Allianz
Technology
Trust PLC
Annual Financial Report
31 December 2023
Click here or press enter for the accessibility optimised version Key Information
Investment objective
Allianz Technology Trust PLC (‘the Company’) invests principally in the equity
securities of quoted technology companies on a worldwide basis with the aim
of achieving long-term capital growth in excess of the Dow Jones World
Technology Index (sterling adjusted, total return) (the ‘benchmark’).
Investment policy
The investment policy of the Company is to invest in a diversified portfolio of
companies that use technology in an innovative way to gain competitive
advantage. Particular emphasis is placed on companies that are addressing
major growth trends with innovation that replaces existing technology or
radically changes products and services or the way in which they are supplied
to customers.
What constitutes a technology stock
Technology has become a vast and diverse sector. It encompasses those
companies that sell technology solutions – from cloud storage to component
manufacturers to software developers – but also those for whom technology is
an intrinsic part of their business – the car makers or ecommerce groups using
technology to gain a competitive advantage. In this way, technology stocks
may sit across multiple sectors, including healthcare, industrials or financial
services.
As technology becomes ever more pervasive, the lines between technology
companies and significant adopters are increasingly blurred. Even where
companies aren’t selling technology, technology may be intrinsic to their
success as a company. More companies are becoming technology companies
all the time as disruptive innovation brings change and displaces incumbent
market leaders. The challenge is to understand not only current technologies,
but also future trends and the likely effects.
Asset allocation
The Investment Manager does not target specific country or regional
weightings and aims to invest in the most attractive technology shares on a
global basis. The lead portfolio manager aims to identify the leading
companies in emerging technology growth sub-sectors. The majority of the
portfolio will comprise mid and large cap technology shares.
Risk diversification
The Company aims to diversify risk and no holding in the portfolio will
comprise more than 15% of the Company’s assets at the time of acquisition.
The Company aims to diversify the portfolio across a range of technology sub-
sectors.
Gearing
In normal market conditions gearing will not exceed 10% of net assets but may
increase to 20%. The Company’s Articles of Association limit borrowing to one
quarter of its called up share capital and reserves. As at 31 December 2023
there was no borrowing facility in place.
Liquidity
In normal market conditions the liquidity of the portfolio, that is the proportion
of the Company’s net assets held in cash or cash equivalents, will not exceed
15% of net assets but may be increased to a maximum of 30% of net assets.
Derivatives
The Company may use derivatives for investment purposes within guidelines
set down by the Board.
Foreign currency
The Company’s current policy is not to hedge foreign currency.
Benchmark
One of the ways in which the Company measures its performance is in relation
to its benchmark, which is an index made up of some of the world’s leading
technology shares. The benchmark used is the Dow Jones World Technology
Index (sterling adjusted, total return). The Company’s strategy is to have a
concentrated portfolio which is benchmark aware rather than benchmark
driven. The Company has tended to have a significantly higher than
benchmark allocation to high growth, mid cap companies which are
considered to be the emerging leaders in the technology sector. The
Investment Manager believes that the successful identification of these
companies relatively early on in their growth stages, offers the best opportunity
for outperformance over the long-term.
Financial
Highlights
Click here or press enter for the accessibility optimised version Financial Highlights
As at 31 December 2023
Net asset value ('NAV') per Ordinary share
Ordinary share price
Benchmark
+46.4%
2023 338.2p
2022 231.0p
+44.5%
2023 303.5
2022 210.0p
+48.2%
2023 2,715.0
2022 1,832.2
Performance against benchmark1
Performance against sector 1
Comparative figures for 2018, 2019 and 2020 have been
restated following the sub-division of 25p ordinary shares
into ten ordinary shares of 2.5p each on 4 May 2021.
1 10 years to 31 December 2023. Rebased to 100 at 1
December 2013. 2 Allianz Technology Trust – Net Asset Value
– undiluted. 3 Dow Jones World Technology Index (sterling
adjusted, total return). 4 Peer group of Morningstar Global
Technology Sector Equity. Source: AllianzGI/Datastream. The
Alternative Performance Measures (‘APMs’) can be found
here.
Financial Highlights (continued)
As at 31 December 2023
Ordinary share price (p)
NAV per Ordinary share (p)
Premium (discount) of Ordinary share price to
net asset value per share (%)
NAV versus benchmark
Shareholders’ funds (£m)
Comparative figures for 2018, 2019 and 2020 have been
restated following the sub-division of 25p Ordinary shares
into ten Ordinary shares of 2.5p each on 4 May 2021.
1 10 years to 31 December 2023. Rebased to 100 at 1
December 2013. 2 Allianz Technology Trust – Net Asset Value
– undiluted. 3 Dow Jones World Technology Index (sterling
adjusted, total return). 4 Peer group of Morningstar Global
Technology Sector Equity. Source: AllianzGI/Datastream.
2018 figures are over a 13 month period. The Alternative
Performance Measures (‘APMs’) can be found here.
Financial Summary
Net Asset Value per Ordinary Share
Ordinary Share Price
Discount on Ordinary Share Price to Net Asset Value
Dow Jones World Technology Index (sterling adjusted, total return)
Shareholders' Funds
Net Revenue Return per Ordinary Share
Ongoing charges*
* As defined in the APMs here.
As at
31 December
2023
338.2p
303.5p
10.3%
2,715.0
£1,318.8m
As at
31 December
2022
231.0p
210.0p
9.1%
1,832.2
£938.9m
% change
+46.4
+44.5
+48.2
+40.5
For the
year ended
31 December
2023
(0.88p)
For the year
ended
31 December
2022
(0.45p)
0.70%
0.70%
Five Year Performance Summary
Shareholders' Funds
Net Asset Value per Ordinary Share
Ordinary Share Price
Dow Jones World Technology Index (sterling adjusted, total return)
(Discount) premium of Ordinary Share Price to Net Asset Value
31 December
2023
£1,318.8m
31 December
2022
£938.9m
31 December
2021
£1,472.4m
31 December
2020
£1,229.2m
31 December
2019
£583.4m
338.2p
303.5p
2,715.0
(10.3%)
231.0p
210.0p
1,832.2
(9.1%)
347.9p
352.5p
2,489.3
1.3%
291.3p
297.0p
1,941.1
2.0%
165.4p
164.7p
1,369.9
(0.4%)
Comparative figures have been restated following the sub-division of 25p Ordinary shares into ten Ordinary shares of 2.5p each on 4 May 2021.
Chairman's
Statement
Click here or press enter for the accessibility optimised version It is a pleasure to also be able to report a strong absolute
Net Asset Value (NAV) Total Return of 46.4% for Allianz
Technology Trust PLC and a share price return of 44.5%.
Tim Scholefield
Welcome
Welcome to this report on Allianz
Technology Trust PLC for the financial
year ending 31 December 2023. 2023
was certainly another tumultuous
year in terms of the geopolitical and
economic backdrop. I am pleased to
report that the Company once again
won the Investment Week Investment
Company of the Year Award in the
‘Specialist’ category, having
previously done so from 2017 to 2021
inclusive. The award is based around
our performance over 3 years, as well
as other qualitative factors.
Performance
Technology stocks performed strongly
in 2023 buoyed by a combination of
optimism over the sector’s growth
potential together with an increasing
confidence that the peak in interest
rates had finally been reached.
Against this backdrop, it is a pleasure
to also be able to report a strong
absolute Net Asset Value ('NAV') Total
Return of 46.4% for Allianz
Technology Trust PLC and a share
price return of 44.5%. The NAV return
was slightly behind the 48.2% return
of our benchmark, the Dow Jones
World Technology Index (sterling
adjusted, total return). This modest
underperformance reflected our
relatively smaller exposure to the very
largest group of companies, the so-
called ‘mega-caps’. Our portfolio
manager focuses on the mid- and
large-cap segments reflecting our
belief that companies at an earlier
stage of their development provide
better opportunities for long-term
earnings growth.
No dividend is proposed in the year
ended 31 December 2023 (2022: nil).
Given the nature of the Company’s
investments and its stated objective to
achieve long-term capital growth, the
Board continues to consider it unlikely
that any dividend will be declared in
the near future.
Backdrop
The direction of global stock markets
continued to be determined primarily
by the course of inflation. Central
banks have navigated a difficult path
since inflation took off from historic
lows, balancing the taming of rising
prices with the desire to avoid
recession and it wasn’t until toward
the end of the year that definitive
signs that inflation had peaked
US-listed companies continue to dominate tech,
a reflection of the depth of US intellectual
and financial capital, together with a supportive
listed market structure.
became apparent. Those signs were
received well though and markets
demonstrated renewed optimism in
anticipation of easing of interest
rates.
There was little economic growth to
speak about around the world.
Indeed, China which finally emerged
from Covid restrictions achieved a
lacklustre recovery. Geopolitics
continued to astound and confound
humanity. In February Ukraine passed
its first anniversary of the Russian
invasion and subsequent war and in
October the Middle East was thrust
into the limelight when Hamas
terrorists launched a sudden attack in
Israel with shocking civilian loss of life.
Israel responded and an intense
conflict has since raged throughout
Gaza with a further terrible loss of life.
As I write, in the Red Sea Houthi
rebels are attacking commercial
shipping. The disruption from this
latest episode will have an impact on
costs of shipped goods and is
therefore a potential threat to
inflation remaining on course to meet
central bank targets. US/China and
China/Taiwan tensions also remained
present and of concern in 2023.
Despite the backdrop noted above,
technology continued to excite and
inspire. An obvious connected theme
to the geopolitical storm is
cybersecurity. As nation states,
terrorist organisations and criminals
have stepped up digital attacks,
cybersecurity has become more and
more important to maintaining the
smooth functioning of companies,
infrastructure and society. Of course,
artificial intelligence (‘AI’) was the
story of the year, raising appetites for
technology once more, sending many
technology stocks higher, notably
Nvidia, a so-called ‘picks-and-shovels’
company as it provides the chips
necessary to power cutting-edge AI
applications.
Our portfolio manager is occasionally
questioned as to whether the
portfolio may be too US centric. The
US weighting is certainly high at
around 87% as at the end of
December. The reality is that the US
listed companies continue to
dominate tech, a reflection of the
depth of US intellectual and financial
capital, together with a supportive
listed market structure, although it
should be kept in mind that many of
our portfolio companies generate
revenues all around the globe and
just happen to be listed in the US.
Whilst China has been a source of
tech growth in past years the path
has not been smooth. Our portfolio
manager was an early investor in the
China tech story, however he also
exited relatively early and for some
years now has preferred not to invest
there, being primarily concerned
about the possibility of state
interference in the activity of listed
companies.
Discount
The Company traded at an average
discount of 12.1% over the period (low
of 8.7% and high of 15.7%) despite the
AI is a rapidly moving
frontier in many ways and
will necessarily bring risk as
well as opportunity as it
develops and is
implemented.
positive absolute performance noted.
In my view this reflects the interest
rate uncertainty apparent for much of
the year together with sentiment
towards investment trusts in general.
That latter point is evidenced by the
average discount for investment trusts
reaching levels not seen since the
global financial crisis in 2008.
Our policy in respect of buying back
shares remains unchanged. Currently
we would consider buying back
shares during periods where the
discount is consistently over 7% and it
is felt appropriate to do so given the
prevailing market backdrop. In the
financial year we bought back an
aggregate 16,530,708 shares at an
average discount of 12.1% and total
cost of £40.2m. Since the end of the
financial year, up to 12 March 2024
we have repurchased a further
3,271,401 shares at an average
discount of 11.9% and total cost of
£10.6m. All shares repurchased have
been held in treasury rather than
cancelled as this makes them readily
available to be reissued if sufficient
demand occurs in the future.
At the forthcoming AGM, the Board
proposes both a renewal of the usual
10% authority to issue new shares and
also a renewal of the authority to
issue an additional 10% in order to
avoid the cost of a further General
Meeting should the 10% authority be
exhausted as has happened
previously when demand was high.
The Board will also once again seek
authority to buy back up to 14.99% of
the shares in issue. The Board
recommends that shareholders vote
in favour of these resolutions.
Any new shares will only be issued at
a premium to NAV and if the Board is
satisfied that the issuance is in the
best interests of existing shareholders.
Similarly, any buy back of shares will
only take place where we believe it to
be beneficial to shareholders.
AI (and the debates
stemming from it)
advances in generative AI in 2023
pushed it further into our
consciousness than ever before.
Whilst the main effect of this was to
generate excitement – the same
excitement that aided the
performance of technology indices
generally and a few companies
specifically – it also raised some fear
and trepidation.
AI is a rapidly moving frontier in many
ways and will necessarily bring risk as
well as opportunity as it develops and
is implemented. On the one hand AI
should have significant benefits to
society, removing menial tasks from
many roles and advancing the pace
of new medical developments to
name but two. On the flip side, there
are concerns it might negatively
affect humanity, for example via its
impact on low-skill labour markets,
particularly for certain sectors where
AI, robotics and automation can
readily replace human labour. It is
also potentially subject to misuse and
utilisation for negative and even
criminal activity.
The Board is cognisant of such
potential issues. We are keeping a
watching brief and remain focused on
the potential risk to the Company’s
portfolio and operations. For
example, we dedicated part of our
2023 strategy meeting to a discussion
around AI-related risks and
opportunities. Amongst other aspects,
we discussed types of risk, how
governments and authorities might
respond, the trajectory of AI algorithm
development and how we should
best identify risks and opportunities
as a Company going forward.
ESG
As you will be aware, the portfolio
manager considers ESG as part of the
stock analysis and investment
management process. The Board
remains cognisant of investors’
concerns and desire to understand
better the broader impact of the
investment choices that they make.
The Board engages closely with Voya
as the Investment Manager and
AllianzGI UK as the AIFM on ESG
policies and processes and further
information can be found here and
here.
Portfolio management
I am pleased to report that Erik
Swords has been appointed as
Portfolio Manager alongside Mike
Seidenberg, who will remain Lead
Portfolio Manager, with effect from 1
March 2024. Erik is a managing
director and Head of Global
Technology at Voya and has 23 years
of investment industry expertise. He
already works closely with Mike in the
San Francisco office.
The costs of running your
Company
Your Board has maintained its close
attention to the costs of running the
Company. The Company’s Ongoing
Charges Figure (‘OCF’), which is
calculated by dividing ongoing
operating expenses by the average
NAV, has remained the same as 2022
at 0.70%.
The OCF excludes any performance
fee due to the Investment Manager.
No performance fee has been earned
in 2023. It should be noted that the
underperformance recorded over the
past three years will have to be made
back, and the NAV will need to
exceed the figure as at the end of
2020 (which set a new high
watermark) before any future
performance fee can be accrued.
Board matters
Although I reported to shareholders
as Chairman in the 2023 interim
report, this is my first Annual Financial
Report in this role. I would therefore
like to reiterate my thanks to my
predecessor, Robert Jeens, for his
leadership of the Company over his
tenure and for his help and support
as I took on the role of Chairman. I
hope that this next period in the
Company’s history can prove as
positive in respect of growth as the
past one.
At the conclusion of the 2024 AGM,
Humphrey Van der Klugt will step
down from the Board, having served
since 2015. We thank Humphrey for
his significant contribution to the
Company’s development over the
past nine years and his part in its
significant growth over that time.
Elisabeth Scott has served on the
Board for nine years as at 1 February
2024 and to allow for orderly
succession planning she will retire at
the AGM in 2025.
As previously announced, with effect
from 29 November 2023 Neeta Patel
was appointed as Chairman of the
Management Engagement
Committee replacing me. Neeta will
also become Senior Independent
Director when Humphrey steps down.
Katya Thomson will be appointed as
Chairman of the Remuneration
Committee at the conclusion of the
2024 AGM.
Although just outside of the reporting
period, as previously announced,
Simon (Sam) Davis was appointed a
non-executive Director on 1 January
2024 and has also joined the Audit
and Risk, Management Engagement,
Remuneration and Nomination
Committees. Sam is a non-executive
director of The Baillie Gifford Japan
Trust PLC. Sam brings a wealth of
investment experience across global
markets, and we are therefore
delighted that he is joining the Board
and we look forward to working with
him.
Annual General Meeting
(‘AGM’) arrangements
This year’s AGM will be held on 24
April 2024 at 2.30pm. The full Notice
of Meeting can be found on here. Full
details of the special business to be
considered at the AGM can be found
here.
As with 2023, the AGM will be a
hybrid meeting, meaning
shareholders can either attend
physically or online. We will not be
providing online voting for the 2024
meeting. This is due to the relatively
high cost to enable the service not
having been matched by shareholder
take up of the service over the past
two years. Should there be
reasonable demand emerging from
shareholders in the future for online
voting then we will look at a possible
reintroduction. For this reason, we
strongly encourage all shareholders
to submit their votes using the proxy
voting process by the deadline of 22
April 2024 as detailed in the Notice of
Meeting here. Those shareholders
attending virtually will be able to view
the AGM and submit questions
electronically.
The Board encourages shareholders
to attend the AGM if possible. A
presentation by the portfolio
manager will be made at the start of
the meeting. For those unable to
attend either physically or virtually, a
recording of the AGM will be posted
to the Company’s website as soon as
practicable after the event.
The Board looks forward to
welcoming shareholders to this year’s
event.
Outlook
It is relatively difficult to make
predictions for the year ahead in such
an uncertain world. However, most
Technology will continue to
dominate our lives and re-
shape the future. Such a
‘new frontier’ remains an
extremely exciting place to
invest, though of course also
brings risks for investors.
will capture the exciting growth
available from investing in
technology.
Tim Scholefield
Chairman
12 March 2024
indicators are suggesting a pivot in
interest rates could well be on the
cards which would certainly be
positive for growth stocks, including
many technology stocks. Even if this
does not provide a tailwind, it should
at least remove a headwind as the
discount rate used to value future
cashflows of companies reduces. With
valuations of many technology
companies having come back to
more reasonable levels since the end
of 2020, this could allow some further
recovery in the sector.
Geopolitics remain a source of
uncertainty. Whilst the fortunes of
individual companies are often
insulated from the direct impacts of
world events, heightened uncertainty
will impact on sentiment in general
and affect factors such as consumer
confidence. Certain companies could
find themselves more directly affected
by geopolitics depending on their
location, but this is something our
portfolio manager monitors closely as
part of the portfolio management
process. It will certainly be an
interesting year in terms of the
political arena, with elections in the
US and almost certainly the UK.
We are not out of the woods in terms
of fears around falling into recession,
however the hope is that central
banks have done their job well
enough and we will instead see a
‘soft-landing’ – that is, a decline in
inflation without a significant set back
in economic growth.
What is in no doubt is that technology
will continue to dominate our lives
and re-shape the future. Such a ‘new
frontier’ remains an extremely
exciting place to invest, though of
course also brings risks for investors.
On your behalf, the Board in
conjunction with the Investment
Manager will remain focussed on
providing a portfolio that we believe
Why invest
in technology?
Click here or press enter for the accessibility optimised version With every year, the reach and
influence of technology grows.
[photo credit]
It disrupts new industries and moves
into different parts of our lives.
Technology is present in the way we
drive, the way we shop, in our
workplaces, in our homes. It helps us
communicate effectively and manage
our lives more efficiently. The
companies that create that
technology are in a powerful position
to grow even in stagnant economic
conditions. Technology is embedding
itself into new industries: twenty years
ago, car companies relied on
mechanics to stay competitive. Today,
they rely on their technology
departments. The greatest innovation
in the motor industry is coming from
technology companies such as
Google, rather than VW or Ford. As
we look to the future, the key
determinant of the success or
otherwise of a motor company is
likely to be the extent to which it can
harness technology to build safer,
comfortable and more energy
efficient cars.
However, technology is not only
about taking staid old industries and
‘disrupting’ them, technology also has
an important role in allowing
businesses to be more efficient. This is
at the heart of corporate digital
transformation. Those businesses that
are not embracing a digital strategy
find themselves marginalised and
uncompetitive. Companies that
rethink their existing business models
and processes through the use of
technology are becoming more
efficient.
Increasingly, companies see the
potential in Artificial Intelligence ('AI').
In a healthcare company, it may be
the reading of scans, or the
administration of drugs. For insurance
companies, it may be in the
interpretation of claims. The data sets
used to power AI would not be
accessible if it was not for the cloud.
Also, the cloud enables businesses to
build sufficient scale to cope with the
We see a similar phenomenon in
payment systems. Cash is increasingly
obsolete, while mobile apps and
digital currencies are likely to
overtake credit and debit cards as the
most popular e-commerce payment
methods worldwide. Nimble fintechs
are challenging the existing banking
networks, which are encumbered by
legacy systems and, too often,
surprised by the speed with which
people are willing to switch.
This pattern is replicated across
multiple industries. No sector is
immune – those that believe their
business is untouchable are likely to
experience the most dramatic change
when it arrives. Companies must
embrace technology and innovate, or
face extinction. In the process, the
addressable market for technology
companies grows.
demands of data-intensive services.
This is driving wider adoption of
cloud-based systems.
It is also saving companies money:
moving to software as a service and
cloud computing lets companies
circumvent a costly upgrade cycle.
Rather than having to support
expensive in-house technology
capability, they can pick and mix their
technology requirements to suit their
business requirements. They can
move data storage to the cloud and
buy their software on a subscription
basis.
These trends have helped make
technology a successful investment
over the long term. That said, just
because technology is pervasive and
high growth, it does not guarantee
good returns. This was particularly
evident in 2022 when rising interest
rates led to a devaluing of some
technology stocks irrespective of
revenue growth.
Technology investment forces an
investor to look to the future. This is
the direct opposite of investing in a
benchmark that rewards yesterday’s
winning companies. Technology
investment demands that investors
uncover the trends of the future,
looking to see where industries are
going, and who is likely to win or lose
from those developments. In this way,
it forces investors to keep pace with
changing markets. At each stage,
therefore, the technology investor
should be aligned with the winners
from change, rather than those at the
wrong end of it. We continue to see
new industries being created, while
old industries die or are forever
altered and technology sits at the
heart of this global innovation.
It is also worth noting that technology
is far less cyclical today than it has
ever been. The days of the upgrade
cycle, where companies replaced
expensive technology equipment
when they were flush with cash, have
largely disappeared. Enterprise
software allows companies to avoid
these capex-heavy cycles, paying for
what they need when they need it.
As it stands, technology
incorporates a vast range of
different options. There are the
traditional technology companies –
fast-growing, disruptive companies
such as Amazon or Square, where
revenue growth might be 50% per
year. However, the sector has
alternatives: Microsoft and Apple,
for example, could be considered
more stable, annuity-like options.
Less highly-valued, they pay
growing dividends and deliver
steady earnings. There are also
turnaround ideas, or special
situations. This means it is possible
to build a portfolio that can perform
in a range of market environments.
The diversity of technology
companies is often over-looked.
The growth of technology has been
seen in its increasing dominance of
stock market indices. As technology’s
influence grows, we see it forming a
greater part of stock market indices
as it pervades more and more
industries.
Most investors have long-term goals
for their savings: they may be saving
for retirement, or for their children’s
university fees. It makes sense,
therefore, to future-proof an
investment portfolio by aligning it
with enduring structural trends. An
investment in technology helps keep
a portfolio focused firmly on the
future.
Total return – how technology has performed against UK and global equities
How technology contributes to the MSCI World index
Source: Thomson DataStream, total return % in GBP, to 31 December 2023.
Source: Source IDS/Wilshire Atlas 31/12/23. The weightings for each sector of the index are
rounded to the nearest tenth of a percent; therefore, the aggregate weights for the index
may not equal 100%.
Allianz Technology Trust PLC
Click here or press enter for the accessibility optimised version Allianz Technology
Trust offers access to
the investment
potential of the
technology sector from
the heart of the
industry.
Allianz Technology Trust is managed
by the highly experienced Global
Technology team* based in San
Francisco. The team benefits from its
close proximity to Silicon Valley where
many of the world’s key technology
companies are headquartered.
The Company is a UK listed closed-
ended fund which aims to achieve
long-term capital growth by investing
principally in technology companies
globally. The team looks to identify
major trends ahead of the crowd and
invest in stocks that have the
potential to be tomorrow’s Apple,
Google or Microsoft.
The Company invests in mid to large
technology companies. Our aim is to
hold companies we expect to benefit
from the continued growth in
particular sub-sectors of technology,
especially in companies that provide
solutions to save money or enable
companies to improve their
relationships with customers and
deliver revenue growth. The Company
also seeks to hold companies that will
create shareholder value with the
introduction of a new product or new
technology. Over the past 20 years,
this would have included PC
manufacturers, software, internet
applications or consumer devices.
*From 25 July 2022, discretionary portfolio management services formerly provided to Allianz Technology Trust PLC (the ‘Company’) by Allianz Global Investors ('AllianzGI) have been
delegated to Voya Investment Management Co. LLC ('Voya IM'). All members of the former AllianzGI Global Technology Team transferred to Voya IM and continue to manage the Company’s
portfolio. There has been no change to the investment process. AllianzGI remains the Company’s Alternative Investment Fund Manager ('AIFM'), providing company secretarial, administration
and sales and marketing services.
First-hand
knowledge
Allianz Technology Trust’s top twenty holdings
Meet the Managers
Mike Seidenberg
Lead Portfolio Manager
Erik Swords
Portfolio Manager and Managing Director, Head of Global Technology
Michael Seidenberg is a senior portfolio manager for the global technology strategies and
Erik Swords is a head of global technology strategies on the fundamental thematic team at
an equity analyst on the fundamental thematic team at Voya Investment Management. He
Voya Investment Management. He joined the firm following Voya’s integration of certain
joined the firm following Voya’s integration of certain assets and teams comprising the
assets and teams comprising the substantial majority of Allianz Global Investors U.S. business,
substantial majority of Allianz Global Investors U.S. business, where he was a portfolio
where he was a lead portfolio manager, managing director and led the U.S. global technology
manager, analyst and director on the U.S. global technology team. Prior to that, he worked
team. Prior to that, he worked at Newton Investment Management for 16 years, leading one
at a number of hedge funds, including Pequot Capital, Andor Capital and Citadel
of BNY Mellon’s largest technology strategies, along with several other thematic portfolios
Investment Group. He also worked in the software industry and at Oracle Corporation.
focused on technology and related sectors. Previously, he worked as a research analyst
Michael earned a BS in business administration from the University of Colorado and an MBA
covering the software sector at Pilgrim Baxter Associates, Exis Capital Management and
with concentrations in finance and accounting from Columbia Business School.
Credit Suisse First Boston Technology Group. Erik earned a BS in finance from Lehigh University.
Danny Su
Portfolio Manager/Analyst
Justin Sumner, CFA
Portfolio Manager/Analyst
Danny Su is a senior equity analyst on the fundamental thematic team at Voya Investment
Justin Sumner is a senior portfolio manager on the global technology strategies and an
Management. He joined the firm following Voya’s integration of certain assets and teams
equity analyst on the fundamental thematic team at Voya Investment Management. He
comprising the substantial majority of Allianz Global Investors U.S. business, where he was a
joined the firm following Voya’s integration of certain assets and teams comprising the
portfolio manager, analyst and director with global responsibilities for the hardware, semiconductor,
substantial majority of Allianz Global Investors U.S. business, where he was a senior portfolio
semiconductor capital equipment and contract-manufacturer sectors. Prior to that, Danny was an
manager and director on the U.S. global technology team. Prior to that, Justin worked at
associate analyst at ABN Amro, covering the internet-infrastructure software and marketing
Newton Investment Management for 15 years, developing, launching and managing
research sectors. Previously, he was a business analyst with McKinsey & Company in Hong Kong.
thematic investments focused on technology. Previously, he worked as an equity analyst
Danny earned a dual BS in electrical engineering and economics from MIT and a master’s degree
covering technology and related sectors at several asset management shops, including
in management from the Kellogg Graduate School of Management at Northwestern University.
Sentinel, AmSouth and American Century. Justin earned a BS in economics from the
University of Kansas. He is a CFA® Charterholder.
John J. Coyle, Jr.
Portfolio Manager/Analyst
John Coyle is a portfolio manager and an equity analyst on the fundamental thematic team
at Voya Investment Management. He joined the firm following Voya’s integration of certain
assets and teams comprising the substantial majority of Allianz Global Investors U.S.
business, where he was a portfolio manager and director with research responsibilities for
the U.S. small-mid cap and global space team covering a wide array of companies across
technology, consumer, and cyclical sectors. Prior to that, John was a vice president and
research associate at Barclays and Lehman Brothers covering the U.S. building products and
homebuilding sectors. John earned a BBA in finance, cum laude from Louisiana State
University.
The hype cycle
Click here or press enter for the accessibility optimised version The hype
cycle
Even the most compelling technological
innovation is subject to the highs and lows of
elevated expectations and disappointment. The
‘hype cycle’ is a tool designed to show how a
technology or application will evolve over time,
and to systemise these highs and lows. It can be
useful in evaluating whether a great idea will
make a great investment, and to take the
temperature of investor expectations.
Gartner published its first ‘hype cycle’ in 1995. It
created an arc to demonstrate how new
technologies or applications progress over time,
suggesting that technologies have a relatively
predictable evolution of innovation, expectations,
disillusionment, enlightenment and productivity. It
is an imperfect tool, but can be a useful prism to
Image generated with AI
technology emerge as it is refined. More
enterprises adopt the technology. Finally, there is
the ‘plateau of productivity’, where mainstream
adoption starts to take off and the technology
achieves some of its early promise.
This is only a loose framework. Nevertheless,
investors will recognise this trajectory from, for
example, internet adoption. In the late 1990s,
there was significant hype around the potential for
view new technologies, such as artificial
intelligence ('AI').
companies may adopt the new technology, but
most do not.
The next step is the ‘trough of disillusionment’,
where interest wanes and early implementations
do not deliver the hoped-for productivity gains.
The market starts to shake out, with producers
going bust or merging. Surviving providers need to
improve. Next is the ‘slope of enlightenment’,
where real-world, effective applications of the
The hype cycle is published every year, mapping
evolving technologies onto the standard pathway.
While some technologies will not get off the
ground, and there is some hindsight bias in
companies that follow the pattern, it can provide
both investors and business leaders with some
clues as to where to invest. Should investors
commit to a certain company, or is its valuation
inflated? Should a CEO pour company capital into
AI on the basis that it will bring about competitive
advantage? Or will this prove to be a waste of
money?
Stages in the cycle
The cycle identifies five key stages for every
technology. The first is the ‘technology trigger’,
where a new and innovative technology
breakthrough appears. Its early ‘proof-of-concept’
stories gather publicity, even if no usable products
exist and its commercial viability is unproven. This
builds to a ‘peak of inflated expectations’, where a
number of success stories make headlines (failures
may be overlooked). Some forward-thinking
the internet, a raft of speculative companies
IPOed, only to disappoint as revenues failed to
materialise. The resulting stock market slump was
painful, but ultimately there were companies that
delivered on the promise of the internet,
particularly after the advent of the iPhone in 2007.
There are now other incarnations of the hype
cycle. For example, some data analytics
companies will look at media attention to predict
technology trends, applying machine learning to
plot the arc of rising expectations and excitement,
disillusionment and reality. A recent study by CB
Insights looked at the adoption of wearables,
finding that while general adoption of variables
had plateaued, disease-specific and clinical
wearables had increased.
What can this tell us about AI?
This year’s hype cycle puts generative AI at the
‘Peak of Inflated Expectations’, which means its
next phase may be the ‘Trough of Disillusionment’
if it follows normal patterns. There are certainly
signs of exuberance in AI. Big tech has spent
heavily on AI, with Microsoft, Google and Amazon
doing a number of blockbuster deals with AI start-
ups in 2023. This accounted for two-thirds of the
$27bn raised by fledgling AI companies in 2023,
according to private market researchers
PitchBook. Overall spending on AI groups is nearly
three times as much as the previous record of
$11bn set two years ago.
Of these, Microsoft’s multi billion dollar investment
in ChatGPT maker Open AI has garnered the most
attention. The tie-up is designed to accelerate AI
breakthroughs. Microsoft has been among the first
companies to market with mainstream AI products
as it launched Copilot in its Windows applications.
Nevertheless, it was only generative AI and
‘augmented AI’ (where AI technologies help
humans make better decisions rather than
replacing them) that are at this stage in the cycle.
This fits with the pattern seen in stock markets,
where those on the front line of AI – chip providers,
cloud computing groups, AI developers – have seen
substantial share price rises in 2023, amid
significant excitement about what AI could achieve.
Other types of AI technology are at a far earlier
point on the adoption curve: causal AI, for
example, is only just starting to be explored. This
new class of machine intelligence can use reason
in a similar way to humans, looking at cause and
effect. Neuro-symbolic AI, which combines
machine learning methods and symbolic systems
to create more robust AI models, is also at an early
stage. The cycle also highlights AI simulation and
generative security AI as early stage technologies.
The ‘trough of disillusionment’
The easy conclusion from the hype cycle would be
that generative AI is likely to be hit by a dose of
reality in year ahead. Certainly, this has been seen
in other ‘hype’ technologies, such as crypto. The
value of deals struck by US venture funds halved
between the first and fourth quarters of 2022, from
$81bn to $41bn, according to PitchBook. Crypto
deals plunged further, down more than 80% over
the same period.
applications do not emerge as quickly as hoped.
However, while 2024 is certainly likely to be a
pivotal year for AI and market leadership may
shift, we don’t see an end to AI growth. It is
important not to put AI in the same bucket as early
internet companies with no revenues. This is a
technology that could be transformative for
company productivity and economic growth. We
are only in the foothills of that development.
There will always be setbacks and periods where
the technology appears to be moving backwards.
As people begin using AI-related applications, the
prevalence of errors will grow. There will
undoubtedly be some difficult headlines where AI
is employed in sensitive sectors such as health and
defence. Equally, a fundamentally disruptive
application could still be some way off.
AI disillusionment may emerge as companies
understand the level of investment needed to
monetise AI, and that its advantages may only be
open to a select few players with deep pockets. It
is also possible that investors reassess the elevated
valuations for AI companies if practical
Generative AI will be constrained by data and
analytics governance, regulatory, and data security
considerations, and will require human supervision.
Policymakers have learned their lessons on social
media and will want to ensure that AI does not
come with similarly unintended consequences.
However, as the hype cycle shows, this is a
necessary process for AI to become productive. A
lot of the most valuable AI companies will be
fundamentally new. Gartner says: “Generative AI
techniques applied to data management are still
in their infancy. Vendors are still in the very early
stages of using this technology to power their data
management tools. But with the vast investments
in the area, we expect a rapid progression of
product availability.”
The hype cycle would suggest there is a lot more to
go for in AI, but the gains will come from different
places. The next wave is likely to focus on the
applications of AI and in particular, the search for
a ‘killer app’, rather than the creators of the AI
itself. It is a necessary evolution. It took time to see
where the most productive uses of the Internet
would be, and AI is no different.
Technologies do not evolve in a straight line. It
takes time for the use cases to emerge and for the
technology itself to be refined. AI is an exciting
innovation, but many of the exciting investment
opportunities from it are yet to emerge.
AI and ethics
“These complex, opaque systems may do more societal harm than economic good. With virtually no US
government oversight, private companies use AI software to make determinations about health and
medicine, employment, creditworthiness, and even criminal justice without having to answer for how
they’re ensuring that programs aren’t encoded, consciously or unconsciously, with structural biases.” This
was the bleak verdict on AI from the Harvard Gazette unless governments take action to regulate its
use.
AI providers are increasingly facing a legal and regulatory backlash. 2023 saw EU policymakers pass a
major new law regulating AI. It focused on areas of significant risk, such as the use of AI by governments
and companies, and for critical infrastructure such as energy. It forces new transparency requirements
on cyber companies, while limiting the use of facial recognition and deepfakes. President Biden passed
an executive order on AI, forcing tech companies to share test results and setting new standards for
biological synthesis screening.
ChatGPT owner Open AI is currently embroiled in a major lawsuit with the New York Times, which
accuses it of using its copywritten content to power its AI engine. This may force AI companies to build
partnerships with content creators and ensure more careful use of data. Overall, there is a sense that
policymakers were too slow to regulate social media, allowing harms to flourish. They are unlikely to
make the same mistake with AI.
The semiconductor
landscape
Click here or press enter for the accessibility optimised version The semiconductor landscape
Romantics may argue that love makes the world
go round; realists would suggest that it is
semiconductors. Semiconductors are an essential
component of every electronic device, from
computers, to cars, to electronics. Developments in
semiconductor power and functionality have
enabled advances in almost every major
technology, including artificial intelligence, electric
cars, clean energy and transportation.
In particular, improvements in semiconductor
technology during the past 50 years have made
electronic devices smaller, faster, and more
reliable. Developed in 1965, Moore’s Law
suggested that the number of transistors on a
microchip would double every two years, allowing
processing power to increase. This has proved a
robust theory for almost 60 years, with microchip
development a powerful force in driving
technology innovation.
The Semiconductor Industry Association points out
that a single semiconductor chip now has as many
transistors as all of the stones in the Great Pyramid
in Giza. There are now more than 100 billion
integrated circuits in daily use around the world.
Semiconductor demand is increasing all the time
as areas such as car manufacturing or artificial
intelligence ('AI') demand more chips, and chips
with increasing complexity. McKinsey forecasts
that it will be a trillion dollar industry by 2030.
The semiconductor supply chain
The semiconductor supply chain is increasingly
complex and inter-dependent. While individual
companies used to design, build and manufacture
semiconductors, increasingly these activities are
undertaken by different companies with great
levels of specialisation. This is a measure of the
rising complexity of each area.
At the start of the chain are the ‘fabless’ firms.
These design and develop new chips, but do not
make them. They will outsource the manufacturing
of chips to a specialist foundry. Examples of
fabless firms are Qualcomm, Broadcom, or Nvidia.
These companies will operate with various
degrees of specialty. Nvidia, for example, has
become well-known for its expertise in AI-focused
chips, having built its business manufacturing
semiconductors for gaming.
Companies that focus only on manufacturing are
known as ‘foundries’, or ‘fabs’. The largest and
most important is the Taiwan Semiconductor
Manufacturing Company ('TSMC'), which was
started in 1987. TSMC produces the majority of
Taiwan’s semiconductors, which are 60% of the
world’s supply and 90% of its most sophisticated
chips. Until recently, TSMC only made its most
advanced chips in Taiwan, but increasingly it is
being incentivised to develop manufacturing
plants in other countries, notably the United States
('US'). United Microelectronics Corporation is the
other major Taiwanese chip manufacturer.
Other notable manufacturers of semiconductors
include Samsung in South Korea, and US-
domiciled GlobalFoundries, which was a spin-off
from Advanced Micro Devices. Semiconductor
Manufacturing International Corporation is
mainland China's most advanced and largest
foundry.
Beyond fabs and fabless
There are still companies that design and
manufacture chips, usually known as integrated
device manufacturers. These include familiar
names such as Intel, IBM, Analog Devices, Micron
and Texas Instruments. These tend to focus on
more generic chips, rather than the sophisticated
chips designed by Nvidia and manufactured by
TSMC.
There are also important suppliers to
semiconductor designers and manufacturers. Of
these, Netherlands-listed ASML is a good
example. It designs and builds the systems and
software used in the production of semiconductor
chips. It is the only company in the world that
currently manufactures extreme ultraviolet ('EUV')
lithography machines, which enables the
production of smaller, faster, more powerful
microchips through the use of a shorter
wavelength of light. There are others involved in
the supply chain, such as semiconductor testing
groups and specialist distribution.
The investment case
Semiconductors have historically been considered
a cyclical industry. There has tended to be greater
demand during buoyant economic conditions
when companies and individuals bought more
technology equipment. Today, however,
technology is so embedded in the way people
work and live that this cyclicality is less apparent.
Electric cars, for example, have far greater
semiconductor content than internal combustion
engines cars - up to $1,500 for a high-end EV
compared to only $500 in a petrol car
Equally, semiconductors are now more
sophisticated. They are not merely a ‘widget’, but
are increasingly specialist rather than
commoditised. In 2021, Tesla announced plans to
manufacture its own semiconductors, saying that
its needs had become too specialist and it wanted
to avoid supply chain disruption. Semiconductors
are necessary for the growth of AI, allowing the
data storage and analysis that trains machines to
complete tasks normally requiring human
intelligence.
The semiconductor arms race
Mounting geopolitical tensions across the world
have highlighted the need for semiconductor
independence. Companies and governments
around the world are aware of the fragility of
having the majority of chip manufacturing
concentrated in Taiwan, a disputed territory
claimed by China. This has left governments
scrambling to build semiconductor manufacturing
capabilities and know-how.
The US Chips and Science Act, for example, sought
to incentivise domestic production of chips, and
knock China out of its supply chain. The investment
in semiconductor and clean tech investments is
almost double the commitments made in the
same sectors in the whole of 2021, and nearly 20
times the amount in 2019, according to data
compiled by the Financial Times.
Intel started building two new foundries in
Chandler, Arizona in 2021, a $20 billion
investment, and has more recently created an
advanced packaging facility in New Mexico.
Micron has invested £15bn in foundries. Perhaps
most importantly, TSMC started building a chip
undervalued: “This may change with the
introduction of advanced packaging, which uses
sophisticated technology and aggregates
components from various wafers, creating a single
electronic device with superior performance.
Introduced around 2000, advanced packaging is
now gaining significant momentum as the next
breakthrough in semiconductor technology.”
The semiconductor industry is vital for almost
every technological development happening in
the world today. It has had to adapt to new
demands, and will have to adapt again, but the
technological world could not turn without it.
plant in Arizona in 2020 and has recently sent over
more workers to speed up construction.
The European Parliament recently approved the
Chips Act, which aims to double the region’s
semiconductor market share by 2030. It puts
similar protections in place. The Netherlands,
conscious of ASML’s integral place in the
semiconductor supply chain, recently enacted new
regulations around the export of advanced
semiconductor production equipment, under
which companies would need to apply for an
export license as of 1 September 2023.
Changing semiconductors
In 2005, Gordon Moore (of Moore’s Law) admitted
there may be physical limits to his long-held law:
“the fact that materials are made of atoms is the
fundamental limitation and it's not that far
away...We're pushing up against some fairly
fundamental limits so one of these days we're
going to have to stop making things smaller”.
Another problem is that semiconductors as they
exist today are energy-hungry. There are now a
vast number of devices, from cloud computing to
Internet of Things devices, and this is going up all
the time. At a time of greater scrutiny on how we
source and use energy, this may also prompt
changes in the semiconductor sector, leading
companies to seek out more sustainable options.
Against this backdrop, it is possible that
semiconductors might start to look a little
different. Companies are starting to look for
alternatives to silicon, for example. Alternative
materials such as graphene, carbon nanotubes, or
other novel semiconductor materials may replace
or supplement silicon, offering better
performance, lower power consumption, and
increased functionality. In January 2024, the New
Scientist reported that the first working graphene
semiconductor had been created. This could pave
the way for a new type of computer with greater
speed and efficiency.
It may also be possible to improve existing
semiconductors by changing the packaging
around the semiconductor wafers. This packaging
connects semiconductors to their environment and
protects them from contamination and damage.
McKinsey says this part of the chip has been
Geopolitics and the technology sector
Click here or press enter for the accessibility optimised version Geopolitics
and the
technology
sector
The past year has been marked by
mounting geopolitical tensions. From
hostilities in the Middle East, to the
ongoing war in Ukraine, plus the
continued friction between the United
States ('US') and China, the global
world order is reshaping and bringing
significant disruption. This has
implications for businesses trying to
trade and manage supply chains –
and particularly for the technology
sector.
Technology is increasingly a pawn in
tensions across the globe, as
governments recognise the strategic
advantage it confers. While other
military conflicts may bring disruption,
it is the stand-off between the world’s
superpowers, China and the US, that
has had the greatest impact on the
technology sector today.
US trade and investment flows to
China have declined sharply as the
US government has grown
increasingly nervous about Chinese
influence in its strategic industries. In
November, a meeting between
Presidents Biden and Xi suggested
some thawing of relations, but there
are still key areas of contention
between the two countries: Xi pressed
Biden to lift export controls and
support stronger trade links, while
Biden sought to curb the import of
fentanyl ingredients. There are also
key flashpoints, such as Taiwan.
Inevitably, these tensions put up
barriers to trade, force technology
companies to make adjustments to
their supply chains, but also to spend
more time navigating and monitoring
risks. Countries across the world are
taking sides, based on their economic
and strategic interests. Nevertheless,
it also represents an opportunity for
many technology companies, with
global governments keen to build
domestic strength in areas such as
semiconductors and artificial
intelligence ('AI'), while protecting
themselves from cybersecurity
threats.
Protectionism
After years in which technology was
exchanged freely between China and
the US, the US is increasingly
determined that China should no
longer be allowed unfettered access
to its intellectual property. The past
two years have seen a series of
protectionist measures put in place to
limit China’s access. For example, the
US has imposed export controls on
the high-performance Graphics
Processing Unit ('GPU') chips required
to develop cutting-edge AI systems.
Nvidia has responded by launching a
slower version of its gaming chip in
the Chinese market. China has
responded with export restrictions on
gallium and germanium which are
used to produce chips, solar panels
and fiber optics.
This protectionism increasingly forces
other countries to pick a side.
Germany’s high-tech manufacturing
economy has seen plenty of
investment from China, including
involvement in industrial giants, such
as Daimler. This has raised concerns
for the German government, which
has called for an EU-wide review
body. France has also restricted
investments. ASML, the Netherlands-
based creator of high tech chip-
making equipment has halted
exports to China. This is thought to be
in response to a request from the US
government. However, more fragile
EU economies worry that cutting
China out of the supply chain could
hurt their growth.
For companies, this may restrict
access to China’s vast market, but
many recognise that maintaining
friendly relationships with
Washington is more important.
Supply chain disruption
Geopolitical tensions and the legacy
of the pandemic have prompted
companies to create greater certainty
in their supply chains. Many
technology companies found
themselves exposed as lockdowns
disrupted supply of crucial elements
and have sought to diversify
manufacturing or shift it away from
politically sensitive countries such as
China.
This is easier said than done. Apple,
for example, has significant
production in China. Its key
manufacturer Foxconn has around
200,000 workers on its iPhone City
campus in central China. It is difficult
to find alternative suppliers that can
match this level of skilled labour and
scale in the short-term. Nevertheless,
Apple’s dependence on China is
reducing. The group has made its
iPhone 15 in India and says it wants
to make one in four iPhones there
has been seen through the Chips and
Science Act. The EU passed its own
Chips Act in 2023, which also seeks to
drive investment into semiconductors.
China has ‘Made in China 2025’, a
state-led industrial policy that looks
to make China dominant in global
high tech manufacturing. The
programme brings together state
subsidies, strategically-important
companies and intellectual property
to build domestic expertise in key
areas, including electric cars, next-
generation information technology
and telecommunications, plus
advanced robotics and AI.
China is looking to achieve 70% self-
sufficiency in high-tech industries by
within the next two to three years. The
USA has signed a series of investment
agreements with Vietnam on AI and
semiconductor investment.
There is already a clear shift to
manufacturing in markets such as
Vietnam, Thailand, Mexico or
Malaysia, alongside a drive to bring
production closer to home. This
process is likely to continue over the
next decade and will create new
opportunities. This has implications
for the technology companies
themselves. They will have to shift the
focus of their investment, manage
risks, and look more closely at the
areas of demand. This may see their
cost base change.
AI dominance
AI is a clear geopolitical
battleground. Its potential impact on
economic growth, and its military
applications make AI dominance a
crucial factor in geopolitical tensions.
White House National Security
Advisor Jake Sullivan said in a recent
speech: "Preserving our edge in
science and technology is not a
'domestic issue' or 'national security'
issue. It's both.”
Nevertheless, it is clear that both sides
already see the military potential for
AI. Goldman Sachs says: “The
intelligence community and US
Department of Defense are
leveraging advancements in this field
for real-time surveillance and threat
detection, and AI stands to play a
central role as increasingly
autonomous systems transform
defense technology.”
A focus on AI has implications across
the supply chain. Semiconductors
enable AI, and AI progress is impossible
without the sophisticated analysis of
data. Countries across the world are
seeking to build up their domestic
resilience in key areas. In the US, this
their customers.
While geopolitical shifts introduce
volatility and uncertainty, they also
open up new avenues for technology
companies. They may force
companies to look at their revenue
lines, their supply chains and
outsourcing partners. However, it also
creates greater government focus on
AI and cybersecurity, which should be
supportive for companies with the
right solutions.
2025. It has some way to go – it
accounts for around 60% of global
demand for semiconductors, but only
produces 13%. However, it can point
to considerable success in electric
cars. BYD has already overtaken
Tesla in electric car sales.
Cybersecurity
Inevitably, a lot of modern warfare is
conducted online. State-sponsored
cyber criminals are proving
increasingly disruptive, particularly as
countries digitise their critical national
infrastructure. The war in Ukraine has
seen a stream of cyber-attacks, which
have disrupted public services.
Russian hacking groups claimed
responsibility for an attack on the
European Parliament website, while
the Pentagon has also come under
attack and a Chinese espionage
attack infiltrated the US government.
S&P Global adds: “The digitization of
critical national infrastructure means
that many essential services, including
power grids, water supply networks
and transportation systems, are
increasingly vulnerable to
cyberattacks. A successful
cyberattack on any of these systems
can have severe consequences,
including loss of life and economic
damage…Government networks,
private sector networks and
infrastructure are all susceptible to
hacking and espionage.”
This creates ongoing demand for
cybersecurity solutions. McKinsey
estimates that the damage from
cyberattacks will be to about $10.5
trillion annually by 2025 – a 300%
increase from 2015 levels. It believes
that the addressable opportunity may
be worth between $1.5 and $2 trillion
in the longer-term. Growth is also
likely to be supported by rising
regulation, with national
governments increasingly levying
fines for companies that fail to protect
Portfolio
Managers’
Report
Click here or press enter for the accessibility optimised version Portfolio Managers’ Report
Technology will continue to dominate our lives and re-
shape the future. Such a ‘new frontier’ remains an
extremely exciting place to invest, though of course also
brings risks for investors.
Mike Seidenberg CFA
2023 started on a cautious note.
Although inflation had started to fall,
it was not yet beaten. The impact of
rising interest rates was beginning to
be felt in the real economy, and there
were concerns about how high rates
may need to rise. A winter energy
crisis had been averted, but a ‘hard
landing’ still appeared a plausible
scenario for the world economy.
There were glimmers of hope. Some
of the supply chain bottlenecks that
had contributed to inflationary
pressures were starting to unwind.
Freight prices had started to drop and
the pandemic-related backlogs
started to ease. There was also the
prospect of a stronger performance
from China as the country relaxed its
strict quarantine restrictions.
However, the fragility of the economic
environment was exposed by the
collapse of Silicon Valley Bank in
March. Its weakness was attributed to
losses on its bond portfolio. It had
significant exposure to startups and
venture-backed firms, but the US
regulator stepped in swiftly to protect
deposit holders. The crisis threatened
to destabilise the world’s banking
system, with Europe’s Credit Suisse
also proving vulnerable. A forced
merger with UBS appeared to put an
end to the crisis, but it left investors
wary of other bear-traps in the
financial system.
In the meantime, attention continued
to be minutely focused on inflation
and when the Federal Reserve’s rate
rising cycle might draw to a close.
Rate rises continued in the first half of
the year, albeit at a slower pace. The
problem for policymakers was that
while headline rates of inflation
decelerated sharply over the year,
core inflation proved stickier.
Ultimately, however, the US Federal
Reserve paused its tightening cycle in
July, even though it continued to talk
tough on inflation. US Federal
Reserve chair Jerome Powell insisted
they would stay the course until the
inflation battle had been won. At his
Jackson Hole speech in August, he
said: “We are prepared to raise rates
further if appropriate, and intend to
hold policy at a restrictive level until
we are confident that inflation is
moving sustainably down toward our
objective.”
Towards the end of the year,
speculation mounted that US interest
rates may soon be lowered as
inflation continued to drop, and by
December, the US Federal Reserve
had pivoted to forecasting 0.75%
points of interest rate cuts in 2024.
Fears of a US recession appeared to
be overblown and hopes grew of a
Goldilocks outcome for the US
economy (with growth neither too hot
nor too cold). US GDP growth
continued to be strong, rising 5.2% in
the third quarter fuelled by a strong
consumer.
Elsewhere, growth was mixed.
Economic activity in Europe remained
anaemic at best. However, the
European Central Bank and Bank of
England continued to insist that the
battle against inflation was far from
over. Their hawkishness versus the US
Federal Reserve saw the euro and
British pound strengthen against the
US dollar. The Japanese yen
weakened against all three
currencies, in spite of a revival of
economic growth and inflation in
Japan as the country’s central bank
continued its loose monetary policy.
China’s economic rebound from
pandemic restrictions disappointed,
with the health of its property sector a
major concern.
Fears of inflation briefly revived in the
summer, after oil prices rallied in
response to oil-producing countries
agreeing to cut output. Nevertheless,
Brent crude closed the year slightly
lower at just under US$80 a barrel.
Overall oil prices fell around 10% over
2023, marking the first annual decline
since 2020. 2023 ended with inflation
pressures easing, with interest rate
cuts on the horizon and with
economic growth holding up. It
proved a far better outcome than
many had anticipated at the start of
the year.
Stock markets
Global stock markets made progress
in 2023, with the MSCI World Index
up 17.2% over the period. However, it
was a rocky ride and for much of the
year, market leadership was held by a
narrow range of artificial intelligence-
related companies. These
‘Magnificent Seven’ – Amazon,
Alphabet, Apple, Meta Platforms,
Microsoft, NVIDIA and Tesla –
benefited from growing excitement in
the potential for AI and its
applications, following the launch of
generative AI programme Chat GPT.
These stocks drove global indices
higher, but many areas did not
participate in the rally. While
companies in the information
technology, communication services,
consumer discretionary and
industrials sectors turned in a
creditable performance, defensive
stocks in the consumer staples, utilities
and health care sectors barely rose,
while energy stocks were held back
by weakening oil and gas prices. With
economic growth uncertain, investors
retreated to those companies with
reliable earnings, even if they had to
pay a little more for them.
Stock market performance was still
highly dependent on interest rate
expectations. There were two notable
setbacks over the year: the first was
prompted by March’s banking crisis,
but this was swiftly resolved after
regulatory intervention; the second
came in October after higher oil
prices prompted a brief spike in
inflation, driving fears that rates
would need to stay higher for longer.
inflation without collapsing the
economy.
This narrow market leadership
widened out in the final months of the
year, as investors started to anticipate
rate cuts in the year ahead.
November and December saw a
significant, broad-based rally.
November was the strongest month
for markets in three years and
supportive statements from the US
Federal Reserve ensured the rally
continued to the end of the year.
Overall, the MSCI World Index
recorded its strongest year since 2019.
Key themes
Interest rates and inflation
Just as they did in 2022, 2023 was a
year when investors watched the US
Federal Reserve. Once again, the
fortunes of individual companies
appeared to matter less than the
latest comments from central banks
as investors tried to judge whether
central banks would be able to tame
Ultimately, however, markets are now
reassured that the US Federal
Reserve has managed to engineer a
‘soft landing’. The much-anticipated
US recession remains a possibility in
the year ahead, but most market
participants now believe it is likely to
be short-lived and shallow if it
materialises at all. Rates cuts could
come as early as March in the US and
would be welcomed by markets.
There was new fragility in the Middle
East after the unprecedented terrorist
attacks by Hamas on Israel on 7
October, and Israel’s subsequent
military response which has seen
ongoing conflict in Gaza with huge
loss of life.
There was some easing of US/China
relations, with Presidents Xi and Biden
meeting in November. Nevertheless, a
return to the unfettered trading
relationship of recent history
appeared improbable.
Geopolitics
The fragile geopolitical landscape
continued in 2023. The war in Ukraine
was ongoing, with little progress on
either side. World powers continued
to pick sides, which saw some
redrawing of trading relationships.
Those countries that could remain
neutral, such as Vietnam or parts of
Latin America, saw their economies
benefit.
Artificial Intelligence
The launch of Chat GPT and its rapid
adoption showed the potential for
artificial intelligence – and some of its
risks. It holds the potential to drive
productivity gains for companies at a
time when productivity has stagnated
in many Western economies. In a
report in April, Goldman Sachs said
generative AI could raise global GDP
by 7% - equivalent to almost $7 trillion.
Forward-thinking corporations are
already looking at how AI could
improve their business and 2024 may
be when these plans start to come to
fruition. Companies are investing
significant amounts in AI. Microsoft,
Google and Amazon have done a
number of blockbuster deals with AI
start-ups in 2023. This accounted for
two-thirds of the US$27bn raised by
fledgling AI companies in 2023,
according to data from private
market researchers PitchBook.
Performance
The Company’s net assets rose 46.4%
for the year to 31 December 2023.
This was marginally behind its
benchmark, the Dow Jones World
Technology Index (sterling adjusted,
total return), which rose 48.2%. The
strength of the ‘Magnificent Seven’
and their dominance in the index
made it difficult to beat. We
continued to hold below index
weights in these stocks to avoid
concentration risk in the portfolio.
The broad-based rally at the end of
the year was more favourable for the
Company, with market attention
returning to some of our higher
growth, mid cap companies. This has
tended to be a more fertile spot to
find opportunities, where a focus on
bottom-up fundamentals and
industry expertise can provide an
edge versus the market. The third
quarter earnings season had
confirmed the strength of earnings
momentum in a number of our
holdings, particularly those focused
on cloud computing. We took bolder
positions in these areas, which helped
us participate in the rally in full.
Weakness tended to come in
idiosyncratic areas, rather than from
any major themes. For example,
Pay.com was a notable detractor, hit
by concerns over the outlook for the
jobs market and some operational
issues that saw it miss on earnings.
Okta was also weak, impacted by
execution challenges.
It was a mixed year for the
semiconductor sector. It was
important to differentiate between
‘leading and lagging’ semiconductor
groups. While Nvidia soared on the
back of demand for its AI-focused
chips, it was a tougher year for
generic semiconductors and those
exposed to auto-related sectors. The
Company moved away from auto-
related semiconductors in the first
half of the year, and benefited from
not holding generic semiconductor
groups such as Texas Instruments.
Nvidia was a major holding from
February onwards.
Geopolitical tensions continued to
support demand for cybersecurity
companies during the year,
particularly at the end of 2023 when
software and IT services
outperformed other areas. Artificial
intelligence also drove demand, with
more data requiring greater
protection. Cyber attacks continued
with a major Chinese espionage
campaign infiltrating the US
government. A new SEC ruling
requiring disclosure of events within
four days also impacted demand for
cybersecurity solutions. Overall
spending on cybersecurity continues
to grow faster than other major
technology segments.
The Company also benefited from the
areas it didn’t hold. For example, for
most of the year it did not hold
anything in China. The weakness of
Chinese markets was a dominant
feature of the year and this helped
performance.
Stock highlights
The performance of the Magnificent
Seven was the key highlight for equity
markets overall. Five of the
Magnificent Seven (Apple, Alphabet,
Meta Platforms, Microsoft and
Nvidia) are held in both the Company
and in the benchmark, generally at a
lower concentration than the
Company’s benchmark index. The
exception was Meta, where the
Company held a near-double
benchmark weight (at 6.3%). This
provided the strongest contribution to
returns over the year. Having
previously exited our historic position,
we bought back the stock at the end
of 2022 on the back of expectations
that its cost-cutting initiatives, lower
valuation level and secular growth
would drive shares higher. Over the
year, an improving competitive
position and new product
development helped push it higher.
The Company also held Amazon.com
and Tesla, the two remaining
Magnificent Seven stocks, which are
not part of the benchmark and were
additive to performance.
MongoDB was another notable
performer over the year. The
database software company posted
consecutive quarters of strong
earnings, ahead of market
expectations. Earnings were fuelled
by a faster recovery in consumption
trends for the business, driven by the
growth of generative AI.
range of products through its website
and mobile applications. We thought
it may be a beneficiary of China’s
reopening trade. As it was, the
Chinese consumer failed to revive and
we sold it quickly. Although it
detracted from overall performance,
it proved a prudent sale, with the
share price tumbling after we exited.
China was a particular weak spot
over the year, as international
investors withdrew from the market.
We have been wary of the Chinese
market for some time, believing
government interference threatens
shareholder returns. Not holding
Tencent Holdings and to a lesser
extent Alibaba contributed to overall
performance versus the benchmark
during the year.
The one Chinese stock we owned was
JD.com, holding it briefly between
January and February. It is an online
direct sales company offering a wide
Identity management group Okta
was a weak spot. It had a number of
operational problems: it had over-
hired, leaving sales territories cut too
small for sales reps to meet their
numbers. The company also
struggled from increased competition,
while a large number of cyber attacks
weighed on its credibility. Paycom
Software was also a performance
detractor, having suffered a series of
disappointing earnings reports. As a
designer and developer of software
solutions to manage the employment
life cycle, it was hit by concerns about
the jobs outlook and a moderation in
economic growth.
The Company’s cash weighting was
lower than last year – at around 2%
on average. This detracted from
returns given the strength of markets,
particularly at the start of the year.
Nevertheless, it allowed us to retain
optionality in the portfolio during
periods of uncertainty.
Looking forward
At the start of 2023, valuations were
compelling. After a significant market
improvement - along with higher
earnings – technology companies
appear to be trading at around fair
value today. That said, there are some
tailwinds for the year ahead and we
believe the equity market recovery
over the past few months can extend
into 2024.
At the December 2023 Federal Open
Market Committee meeting, the US
Federal Reserve signalled multiple
rate cuts could come in 2024. Inflation
continues to weaken and, while the
jobs market remains buoyant, growth
is moderating. With interest rate cuts
on the horizon and an economic soft
landing expected, investors are likely
to be confident enough to look
beyond the mega-caps into other
parts of the market. Broader earnings
growth may accelerate this trend.
There are going to be bumps along
the way and the market might be due
for a short-term pause after its recent
strength, but there are reasons to be
optimistic about the long-term
secular growth prospects for
technology. These include artificial
intelligence and machine learning,
the Internet of Things, cyber security,
digital assets and mobility. The
macroeconomic challenges of the
past few years are likely to ease,
which should give investors greater
confidence.
The challenges of the past few years
have forced companies to look at
their cost structures, re-engineer their
businesses and cut unprofitable lines.
The result is that the survivors are far
stronger, with better competitive
positions and stronger earnings. We
continue to believe the technology
sector can provide some of the best
absolute and relative return
opportunities in the equity markets.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co
LLC
12 March 2024
Investment
Portfolio
Click here or press enter for the accessibility optimised version 1
Top Twenty Holdings
1 Microsoft
Sector: Software
Country: United States
Value of holding: £109,646,000
% of portfolio: 8.5
Microsoft has emerged as one of the
dominant forces in artificial intelligence ('AI')
in 2023, forging a tie-up with Chat GPT
group Open AI, and developing AI-based
service Copilot. Its cloud computing business
has also gone from strength to strength. Its
deal to buy gaming group Activision
Blizzard finally completed in 2023, having
also bought fibre optic cable maker
Lumenisity in late 2022.
2
Top Twenty Holdings
2 NVIDIA
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £92,982,000
% of portfolio: 7.2
Nvidia designs graphics processing units
('GPU's). It built its name in the gaming
industry, but its real strength is now in AI.
Generative AI requires vast processing
power that is now largely provided by
Nvidia’s sophisticated GPUs. As yet, it has
few rivals and has a head start on
innovation in this part of the market. Its
GPUs are also used in a variety of other
industries, including architecture,
engineering and scientific research.
3
Top Twenty Holdings
3 Apple
Sector: Technology Hardware, Storage
& Peripherals
Country: United States
Value of holding: £81,921,000
% of portfolio: 6.4
2023 was a tougher year for the
smartphone group, but it remained the only
major handset maker to deliver annual unit
growth during the year, and it finally
surpassed Samsung to be the world’s top
smartphone maker by volume. It remains
the most valuable company in the world
even if it has not been able to match the $3
trillion valuation it hit in 2022. Its higher
margin services business, which includes its
iCloud and Apple Music segments, has
continued to be strong.
4
Top Twenty Holdings
4 Alphabet
Sector: Interactive Media & Services
Country: United States
Value of holding: £63,727,000
% of portfolio: 5.0
Alphabet is best-known as the parent
company of Google, the world’s leading
search engine. However, it also owns
YouTube, AI research lab Deep Mind, travel
app Waze, ad management group
DoubleClick, smart home devices group
Nest and fitness tracker group Fitbit. The
group is also a major provider of cloud
services, though remains behind Amazon
and Microsoft. It is making significant
investments in AI that should help its search
engine and YouTube business segments.
5
Top Twenty Holdings
5 Meta Platforms
Sector: Interactive Media & Services
Country: United States
Value of holding: £53,809,000
% of portfolio: 4.2
Having rebranded Facebook as Meta
Platforms in 2021, signalling its ambitions in
the metaverse, more recently the group has
been using its deep pockets to develop its AI
proposition. It told investors AI would take
up a significant portion of its $94 billion to
$99 billion annual expenditure in the year
ahead. Investors have greeted this more
warmly than its foray into the metaverse.
The group also owns powerful brands, such
as Facebook, Instagram and WhatsApp.
6
Top Twenty Holdings
6 Broadcom
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £46,208,000
% of portfolio: 3.6
Broadcom designs and develops a wide
range of semiconductor and infrastructure
software products. Its chips are used in a
wide variety of markets, including data
centres, networking, software, broadband,
wireless, and storage and industrial markets.
Its $61 billion takeover bid for cloud-
computing company VMware finally
completed in November 2023.
7
Top Twenty Holdings
7 Amazon.com
Sector: Broadline Retail
Country: United States
Value of holding: £45,310,000
% of portfolio: 3.5
Amazon.com has created a retail revolution
since its launch in Jeff Bezos’s garage in
1994, but in 2023 the focus was on the
growth in its cloud computing division,
Amazon Web Services. This gives it a
foothold in the nascent AI market, likely to
be important in the years ahead. The group
had over-invested during the pandemic, but
now appears to have regulated itself and
growth returned to its ecommerce division in
2023. It remains the leading ecommerce site
across the globe, in spite of a number of
challengers.
8
Top Twenty Holdings
8 Lam Research
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £40,721,000
% of portfolio: 3.2
Lam Research Corporation is an American
supplier of wafer-fabrication equipment and
related services to the semiconductor
industry. It remains an important part of
semiconductor supply chain, with its
products used primarily in front-end wafer
processing. Its products provide the link
between design and manufacturing for the
latest electronic devices.
9
Top Twenty Holdings
9 Monolithic Power Systems
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £39,131,000
% of portfolio: 3.0
Monolithic Power Systems creates small,
semiconductor-based power solutions for
systems found in industrial applications. Its
specialist semiconductors are designed to be
energy efficient, cost-effective and
environmentally responsible. This is becoming
increasingly important at a time when there
are concerns about the energy use
associated with technology developments
such as AI. The group was founded in 1997 by
current CEO Michael Hsing.
10
Top Twenty Holdings
10 Micron Technology
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £34,757,000
% of portfolio: 2.7
Idaho-based Micron is the largest US maker
of memory semiconductors. It produces a
range of semiconductor devices, including
dynamic random access memory, flash
memory, and solid-state drives. Its consumer
products are marketed under the brands
Crucial Technology and Lexar. Increasingly,
data centre demand is compensating for
weakness in its personal computer and
smartphones business.
11
Top Twenty Holdings
11 MongoDB
Sector: IT Services
Country: United States
Value of holding: £34,468,000
% of portfolio: 2.7
MongoDB is a database software company
founded in 2009 as 10gen. It listed on
Nasdaq in 2017. It allows companies to
interrogate data at a more granular level. It
posted earnings ahead of expectations in
2023, fuelled by demand from the growth of
generative AI. The company still isn’t
profitable, but it continues to generate
revenue growth of 30-40% per year.
12
Top Twenty Holdings
12 Zscaler
Sector: Software
Country: United States
Value of holding: £32,664,000
% of portfolio: 2.5
Zscaler is a global cloud-based information
security company, founded in 2008 by serial
entrepreneur Jay Chaudhry. It provides a
cloud-based information security platform
and has the world’s largest security cloud. It
also provides next generation
firewalls, sandboxing, SSL inspection,
antivirus and vulnerability management
and is geared into growth sectors such as
cloud computing, mobile and Internet of
Things environments.
13
Top Twenty Holdings
13 Adobe
Sector: Software
Country: United States
Value of holding: £31,918,000
% of portfolio: 2.5
Computer software and document
management group Adobe creates
software for the creation and publication of
various types of content, including graphics,
photography, and print. Alongside its
flagship products Adobe Photoshop and
Adobe Acrobat, it has also expanded into
customer relationship management
software. Having tried to buy software
design start-up Figma, the two firms
announced they were abandoning the
merger in December 2023. Nevertheless,
the group has been growing its AI offering.
14
Top Twenty Holdings
14 Samsung Electronics
Sector: Technology Hardware, Storage
& Peripherals
Country: South Korea
Value of holding: £31,855,000
% of portfolio: 2.5
Until the end of 2023, South Korea-based
Samsung Electronics had been the world’s
largest manufacturer of mobile phones and
smartphones since 2011, known for its
popular Samsung Galaxy brand. It has now
been overtaken by Apple, but has a number
of other business lines, including lithium-ion
batteries and semiconductors. It is also the
world's largest memory semiconductor
manufacturer.
15
Top Twenty Holdings
15 ServiceNow
Sector: Software
Country: United States
Value of holding: £31,697,000
% of portfolio: 2.5
Founded in 2003 by Fred Luddy, ServiceNow
has a cloud computing platform to help
companies manage digital workflows. It
announced a tie-up with Nvidia in May 2023
to bring AI services to major corporations.
ServiceNow is a platform-as-a-service,
offering the infrastructure for enterprise and
technical management support systems,
such as IT service management and help
desks.
16
Top Twenty Holdings
16 Advanced Micro Devices
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value of holding: £31,409,000
% of portfolio: 2.4
Advanced Micro Devices is an American
semiconductor manufacturer based in
Santa Clara, California. It develops chips for
a range of business and consumer markets.
In 2023, it launched a chip that it says could
break Nvidia’s dominance of the AI market,
with chief executive Lisa Su saying the
group’s chips could be faster than those of
its rivals. Her claim will be tested in 2024 as
MI300 chips hit the market.
17
Top Twenty Holdings
17 Datadog
Sector: Software
Country: United States
Value of holding: £30,956,000
% of portfolio: 2.4
Datadog is a cloud software group,
providing monitoring of servers, databases,
tools and services through its data analytics
platform. The group was founded in 2010 by
Olivier Pomel and Alexis Lê-Quôc, ultimately
floating on the Nasdaq in 2019. The group
has benefited from broader adoption of
cloud computing and its products are now
compatible with all the major web services
providers – Amazon, Microsoft, Google and
others.
18
Top Twenty Holdings
18 CrowdStrike
Sector: Software
Country: United States
Value of holding: £30,103,000
% of portfolio: 2.3
Security group CrowdStrike uses artificial
intelligence (AI) to give real-time protection
and visibility for companies, preventing
attacks. The group draws data from across
the globe, giving it one of the most
advanced data platforms for security. This
should help identify and prevent breaches
before they occur.
19
Top Twenty Holdings
19 Shopify
Sector: IT Services
Country: United States
Value of holding: £26,944,000
% of portfolio: 2.1
Shopify is a Canadian multinational e-
commerce company headquartered in
Ottawa. Its proprietary ecommerce platform
allows merchants to launch online stores.
The platform will handle marketing and
payments, plus secure transactions and
shipping. It now has 1.75m merchants using
its platform. The platform is cloud-based
and hosted, which means merchants don’t
need to maintain servers or worry about
upgrades.
20
Top Twenty Holdings
20 Mercadolibre
Sector: Broadline Retail
Country: United States
Value of holding: £26,109,000
% of portfolio: 2.0
Argentine ecommerce company
Mercadolibre operates online marketplaces
for e-commerce and online auctions. The
company has operations across all the
major markets in South America, including
Brazil, Chile, Colombia, Costa Rica, Mexico,
Peru, Uruguay and Venezuela. Time
Magazine listed Mercadolibre as one of its
100 most influential companies in the world
for 2023.
Portfolio Analysis
at 31 December 2023
Geographical breakdown
Sector breakdown
As cash is excluded and the weightings for each country are rounded to the nearest tenth of
As cash is excluded and the weightings for each sector are rounded to the nearest tenth of a
a percent, the aggregate weights may not equal 100%.
percent, the aggregate weights may not equal 100%.
Investment Portfolio
at 31 December 2023
Strategic
Report
Click here or press enter for the accessibility optimised version Strategic Report
Section 172 Report:
Engagement with Key Stakeholders
Environmental, Social, Governance
(‘ESG’) and Stewardship – the
Company’s Report
Voya Investment Management’s
Environmental, Social and
Governance (‘ESG’) Policy
This information has been extracted from the audited Annual Financial Report for the year ended 31 December 2023, a full copy of which can be found here.
Directors'
Review
Click here or press enter for the accessibility optimised version Directors
Directors' Report
Corporate Governance
Statement
Report of the Management
Engagement Committee
Report of the Nomination
Committee
Report of the Remuneration
Committee
Directors’ Remuneration
Implementation Report
Directors’ Remuneration
Policy Report
Statement of Directors’
Responsibilities
Audit & Risk Committee
Report
This information has been extracted from the audited Annual Financial Report for the year ended 31 December 2023, a full copy of which can be found here.
Financial
Statements
Click here or press enter for the accessibility optimised version Independent Auditor’s
Report to the Members
of Allianz Technology Trust
PLC
Income Statement
Balance Sheet
Statement of Changes in
Equity
Notes to the Financial
Statements
These Financial Statements have been extracted from the audited Annual Financial Report for the year ended 31 December 2023, a full copy of which can be found here.
Investor
Information
Click here or press enter for the accessibility optimised version Glossary of UK GAAP Performance Measures
and Alternative Performance Measures
Glossary of Terms
Investor Information
This information has been extracted from the audited Annual Financial Report for the year ended 31 December 2023, a full copy of which can be found here.
Notice of
Meeting
Click here or press enter for the accessibility optimised version Notice of Meeting
This information has been extracted from the audited
Annual Financial Report for the year ended 31 December
2023, a full copy of which can be found here.
Stay in Touch
Allianz Technology Trust PLC
199 Bishopsgate
London
EC2M 3TY
+44 (0)203 246 7000
www.allianztechnologytrust.com
Cookies [ 1 ] [ 2 ] Terms [ 1 ] [ 2 ] Privacy [ 1 ] [ 2 ]
P O W E R E D B Y
Click here or press enter for the accessibility optimised version