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Allianz
Technology
Trust PLC
Annual Financial Report
31 December 2024
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 – for example, the car makers or ecommerce
groups using technology to gain a competitive advantage. In short, 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
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.
Key Information
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 2024
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.
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Financial
Highlights
Financial Highlights
As at 31 December 2024
Net asset value (NAV) per Ordinary share
+35.6%
2024 458.6p
2023 338.2p
Ordinary share price
+38.1%
2024 419.0p
2023 303.5p
Benchmark
+35.8%
2024 3,688.0
2023 2,715.0
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 2024. Rebased to 100 at 1
December 2014. 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 2024
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 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 Allianz Technology Trust – Net Asset Value – undiluted. 2
Dow Jones World Technology Index (sterling adjusted, total
return). Source: AllianzGI/Datastream. The Alternative
Performance Measures (APMs) can be found here.
Financial Summary
As at
31 December
2024
As at
31 December
2023
% change
Net Asset Value per Ordinary share
458.6p
338.2p
+35.6
Ordinary share price
419.0p
303.5p
+38.1
Discount on Ordinary share price to Net Asset Value
8.6%
10.30%
Dow Jones World Technology Index (sterling adjusted, total return)
3,688.0
2,715.0
+35.8
Shareholders' funds
£1,747m
£1,319m
+32.5
For the
year ended
31 December
2024
For the
year ended
31 December
2023
Net revenue return per Ordinary share
(1.12p)
(0.88p)
Ongoing charges*
0.64%
0.70%
* As defined in the APMs here.
Five Year Performance Summary
As at 31 December
2024
2023
2022
2021
2020
Shareholders' funds
£1,747m
£1,319m
£939m
£1,473m
£1,229m
Net Asset Value per Ordinary share
458.6p
338.2p
231.0p
347.9p
291.3p
Ordinary share price
419.0p
303.5p
210.0p
352.5p
297.0p
Dow Jones World Technology Index (sterling adjusted, total return)
3,688.0
2,715.0
1,832.2
2,489.3
1,941.1
(Discount) premium of Ordinary share price to Net Asset Value
(8.6%)
(10.3%)
(9.1%)
1.3%
2.0%
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.
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Chairman's
Statement
Welcome
Welcome to this report on Allianz
Technology Trust PLC for the financial
year ending 31 December 2024. In
recent times global macroeconomic
and geopolitical shocks have seemed
commonplace and so it was
something of a relief that 2024
passed without major global upset.
2024 was, however, notable for the
numerous elections across the globe.
In the UK the general election saw the
return of the first Labour government
since 2010 and in the US, Donald
Trump returned to the White House
for a second term. The
macroeconomic environment was on
the whole supportive, in particular
central banks were successful in their
efforts to tame excessive inflation.
Against this backdrop equity markets
did manage to generate good returns
with technology companies
continuing to lead the pack.
A detailed look at economies, rates
and markets leads off the Portfolio
Manager’s Report here and I
recommend you read that for its
detail and nuance.
Backdrop
That technology intertwines all our
lives is indisputable and 2024 showed
some incredible and sometimes
disturbing examples of this. AI
continues to dominate headlines –
there is no doubt that this is an
amazing technology with the
potential to have a huge impact on
society. However, we are in frontier
territory and ultimate long-term
winners in the AI race may not yet
even exist.
What is certain is that technology is
most often the ‘edge’ and that means
a consistency of demand for products,
services and ongoing innovation. It is
that which keeps the sector so
dazzlingly alive, along with an
ecosystem of incomprehensibly
talented inventors, scientists,
engineers and entrepreneurs who
work tirelessly towards the next
generation of technology. This whilst
most of us are simply trying to absorb
the changes already in front of us!
Performance
Technology was once again a leader
of stock market returns. Yes, global
markets progressed strongly and
Tim Scholefield
Against this backdrop equity markets did manage to
generate good returns with technology companies
continuing to lead the pack.
would have netted investors around
20% for the year (source: FTSE World
Index (total return)). However, the
Company’s benchmark index would
have brought you over 35% and of
course, the dominance of the sector is
such that a big part of the return from
the global indices came from
technology companies.
So, what are some of the underlying
drivers of performance? The
‘Magnificent Seven’ (Amazon,
Alphabet, Apple, Microsoft, Meta,
Nvidia and Tesla) between them
returned around 60% – a continued
dominance at a headline level,
although delving down there was a
mix of extraordinary and more
lacklustre returns. There were further
strong returns seen from a wider
range of technology companies this
year and in terms of our own
performance this meant that our
Investment Manager was able to
keep pace with our benchmark index
without necessarily having to hold
index weights in the largest
companies. For details of the key
stocks that either aided or held back
our relative performance, please do
read the details outlined in the
Portfolio Manager’s Report here.
I am pleased to report that
shareholders saw a second successive
year of strong returns. The Company’s
Net Asset Value (NAV) total return
was 35.6%, while a narrowing in the
discount to NAV resulted in a higher
share price total return of 38.1%. The
NAV return was marginally behind
the 35.8% return of our benchmark,
the Dow Jones World Technology
Index (sterling adjusted, total return).
Keeping pace with the benchmark
without resorting to holding index
weights in the largest companies is a
‘win’ in our view as it means we have
broadly matched that performance
without exposing shareholders to
excessive concentration risk. We will
not lose sight of the important part
that risk management plays in the
active portfolio management
‘equation’ and our focus on extracting
value for shareholders from a wider,
more balanced and diversified
selection of companies than simply
the mega-capitalisation stocks
remains key for ATT. An example of
this came in late January when some
news flow from China relating to the
AI application DeepSeek sent the
price of many AI related stocks
markedly lower on 27th – in particular
Nvidia lost almost half-a-trillion USD
market capitalisation and went from
the world’s most valuable company to
third on that day alone with a near
20% fall. Being active means that we
did not hold an index weight in the
stock (roughly 3.5% below). In the
following days the stock recovered
the majority of the fall as investors
digested the situation.
As in previous years we have not
proposed a dividend for the year
ended 31 December 2024. It is
common for technology companies
not to pay a dividend, moreover the
yields of those that do are typically
small by comparison with non-
technology companies.
The Company’s Net Asset Value (NAV) total return was
35.6%, while a narrowing in the discount to NAV resulted in a
higher share price total return of 38.1%.
Discount
The Company traded at an average
discount of 10.4% over the period (low
of 3.8% and high of 14.8%). It was
encouraging to see the discount
narrow from 10.3% at the start of the
year to 8.6% at year end, nevertheless
the Board is very aware that the
discount could be a source of
frustration to shareholders.
2024 marks a third successive year in
which ATT has been at a discount, in
contrast to the prior three years in
which we typically traded at a
premium to NAV. I have previously
commented that the Board’s view is
that the discount in recent times is the
result of broad macroeconomic and
structural challenges rather than
company-specific concerns; this
remains our view.
We have reached this conclusion by
examining the pattern of discounts
across the whole investment trust
sector as well as those of our
competitors. We are confident that
the widening in discounts seen in the
past three years has its roots in the
tighter monetary conditions which
followed the global surge in inflation
in 2021. It is perhaps also worth
keeping in mind that the UK equity
market has for some time now
remained ‘cheap’ by global
standards.
All that said, what is the Board’s
response to the persistent discount?
Our focus is on three areas. First, we
continue to use the powers available
to us to buy back shares. Our policy in
respect of buying back shares
remains unchanged. We would
consider buying back shares where
the discount is consistently over 7%
and we judge it appropriate to do so
given the prevailing market backdrop.
In the financial year we bought back
an aggregate 9,015,787 shares at an
average discount of 11.3% and total
cost of £32.0m. Since the end of the
financial year, up to 12 March 2025
we have repurchased a further
2,729,344 shares at an average
discount of 10.3% and total cost of
£11.5m. At the forthcoming AGM, the
Board will once again seek authority
to buy back up to 14.99% of the
shares in issue. Any buy back of shares
will only take place where we believe
it to be beneficial to shareholders.
Second, our differentiated investment
process was unchanged. We remain
firmly of the view that ‘sticking to the
knitting’ and executing our long
established and successful investment
approach provides a compelling
basis for achieving long-term capital
growth for shareholders.
Third, we continued with our activities
to promote the Company and the
attractive investment opportunity
provided by the technology sector.
Long-term demand generation is our
At the forthcoming AGM, the
Board will once again seek
authority to buy back up to
14.99% of the shares in issue.
Any buy back of shares will
only take place where we
believe it to be beneficial to
shareholders.
favoured strategy in the face of a
reticent market. Our promotional
activities will cover a range of
different channels and we will
continue to make creative use of
technology in our efforts to grow our
shareholder base. ATT has an
enviable track record which has been
recognised by numerous awards, and
I am confident that our promotional
efforts in the next twelve months will
help grow demand for our shares.
Artificial Intelligence (AI)
AI continues to be a headline theme
within our portfolio. There is no doubt
of the transformative power of this
technology and the tremendous
opportunities for those companies
that are successful in developing or
implementing AI. That said, AI’s
frenetic development brings its own
risks. Picking the winners in the AI race
is challenging. We are becoming
more and more aware of AI’s
potential ‘dark side’, its scope to be
misused whether it be in creating
‘deep fakes’, plagiarism or cyber-
attacks. Moreover, the AI race is
global in nature and yet there are few
signs that effective transnational
regulatory standards are close at
hand.
In this context ATT’s focus is on
balancing the opportunities and the
risks. For the Investment Manager this
translates into a strong focus on
companies that are making money
from the technology now (many
aren’t), as well as those most likely to
mature into that position. Our
investment team carefully assesses
risk on a stock-by-stock, ‘bottom-up’
basis when considering new additions
to the portfolio and in their
monitoring of existing holdings. For
the Board, this is reflected in our
perspective on governance.
Consequentially we have met with
external subject matter experts and
we strongly support efforts to
strengthen regulation surrounding the
use of AI. In my view, our focus on
governance, risk management and
the differentiated investment
approach previously discussed are
distinctive features of our actively-
managed investment trust structure.
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 fallen to 0.64% (2023:
0.70%). I am pleased to report that
the Company has the lowest OCF
within its AIC peer group (Technology
& Technology Innovation).
The OCF excludes any performance
fee due to the Investment Manager.
The performance fee is subject to
various performance conditions which
were not met in 2024 and as a
consequence no performance fee
was earned. The various performance
conditions are set out in detail in the
Directors’ Report here.
Board matters
In 2024 the Board visited our
Investment Manager in California.
This is a key part of our governance
programme which we aim to
undertake once every two years. We
completed a deep-dive analysis of
the investment process, portfolio and
the investment team as part of our
regular due diligence. We also met
with a sample of our portfolio
companies which are located in the
area and these meetings certainly
reinforced the Board’s view that the
technology sector has tremendous
potential for long term growth.
As previously reported, at the
conclusion of the 2025 AGM Elisabeth
Scott will step down from the Board,
having served since 2015. We thank
Elisabeth for her significant
contribution to the Company’s
development over the past ten years
and her part in its considerable
growth over that time.
Although outside of the reporting
period, we are pleased to announce
the appointment of Lucy Costa
Duarte as a non-executive Director on
1 January 2025. Lucy also joined the
Audit and Risk, Management
Engagement, Remuneration and
Nomination Committees. Lucy brings
a wealth of marketing and investor
relations experience, and we are
therefore delighted that she has
joined the Board.
Annual General Meeting
(AGM) arrangements
This year’s AGM will be held on 23
April 2025 at 2.30pm. The full Notice
of Meeting can be found here. Full
details of the special business to be
considered at the AGM can be found
here.
As with 2024, the AGM will be a
hybrid meeting, meaning
shareholders can either attend
physically or online. We strongly
encourage all shareholders to submit
their votes by the deadline of 17 April
2025 as detailed in the Notice of
Meeting here. Those shareholders
attending virtually will be able to view
the AGM and submit questions
electronically.
If you are an ATT shareholder through
a platform which offers the
opportunity to vote, then we
encourage you to take advantage of
those arrangements to cast your
votes and thus have your say in the
running of your Company. It is also
possible for you to attend the AGM:
all you need to do is to request a
‘Letter of Representation’ or click
‘Attend meeting’ on the voting options
page. We also commend and support
the Association of Investment
Companies’ (AIC) efforts to further
improve the enfranchisement of retail
shareholders who hold their shares
through an investment platform or
other nominee service, with their
newly launched “My share, my vote”
campaign, targeting a change in
company law. You can view details of
this campaign here and follow
instructions on how to cast your vote
via platforms here.
This year’s AGM will be held on 23 April 2025 at 2.30pm. The
Board encourages shareholders to attend the AGM if
possible. A presentation by the lead portfolio manager will
be made at the start of the meeting.
The Board encourages shareholders
to attend the AGM if possible. A
presentation by the lead 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 remains as difficult as ever to
predict the macroeconomic direction
of travel for the year ahead. What is
probably not in doubt is that shocks to
the system and associated volatility
continue to be significant risks; even
as I write, during the early weeks of
the new Trump administration, talk of
tariffs and trade wars are causing
unease.
That said there is no doubt that
change within the technology sector
will continue at pace. Our job is more
nuanced though – decoding how this
will translate into business growth and
profitability for companies – and so
ultimately into their share prices. The
technology sector can be prone to the
wildest swings in sentiment based on
short term news flow and whilst those
companies at the forefront of growth
undoubtedly deserve to trade on
higher multiples, we are seeing more
instances in which valuations have
become overextended. Against this
background a sense of balance is
needed. We truly believe in the long-
term potential of the sector, however
in the short term it feels there could be
an increasing risk of market
corrections and setbacks along the
way.
At ATT we remain focused on the task
at hand: creating a portfolio which we
believe has the strongest potential for
growth over the long term, for those
shareholders who entrust us with their
money.
Tim Scholefield
Chairman
12 March 2025
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Why invest in technology?
With every year, the reach and
influence of technology grows.
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.
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.
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
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
Source: Thomson DataStream, total return % in GBP, to 31 December 2024.
How technology contributes to the MSCI World index
Source: Source IDS/Wilshire Atlas 31/12/24. 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%.
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Allianz Technology Trust PLC
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.
Allianz Technology
Trust offers access to
the investment
potential of the
technology sector from
the heart of the
industry.
*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
Michael Seidenberg is a senior portfolio manager for the global technology strategies 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, analyst and director on the U.S. global technology team. Prior to that, he worked at
a number of hedge funds, including Pequot Capital, Andor Capital and Citadel Investment
Group. He also worked in the software industry and at Oracle Corporation. Michael earned a
BS in business administration from the University of Colorado and an MBA with
concentrations in finance and accounting from Columbia Business School.
Erik Swords
Portfolio Manager and Managing Director, Head of Global Technology
Erik Swords is head of global technology strategies 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 lead portfolio manager, managing director and led the U.S. global technology
team. Prior to that, he worked at Newton Investment Management for 16 years, leading one of
BNY Mellon’s largest technology strategies, along with several other thematic portfolios
focused on technology and related sectors. Previously, he worked as a research analyst
covering the software sector at Pilgrim Baxter Associates, Exis Capital Management and
Credit Suisse First Boston Technology Group. Erik earned a BS in finance from Lehigh University.
Danny Su
Portfolio Manager/Analyst
Danny Su is a senior 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, analyst and director with global responsibilities for the hardware, semiconductor,
semiconductor capital equipment and contract-manufacturer sectors. Prior to that, Danny was an
associate analyst at ABN Amro, covering the internet-infrastructure software and marketing
research sectors. Previously, he was a business analyst with McKinsey & Company in Hong Kong.
Danny earned a dual BS in electrical engineering and economics from MIT and a master’s degree in
management from the Kellogg Graduate School of Management at Northwestern University.
Justin Sumner, CFA
Portfolio Manager/Analyst
Justin Sumner is a senior portfolio manager on the global technology strategies 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 senior portfolio
manager and director on the U.S. global technology team. Prior to that, Justin worked at
Newton Investment Management for 15 years, developing, launching and managing
thematic investments focused on technology. Previously, he worked as an equity analyst
covering technology and related sectors at several asset management shops, including
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.
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Beyond AI
The technology sector is a dream
factory, constantly generating ideas.
Part of our role is to disseminate the
ideas with durability, and that might
make good investments in the long-
term. Artificial Intelligence (AI) has
rightly commanded a lot of investor
attention over the past two years.
However, it is far from the only
important innovation happening in
technology today. These are some of
the areas that may prove fertile areas
of innovation over the next few years.
Cybersecurity
Cybersecurity is a theme that we have
backed for a long time in ATT. We like
technology that solves significant
problems, and cyber threats are
growing in size and severity, driven in
large part by the complex global
geopolitical situation and the on-
going move to cloud computing. In
2023, there were over 6 billion
malware attacks worldwide. Bad
actors have increased their ambition,
with critical infrastructure,
government departments and crucial
industries permanently at risk.
Equally, cybercriminals are constantly
expanding their toolkit. 2025 saw a
range of new threats emerging,
including a rise in AI-powered attacks.
AI was used for automated phishing,
malware generation, and sophisticated
social engineering campaigns.
Cybersecurity companies have had to
develop new solutions to meet these
threats, often employing AI.
Properly functioning cybersecurity
solutions are now critical for
businesses. These will often be multi-
layered and are vital in helping
companies maintain the trust of
stakeholders and swerve costly
Technology beyond
Artificial Intelligence
attacks on their business. This helps
maintain a constant source of
demand for cybersecurity products.
Equally, as companies increasingly
digitise and adopt cloud computing
solutions, there is even greater need
for security solutions to mitigate
attacks.
Quantum computing
In 2022, Haim Israel, global strategist
at the Bank of America said
“Quantum computing is a revolution
that’s going to be bigger than fire”.
Quantum computers use quantum
mechanics to solve problems, rather
than traditional binary logic. Unlike
classical bits, which represent data as
0s or 1s, quantum bits (qubits) can
exist in superpositions of both states
simultaneously, enabling parallel
computation. Computers that use this
approach are faster and more
powerful. In 2023, Google scientists
reported that a quantum computer
had completed a computational task
that would take a classical
supercomputer 47 years to complete
With this in mind, quantum computers
could lift many of the restraints
associated with technology progress:
they could be up to 100 times more
energy efficient than a standard
supercomputer, for example.
Quantum computing could help
enable artificial intelligence, allowing
the swift processing of data required
to generate AI insights.
McKinsey suggests that the market
for quantum computing could reach
up to £55 billion, while the revolution
in computing power will have a £1.5
trillion economic impact on the
financial, chemical, life sciences and
transport sectors alone. Governments
are starting to invest: in the UK, a
£140 million National Quantum
Computing Centre opened in
Oxfordshire last year.
The technology giants are also taking
an interest. In December, Google
unveiled a new chip, which it believes
can solve a problem within five
minutes, that would currently take the
world's fastest super computers ten
septillion – or
10,000,000,000,000,000,000,000,000
years – to complete. On announcing
the launch, Google said the new chips
"pave the way to a useful, large-scale
quantum computer."
Space
Space-enabled technologies are
already well-advanced, with satellites
driving weather forecasts, GPS systems,
and internet technology. The World
Economic Forum (WEF) says: “Space
technologies are delivering benefits to
a wider range of stakeholders, with
industries such as retail, consumer
goods and lifestyle; food and
beverages; supply chains and
transport; and disaster mitigation all
set to benefit from space innovations.”
Its estimates suggest that the space
economy could be worth $1.8 trillion
by 2035 as satellite and rocket-
enabled technologies become
increasingly prevalent. This is a rise
from $630 billion in 2023 and
represents an average annual growth
rate of 9% per annum. The WEF adds:
“The number of satellites launched
per year, for example, has grown at a
rate of 50%, while launch costs have
fallen 10-fold over the last 20 years.”
Internet of Things and 5G
The Internet of Things (IoT) is a series
of interconnected smart devices,
which are busy monitoring and
sharing data all the time. These could
be monitoring emissions, weather
patterns, energy usage, or a vast
range of other metrics. The insights
provided by these devices can help
companies, governments and
individuals perform more efficiently
and make better decisions.
The sector is still seeing rapid growth.
Fortune Business Insights suggests
that it may grow from a market size of
$714.5bn in 2024 to $4,062bn by
2032, a growth rate of 24.3% per year.
The IoT is necessary to gather the
data for AI insights.
The IoT has applications in areas such
as supply chain management, mining,
freight and agriculture. For example,
an IoT-driven blockchain can record
the status of shipping containers,
temperatures, and position to help
shipping companies better manage
cargo. For mining companies, it can
help prolong the lifespan of
expensive machinery, alerting
companies to problems at an early
stage. It also has a range of consumer
applications, including wearable
fitness monitors and home
appliances. Medical applications,
such as blood sugar monitors, are
another high growth area.
Cloud computing
Cloud computing may feel like old
news, but it is still growing fast. Global
spending on cloud computing is
currently estimated at $679bn, but
that is expected to grow to $947bn by
2026. Around 60% of business data is
now stored in the cloud and
companies increasingly consider it a
better, safer solution for their more
important data: 94% of businesses
noted improvements in their
security after moving to the cloud.
Moving workflows to the cloud is
likely to become even more important
in future. Companies using cloud
storage, development tools and
applications are in a far better
position to align their technology
infrastructure with the needs of their
business. This is likely to provide a
crucial competitive advantage to
those using it. It is also likely to
become more important because of
AI. Companies that have already
digitised their business are likely to
find AI adoption easier, which could
put them two steps ahead of their
competitors.
Blockchain/cryptocurrency
The rise and rise of the Bitcoin price
has inevitably attracted attention in
2024. While we have not taken
positions on bitcoin or cryptocurrency
in ATT, we do not underestimate the
potential for it to revolutionise certain
industries and financial systems.
Blockchain technology provides a
decentralised and secure way to
record transactions, which can
enhance transparency, reduce fraud,
and improve efficiency.
Cryptocurrencies offer an alternative
to traditional financial systems,
enabling peer-to-peer transactions
without the need for intermediaries.
These technologies are likely to
become more mainstream over the
next few years. Governments are
looking at them more closely. In the
UK, for example, the government
introduced a Property (Digital Assets
etc) Bill in September 2024. This
sought to clarify the legal status of
crypto assets and provide owners
greater legal protection. The
Financial Conduct Authority (FCA), the
UK’s financial regulator, is also
looking at ways to regulate crypto
assets without stifling their growth.
For the time being, it is difficult to
invest in these assets on public
markets. However, as the sector
evolves, companies will emerge to
take advantage.
AI winners
A lot of investor attention has been
focused on AI infrastructure
companies and companies are
increasingly adopting AI into their
workloads. However, it is also true
that many of the real winners from AI
may not have emerged yet. The
winners from the internet revolution
were new businesses that could shape
their business models around the
internet, rather than sandwiching the
internet into existing businesses.
While not all innovation is investable,
it may become investable over time,
and we need to be alert to
opportunities. These are just some of
the areas we will be keeping an eye
on over the next few years.
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AI: opportunities and risks
The promise of artificial intelligence is
huge. In 2023, Microsoft founder Bill
Gates said: “The development of AI is
as fundamental as the creation of the
microprocessor, the personal
computer, the Internet, and the
mobile phone. It will change the way
people work, learn, travel, get health
care, and communicate with each
other. Entire industries will reorient
around it. Businesses will distinguish
themselves by how well they use it.”
In the two years since, there has been
rapid adoption of AI. In the
latest McKinsey Global Survey on AI,
65% of respondents report that their
organisations are now regularly using
generative AI, double the percentage
from the group’s last survey just ten
months previously. Three-quarters
predict that generative AI will lead to
significant or disruptive change in
their industries in the years ahead.
Early adopters
Certain sectors have been swifter to
adopt AI than others. As might be
expected, telecom, high tech and
financial services companies are
leading the way in overall adoption.
For manufacturing, the automotive
and pharma industries have been
trailblazers. Within companies,
McKinsey says management teams
are “following the money” on where
they are deploying AI. In other words,
AI is gaining the most traction in areas
of the business that create the most
value. It said: “The average
AI: opportunities and risks
organization using gen AI is doing so
in two functions, most often in
marketing and sales and in product
and service development.”
Autonomous driving is another area
that is gaining ground and makes
extensive use of AI. Road deaths are a
major problem, with around 100
people killed in road accidents in the
US every day. Autonomous vehicles
have certain advantages, in that they
don’t drive drunk, or angry, or too fast.
Driverless taxis are already a feature
in San Francisco, now offering a
commercial, 24/7 driverless ride-
hailing service across the city.
Medicine is also making use of AI,
particularly in areas such as cancer
detection. In the US, the Food and
Drug Administration has authorised
the marketing of AI-based software to
help pathologists identify areas of
prostate biopsy images that may
contain cancer. Medical images such
as mammograms can also be rapidly
processed with the help of AI.
Technology has also helped develop
an exoskeleton suit used in hospitals
and retirement homes to help people
gain more mobility and autonomy.
This is just the starting point. It is
expected that AI will have relevance
for a vast range of industries and use
cases that are not yet imagined. It
promises to be a disruptive force,
reshaping the global economy and
workforce.
Examining the risks
There has been considerable debate
as to whether AI constitutes an
existential threat to mankind. Certainly,
the US government’s inclusion of a
clause in its latest AI regulation that AI
should not launch nuclear weapons
autonomously may give some pause
for thought. The wilder predictions
may prove overblown, but there are
unquestionably risks to wider AI
adoption.
Alphabet's Waymo self-driving car in San Francisco. Photo: Jason Doiy
As with all significant technological
progress, it is likely to have an impact
on the labour market. Estimates vary
considerably, but Goldman Sachs
suggests “Shifts in workflows
triggered by these advances could
expose the equivalent of 300 million
full-time jobs to automation”. Its
economists say that roughly two-
thirds of US occupations are exposed
to some degree of automation by AI.
While technology innovation has
historically impacted blue-collar jobs,
AI may have greater implications for
white collar jobs. These may
disappear as computers learn
languages, analyse medical scans or
read complex legal documents.
Professions such as translators,
radiologists or insurance professionals
could be at risk. In contrast, jobs
where there is high human interaction
and/or high complexity should be
relatively immune.
There are also significant barriers to
adoption. Companies are not
necessarily built to incorporate AI, and
it will take time to adapt legacy
processes. The McKinsey report ‘Notes
from the AI Frontier’ says that most
organisations have a long way to go
to develop the practices that will
enable them to realise the potential
of AI. Just 17% of respondents stated
their companies have mapped out
where the potential AI opportunities
lie and only 18% say their companies
have a clear strategy in place for
sourcing the data that enables AI to
work effectively.
More digitised firms have a clear
advantage, and they report broader
adoption of AI. However, the real
winners from AI may be businesses
that start from scratch and embed AI
into their organisational structure as it
builds.
The people problem
For the time being, AI still needs
humans to function. Goldman Sachs
says: “We still see a lot of potential for
AI to automate a lot of the things that
workers do on a day-to-day basis,
thereby saving a lot of time and
generating large productivity gains,
the adoption rates are just fairly
limited right now. The key step, of
course, in automating tasks is that
people have to start using it.”
Organisations need skilled people in
the right place to push through the
adoption of AI. Where there is
enthusiasm for AI, proper guardrails
need to be implemented around its
adoption, but there will also be areas
where workers are reluctant to use it
for fear of making themselves
obsolete. This is a slow process and is
why companies may not be able to
reduce headcount in the near-term.
Regulation
Global governments recognise that
they missed the window to mitigate
some of the harmful effects of social
media and are keen not to repeat
their mistake with AI. Europe’s AI Act
came into effect on 1 August 2024
and provides the first-ever legal
framework on AI. The European
Commission said: “The AI
Act addresses potential risks to
citizens’ health, safety, and
fundamental rights. It provides
developers and deployers with clear
requirements and
obligations regarding specific uses of
AI while reducing administrative and
financial burdens for businesses.”
It aims to turn Europe into a global
hub for trustworthy AI by laying down
harmonised rules governing the
development, marketing, and use of
AI in the EU. The AI Act aims to ensure
that AI systems in the EU are safe and
respect fundamental rights and
values. It aims to do this while not
stifling investment and innovation in
AI. It remains to be seen whether this
is possible. There are some concerns
that AI companies are moving to the
US where they have more freedom.
The UK government had been aiming
for a ‘light touch’ principles-based
approach, as laid out in the AI
Regulation White Paper in August
2023 and a written response in
February 2024. However, in the King’s
Speech in July, the new government
proposed a set of binding measures on
AI. Specifically, the government plans
to establish "appropriate legislation to
place requirements on those working
to develop the most powerful [AI]
models". The Digital Information and
Smart Data Bill is now in progress to
support the safe development and
deployment of new technologies.
The US aims to introduce AI legislation
and a federal regulation authority,
though this is at risk with the advent of
a more laissez-faire, anti-regulation
government under Donald Trump.
Currently, more than 120 AI-related
bills are being considered by the US
Congress, covering a wide range of
issues such as AI education, copyright
disclosure, AI robocalls, biological
risks, and AI's role in national security.
State legislatures have also
introduced a substantial number of
bills aimed at regulating AI.
There are other issues that need
careful monitoring. For example, data
availability and quality will influence
how effective AI can become. It may
be that AI models hit problems of
data usage - copyright problems have
been an issue in the entertainment
industry, for example. Large language
models are energy intensive, and
there is a danger that energy
availability could stall progress.
At its heart, this may be a problem of
trust. People have got to trust the
algorithms to operate smoothly and
successfully. If the data they are
based on is flawed, the outputs will be
flawed as well, trust will be eroded,
and adoption will slow. AI systems
have often lacked transparency in
their decision-making processes, and
biases and ethical concerns have
emerged.
AI is an exciting new technology and
has the potential to be as
transformative as the Internet.
However, as with the adoption of any
new technology, its path will not be
linear and there will be risks along the
way.
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Technology
and the
environment
A force for good?
Technology is a powerful tool in
addressing many environmental
challenges, allowing more efficient
use of resources, supporting the
growth of renewable energy, and
allowing monitoring of environmental
impacts – from water usage, to air
quality. However, there are growing
concerns regarding the impact of
technological progress on the
environment, particularly as the
energy requirements of artificial
intelligence (AI) become clearer. Can
these risks be mitigated to bring
technology’s environmental impact
back into balance?
Technology is already playing a vital
role in addressing the climate crisis. It
is needed to harness energy from
renewable sources, and it can help
with carbon capture solutions,
drawing in harmful emissions before
they enter the atmosphere. It is crucial
for environmental monitoring. This
might include air or water quality
checks, better systems for waste or
water management, or smart systems
for energy or resource efficiency.
Across the world an Internet of Things
is busy monitoring emissions,
pollutants, soil quality, or water levels,
and providing an early warning
system for environmental problems.
Technology can spot patterns in data,
which allows companies,
governments or individuals to make
better environmental choices. The UN
Environmental Programme, for
example, uses AI to detect when oil
and gas installations emit methane, a
particularly potent greenhouse gas
that drives climate change. This
allows it to alert the companies
involved, who can then take action.
There are also less obvious uses for
technology. There has been
considerable innovation in the use of
satellite and drone technology to
detect illegal logging and hunting in
protected areas of tropical forests.
These forests, which act as ‘carbon
sinks’ to capture harmful emissions,
declined by 6.3m hectares every year
between 2010 and 2020. Government
agencies are now using satellite data
to monitor activity in tropical regions.
It is particularly effective in regions
with extensive cloud cover, satellites
can penetrate through to identify
changes in the structure of the forest.
Once satellite data has identified a
deforestation incident, it can be
tackled by ground patrols. Those
ground patrols will often make use of
drones to confirm the nature of the
problem and tackle it quickly. In a
pilot scheme in Indonesia,
deforestation decreased by up to
80%.
Some sectors have recognised the
power of technology to help reduce
emissions. Agriculture, for example,
has shown itself to be ripe for AI
adoption. From weather patterns to
crop growth, there are millions of data
points to collect and monitor.
Precision fertiliser or pesticides can
save farmers huge amounts of money,
and help minimise environmental
impacts. Small adjustments can have
a significant impact on yields. AI can
provide farmers with real-time insights
to monitor machinery and manage
crops.
Groups such as John Deere have been
pioneers in this area. Its virtual
operations centre allows farmers to
plan planting and harvesting, fertiliser
application and programme
autonomous tasks. It is particularly
useful for large farms, where
monitoring across significant areas is
intensive.
The emissions-heavy mining sector is
another example of a sector where
companies are embracing technology
to change how the sector operates.
The International Institute for
Sustainable Development says: “New
technologies reshaping the sector
include autonomous vehicles, remote
operating centres, automated drilling
and tunnel-boring systems, machine
learning and more. They are making
operations more productive. This can
be seen in the use of robotics
operating 24 hours a day, real-time
monitoring of minerals and metals
through mines and processing plants,
and using simulations at the mine
design stage to test different solutions
before implementation.”
Technology is also making mining
equipment more effective. The use of
electric vehicles and renewable
energy sources on mining sites has
resulted in decreased carbon
emissions and energy usage. Equally,
real-time monitoring of equipment
helps extend its lifespan, allows mines
to be run more efficiently. Mining
companies now talk of a “brown to
green” transition, enabled by
technology.
The energy problem and AI
However, there is a flipside to the
environmental good news
surrounding technology. Technology is
resource-intensive, and particularly
artificial intelligence. The International
Energy Agency (IEA) reports that a
request made through ChatGPT
consumes 10 times the electricity of a
Google Search. As these models
proliferate, they require more and
more energy to support them.
AI is leading to an explosion of data
centres. These are where data is
stored and analysed to provide AI
insights. The number of data centres
has surged to 8 million from 500,000
in 2012. The IEA forecasts that
electricity consumption from data
centres in the European Union in 2026
will be 30% higher than 2023 levels,
as new data facilities are
commissioned. Certain technology-
rich countries are in the spotlight:
Ireland and Denmark alone are
expected to make up 20% of the
increase in data centre electricity
demand by 2026.
The United Nations has issued
warnings about the environmental
impact of these data centres. It says:
“The proliferating data centres that
house AI servers produce electronic
waste. They are large consumers of
water, which is becoming scarce in
many places. They rely on critical
minerals and rare elements, which are
often mined unsustainably. And they
use massive amounts of electricity,
spurring the emission of planet-
warming greenhouse gases.”
Globally, AI-related infrastructure may
soon consume six times more water
than Denmark. Water scarcity is
becoming a problem across the
globe, with a quarter of the world’s
population already lacking access to
clean water and sanitation. The
growth of AI risks exacerbating these
shortages, particularly in certain
areas.
It is a significant problem. However,
few are inclined to wind the clock
back on technological progress. Some
of the world’s biggest thinkers are
looking at innovative ways to solve
the problem. This may include looking
at options to make AI algorithms
more efficient, and reduce their
demand for energy, while recycling
water and reusing components where
feasible.
Hardware designers suggest that
chips could be re-engineered to make
them more energy efficient. This
would not only help data centres run
more efficiently, but would also help
AI run on smaller, personal devices
without using up battery life. This is
already happening to some extent,
Nvidia reports that it has improved
the performance-per-watt of its GPUs
4,000x over the past ten years.
Data centres are starting to use
existing sources of renewable power,
such as energy and wind. In 2023,
S&P reported that US wind and solar
capacity contracted to data centre
providers and customers had jumped
over 50% and represented around
two-thirds of the total US corporate
renewables market. However,
technology leaders are also striving to
find new and more efficient sources of
energy.
Microsoft founder and billionaire
philanthropist Bill Gates has made a
high profile investment in nuclear
power, believing that it may hold the
key to the energy limitations for
technology. He has invested up to $1
billion into a nuclear power plant in
Kemmerer, Wyoming. Construction is
expected to finish in 2030 and cost
around $4bn in total. The new facility
has been designed by TerraPower, a
company founded by Gates in 2006
with the mission “to solve the world’s
toughest problems in energy, climate
and human health through innovative
nuclear technology”. The new facility
will be smaller than traditional
nuclear power plants. It is also
designed to be safer, using sodium
instead of water to cool the reactor’s
core. Sam Altman, CEO of OpenAI,
has also been a vocal advocate for
investments in nuclear power.
Global governments also have a role
to play in addressing the
environmental impact of AI. More
than 190 countries have adopted a
series of non-binding
recommendations on the ethical use
of AI, which covers the environment.
The European Union and US have
introduced legislation designed to
manage the environmental impact of
AI.
Technology has the power to be a
positive force for tackling
environmental challenges. Used
effectively, it is proving a vital tool in
tracking and addressing resource
usage and harmful emissions. This
information enables better decision-
making and is a key part of meeting
the climate challenge. However, an
urgent solution is needed to meet the
energy requirements of AI and it
remains a work in progress.
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Investment
Manager’s
Review
What has been the
economic backdrop in 2024?
At the start of 2024, a raft of major
elections threatened significant
volatility for economies and financial
markets. In the end, most elections
passed without incident, although the
ramifications of a new policy agenda
in the United States are not yet clear
and could be a disruptive force in the
year ahead. Fragile geopolitics has
undoubtedly remained a source of
instability, but for the most part, the
economic backdrop has been stable.
The International Monetary Fund
(IMF) estimates global economic
growth at 3.2% for 2024, just 0.1%
lower than 2023 and forecasts 3.3% for
2025. Economic activity has been
helped by an easing of inflation, which
has dropped towards official targets,
allowing central banks across the
world to cut interest rates. Supply chain
pressures have eased, and consumer
confidence has been sustained. At the
same time, megatrends such as
artificial intelligence (AI) have
supported corporate spending.
What has been happening
to interest rates?
Canada became the first G7 nation to
cut rates, with the European Central
Bank swiftly following in June. The US
Federal Reserve (Fed) finally acted in
September, surprising the markets
with a 0.5% reduction: it cited growing
concerns over the health of the US
labour market. This was followed by
two 0.25% cuts in November and
December. However, at its last
meeting of the year, the Fed warned it
would slow the pace of rate cuts in
2025, with the minutes suggesting it
was “at or near the point at which it
would be appropriate to slow the
pace of policy easing”.
Japan was the only major country to
buck the trend for falling rates, finally
exiting its below-zero interest rate
policy. By the end of the year, there
were tentative signs of a revival in
inflation in the US, and bond markets
began to pare back expectations for
significant further rate cuts in the year
ahead.
Portfolio Managers’ Report
Mike Seidenberg CFA
At a sector level, excitement around AI continued to support
the ‘Magnificent Seven’ (Amazon, Alphabet, Apple,
Microsoft, Meta, Nvidia and Tesla), which delivered a return
of over 60%.
Have there been any
notable trends across
currency and commodities
markets?
The US dollar appreciated for the first
half of the year as the domestic
economy continued to show resilience
in the face of higher rates. As
recessionary fears mounted in the
summer, the dollar weakened, before
rebounding as these fears appeared
overblown. Donald Trump’s victory
and the Fed’s more cautious stance
on future interest rate cuts provided a
further boost, with the Dollar Index, a
measure of the currency’s strength
against its major trading partners,
hitting a two-year high. While the
Japanese yen weakened against the
dollar, it appreciated against the euro,
reflecting a growing divergence on
interest rate policy between the two
economies.
Commodity prices were mixed. Rising
geopolitical tensions in the Middle
East pushed oil prices higher in the
early part of the year, with Brent
crude nearing $90 a barrel,
compared to just under $80 at the
start of the year. However, prices later
eased back towards $70 a barrel
given abundant supply. In contrast,
gold prices soared, reaching a fresh
record high of almost $2,800 an
ounce in late October. Demand was
supported by central bank buying.
How have stock markets
performed over the year?
It was a strong year for global equity
markets in 2024, with the MSCI World
Index gaining 19.2% over the year,
after rising 24.4% in 2023. Markets
were supported by the fading risk of a
US recession and the turn in interest
rate policy. Stock markets were also
given a boost in November with a
victory for the Republican party in the
US elections. Investors are
anticipating that a blend of tax cuts
and regulation will boost corporate
earnings in the years ahead.
At a sector level, excitement around
AI continued to support the
‘Magnificent Seven’ (Amazon,
Alphabet, Apple, Microsoft, Meta,
Nvidia and Tesla), which delivered a
return of over 60%. Nevertheless,
there were nuances within this. Nvidia,
for example, comprehensively
outpaced its peers, after delivering
strong earnings through the year.
Elsewhere, it was also a strong year
for consumer discretionary and
financials stocks. In contrast, materials
and healthcare were the weakest
sectors in the MSCI All Countries
World Index.
Towards the end of the year there
were signs of a broadening out of
market leadership. The Russell 2000,
for example, which focuses on small
and medium sized US companies,
rallied in the immediate aftermath of
Donald Trump’s election victory, with
investors hoping his policy agenda
would support smaller, more
domestically focused companies.
Has AI continued to
advance?
Yes, there has been progress in AI-
powered tools and applications
impacting chips, software, hardware,
and other technology industries.
Generative AI, which uses artificial
intelligence to create new content,
saw a significant spike in interest, with
a notable increase in job postings and
investments. The capabilities of large
language models expanded,
processing larger amounts of data
across multiple media such as text,
images and video.
Where else have you seen
growth?
Cybersecurity remains a crucial sector.
2024 saw a range of new threats
emerging, including the rise of AI-
powered attacks. AI was used for
automated phishing, malware
generation and sophisticated social
engineering campaigns. Security
teams have met fire with fire,
deploying AI-driven tools to detect
anomalies and automate responses.
The adoption of Zero Trust
Architecture and the focus on cloud
security were also notable trends.
Cloud computing has been a long-
running theme in the portfolio. Cloud
computing provides seamless access
to servers, networks, storage,
development tools and applications
via the internet. Instead of companies’
significant investments in equipment,
training and infrastructure
maintenance, cloud service providers
assume these responsibilities. This
allows companies to ‘right size’
technology infrastructure to business
needs rather than going through
costly investment cycles. The
migration to cloud computing
continued to grow, with 65% of
technology decision-makers
anticipating an increase in cloud
spending over the next year.
We would also highlight the Internet
of Things (IoT) and 5G. The IoT
connects devices and systems,
enabling them to communicate and
share data. This connectivity is used in
homes, cities and industries, delivering
smarter, more efficient operations. It is
used in agriculture, for example, to
monitor climate patterns and adapt
fertiliser or pesticide use. 5G, the fifth
generation of wireless technology,
provides the high-speed connectivity
needed to support the massive data
exchange and real-time
communication required by IoT
devices.
It was an astonishing year
for the Bitcoin price, which
rose over 100% in 2024. Are
there opportunities in
blockchain and
cryptocurrencies?
Certainly, both have the potential to
disrupt a number of industries and
financial systems. Blockchain
technology provides a decentralised
and secure method to record
transactions, which can enhance
transparency, reduce fraud and
improve efficiency. Cryptocurrencies,
on the other hand, offer an
alternative to traditional financial
systems, enabling peer-to-peer
The migration to cloud computing continued to grow, with
65% of technology decision-makers anticipating an increase
in cloud spending over the next year.
transactions without the need for
intermediaries.
How has the Company
performed over the year?
The semiconductor sector was an
important contributor to overall
returns. While Nvidia saw strong
gains, it did not contribute to relative
returns because we had a below
benchmark weight (10% versus 12%)
due to risk management constraints.
More important for relative returns
were our weights in companies such
as Taiwan Semiconductor
Manufacturing Company (TSMC)
and Broadcom, which returned 95.4%
and 114.2% respectively. TSMC is not
in our benchmark, and we had almost
double the index weighting in
Broadcom.
The largest sector contribution came
from our holding in software
companies. We had an overweight
position in the portfolio (relative to
the benchmark), and our stock
picking approach was strong. Holding
an underweight position (relative to
the benchmark) in hardware
companies also contributed to
relative returns. Weakness has tended
to come in idiosyncratic areas, rather
than from any major themes.
However, IT services was a difficult
area for the Company over the year.
It is also worth noting that
concentration in the top 10 stocks has
increased over the past three years.
The dominance of the ‘Magnificent
Seven’, coupled with a narrow
technology market has seen us use a
larger amount of capital to invest in
some of the mega caps. This was
done to preserve performance,
knowing that as the market broadens
out, we will use capital from these
larger positions and redeploy it into
new names among large and mid
cap companies.
Photo: TSMC
What were the major stock
highlights over the year?
Palantir Technologies provided the
largest relative contribution to the
portfolio over the year. It was a new
buy in August. We liked the
company’s leadership position in big
data and in the field of data analytics,
with a range of products and services.
Shares rallied on the continued
momentum for AI-related
applications as well as news that it
would be added to the S&P 500
Index. This should increase liquidity in
the stock. We continue to hold it, with
the shift in IT spending towards AI
showing few signs of weakness.
Microsoft was the one weak spot
among the ‘Magnificent Seven’ over
the year. We had a significant
underweight position versus the
benchmark – 8.2% against 14.6%. The
group remains a world leader in
software, cloud storage and security
solutions, and an undoubted pioneer
in AI. However, its earnings statement
was accompanied by lower forward
guidance amid capacity constraints
and moderating growth, and as a
result we currently intend to maintain
a structural underweight.
The final position of note was in Intel
Corp. We had an underweight
position in this legacy chip maker and
then exited it in full at the start of
February. Its shares were hit by
weaker-than-expected earnings and
a lacklustre forecast. The company
has lagged behind several of its chip-
making rivals in terms of revenue and
innovation. The departure of the
company’s CEO created further
uncertainty toward the end of the
year. We keep an eye on the stock,
but other chip makers have better
exposure to AI and other leading
technologies. In our view, once a
company is behind in the
semiconductor industry, it is difficult to
catch up.
Recent new holdings have included
Marvell Technology, a developer and
producer of semiconductor and
related technology across security
and networking platforms, secure
data processing and storage
solutions. It is making important
strides in improving the design of its
chips and is attracting interest from
the hyperscalers.
Point-of-sale, cloud-based restaurant
management software maker Toast is
another recent buy as the company
made some interesting product
developments. Social networking
platform Reddit was another buy in
the latter half of the year, plus Paypal,
where a revamped management
team and new product platform are
helping it gain market share.
Another purchase of note was
Atlassian Corp, a designer and
developer of an enterprise software
platform for project management,
Palantir Technologies
provided the largest relative
contribution to the portfolio
over the year. We liked the
company’s leadership
position in big data and in
the field of data analytics.
collaboration and support services. It
continues to see a strong pipeline of
growth, with product upgrades and
migrations to its cloud business.
Where were the weak spots
for the Company?
Our largest detractor was MongoDB,
a document database provider which
allows the storage of structured or
unstructured data. This makes the
development of applications more
agile. However, its shares dropped
after it issued a weaker-than-
expected outlook. This combined with
some overall weakness in the
software sector. The company’s more
cautious stance on growth reflects an
overall softening of IT spending
among clients and some near-term
sale execution challenges. We
trimmed our exposure to the stock
during the period.
What are you looking
forward to in 2025?
AI is creating a new wave of
technology innovation every bit as
exciting as the Internet. AI has the
power to reshape the global
economy, changing the way
companies operate. This year
promises even more groundbreaking
AI developments, plus favourable
regulatory changes and rapid
digitalisation.
In 2025, we expect AI spending to
shift from infrastructure development
to include more software and services
as the use cases for AI emerge and
expand. This expansion should drive
efficiency gains, spark innovation and
create new business models. For
example, autonomous systems such
as self-driving cars, drones, and
robotics have the power to
revolutionise transportation, logistics,
national security, medical treatment
and factory production.
In cybersecurity, AI is becoming a
powerful tool to detect anomalies,
predict threats and automate
responses to attacks. In advertising
technology, AI is delivering
personalised consumer experiences,
optimising advertising spending and
creating dynamic advertising
campaigns that are faster, better
targeted and more cost-efficient.
The year ahead is likely to see both
headwinds and tailwinds as the new
US administration policies could be
more unpredictable than previous
administrations. On the one hand, we
are likely to see more merger and
acquisition activity as interest rates
trend downward and the US
welcomes a more relaxed regulatory
environment and companies are
gearing up for strategic acquisitions
to fuel growth and expand market
share. Conversely, businesses like
predictable policies which provide
clarity and things like tariffs can
In 2025, we expect AI
spending to shift from
infrastructure development
to include more software
and services as the use cases
for AI emerge and expand.
create pause in the spending
environment.
There may be more volatility in the
semiconductor sector in the year
ahead as a result of geopolitical
tensions, policy shifts and supply
chain disruptions. Restrictive export
controls, tariffs and national security
concerns may conspire to create a
bumpy ride for the sector in 2025.
However, this volatility also presents
opportunities. AI-driven data centre
spending is strong and supply-
constrained in key areas, while
cyclical semiconductor companies
(including personal computers,
handsets and industrial companies)
with limited AI exposure are
navigating an inventory correction,
and there is the potential for a
recovery later in the year.
The momentum from key growth
trends such as AI and digitalisation,
coupled with a more favourable
regulatory environment and a boost
in merger and acquisition activity,
should support the technology sector
in the year ahead. Looking even
further ahead, exciting developments
in areas such as quantum computing,
augmented reality, artificial general
intelligence and space exploration
are on the horizon. However, this
needs to be tempered with the risks
around geopolitics and supply chains
and highlights the need for
disciplined risk management.
Our focus is on building the portfolio
from a bottom-up perspective with a
macro overview. Technology is a key
enabler across almost every industry,
and we will continue to seek out stocks
that solve difficult problems and
deliver long term share price growth.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co LLC
12 March 2025
Quantum computing: Google's 54-qubit Sycamore processor. Photo: Google
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Investment
Portfolio
Photo: NVIDIA
Top Twenty Holdings
1
1 NVIDIA
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £179,627,000
% of portfolio: 10.5
Nvidia designs graphics processing units
(GPUs). It built its name in the gaming
industry, but its real strength is now in
artificial intelligence. Generative AI requires
vast processing power that is now largely
provided by Nvidia’s sophisticated GPUs.
The group has built a significant head-start
in this part of the market, which has led to
strong earnings growth. Its GPUs are also
used in a variety of other industries,
including architecture, engineering and
scientific research.
Photo: Apple
Top Twenty Holdings
2
2 Apple
Sector: Technology Hardware, Storage
& Peripherals
Country: United States
Value of holding: £157,276,000
% of portfolio: 9.2
Apple kept its crown as the most valuable
company in the world in 2024, with a market
capitalisation at the end of the year of $3.8
trillion. Earnings and profits have continued
to tick higher in 2024, with iPhone sales
stronger than expected. Its higher margin
services business, which includes its iCloud
and Apple Music segments, continued to see
double digit growth.
Photo: Microsoft
Top Twenty Holdings
3
3 Microsoft
Sector: Software
Country: United States
Value of holding: £134,622,000
% of portfolio: 7.8
Microsoft has emerged as one of the
dominant forces in artificial intelligence. It
has had a tie-up with Chat GPT group Open
AI since 2019, and has developed an AI-
based service Copilot. In 2024, it announced
a $3.3bn investment in an AI hub in
Wisconsin, and a $30bn AI investment
partnership with BlackRock. 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.
Photo: Shutterstock / Primakov
Top Twenty Holdings
4
4 Meta Platforms
Sector: Interactive Media & Services
Country: United States
Value of holding: £129,855,000
% of portfolio: 7.6
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. Meta announced its artificial
intelligence model Llama 2 in July 2023 and
in 2024, announced its new AI model Movie
Gen, which can generate movie clips from
user prompts. The group also owns powerful
brands, such as Facebook, Instagram and
WhatsApp.
Photo: Broadcom
Top Twenty Holdings
5
5 Broadcom
Sector: Semiconductors &
Semiconductor Equipment
Country: United States
Value of holding: £95,680,000
% of portfolio: 5.6
Broadcom designs and develops of 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. The
company’s market capitalisation tipped
over $1 trillion in December 2024.
Photo: Shutterstock / BongkarnGraphic
Top Twenty Holdings
6
6 Alphabet
Sector: Interactive Media & Services
Country: United States
Value of holding: £85,854,000
% of portfolio: 5.0
Best-known as the parent company of
Google, the world’s leading search engine,
Alphabet 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. In 2024, it unveiled its
first quantum computing chip, Willow.
Photo: Shutterstock / Tada Images
Top Twenty Holdings
7
7 Amazon.com
Sector: Broadline Retail
Country: United States
Value of holding: £58,283,000
% of portfolio: 3.4
Amazon.com has created a retail revolution
since its launch in Jeff Bezos’s garage in
1994, but has also seen significant 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. It also owns brands such as
Ring, Twitch, IMDb, and Whole Foods
Market. It remains the leading ecommerce
site across the globe.
Photo: TSMC
Top Twenty Holdings
8
8 Taiwan Semiconductor
Sector: Semiconductors &
Semiconductor Equipment
Country: Taiwan
Value of holding: £57,723,000
% of portfolio: 3.4
TSMC has been a dedicated semiconductor
foundry since 1987 and is now the world’s
most valuable semiconductor company.
Clients include Apple, Broadcom,
Qualcomm and Nvidia, while Intel
and Texas Instruments, among others,
outsource some of their production to TSMC.
Until recently, TSMC only made its most
advanced chips in Taiwan, but it is currently
building foundries in Japan, the US and
Germany.
Photo: ServiceNow
Top Twenty Holdings
9
9 ServiceNow
Sector: Software
Country: United States
Value of holding: £55,297,000
% of portfolio: 3.2
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. In October 2024, the company
announced a $1.5bn plan to invest in data
centres into the UK.
Top Twenty Holdings
10
10 Palantir Technologies
Sector: Software
Country: United States
Value of holding: £44,063,000
% of portfolio: 2.6
Palantir was founded in 2003 by Peter Thiel,
Stephen Cohen, Joe Lonsdale and Alex Karp
and is now a leader in big data and data
analytics, with a range of products and
services. It has participated in the boom for
AI-related technologies and the shift in IT
spending. It joined the S&P 500 in October
2024, which is likely to increase liquidity in
the stock.
Top Twenty Holdings
11
11 CrowdStrike
Sector: Software
Country: United States
Value of holding: £40,344,000
% of portfolio: 2.4
Security group Crowdstrike uses artificial
intelligence 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 is designed
to identify and prevent breaches before they
occur.
Top Twenty Holdings
12
12 Cyberark Software
Sector: Software
Country: Israel
Value of holding: £39,843,000
% of portfolio: 2.3
CyberArk is an Israeli-listed cybersecurity
company, specialising in identity manage-
ment and cloud security. Its products are
used in areas such as financial services,
energy, retail, healthcare and government
markets. The company is headquartered in
Israel, but has offices across the globe.
Founder Udi Mokady was replaced as CEO
by Matt Cohen in 2023. In 2024, the group
acquired Venafi, a machine identity
management company.
Top Twenty Holdings
13
13 Spotify Technology
Sector: Entertainment
Country: Luxembourg
Value of holding: £34,908,000
% of portfolio: 2.0
Streaming service Spotify was founded in
2006 by Swedish duo Daniel Ek and Martin
Lorentzon. It dominates the streaming sector
with around a third of the market. It
currently has 252m paying subscribers. It
continues to see strong revenue growth, but
remains loss-making, with rising costs for
content creation, marketing, and sales.
Nevertheless, the music streaming market is
still expanding.
Top Twenty Holdings
14
14 Cloudflare
Sector: IT Services
Country: United States
Value of holding: £33,958,000
% of portfolio: 2.0
Cloudflare was founded in 2009 and listed
in 2019. It provides services to make
websites run faster and more securely.
Cloudflare is used by more than 26 million
sites and by around 20% of the Internet for
its web security services. In 2024, Cloudflare
launched a tool that prevents bots from
scraping websites.
Photo: Netflix
Top Twenty Holdings
15
15 Netflix
Sector: Entertainment
Country: United States
Value of holding: £32,485,000
% of portfolio: 1.9
Media group Netflix was founded in 1997
by Reed Hastings and Marc Randolph. It
now reaches over half a billion people in
more than 190 countries and 50 languages.
The company continued to add subscribers
in 2024 at a rate of around 5m per quarter,
boosted by a crack-down on password
sharing. It had hits in 2024 with The Perfect
Couple, Nobody Wants This and Tokyo
Swindlers.
Photo: Datadog
Top Twenty Holdings
16
16 Datadog
Sector: Software
Country: United States
Value of holding: £29,897,000
% of portfolio: 1.7
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 is now compatible
with all the major web services providers –
Amazon, Microsoft, Google and others.
Photo: Trello/Atlassian
Top Twenty Holdings
17
17 Atlassian
Sector: Software
Country: United States
Value of holding: £27,907,000
% of portfolio: 1.6
Australian software group Atlassian
Corporation was founded in 2002 by college
friends Mike Cannon-Brookes and Scott
Farquhar. It specialises in collaboration tools
for software development and project
management. It now has 12,000 employees
across 14 countries and serves over 300,000
customers in over 200 countries.
Top Twenty Holdings
18
18 Arista Networks
Sector: Communications Equipment
Country: United States
Value of holding: £27,800,000
% of portfolio: 1.6
Arista is a computer networking company
founded in 2008 and listed since 2014. It
builds scalable high-performance and ultra-
low-latency networks for data centre and
cloud computing environments. It currently
has more than 10,000+ cloud customers
worldwide and has deployed 100m ports. It
was founded by Andy Bechtolsheim, Ken
Duda and David Cheriton.
Photo: HubSpot
Top Twenty Holdings
19
19 HubSpot
Sector: Software
Country: United States
Value of holding: £27,772,000
% of portfolio: 1.6
HubSpot is a software group, specialising in
marketing, sales, and customer service
products. It was founded by Brian Halligan
and Dharmesh Shah in 2006. It has just
bought FrameAI, an AI-powered
conversation intelligence platform, which it
plans to integrate into Breeze, the AI that
powers its customer platform.
Top Twenty Holdings
20
20 SAP SE ADR
Sector: Software
Country: Germany
Value of holding: £26,471,000
% of portfolio: 1.5
SAP is a European multinational software
company based in Germany. Its enterprise
software helps companies manage business
operations and customer relationships. It
was founded in 1972 and now has offices in
180 countries and over 100,00 employees. It
is the world's third-largest publicly traded
software company by revenue, and the
largest German company by market
capitalisation.
Portfolio Analysis
at 31 December 2024
Geographical breakdown
As cash is excluded and the weightings for each country are rounded to the nearest tenth of
a percent, the aggregate weights may not equal 100%.
Sector breakdown
As cash is excluded and the weightings for each sector are rounded to the nearest tenth of a
percent, the aggregate weights may not equal 100%.
Investment Portfolio
at 31 December 2024
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Strategic
Report
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
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Directors'
Review
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
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Financial
Statements
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
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Investor
Information
Glossary of UK GAAP Performance Measures
and Alternative Performance Measures
Glossary of Terms
Investor Information
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Notice of
Meeting
Notice of Meeting
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Annual Financial Report for the year ended 31 December
2024, a full copy of which can be found here.
My share, my vote
An AIC campaign to change company law.
“It’s simply unacceptable that investors find
themselves left in the dark about their right
to vote, prevented from voting or charged
for the privilege. If we are serious about
shareholder democracy, investors must be
able to have their say.”
Richard Stone,
Chief Executive of the Association of Investment
We commend and support the Association of Investment
Companies’ (AIC's) efforts to further improve the
enfranchisement of retail shareholders who hold their
shares through an investment platform or other nominee
service, with their newly launched “My share, my vote”
campaign, targeting a change in company law. You can
view details of this campaign here and follow instructions
on how to cast your vote via platforms here.
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