ATT Share Price, Performance & Updates

Fund Manager’s Review

Portfolio overview

Allianz Technology Trust was down in July, trailing the return of the Dow Jones World Technology Index on both a gross- and net-of-fees relative basis. Allianz Technology Trust’s Net Asset Value (NAV) total return was -11.7% in July, compared to the Dow Jones World Technology Index return of -5.77% in GBP.

July was another volatile month for global equities as markets initially gained amid easing geopolitical tensions from the United States-Iran ceasefire, but sentiment weakened as the conflict resurfaced, raising concerns around energy supplies, trade flows, and regional stability. Renewed tariff uncertainty, defence policy concerns, and continued artificial intelligence-related volatility further weighed on investor risk appetite. Within technology, software stocks advanced meaningfully, followed by more modest gains in IT services as well as interactive media and services, while media, diversified telecom and semiconductors each posted double-digit losses.

Monthly relative performance was primarily impacted by stockpicking, with exposure to broadline retail and an overweight allocation to IT services contributing to results, which was offset by relative underperformance within semiconductor, technology hardware, and software industries.

Contributors

Our avoidance of South Korean chipmaker SK hynix Inc., contributed to relative performance as the company’s share price moderated due to profit-taking following strong performance and reassessed nearterm expectations for AI memory demand and elevated semiconductor valuations.

Shares of cloud networking, application security, and zero-trust cybersecurity services provider Cloudflare, Inc. rallied on expectations of accelerating enterprise demand, AI-driven networking and security adoption, and improving large customer growth.

Our position in Amazon.com, Inc. a leading e-commerce platform and Amazon Web Services (AWS) cloud infrastructure provider, aided results as investors gained confidence in accelerating AWS growth, AI infrastructure demand, and improving operating leverage across the business.

The avoidance of Marvell Technology, Inc., a developer of custom silicon, networking, and data infrastructure solutions, contributed to relative returns as shares were lower amid moderating expectations following strong AI-related gains and focused on execution timelines for AI infrastructure growth.

Shares of Snowflake Inc. a cloud-native data platform that enables enterprises to store, analyse, and leverage data for AI applications, advanced as investor sentiment improved toward software companies benefiting from AI-driven data demand and accelerating enterprise adoption.

Detractors

An overweight allocation to KLA Corp., a supplier of process control and yield management equipment for semiconductor manufacturing, offset performance following the company’s earnings results as guidance, while solid, did not meet elevated investor expectations following recent increases in AI-related semiconductor capital spending.

Similarly, shares of Lam Research Corp., a supplier of wafer fabrication equipment used in advanced semiconductor manufacturing, including memory and logic chips, declined amid profit-taking across AI hardware names and concerns around semiconductor capital spending cyclicality.

Our active position in Taiwan Semiconductor Manufacturing Co. Ltd., the world’s leading semiconductor foundry, manufacturing advanced chips for AI, cloud computing, and high-performance applications, also declined as investors took profits following strong AI-driven gains and weighed elevated valuation expectations against continued strong long-term demand for advanced semiconductor capacity.

A below-benchmark allocation to enterprise software and security provider Microsoft Corp. offset results given the stock’s material benchmark weight and double-digit gain, led by optimism around AI monetisation, cloud growth, and the company’s leadership position in enterprise AI adoption.

Our active overweight allocation to NAND flash memory (a type of non-volatile computer storage that keeps data even when the power is off) and data storage solutions provider Sandisk Corp. detracted from results following significant prior month gains as investors weighed memory cycle volatility, pricing trends, and elevated expectations for AI-driven storage demand.

New buys and sells 

Turnover in July was undertaken at a typical level to incrementally adjust the risk versus reward profile. We purchased shares of Atlassian Corp., a provider of collaboration, workflow, and developer productivity software given the company’s secular growth potential driven by enterprise digitisation, cloud migration, AI-enabled productivity tools, and a large recurring revenue base. We also added Cadence Design Systems, Inc., a developer of electronic design automation software used to design advanced semiconductors, given its leading position in AI-driven chip innovation, semiconductor complexity, and durable demand for nextgeneration computing infrastructure. Separately, we fully exited our position in Lumentum Holdings Inc. a provider of optical and photonic components used in telecommunications, cloud networking, and data centres to lock in profits amid elevated expectations, competitive pressures, and a less differentiated position versus higher-conviction AI infrastructure opportunities. We also sold our stake in semiconductor manufacturing equipment supplier Applied Materials, Inc. to reduce our hardware-related exposure in the fund and lower the overall risk profile of the strategy.

Market outlook 

We remain constructive on the technology sector, supported by durable AI-driven demand, stronger earnings visibility, and expanding evidence of monetisation across both infrastructure and software layers. Investor concerns around AI disruption in software continued to ease, with renewed focus on productivity gains, accelerating enterprise adoption, and improving revenue trends across software and IT services companies. While AI infrastructure and semiconductor-related companies remain key beneficiaries of long-term demand trends, investor leadership broadened during the month as confidence increased in the ability of software platforms to capture AI-driven value. Valuations have strengthened following recent gains but remain supported by a multi-year growth outlook, improving free cash flow generation, and continued innovation among leading technology companies.

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
7 August 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

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