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Allianz
Technology
Trust PLC
Annual Financial Report
31 December 2025

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
Voya Investment Management Co LLC (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 investment team seeks to find opportunities in 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 2025
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 companies. 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 lead
portfolio 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

Net asset value (NAV)
per Ordinary share
+24.7%
2025 571.7p 2024 458.6p
Ordinary share price
+25.8%
2025 527.0p 2024 419.0p
Benchmark
+20.0%
2025 4,425.3 2024 3,688.0
Net asset value (NAV)
per Ordinary share (p)
Shareholders' funds (£m)
Ordinary share price (p)
Premium (discount) of Ordinary
share price to NAV per share (%)
Performance against benchmark1
NAV versus benchmark (%)
Performance against sector average1
____ Allianz Technology Trust – NAV – undiluted
____ Dow Jones World Technology Index
____ (sterling adjusted, total return)
____ Morningstar EAA Fund Sector
____ Equity Technology peer group
1 10 years to 31 December 2025. Rebased to 100 at
1 December 2015. Source: AllianzGI/Datastream.
The Alternative Performance Measures (APMs)
can be found here.

Financial summary
As at
31 December
2025
As at
31 December
2024
% change
Net Asset Value per Ordinary Share
571.7p
458.6p
+24.7
Ordinary Share Price
527.0p
419.0p
+25.8
Discount of Ordinary Share Price to Net Asset Value
(7.8%)
(8.6%)
Dow Jones World Technology Index (sterling adjusted, total return)
4,425.3
3,688.0
+20.0
Shareholders' Funds
£2,029m
£1,747m
+16.1
For the
year ended
For the
year ended
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Five year performance summary
As at 31 December
2025
2024
2023
2022
2021
Net Asset Value per Ordinary Share
571.7p
458.6p
338.2p
231.0p
347.9p
Ordinary Share Price
527.0p
419.0p
303.5p
210.0p
352.5p
(Discount) premium of Ordinary Share Price to Net Asset Value
(7.8%)
(8.6%)
(10.3%)
(9.1%)
1.3%
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1 As defined in the APMs here.

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Chairman's Statement


A good year, despite the
geopolitical backdrop
2025 saw its fair share of volatility
resulting from the febrile global
geopolitical backdrop and sporadic
bouts of nervousness surrounding the
valuations of the listed technology
companies the Trust invests in.
Nonetheless, it has been a positive
year for us, and one that I am happy
to be reporting on.
Performance
I am pleased to report that ATT has
once again delivered a strong positive
absolute return in its Net Asset Value
of +24.7%. Our benchmark index, the
Dow Jones World Technology Index,
rose +20.0%, so in relative terms this
represents an extremely strong 4.7
percentage point outperformance for
the Trust. As the discount also
narrowed slightly over the year, the
share price total return for
shareholders was marginally higher
at +25.8%.
Regarding drivers, it is interesting to
note the strong impact of our
differentiated strategy – not holding
the benchmark equivalent weights in
the very largest companies and
instead looking for opportunities
further down the market
capitalisation spectrum. This year we
can no longer say the benchmark was
wholly driven by ‘Mag 7’
exceptionalism, though those
companies still featured. Nvidia and
Alphabet were the largest
contributors to the benchmark’s
performance, with Microsoft third and
Meta rounding out the top ten
contributors. Apple however was
lacklustre, yielding a barely positive
return. Our outperformance came
from holding higher weights in
companies such as Micron
Technology, Lam Research, Celestica,
Robinhood Markets and Amphenol.
We hold well over benchmark
weights in the former two which
respectively focus on computer
memory and semiconductor
manufacturing equipment
production. The last three – involved
in high-tech electronics
manufacturing, electronic trading and
specialist interconnectors – are not
part of our benchmark but are highly
exposed to strong secular technology
growth themes.
Of the Magnificent 7 companies in
the benchmark, the maths can
become interesting. As noted, Nvidia
was the largest contributor to the
benchmark return, its winning
Tim Scholefield
Our outperformance came from holding higher weights in
companies such as Micron Technology, Lam Research, Celestica,
Robinhood Markets and Amphenol.

contribution the result of a dominant
14%-plus index weight and its
respectable 30% return. We
maintained slightly less than a 10%
weight during the year. In contrast,
Micron Technologies returned around
+216% but only constitutes around
0.6% of the index (we owned a 2.5%
position on average).
In longer ‘compound’ performance
terms, 2025’s +24.7% return comes on
the back of 2024’s +35.6 % and 2023’s
+46.4%, a solid +106.7% return over
the past three financial years,
representing a +2.7 percentage point
outperformance of the benchmark
index over that time. Of course, those
with a longer memory will point out
2022’s -33.6%. The point I make is
twofold – the volatility associated with
the tech sector can be painful, but the
rewards when they do come have
also been substantial. This is the
balance one has to remember when
investing in tech.
Discount and buybacks
Given these impressive returns, it can
be difficult to rationalise the
persistent discount to Net Asset Value
in the price at which the Company’s
shares have been trading. The wider
environment for investment trusts may
have a bearing – overall levels of
discounts across all trusts remain
generally elevated when compared
to history. For tech companies a
degree of caution over the sector’s
short term prospects following a
period of very strong performance
may also have provided a headwind
in 2025. We hope that shareholders
will remember that our Investment
Manager’s primary focus is to extract
the best returns over the long term
from this tremendously exciting sector
while reducing exposure to risk, which
should help investors worry less about
short term newsflow and focus more
on their investment returns
compounding over time.
Beyond sales and marketing efforts
to encourage demand, the other
mechanism by which the Board can
exert some influence on the discount
is by buying back the Company’s
shares. The Board’s policy in respect
of buybacks is unchanged. We would
consider buying back shares when the
discount is consistently over 7% and
we judge it appropriate to do so given
the prevailing market backdrop. Over
the year to 31 December 2025, a total
of 26,088,876 shares were bought
back, for an aggregate value of
£124,993,000. The Company traded
at an average discount of 9.8% over
the period. We ended 2024 at a
discount of 8.6% and were pleased to
end 2025 at a slightly lower discount
of 7.8%. Since the end of the financial
year and up to 11 March 2026 the
Company bought back a further
4,025,723 shares for an aggregate
value of £21,364,000.
Our Investment Manager’s
primary focus is to extract the
best returns over the long term
from this tremendously exciting
sector while reducing exposure
to risk.

It may be easy to suppose that
buybacks should be used to initiate a
‘zero discount policy’ as some
investment trusts have chosen to do.
We view them differently, as a tool to
help reduce discount volatility.
Moving too far beyond this however
risks overly interfering with the
permanent capital pool that the
Investment Manager works with – a
key benefit of investment trusts over
open-ended vehicles over the long
term. We believe that a balanced
approach with that long term view on
shareholder value is the right one to
take. To that end, at the forthcoming
AGM, the Board will once again seek
authority to buy back up to 14.99% of
the shares in issue.
Investment Company of the
Year Awards
I’m delighted to report that the strong
three-year performance noted above,
along with recognition of our
differentiated strategy and ongoing
drive for consistent shareholder
returns, was once again recognised
by ATT being named ‘2025
Investment Company of the Year’ in
the ‘Technology’ category at
Investment Week’s prestigious awards
in November 2025.
The geopolitical backdrop
For much of 2025 there was
considerable uncertainty. The
macroeconomic environment was
generally supportive and the year
started with some positivity remaining
from the inauguration of President
Trump on the basis that he had been
fairly pro-business in his first term. The
‘mic-drop’ moment came on 2 April
with ‘Liberation Day’, when tariffs on
imported goods were proposed
against most countries outside of the
US. Markets reacted strongly. Tech was
by no means immune, with multi-
jurisdictional supply chains woven into
the very fabric of the industry. However,
the nervousness was short lived.
US politics hasn’t been the only driver
of geopolitical pressure. War still
rages in Ukraine. Israel and Palestine
moved towards peace but it remains
fragile. Against this background
though, as a key enabler of modern
life, demand for technology continues
to accelerate and technology
companies have carried on
innovating, growing and ultimately
justifying their valuations.
The benefits of a differentiated
approach
With the dominance of the largest
tech companies over recent periods, it
has been seemingly ‘easy’ to achieve
performance with lower-cost
investment vehicles, like passive funds
and ETFs. But that misses the point.
ATT has an approach of focusing
lower down the capitalisation scale, in
the mid- and large-cap segments.
Over time, despite mega-cap tech
stocks having dominated, ATT’s
differentiated approach has provided
Over time, despite mega-
cap tech stocks having
dominated, ATT’s
differentiated approach has
provided strong compound
outperformance versus the
index from its actively
managed portfolio.

strong compound outperformance
versus the index from its actively
managed portfolio.
Risk (particularly concentration risk)
can be somewhat esoteric, especially
when those very large stocks do not
suffer any apparent issues – but the
point is sound. Our approach is to
provide shareholders with a diversified
portfolio where risks are spread and
not excessively concentrated in a small
number of dominant holdings. We
therefore avoid the concentration risk
that results from a passive approach to
portfolio construction which slavishly
replicates index weightings. Moreover,
sudden or excessive falls in company
share prices can create attractive entry
points for bottom-up active investors
with a longer term investment horizon
– a case of opportunity emerging out
of market overreaction.
The mechanism to mitigate
concentration risk as far as possible
(while looking at the smaller up-and-
coming companies) is a key element
we provide for shareholders. We feel
ATT’s record of active fund
management speaks for itself and
demonstrates both the benefits of our
differentiated approach and the
advantages of an investment team
located in the San Francisco Bay Area.
Why San Francisco, the Bay Area,
Silicon Valley? Our Lead Portfolio
Manager, Mike Seidenberg, believes
there is something special about a
‘whites of the eyes’ conversation, and
not just a video call. The advantage
lies in the physicality of the access –
he values the chance to see the office,
some elements of operations and
access to line managers as well as
senior management – as it gives him
a better feel for how an organisation
is truly operating. Being able to
experience, and therefore assess, the
corporate culture at first hand is a
significant advantage. Our manager,
having come from industry himself,
really values that insight. On top of
that, the unique scale of the Bay Area
ecosystem allows the investment
team to assimilate new tech themes
and identify beneficiaries rapidly and
effectively.
AI and beyond
My statement doesn’t need a lengthy
section dedicated to AI. We have
covered the topic in detail previously,
and Mike Seidenberg gives more of his
team’s own thoughts on the topic in
the report on pages 7 to 9. Suffice it to
say that there has been no material
challenge to the narrative around AI –
it is truly transformational, not just
within the tech sector, but for pretty
much everyone and everything. It is
speed of adoption, ethics and
monetisation which are valid areas of
debate. Parallels are often drawn to
the rise of the internet – the companies
leading the charge at the time weren’t
necessarily the longer-term winners
and that could be the same with AI.
The skill for investors will be making
money from this incredible trend while
maintaining a balanced perspective
on risk. Your Investment Manager’s
focus is not to get carried away on the
back of market groupthink, but to look
for opportunities with genuine
appreciation potential for our
shareholders.
So, what comes after AI?
Although the technology has been
around for some time, we now seem
to be closer than ever to the
emergence of quantum computing as
a practical technology. Where
conventional computers process
information using bits, quantum
computers use qubits, which can hold
both "on" and "off" states
simultaneously. This property allows
them to explore multiple solution
pathways in parallel, making them
extraordinarily powerful for solving
problems involving quantum physics,

such as molecular interactions. This
capability is already attracting serious
attention from leading
pharmaceutical companies, though
the opportunity extends well beyond
pharmaceuticals, into materials
science and other fields. While fully
functioning quantum computers
could still be some time away, the
pace of innovation is rapid.
Another technology which is not new
but penetrating ever quicker into
mature applications is blockchain.
While the technology has attracted
investor attention for some time
through cryptocurrency speculation, the
more significant opportunity lies in its
emerging role as core enterprise
infrastructure. After years of pilot
projects, blockchain has reached a
maturity level where it is now being
deployed for specific, high-value
business problems – particularly those
involving multiple parties who need to
share data without fully ‘trusting’ each
other. Stablecoins are transforming
cross-border payments, asset managers
are beginning to ‘tokenise’ treasury
products, Walmart is tracking products
on blockchain, and Maersk and
Citibank have automated trade finance
guarantees using smart contracts.
The costs of running your
Company
Your Board has maintained close
attention to the costs of running the
Company to ensure they are
competitive. The Company’s Ongoing
Charges Figure (OCF) has fallen
marginally to 0.62% (2024: 0.64%). I
am pleased to report that the
Company continues to have the lowest
OCF within its AIC peer group
(Technology & Technology Innovation).
The OCF excludes any performance
fee due to the Investment Manager.
Despite outperforming the index in
the year there remains brought
forward underperformance to offset.
As a consequence no performance
fee was earned. The board reviewed
the performance fee calculation in
the year, and considering the
increased size of the Company,
negotiated a reduction in the
percentage performance fee cap
from 1.75% to 1.25% of the average
Net Asset Value. This took effect from
1 January 2026.
Continuation vote
In accordance with our Articles of
Association, shareholders will be
asked to vote on the continuation of
the Trust at this year's AGM. In view of
ATT’s excellent long-term
performance record and our
confidence in the Investment
Manager to be able to maintain a
portfolio giving differentiated
exposure to transformative
technologies well into the future, the
Board strongly encourages you to
vote in favour of the resolution.
Annual General Meeting (AGM)
arrangements
This year’s AGM will be held on 23
April 2026 at 2.30pm. As with previous
years, 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
21 April 2026. 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 lead
portfolio manager will be made at the
start of the meeting. For those unable
to attend, a recording of the AGM will
be posted to the Company’s website.
The Board looks forward to welcoming
shareholders to this year’s event.
Outlook
One thing is certain – we are very likely
to see ongoing volatility. Firstly, it is
likely within the sector as investors

continue to get over-excited and then
over-fearful in turn. An AI ‘Bubble’ has
been called multiple times this past
year, and the market has reacted
accordingly. There are two camps
emerging – those that believe we are
seeing valuations starting to overheat,
and those that see enough evidence
of AI-driven revenue or margin
improvement to validate higher
valuations today. You can read our
Investment Manager’s detailed view
later in this report, but suffice it to say
here that while the onward path is
unlikely to be monotonically upward,
with times of investor retreat very likely,
Mike and his team do not view the
current scenario as bubble territory.
Volatility will also likely be driven from
outside the sector by an increasingly
fraught geopolitical environment. A
new world order appears to be
emerging, and disagreements and
posturing are becoming increasingly
uncomfortable, and could spill into
wider global conflict with profound
market implications.
Any volatility can be both good and
bad for investors. Certainly, it never
feels comfortable while experiencing
it live – but for the seasoned,
dedicated and attuned investor,
therein lies opportunity. One of the
key skills of our Investment Manager
is to navigate the complexity of the
macro environment as it melds itself
with the day-to-day business of tech
firms. Your Trust provides a vehicle to
give access to this exciting sector,
while providing the reassurance of a
highly experienced, investment
management team.
Tech firms will carry on innovating,
growing and selling products and
services and demand for those
products and services will continue to
grow. The signals remain strong for
improving revenue growth and the
macroeconomic environment looks
like it should be supportive. We will
continue to ensure the Trust follows its
primary objective of generating long-
term returns for shareholders from
skilful selection of individual
businesses in this tremendously
exciting sector.
Tim Scholefield
Chairman
13 March 2026
Tech firms will carry on innovating, growing and selling products and
services and demand for those products and services will continue to
grow. The signals remain strong for improving revenue growth and
the macroeconomic environment looks like it should be supportive.

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Why invest in technology?

After two decades of
strong growth, few
investors will need to be
persuaded of the case for
technology. It has been the
dominant growth engine
for stock markets and the
broader economy.

Strong share price returns are not an
accident, but rather a function of the
superior earnings potential of
technology companies that have an
ability to build and sustain new
markets unparalleled in any other
industry.
Growth
The Nasdaq Composite has seen a
cumulative 10 year return of 364%, or
an annualised return of 16.6%. The
technology sector has achieved this
return without exhibiting greater
volatility than other major sectors.
This growth is inherent in technology.
It consistently disrupts existing
industries and creates new markets. In
recent years, we have seen multiple
industries transformed by technology.
In parts of the healthcare industry, for
example, as we look to the future, the
key determinant of the success will be
a company’s mastery of technology,
rather than its master of mechanics.
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. Meanwhile,
tokenisation, blockchain and
cryptocurrencies are busy trying to
disrupt the disruptors.
No other sector has this ability to
evolve, to penetrate existing
industries, or grow new ones from
scratch. In a portfolio technology
serves a dual purpose. It gives
investors access to growth, but it also
gives them something of a hedge
against disruption to other parts of
the market.
Innovation
Technology moves quickly. Today’s

fresh idea can rapidly become
obsolete. Even well-established
technology can be disrupted. Search
engines have been an immovable
feature of internet use for more than
a decade, but are now being
threatened by the adoption of AI. This
is why we believe it is important to be
nimble, focusing on the entire
technology market, rather than just a
handful of mega-cap companies.
Equally, all technology adoption
comes with an ecosystem. AI, for
example, relies on cloud computing
and data centres to store and
interrogate the data on which it builds
its insights. This creates a vast supply
chain of hardware manufacturers,
providing sophisticated cabling or
semiconductors. The ecosystem
requires energy producers cooling
systems and AI needs software that
can generate insights from swathes of
unstructured data.
This ecosystem is often where the
most exciting opportunities are to be
found. It is also where active
managers can thrive, uncovering
these pockets of innovation at an
earlier stage, before they become a
significant part of the index and their
growth is behind them.
Efficiency
While investors often focus on
innovation and disruption, 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
neglect their 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. This is a powerful motivator
for companies and therefore a
consequential driver for technology
returns.

A breadth of opportunities
The technology sector has a huge
and constantly evolving opportunity
set. It blends fast-growing, disruptive
companies with steadier options.
Alongside an Nvidia or Palantir sits
Microsoft or Apple, which could be
considered more stable, annuity-like
options. Less highly-valued than their
peers, they pay growing dividends
and deliver steady earnings.
The sector will also hold turnaround
ideas, or special situations. As
investors strive to keep pace with
changing markets, anomalies will
emerge. Great companies will be
overlooked because they are in the
wrong sector or investors misinterpret
the opportunity. Active management
can uncover these disparities and
exploit them.
This diversity is often over-looked.
Active managers can build a
balanced portfolio within technology,
allowing them to perform in a range
of market environments. This can also
help avoid the concentration risks that
tends to build up in index-focused
strategies, delivering a more
consistent return to investors.
Forward-looking
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.
Through active management,
investors can align themselves 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. Technology sits at the
heart of this evolution.
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 part
of it with enduring structural trends.
An actively managed 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 2025.
How technology contributes to the MSCI World index
Source: IDS/Wilshire Atlas 31/12/25. 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.
The AIC publishes annual ISA Millionaire research on those investment companies that
would have made investors more than £1 million if they had invested the full ISA allowance
in the same company every year from 1999. Allianz Technology Trust is pleased to be ranked
1st in the 2026 list and would have made an investor £3,652,929.
Allianz Technology Trust was named ‘Investment Company of the Year’ in the ‘Technology’
category at the Investment Week awards in November 2025.
*In July 2022, portfolio management for Allianz Technology Trust PLC transferred from Allianz Global Investors to Voya Investment Management. The same investment team continues to manage the portfolio and the investment process remains
unchanged. Allianz Global Investors continues to act as the Company’s 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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The Silicon Valley ecosystem

One of the astonishing features of the
artificial intelligence boom is the
speed with which capital has
mobilised to support it. Entrepreneurs
and researchers have been able to
generate venture capital funding to
back their ideas, while larger
companies have been able to get
public market funding for investments
in AI. Data centres have been rapidly
developed to facilitate AI workloads.
This is the brilliance of Silicon Valley –
turning an exciting idea into reality.
AI has been an elegant example of
Silicon Valley’s vast ecosystem in action.
As the technology emerged, there were
entrepreneurs ready with new ideas to
exploit it, a willing band of financiers
ready to fund it, plus a network of
engineers ready to do the requisite
plumbing. Silicon Valley’s artificial
intelligence startups raised a record
$150 billion in 2025. It is testament to
how a disruptive technology develops
real world viability.
It also demonstrates why Silicon
Valley remains pre-eminent, even
though there have been many
pretenders to its throne. It has been at
the heart of technology investing for
much of the past forty years and
remains a hub for technology
innovation, bringing together
intellectual property, capital and a
skilled workforce.
About Silicon Valley
Silicon Valley has been a hub for the
technology sector for more than 40
years. The name Silicon Valley was
first adopted in the early 1970s
because of the region's association
with the silicon transistor, which is
used in all modern microprocessors.
Silicon Valley covers an area of 1,854
square miles and is home to about
three million people. It is located in
the Bay region of California. It's also
home to Stanford University and
several state university campuses. This
academic presence has helped fuel a

rich research and development
synergy throughout the Valley.
Despite some companies moving to
cheaper spots such as Texas, an
impressive rollcall of major
technology companies retain their
headquarters there. This includes
giants Apple, Alphabet, Meta and
Nvidia, plus hardware companies
such as Cisco, Oracle and Intel.
OpenAI is based there, alongside
other AI pioneers such as Anthropic
and ScaleAI. It is also a hub for start-
ups, who know they can rely on its
comprehensive ecosystem to grow
their businesses.
The region is a hotbed of
entrepreneurship and ambition. Per
capita income reached an all-time
high of $157,000 in 2024, more than
double the national average. The
region is home to 56 billionaires and
145,000 millionaires. Aggregate
household wealth in Silicon Valley was
approximately $1.01 trillion in 2024.
Entrepreneurs can find everything
they need to drive growth – from
skilled staff to available funding.
Software developers are the largest
occupational group in Silicon Valley,
with over 147,000 workers, followed
by engineers, with 116,100. There is
nowhere else in the world that can
boast this concentration of
technological know-how and
capability.
The latest Silicon Valley index shows
the extent to which the region is still
central to the evolution of the
technology industry. It accounts for

more than 50% of US venture capital
and 37% of the nation’s angel
investments. Patents awarded to
Silicon Valley inventors continues to
expand, hitting 23,600 in 2024.
Companies know that they can
harness these resources to scale.
Silicon Valley and San Francisco host
277 unicorn companies (companies
worth more than $1bn) and 21
decacorns (companies worth more
than $10bn). Capital is directed to
where it is needed. More recently
artificial intelligence has scooped up
more of the region’s investment, but
over time, it will ebb and flow
depending on where the best ideas
can be found.
The region’s public companies, in
aggregate, are valued at more than
$23 trillion – an amount 2.4x higher
than pre-pandemic. This is a growth
rate of nearly double that of the S&P
500 and nearly triple that of the NYSE
Composite Index. Silicon Valley has
an unrivalled pedigree of launching,
scaling and growing technology
companies.
Challengers
There are challengers to Silicon
Valley’s crown. Tesla has moved to
Austin, Texas, while Hewlett Packard
has decamped to Houston. High real
estate prices can deter some
companies. Equally, it has spawned
international imitators. India has
Bangalore, which is now the centre of
its growing high tech industry. 80% of
the world’s IT companies have a
presence there. Taiwan and Korea are
home to a significant share of the
semiconductor supply chain. The UK
has ‘the Silicon Valley of Europe’ in
the Thames Valley, with a similar
ecosystem of intellectual property
emerging from Cambridge University
and an experienced workforce ready
to commercialise it. China has its
Nanshan District in Shenzhen and

Zhongguancun, a technology hub in
Haidian District, Beijing.
However, none have the scale and
resources of Silicon Valley, which
continues to bring together great
ideas, dynamic capital and strong
execution. Between 2018 and 2023,
the region increased the number of
tech jobs by nearly 19%. Only New
York, Seattle and Dallas come
anywhere close. Companies are there
because it gives them an edge.
There can be downsides to the
abundance of risk capital. The region
has had its failures, of which Theranos
and WeWork were among the most
high profile. Inevitably, in the
maelstrom of ideas and activities,
good and bad will emerge. We
believe that there is no alternative to
being on the ground, visiting
companies, talking to competitors
and suppliers for proper due
diligence. This helps us separate what
might be just a good idea from what
has the potential to become a viable
and sustainable business. We want to
ensure that the management team is
sufficiently talented to bring an idea
to life.
Capital to support businesses is still
significantly concentrated in Silicon
Valley. Around half of the total capital
for US technology companies is raised
there – over $500bn. This has become
self-sustaining. Companies perceive a
need to be there to support their
growth. We believe that being in Silicon
Valley offers us the best possible vista
from which to observe and analyse the
global technology sector.
Differentiated insight
The human side of fund management
is vital. Investment is an art as well as
a science. It is only when fully
embedded in this ecosystem that it is
possible to understand the buzz
around a new technology, the

enthusiasm among its staff and the
fear from its rivals. Even while out and
about grabbing a coffee, chatting at
school sports events or having a quick
bite for lunch, the buzz is tangible
about existing technologies and new
ideas. It’s also not unusual simply to
bump into company executives. A
simple five-minute meet-and-greet
can prove a valuable source of
analytical insight. Being at the heart
of Silicon Valley can bring more
nuanced information flow. Sitting
through a formal results presentation
does not provide the same insights
that proximity to founders, engineers,
competitors, early customers and
even ex-employees can deliver. It is
possible to spot patterns more quickly
than we would by relying on standard
disclosures. It also gives us access to
“off-balance-sheet” signals: hiring
momentum, product roadmaps,
customer sentiment, or technical
bottlenecks. It is also easier to
differentiate signal from hype by
hearing multiple independent
perspectives on the same company or
technology.
Being on the ground in Silicon Valley
makes it easier to have regular,
informal access to founders and the
C-suites of private and public tech
companies. We will also talk to senior
engineers and product leaders. These
can be better barometers of
sentiment and change than CEOs.
Our professional and personal
networks includes board members,
advisors, and serial entrepreneurs. We
find that proximity helps build long-
term trust, which improves the quality
of dialogue over time.
Perhaps most importantly, being
embedded in Silicon Valley helps us
build a superior understanding of
technology itself. We have access to
technically sophisticated analysts,
data scientists, and former operators,
as well as to academics and leaders
at the universities of Stanford and
Berkeley. This can give us a
perspective on which technologies
are genuinely disruptive.
It is also important to understand
where technical constraints might lie.
That enables us to better understand
the execution risk companies may
face, rather than just looking at the
market size. With visibility across the
value chain, we can look at which
platforms are gaining developer
mindshare, which suppliers are
becoming critical bottlenecks and
where margins are likely to accrue
over time.
We can get early exposure to
emerging themes, before they
become global. Important
technological leaps, such as AI, cloud
and crypto all became clear in Silicon
Valley first. It is far easier to identify
inflection points and consensus shifts
on the ground in California than from
a desk elsewhere. There is also access
to talent. Voya IM have hired people
with deep specialisation, and
operating backgrounds in technology.
If we need expertise to understand a
particular technology, we can find it.
This helps us build a team that can
engage credibly with engineers and
founders, not just CFOs.
These factors all bring a depth to our
decision-making that dry statistical
analysis alone cannot deliver. Silicon
Valley is a unique environment,
unmatched anywhere else in the world.

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Technology bubble 2.0?

It is over 25 years ago since the
dotcom bubble burst, but its legacy
still looms over the technology sector.
Many investors are perpetually alert
for a dotcom bubble 2.0 despite
technology being one of the best
sectors for investors over the past
decade compared to more general
stock indices. As artificial intelligence
has taken off, some have seen
parallels in the soaring share prices,
vast capital expenditure and
concerning signs of exuberance.
However, the market for artificial
intelligence has some important
differences with the days of the
Internet boom.
A number of high-profile
commentators have suggested that
the enthusiasm around AI could have
bubble characteristics. The IMF and
Bank of England have both warned
about the risks inherent in AI, while
the CEOs of JP Morgan and Alphabet,
Jamie Dimon and Sundar Pichai
respectively have also expressed
concerns over the high spirits creeping
into parts of the market.
These concerns have tended to focus
on a number of areas. The first is the
vast capital expenditure being
directed at AI. The hyperscalers –
Amazon, Meta, Alphabet and
Microsoft – have spent significantly.
The consensus estimate among Wall
Street analysts for the group’s 2026
capital spending is now $527 billion,
up from $465 billion at the start of the
third-quarter earnings season. Capital
spending has continued to be revised
higher over time.
Whereas previous capital spending
was funded from cash flow, these
companies are now turning to the
bond markets to pay for this
spending. Analysis from Apollo Global
Management suggested that by
2030, the hyperscalers could form
half of the 10 largest borrowers in the
Capex estimates for 2026 have been revised higher
Consensus capex estimates for AI hyperscalers ($ billions)
Source: FactSet, Goldman Sachs Research, 18 December 2025.

US investment-grade corporate bond
market. Morgan Stanley estimates
that these companies could raise as
much as $400bn from the US high-
grade market in 2026, up almost 10x
in just two years.
There are other areas of extraordinary
spending. Data centre construction hit
a record $40 billion annual rate in June
2025, up 30% year on year. This in turn
is creating significant energy demands,
with power consumption from data
centres expected to jump 175% by
2030 from 2023 levels. There is also
huge investment in semiconductors
and hardware. Nvidia continues to
lead the pack, but there is also a
growing interest in specialist chips.
Significant capital is also going into
the ‘Intelligence Layer’, where
companies are focused on
developing models. These include
companies such as OpenAI and
Anthropic. OpenAI has attracted
billions in investment, including a
$300bn deal from Oracle, up to
$100bn from Nvidia, and $250bn
from Microsoft.
The application and software layer
has not seen the same level of
investment to date, though this may
be where the most compelling AI
opportunities emerge. This will
include AI agents and enterprise
tools, plus productivity tools. Even if
the sums aren’t as large, significant
investment is flowing into areas such
as healthcare and finance. Anthropic,
for example, has launched Claude
Cowork, with a series of plug-in tools
including sales and legal options.
Developments in the application layer
and enterprise tools are already firmly
underway.
The investment being made by the
large technology groups will depend
on the eye of the beholder. It is either
an endorsement of AI, in that
Hyperscaler capex
($ billions)
Source: Finncial Times / Source: Jefferies, calendar years, Oracle as of August 2025.

companies think it will be so big that
they are willing to back it with billions
in investment, or it is a misallocation
of resources. Our view is that both
things can be true. The long-term
potential for AI is extraordinary, yet
there will likely also be some
misallocation of capital along the
way. These leaps in technological
progress come around once every
12-15 years and tend to be highly
disruptive when they do. Their
adoption is never linear, but arguably,
may be more significant than even
the most optimistic predictions. These
developments tend to have an impact
across the whole economy and
require investment across every layer
of the technology and
communication stack.
There are already real-world uses for
AI emerging. It has already moved
inextricably into our lives. Personal
digital assistants such as Siri and
Alexa have been many people’s first
direct encounter with AI, but they
have long relied on personal
recommendations from Spotify or
curated content from Instagram. AI is
already operating behind the scenes
to combat fraud and mitigate cyber
attacks. It is being used in healthcare
for drug discovery. Self-driving cars
are becoming a reality. Almost every
industry is making some use of AI at
some level. Our view is that this is the
tip of the iceberg for AI adoption.
The use of debt is an area to watch.
Many of the largest technology
companies have supported previous
capital investment from cash flow and
there are areas of concern. Oracle, for
example, has invested billions of
dollars to build its cloud and AI
infrastructure this year, in spite of a debt
pile of $100bn. However, barring a few
exceptions, overall leverage remains
relatively low compared with other
sectors. Microsoft, for example, has free
cash flow of $83.3bn and adjusted

debt of $18.4bn. For Meta, it is $46.4bn
versus $12.8bn. These are still
companies with strong balance sheets,
good free cash flow and vast revenues.
Valuations have been another area of
concern. The share prices for some of
the largest technology companies
have run up significantly, and they
have grown to be an increasingly
dominant part of global indices. The
weight of the top 10 largest companies
in the S&P 500 (almost all mega cap
technology companies) is now around
40%, having more than doubled in a
decade. While the lion’s share of this
gain has been driven by superior
earnings growth, multiple expansion
has also been a feature of these gains.
Alphabet, for example, has moved
from a price to earnings ratio of 19x in
September 2025 to 30x today.
That said, valuations are not
particularly stretched. The forward
price to earnings ratio for Nvidia has
fallen over the past 12 months as the
company has consistently outpaced
market expectations. Valuations are
more reasonable as investors look
beyond the largest AI players. AI
comes with a vast ecosystem attached
– it requires computing power, storage,
software, hardware and connectivity.
These areas do not dominate the
headlines and have not attracted the
lofty valuations seen elsewhere.
The listed companies at the forefront
of AI tend to be vast, cash-generative,
profitable companies. They have
cemented their position as early
adopters and built significant
dominance over the AI ecosystem.
This has put them in an unrivalled
position. The Dotcom bubble was
characterised by speculative
valuations for companies with low
revenues and zero profits. Equally,
many of the Dotcom companies were
based on fragile business models or
way too optimistic forecasts, while the
AI leaders are, on the whole, solving
important real-world problems.
Some degree of capital misallocation
is unavoidable. No evolving industry is
perfect. We see some private market
valuations showing signs of
exuberance. As Amazon founder Jeff
Bezos admitted, the excitement
around this new technology is so
great that bad ideas get funded
alongside good ones.
We have seen newly-launched
companies such as Thinking
Machines Lab attract vast valuations.
It was created by former OpenAI chief
technology officer Mira Murati and
sells a customisable AI tool ‘Tinker’
designed to make AI systems more
efficient and accessible. However, it
only launched in February and has
already attracted a $12bn valuation.
OpenAI, undoubtedly an important
pioneer in the sector, is discussing a
new funding round that would value it
at $750bn, up 50% from October.
Ultimately, these valuations will need
to be tested in public markets and
they may come unstuck.
In our view, investors should resist the
urge to dismiss AI as a bubble. While
AI has yet to translate into tangible
revenue growth for many companies,
this is typical of disruptive technology.
AI is likely to unleash a significant
wave of technological progress and is
one of the clear areas of strong
growth in the global economy.
On the other hand, there needs to be
a disciplined framework in which to
assess valuations and ensure that
investors are not paying too high a
price for the growth on offer. There will
be periods of capital misallocation,
and gains are unlikely to follow a
linear path. However, it is an argument
for active management by experts
deeply entrenched in the sector, rather
than swerving AI altogether.

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Quantum computing
The space race of the 21st century?

If AI has been the major technological
breakthrough of the past decade,
quantum technology could be the
driver for the next wave of progress. It
promises to super-charge AI, while
solving many of its limitations, such as
its energy usage. There is a growing
drumbeat of new breakthroughs, with
real-world applications growing closer.
The mega-cap technology companies
are all looking at this area. Google’s
Quantum AI Lab has led the pack. At
the end of 2024, it unveiled ‘Willow’,
its latest quantum chip. This futuristic
chip is the size of a wine barrel, with
intricate wires and discs, connected to
a liquid helium bath refrigerator,
which maintains the temperature at
one-thousandth of a degree above
absolute zero.
The chip has already shown that it
can solve tasks that normal
computers cannot, and at
extraordinary speed. Google claims
that Willow solved a problem that
would have taken the world’s fastest
computer 10 septillion years (more
than a trillion, trillion). In October
2025, Google said the result had been
applied to its Quantum Echoes
algorithm, which had been able to
compute the structure of a molecule.
“This is the first time in history that any
quantum computer has successfully
run a verifiable algorithm that
surpasses the ability of
supercomputers,” the group wrote.
“This repeatable, beyond-classical
computation is the basis for scalable
verification, bringing quantum
computers closer to becoming tools
for practical applications.”
Google is not the only company
finding effective uses for quantum
computing. Global banking group
HSBC said it has used the technology
to deliver a “world first in bond
trading”. “Working with a team from
IBM, HSBC leveraged an approach
that utilised quantum and classical
computing resources to deliver up to
a 34 percent improvement in
predicting how likely a trade would
be filled at a quoted price, compared
to common classical techniques used
in the industry", adding that it was “on
the cusp of a new frontier of
computing in financial services”.
In February 2025, Microsoft unveiled a
new quantum computer called
Majorana 1. The computer uses a new
quantum bit called a topological
qubit. These are less error-prone than

alternatives, but researchers have
struggled to make them work. Chetan
Nayak, senior researcher at Microsoft's
Station Q quantum computing
research centre said: “This past year
has been transformative for our
quantum programme. The launch of
the Majorana 1 chip marked a pivotal
moment, not just for Microsoft, but for
the field of quantum computing.”
China has been committing
significant resources to its
government-led quantum
programme, Pan. It is a key part of
Beijing’s latest five year plan. Pan has
developed and tested the Zuchongzhi
3.0 quantum computer and opened it
up for commercial uses in late 2025.
The BBC has called it the ‘space race
of the 21st century’.
Quantum use cases
Momentum is definitely building for a
technology that has been largely
theoretical to date. Quantum
computers use quantum mechanics to
solve problems, rather than
traditional binary logic. Quantum
mechanics is a branch of physics that
emerged in the early 20th century. It
explores the behaviour of matter and
energy at a molecular level, and has
already provided the foundation for a
range of existing technologies such as
nuclear power and semiconductors.
Quantum computing allows for the
vast expansion of computing power.
This makes it faster and more
powerful. Google claims that its
quantum computers could be around
13,000x faster than current classical
‘supercomputers’. There are three
main areas of potential use for
quantum technology.
1.Quantum computers could lift
many of the restraints associated
with technology progress: they
could be multiple times more
energy efficient than a standard

supercomputer, for example, also
solving some of the energy
requirement problems around AI.
Quantum computing could help
enable AI, allowing the swift
processing of data required to
generate AI insights. This could
enable advances in areas such as
cryptography, optimisation
models and drug discovery.
2.Quantum sensing is another area
of interest. Quantum states are
extremely sensitive, which allows
for ultra-precision measurements.
This could have uses in medical
technology, in navigation and in
monitoring for natural resources.
3.Quantum communications could
be a powerful tool to protect
privacy and national security by
enhancing encryption.
The investment opportunity
McKinsey says that surging
investment and faster-than-expected
innovation could propel the quantum
market to $100 billion in a decade. It
says: “The three core pillars of QT –
quantum computing, quantum
communication, and quantum
sensing – could together generate up
to $97 billion in revenue worldwide by
2035. Quantum computing will
capture the bulk of that revenue,
growing from $4 billion in revenue in
2024 to as much as $72 billion in
2035. While QT will affect many
industries, the chemicals, life sciences,
finance, and mobility industries will
see the most growth.”
While China has led the way, other
governments around the world are
starting to invest. The US has its
Quantum Benchmarking Initiative run
by the US Defense Advanced
Research Projects Agency (DARPA).
This is tasked with identifying a
feasible way to build useful quantum
computers. In the UK, a £140 million
National Quantum Computing Centre
open in Oxfordshire in 2025.

It is also a priority for companies. A
2025 survey of 500 business leaders
across China, France, Mexico, the
United Kingdom, and the United
States by SAS found that around 60%
of enterprises are either exploring
opportunities or actively allocating
resources to quantum. Quantum AI is
a particular area of interest,
combining quantum computing and
AI to develop new algorithms. This
expands the potential for AI, allowing
it to solve problems that are
impossible for normal computers.
Capital is flooding into the sector, with
global investment in quantum
technologies up 17x over the past
decade. In the US, there was around
$2.8bn invested in quantum start-ups
in the third quarter of 2025 alone.
There are still relatively few publicly
listed quantum companies. D Wave
has built technology that allows it to
address complex optimisation
problems, while Rigetti Computing is
another pure play quantum group.
Both launched during the pandemic
and and shares prices have proved
volatile. There are also software
providers such as Arqit Quantum and
Quantum Computing Inc. This is likely
to expand as quantum technology
becomes more viable.
Controversy
Even those who have made
breakthroughs in quantum computing
admit that real world use of this
technology could be years away.
Some of those working in the field
suggest it could emerge as an
important technology by the late
2020s. Others point to the mid-2040s
as the start date for truly game-
changing quantum computers. Some
of the breakthroughs have been
controversial, with independent
experts questioning the science that
underpins them.
It is also worth noting that quantum
computing may disrupt certain
industries. Quantum computers can
break encryption methods at an
alarming speed, rendering ineffective
encryption tools that are widely used
today to protect everything from
banking and retail transactions to
business data, documents, email and
more. Blockchain groups have been
worried that quantum computers
could eventually crack the elliptic
curve cryptography. Most blockchain
networks operate on this technology,
and threats to it could potentially
compromise billions of pounds in
digital assets. This could prompt a re-
examination of the cryptocurrency
and blockchain industries.
In the meantime, quantum computing
remains an area of close interest. It is
in an experimental phase, with many
of the world’s finest minds applying
their considerable brain power to
unlocking its potential. They are
backed by the economic might of
giants such as Google, IBM and
Microsoft alongside global
governments.
Quantum appears to be more
realistic than it’s ever been and ATT is
keeping a close eye on its
development. We currently own a
position in IonQ, a pure play around
quantum and are very interested in
their products. In addition, we are
looking at the entire ecosystem
around quantum computing. If it
emerges, it could super-charge the AI
boom and usher in a new era of
transformative change.

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Investment Manager’s Review


How did the technology sector
perform in 2025?
Overall, it has been another strong
year for technology. Our benchmark,
the DJ World Technology index, rose
20.0% and the Company delivered
24.7%. Our returns came from a range
of sectors, as technology leadership
broadened out from the dominant US
mega-caps. We saw particular
strength in semiconductors and some
hardware names, while the growth of
artificial intelligence remained a
strong and persistent theme.
Nevertheless, this positive result
disguised plenty of intra-year
volatility. The year definitely had some
gut wrenching moments, which seems
to be a feature of most years! For
example, ‘Liberation Day’ caused a
severe sell-off across global stock
markets. The announcement of tariffs
made for an unpredictable period for
the technology sector. Many
technology companies have large
global franchises and were therefore
on the front line for the tariff impact. It
took time for deals to be struck and
for share prices to recover.
As long-term investors with the goal
of owning strong technology
franchises in all types of markets, we
have built a diversified, resilient
portfolio which we hope will weather
these short-term storms.
Over many cycles, we have learnt that
‘doing nothing’ is often the best
course of action, and the Liberation
Day sell-off was no different, when
only minor changes to the portfolio
were made. These are noisy times and
we need to be careful not to respond
to every White House announcement.
In some cases, we added to our
favourite positions when we saw
prices of these companies retreat and
actively engaged with management
in order to understand any potential
implications for their business. Our
proximity to many of the companies in
Silicon Valley allowed us to meet with
a number of companies during a
tumultuous period for the stocks. We
found that, in many cases, the outlook
for companies hadn’t changed.
Portfolio Manager's Report
Mike Seidenberg CFA

There have been growing fears
of a ‘bubble’ in Artificial
Intelligence (AI). Are you
worried?
AI is the most important sectoral
theme to emerge in the last few years
and it is a significant focus for the
Company. We are always striving to
make good risk/reward decisions for
our shareholders, and to do that we
have a clear framework around
valuation. For every company, we
analyse long-term growth rate,
profitability and potential.
Comparisons have been made with
the dotcom boom. In our view, the
biggest difference is that in the
dotcom boom there were a lot of
weak businesses that didn’t solve
difficult problems. In contrast, many AI
companies are solving large, real
world problems. Equally, while the first-
movers on the internet didn’t
necessarily stay the distance, the
hyperscalers have built far greater
dominance over the AI ecosystem and
have longevity. As with every
technological revolution, not all will
make it, which is why active, disciplined
management is so important.
Public market valuations remain high,
but – for the most part – are not
excessive and not nearly as high as at
the peak of the dotcom euphoria. We
do see signs of exuberance in some of
the private equity valuations and are
watching capital spending carefully.
Companies recognise that it could be
an existential threat if they get AI
wrong – they risk becoming obsolete.
This could prompt some potential
capital misallocation, but a rigorous
bottom-up approach ensures that we
can avoid any excesses.
What happened to technology
company earnings during the
year?
Earnings have exceeded expectations
for many technology companies,
particularly those associated with AI.
This has created a high bar and
investors have been ruthless where
companies have disappointed. In
general, companies such as Alphabet
have been on the right side, while
companies such as Meta and
Microsoft have struggled to impress.
Nevertheless, it is worth noting that
technology continues to contribute a
substantial share of S&P 500 earnings
– as much as two-thirds for 2025.
Earnings strength has broadened out
beyond the hyperscalers and into the
AI ecosystem and this has been an
increasing area of interest for the
Company.
The Company has around one-
third in semiconductors. Why
has this been an area of
interest?
ATT aims to offer investors a
diversified technology portfolio. Our
goal is to look at the entire ecosystem
Public market valuations remain
high, but – for the most part –
are not excessive and not nearly
as high as at the peak of the
Dotcom euphoria.

and find compelling investments
across a wide spectrum of companies.
In previous secular themes, we
attempted to uncover investment
opportunities which sit behind the
obvious theme leaders, such as the
companies supplying the
infrastructure to the AI leaders, and
our goal is the same here. This
resulted in a robust investment pool in
the semiconductor ecosystem.
The semiconductor sector made up
around a third of the portfolio (32.5%)
over the year, and delivered an
average return of 45.6%. The names
we chose within that sector, including
Micron, Broadcom and Advanced
Micro Devices (AMD), were
important for overall returns and we
outpaced the benchmark in the
semiconductor sector. Micron
contributed more than any other
single stock to our performance over
the year.
Elsewhere within the AI ecosystem, we
have invested in groups such as
Celestica, which is a product
manufacturing and supply chain
services group that is benefiting from
the growth of data centres. We are
also invested in Amphenol, which
makes the connectors that go inside
data centres and is seeing strong
growth in demand. Memory was also
an important area in 2025 as supply
shortages hit, with LAM Research a
significant contributor over the year.
New ideas added to the
portfolio in 2025?
Robinhood is an interesting new idea
in the portfolio, contributing 1
percentage point to relative
performance in 2025. The trading
platform is widely used among
younger generations for their long-
term savings. Its strategy is highly
differentiated and uses elements of
‘gamification’ and’ nudge theory’ to
encourage savings and investment.
Young people have a different way of
thinking about their savings and
expect to be able to manage them in
a different way. Robinhood has
tapped into that market very well and
built a loyal customer base.
Has the Magnificent Seven
relinquished its grip on market
leadership?
It was a more complex year for the
Magnificent Seven companies, with
real concerns over the level of
spending and whether they would see
returns on their commitments.
Microsoft, Meta, Alphabet and
Amazon are expected to spend a
combined $350 billion this year.
Investors increasingly need evidence
that those commitments are paying
off. In 2025, Alphabet convinced
investors that its capital allocation
was proving effective, while the jury
was out for Meta and Apple.
Nvidia’s share price was very strong
for much of the year and its earnings
managed to outpace even the high
expectations set for it by analysts. Its
third quarter results showed revenues
growing at 62% year on year. All the
data on AI spending continues to
support strong growth for Nvidia and
we are comfortable with our position
in the stock.
The strong performance of the mega
caps had been a headwind for active
technology strategies such as ours. In
a diversified, actively managed
portfolio, it would not be prudent to
hold Nvidia at index weight or above.
And so, even though it is our largest
holding, Nvidia did not deliver
outperformance versus our
benchmark. We prefer to look for
large and mid cap stocks where we
believe we can add more value. The
mega cap headwind became a
tailwind in 2025, as investors
recognised that there is a range of
options to invest in AI growth and

started to turn their attention
elsewhere.
Did your market cap
positioning help relative
performance over the year?
Yes. The portfolio held 47.5% in the
mega caps (i.e. those companies
worth more than $1 trillion). This was
around 12% below the benchmark
and this underweight contributed to
performance over the year. Our
weighting in mid-caps, at around 5%
of the portfolio, was a strong
contributor, particularly AMD,
Amphenol and CrowdStrike.
Palantir was another
significant contributor to
returns in 2025. What drove
share price performance there?
Palantir sat at the intersection
between two major trends in 2025:
defence and AI. Defence was a
popular sector as European powers
committed to raising defence
spending, both in support of Ukraine
and in response to the US backing
away from its prior defence
commitments. The MSCI World
Aerospace and Defence sector rose
52.5% over the year, more than
double the return of the MSCI World.
Palantir is also at the forefront of AI. It
has the most demonstrable real-time
AI deployment. Its customers are
large government agencies, who use
Palantir products for a variety of use
cases. Palantir is moving into the
corporate realm and focusing on
building its enterprise presence, which
should be fruitful. They have some of
the brightest and best software
engineers and have done a
phenomenal job of growing their
business with year-on-year sales
growing at over 55% in 2025.
Did higher defence spending
also boost cybersecurity?
Cybersecurity is a crucial area of
spending for companies and
governments. The adversaries have
become so good and so
sophisticated. In 2025, we saw
production disrupted at Japanese
beer maker Asahi and at UK car
group Jaguar Land Rover. They were
among a whole host of companies,
businesses and governments to
experience attacks. Cybersecurity’s
relevance extends beyond defence
spending and is more about the world
we’re living in – a digital world
requires spending on cybersecurity.
Companies in the sector had a
reasonable year, with CyberArk and
CrowdStrike marginally ahead of the
benchmark. We had a 7 percentage
point overweight at the start of the
year, reducing to 5 percentage point
by the end. We still find this segment
a good hunting ground for ideas.
Cybersecurity’s relevance
extends beyond defence
spending and is more about the
world we’re living in – a digital
world requires spending on
cybersecurity.

Software was a more difficult
area in 2025. Why was that?
Software is still an important part of
the portfolio, at 25.8%. However, it
had a tough year. The S&P 500
Software Index was down over 2025,
falling 1% , which was a significant
relative underperformance compared
to the rest of the technology sector.
The fear is that many software names
will be taken out by AI, with IT buyers
looking to AI agents to perform tasks
currently performed by software.
Shares in companies such as
Salesforce, ServiceNow and Adobe
have all struggled.
We believe it will remain a difficult
area. Semiconductors are growing at
30%+, which makes an allocation to
software, where growth rates are a
more anaemic 10-12%, hard to justify.
The market tends to reward
technology companies for growth.
Nevertheless, there is a question over
whether they have gotten too cheap –
the decrease in value has been
extraordinary. We are finding some
interesting opportunities. MongoDB,
for example, has been hit hard over
the year. It is a good example of a
company that hasn’t been able to
prove to investors that it is part of the
deployment of AI workloads, but we
see value there. Elsewhere, we
continue to look at software
companies in detail, visit their
premises and pore over the data. We
need to be sure that not owning them
at these valuations is the right position.
As Asian vendors pick up more
of the AI supply chain and
China expands its technology
ecosystem, are you seeing more
opportunities outside the US?
While the companies we hold draw
revenues from across the world, they
tend to be listed in the US and have
their centre of operations there. It is
true that some of the excitement in
technology this year has come from
outside the US. Investors have started
to wake up to the broader AI
ecosystem, much of which is located
outside the US. We have participated
through companies such as TSMC,
where we had a 4.3% average
weighting over the year. Some of the
Korean memory companies have also
been strong, but we have
participated through Micron.
Ultimately, we are based in the US, at
the heart of Silicon Valley. The US
technology ecosystem is unparalleled,
and it is still home to significant
Ultimately, we are based in the US, at the heart of Silicon Valley. The
US technology ecosystem is unparalleled, and it is still home to
significant global innovation.

global innovation. We want to
leverage our strengths for the benefit
our investors.
How optimistic are you looking
in 2026?
We are cautiously optimistic. We
continue to see good opportunities for
technology to be a bigger part of
people’s lives. This has been a recurring
theme since the first day I started
working for the Company. We balance
this with a nuanced understanding on
the spending environment.
Innovation continues to support growth
for technology companies, particularly
around AI. These technology shifts
come once every 12-15 years and
when they occur, they tend to be very
powerful. People will always worry
about a bubble, but when a secular
change emerges, it tends to create
significant value over the cycle. It is our
job to uncover this value and to look
beyond the obvious opportunities to
other parts of the market.
2026 has potential to be a robust
year for IPOs with a number of high-
profile companies waiting in the
wings. Obviously, a number of factors
need to line up to execute these IPOs
and we look forward to learning more
about these exciting businesses.
We are alert to the risks of over-
valuation, portfolio concentration and
also the risks emerging from a volatile
macroeconomic backdrop. We are
constantly testing our hypotheses and
striving to understand the risk and
reward for every company.
For the time being companies appear
to be weathering the macroeconomic
volatility well. It has not been a great
environment, but in the aftermath of
the pandemic, companies underspent
on technology and there is still pent-
up demand. We expect that
companies will need to show value in
order for purchase orders to increase
but this usually allows the leaders to
take market share and for also-rans
to fade away.
It is important not to let
macroeconomic or geopolitical factors
become a distraction. There is always
noise, and even more so in recent
years. Our stock selection has to be
governed by our deep dive on the
stocks, rather than by the latest missive
from the White House. Occasionally,
macroeconomic factors will change
the business model, but not as often as
markets imagine. It is important to
remember technology remains at the
forefront of creating differentiation for
many companies across numerous
vertical markets and thus our long-
term enthusiasm endures.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co LLC
13 March 2026
Innovation continues to support
growth for technology
companies, particularly around
AI. These technology shifts come
once every 12-15 years and
when they occur, they tend to be
very powerful.

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Investment Portfolio

Top Twenty Holdings
1
1 NVIDIA
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £209.9m
% of portfolio: 10.5
Nvidia designs specialist graphics processing
units (GPUs). It built its name in the gaming
industry, but has been at the heart of the
growth 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: Shutterstock / BongkarnGraphic
Top Twenty Holdings
2
2 Alphabet
Sector: Interactive Media & Services
Country: United States
Value: £191.1m
% of portfolio: 9.5
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. In 2024, it unveiled its first
quantum computing chip, Willow and 2025
saw further progress from its Quantum AI lab.

Photo: Microsoft
Top Twenty Holdings
3
3 Microsoft
Sector: Software
Country: United States
Value: £163.7m
% of portfolio: 8.2
For many people, Microsoft has emerged as
the public face of artificial intelligence through
its AI-based Copilot tool. It has had a tie-up
with Chat GPT group Open AI since 2019. 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. It brought out its Majorana
1 quantum computer in 2025, saying the past
year had been “transformative” for its quantum
programme.

Photo: Apple
Top Twenty Holdings
4
4 Apple
Sector: Technology Hardware, Storage
& Peripherals
Country: United States
Value: £146.3m
% of portfolio: 7.3
Apple has lost its crown as the most valuable
company in the world, with Alphabet and
Nvidia now commanding a higher valuation.
Nevertheless, its services business, including its
iCloud and Apple Music segments, continued
to go from strength to strength in 2025 and
iPhone sales were strong. It has made some
progress on its AI rollout, but investors are still
waiting for the next version of Siri.

Photo: Broadcom
Top Twenty Holdings
5
5 Broadcom
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £145.9m
% of portfolio: 7.3
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. It has been a significant
beneficiary of the roll-out of AI infrastructure,
with AI revenue growing 77% year-over-year
to $4.1 billion and infrastructure software
revenue growing 47% year-over-year to $6.7
billion.

Photo: TSMC
Top Twenty Holdings
6
6 Taiwan Semiconductor
Sector: Semiconductors & Semiconductor
Equipment
Country: Taiwan
Value: £112.0m
% of portfolio: 5.6
TSMC has been a dedicated semiconductor
foundry since 1987 and is now the world’s most
valuable semiconductor company. It makes
semiconductors for companies such as 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 increasingly it is
being incentivised to develop manufacturing
plants in other countries. It is currently building
foundries in Japan, the US and Germany.

Photo: Micron Technology
Top Twenty Holdings
7
7 Micron Technology
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £94.0m
% of portfolio: 4.7
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. In 2025, share price growth has
been fuelled by AI-related demand for Micron's
high-bandwidth memory.

Photo: Lam Research
Top Twenty Holdings
8
8 Lam Research
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £73.3m
% of portfolio: 3.6
Lam Research Corporation is an American
supplier of wafer-fabrication equipment and
related services to the semiconductor industry.
It remains an important part of the
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.

Photo: Shutterstock / Primakov
Top Twenty Holdings
9
9 Meta Platforms
Sector: Interactive Media & Services
Country: United States
Value: £60.3m
% of portfolio: 3.0
Having rebranded Facebook as Meta Platforms
in 2021, the group has turned its attention to its
AI proposition. It has committed significant
capital expenditure across various areas of AI,
including the build out of data centres to
support its growth. Its ambition is to achieve
superintelligence where computers outthink
humans. 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.

Top Twenty Holdings
10
10 KLA
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £53.2m
% of portfolio: 2.6
KLA is a supplier to the semiconductor and
nanoelectronics industries. It provides process
control and yield management systems used
by chipmakers to detect defects and boost
production. It also has advanced inspection
tools, metrology systems, and computational
analytics. Its products are used throughout the
entire chip-making process.

Photo: [•]
Top Twenty Holdings
11
11 Monolithic Power
Systems
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £50.9m
% of portfolio: 2.5
MPS 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.

Top Twenty Holdings
12
12 Amphenol
Sector: Electronic Equipment Instruments &
Components
Country: United States
Value: £46.8m
% of portfolio: 2.3
Amphenol is one of the world's largest
designers and manufacturers of electronic and
fibre-optic connectors, cable and interconnect
systems such as coaxial cables. It also makes
antennas and sensors. While it operates across
a range of industries, including automotive,
communications, aerospace, and industrial, it
has come to prominence as provider of
connectivity for data centres. The global data
centre market reached $347.6 billion in 2024
and is projected to reach $652 billion by 2030,
fuelling demand for Amphenol’s products.

Top Twenty Holdings
13
13 Snowflake
Sector: IT Services
Country: United States
Value: £41.7m
% of portfolio: 2.1
Snowflake is a cloud computing data
warehousing company, founded in July 2012. It
provides cloud-based data storage and
analytics, also known as "data warehouse-as-a-
service". It runs on all the major cloud-
computing platforms and is considered the
pioneer in cloud-based data platforms. It listed
on the New York Stock Exchange in 2020 and,
at the time, was the largest software IPO in
history.

Photo: MongoDB
Top Twenty Holdings
14
14 MongoDB
Sector: IT Services
Country: United States
Value: £37.8m
% of portfolio: 1.9
MongoDB is a database software company
founded in 2009 as 10gen. It listed on the
Nasdaq in 2017. It provides a flexible storage
model that enables users to store and query
different data types, allows companies to
interrogate data at a more granular level. In
recent years, the group has expanded into AI-
related applications, including vector search
and advanced multi-cloud deployment. It has
built partnerships with the major hyperscalers.

Photo: Shopify
Top Twenty Holdings
15
15 Shopify
Sector: IT Services
Country: Canada
Value: £35.5m
% of portfolio: 1.8
Shopify is a Canadian multinational e-
commerce company headquartered in
Ottawa. Its proprietary cloud-based
ecommerce platform allows merchants to
launch online stores. The platform will handle
marketing and payments, plus secure
transactions and shipping. It now has 2m
merchants across 4.6m websites using its
platform. It transacts 15m orders per month.

Photo: AMD
Top Twenty Holdings
16
16 Advanced Micro Devices
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £34.6m
% of portfolio: 1.7
AMD is an American semiconductor company
based in Santa Clara, California. It develops
chips for a range of business and consumer
markets. In 2025, it announced a multi-year
deal to power OpenAI’s next-generation AI
infrastructure. AMD CEO Lisa Su referred to the
partnership as a “true win-win, enabling the
world’s most ambitious AI buildout and
advancing the entire AI ecosystem.” It has
emerged as a credible rival to Nvidia and is a
beneficiary of data centre growth.

Top Twenty Holdings
17
17 Analog Devices
Sector: Semiconductors & Semiconductor
Equipment
Country: United States
Value: £29.8m
% of portfolio: 1.5
Analog Devices is a US-based semiconductor
company specialising in data conversion, signal
processing, and power management
technology. It has a particular focus on
industrial chips. It has seen significant
innovation in recent years. It is benefitting from
AI infrastructure growth, but also other
significant trends such as factory digitisation.

Top Twenty Holdings
18
18 Arista Networks
Sector: Communications Equipment
Country: United States
Value: £29.2m
% of portfolio: 1.5
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.

Top Twenty Holdings
19
19 CrowdStrike
Sector: Software
Country: United States
Value: £27.3m
% of portfolio: 1.4
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. In 2025, the
company has picked up a range of new
customers and expanded its AI-powered
detection.

Top Twenty Holdings
20
20 Cloudflare
Sector: IT Services
Country: United States
Value: £26.6m
% of portfolio: 1.3
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. Its
post-quantum cryptography capabilities give it
an edge over its rivals. In early 2026, it bought
The Astro Technology Company.

Portfolio Analysis
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

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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
Responsible Investment 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
Glossary of Terms
Investor Information
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Notice of Meeting

Notice of Meeting
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Stay in Touch
Allianz Technology Trust PLC
199 Bishopsgate London
EC2M 3TY
Freephone (UK calls only): 0800 389 4696
Email: investment-trusts@allianzgi.com
www.allianztechnologytrust.com
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