and data centre applications, continued to contribute positively as strong AI-related data centre demand and improving memory market fundamental factors supported earnings expectations.

Cyber security leader CrowdStrike Holdings, Inc. moved higher thanks to a rapid improvement in sentiment, expectations of accelerating platform adoption, and continued demand for AI-enabled security solutions.

Shares of Rocket Lab Corp., a developer of launch services, spacecraft components, and space systems infrastructure, rose as investors responded positively to growing government and commercial contract momentum, expanding space systems revenue, and improving profitability prospects. 

Snowflake Inc., a cloud-based data platform that enables enterprises to store, analyse, and share data at scale, saw its shares rise following strong results and guidance that highlighted accelerating AI-related workloads, healthy customer spending trends, and improving growth visibility.

Detractors

Our avoidance of South Korean chipmaker SK hynix Inc., in favour of other memory providers, offset relative performance as the company’s share price advanced due to strength in AI-related HBM demand, tight memory supply, and pricing strength which continued to support a valuation re-rating.

Monolithic Power Systems, Inc., a developer of power management semiconductors used across data centres, enterprise computing, automotive, and industrial applications, drifted lower as investors took profits following strong prior performance and weighed valuation concerns amid broader volatility across AI-related semiconductor names.

Shares of Amphenol Corp., a designer and manufacturer of electronic connectors, sensors, and interconnect systems for communications, industrial, and automotive markets, declined primarily due to profit-taking and broader short-term rotation away from select AI infrastructure beneficiaries despite continued strong underlying fundamental factors.

Our active position in Taiwan Semiconductor Manufacturing Co., the world’s largest dedicated semiconductor foundry, offset performance as the stock posted a more modest monthly advance relative to its higher risk chip-related peers.

Bloom Energy Corp., a maker of solid oxide fuel cell systems that provide on-site power generation for commercial, industrial, and data centre customers, trailed broader technology stocks following a strong rally and reassessed expectations for the pace of AI-driven data centre power demand growth. 

New buys and sells 

Turnover in May was undertaken at a typical level to incrementally adjust the risk versus reward profile. We purchased two semiconductor companies, Cerebras Systems Inc., a developer of specialised AI chips and computing systems for training and inference workloads, and Infineon Technologies AG, a provider of power semiconductors and microcontrollers for automotive, industrial, and energy applications, given expectations of growth acceleration. We also added Flex Ltd., a designer and manufacturer of supply-chain solutions across multiple industries, due to attractive exposure to AI infrastructure, data centres, and high-value industrial markets. We added shares of Corning Inc., a maker of specialty glass, optical fibre, and connectivity solutions thanks to rising demand for fibre optic and networking infrastructure supporting AI and data centre growth. We also purchased Twilio Inc., a provider of cloud-based communications and customer engagement software due to growing adoption of AI-powered customer interactions, recurring revenue, and improving profitability.

Meanwhile, we fully exited Arista Networks, Inc., a provider of high-performance networking switches and software for cloud data centres, after strong AI and data-centre-driven performance and investor focus shifting toward nearer-term growth deceleration risk. We also sold Amphenol Corp., a designer and manufacturer of connectors and cabling used across data centres, telecom infrastructure, and defence applications, preferring stocks with better near-term visibility. 

Market Outlook 

We are increasingly bullish on technology as investor confidence continues to improve, supported by durable AI-driven growth, resilient fundamental factors, and growing evidence that AI monetisation is expanding across the sector. Sentiment toward software has improved meaningfully as concerns around AI disruption have eased and companies increasingly demonstrate tangible productivity benefits, accelerating adoption and strengthening demand trends. Valuations in software remain attractive relative to long-term growth opportunities following prior multiple compression, while the AI opportunity continues to broaden beyond infrastructure into software, data, and services.

Our focus remains on building the portfolio from a bottom-up perspective with a macro-overview. Technology remains a key enabler across almost every vertical industry and we will continue to seek stocks which solve difficult problems and can be long-term outperformers. We believe earnings growth ultimately drives stock prices over the long term, and in our view, we are still early in the spending trend supporting this dynamic segment. 

Mike Seidenberg
12 June 2026

This is no recommendation or solicitation to buy or sell any particular security. Any security mentioned above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date.

Awards & Ratings

A ranking, a rating or an award provides no indicator of future performance and is not constant over time.