REG - Allianz Tech Trust - Final Results
13/03/2023 07:00
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RNS Number : 6531S Allianz Technology Trust PLC 13 March 2023
For immediate release
10 March 2023
ALLIANZ TECHNOLOGY TRUST PLC
LEI: 549300OMDPMJU23SSH75
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022
The following comprises extracts from the Company's Annual Financial Report
("AFR") for the period ended 31 December 2022. The full AFR is available to be
viewed on or downloaded from the Company's website at
www.allianztechnologytrust.com. Copies will be posted to shareholders shortly.
For further information contact:
Robert Jeens Stephanie
Carbonneil Kelly Nice
Chairman Head of Investment
Trusts Company Secretary
Telephone:
020 3246 7475 020 3246
7539 020 3246 7475
MANAGEMENT REPORT
Highlights:
· Well diversified portfolio of listed technology shares delivering
good performance over the long term, three and five years.
· Good portfolio liquidity, the Company has no gearing of its own and
no private equity or unquoted holdings.
· Reflecting difficult market conditions over the past year, Net Asset
Value per share (NAV) decreased by 33.6%, underperforming the benchmark by 7.2
percentage points. Share price decreased by 40.4% as the Company's discount
widened.
· The Board has full confidence in the Investment Manager's
differentiated strategy and in the technology sector as a source of
longer-term superior returns.
Chairman's Statement
A hard year
The past year has been a particularly hard one for technology investors
against a wide backdrop of economic and geopolitical difficulties. The Russian
invasion of Ukraine has turned into a protracted conflict with a large human
toll. Inflationary pressures had been building for some time but the war has
set off dramatic increases in energy and food prices, fuelling inflation and
depressing both consumer and business confidence.
Central banks have responded to rising inflation by raising interest rates.
These rising rates had a direct impact on investments - money is no longer
cheap or easy to raise as it had been for so long with interest rates at
near-zero. Where, in the era of quantitative easing, investors had piled into
growth stocks, keen to gain access to the best future returns, now there is
much more scepticism about the reality of those returns and the discount rates
have risen dramatically. As valuations have fallen, more money has moved away
from such stocks as investors instead favoured nearer-term cashflows and
reliable income streams.
Performance against this backdrop
Technology stocks have been at the epicentre of these valuation changes. As
previously reported, in the first half of 2022 our strategic overweight
positions in stocks with high growth potential were hardest hit by the market
sell-off and hence the portfolio fell by more than the significant fall in its
benchmark. More recently performance across technology stocks, whilst weak
compared to the general market, has been more mixed. The Board remains
satisfied that the differentiated strategy which the Investment Manager
continues to follow should be the source of longer-term outperformance and
that the current situation should not be a driver to make any wholesale change
to that strategy.
Over the year, the Company's Net Asset Value ('NAV') per share fell by 33.6%,
whilst our benchmark index, the Dow Jones World Technology Index (sterling
adjusted, total return) also fell by 26.4%. This resulted in underperformance
of 7.2 percentage points with all of the underperformance occurring during the
first half of the year.
The market price of the Company's shares fell by 40.4% over the year, from
352.5p (31 December 2021) to 210.0p (31 December 2022) as the rating of the
Company's shares moved from a small premium at the end of 2021 to a discount
of 9.1% at the end of 2022. The Board is disappointed to see this significant
derating of the Company's shares but notes that it is in line with rating
movements implicit in the share prices of other larger investment companies
focusing on high growth opportunities.
No dividend is proposed for the year ended 31 December 2022 (2021: nil). Given
the nature of the Company's investments and its stated objective to achieve
long-term capital growth, the Board continues to consider it unlikely that any
dividend will be declared in the near future.
Your Board continues to consider the use of borrowing and gearing. Although we
have this flexibility, to date our assessment has been not to take on this
additional risk.
Portfolio management team and corporate management changes
In my reports last year I wrote about the transition of lead portfolio manager
role from Walter Price to Mike Seidenberg with effect from 1 July 2022 and
also provided details of the changes to the structuring of the investment
management arrangements arising from the sale of Allianz Global Investors GmbH
('AllianzGI')'s US investment operations to Voya Investment Management Co LLC
('Voya'). The Board took careful steps to be satisfied that each of these
changes was in the best interests of shareholders prior to granting its
approval.
As you may be aware the Board has generally visited San Francisco every couple
of years to spend time with the investment managers on their home ground. The
pandemic interrupted this pattern but the delayed visit that took place last
September proved very timely in the light of the significant changes referred
to in the previous paragraph. The Board was able to spend time with all the
members of Voya's San Francisco based Global Technology Team and also meet
with other Voya senior executives. These meetings provided further reassurance
to the Board.
In summary I am pleased to report that both the lead portfolio manager and
Investment Manager changes appear to have proceeded smoothly.
The dichotomy of current demand versus future potential
There is no doubt that lofty valuations of technology stocks have been
challenged over the past year, however it is also true that many technology
companies remain robust in terms of their day-to-day business, if not in the
valuation of their equity. The main driving themes for technology most
certainly persist: large scale movement of legacy IT systems to cloud
architecture, cybersecurity in the face of criminals' and nation states'
efforts to steal or disrupt, and labour shortages to name just a few. There
are also many emerging technologies and themes as companies and innovators
look to create the next disruptive technology.
As an example, can readers be sure that this year's statement was written by
me and not by an Artificial Intelligence ('AI') tool? In this instance I can
assure you it was written by me, however there is currently much debate and
coverage around tools such as ChatGPT and other AI applications. Citing this
is not meant as any commentary on the potential of a company developing
software as a future holding - and our investment manager is in a much better
position to comment on the potential (or not) of such companies to be
portfolio holdings in the future. What it does demonstrate though is the
unstoppable development of technology and that it is unlikely to slow anytime
soon. The possibility of such a tool writing this report is real given the
right prompts into the tool. Indeed, some commentators postulate that these
tools can answer university degree questions with some success and articles
have already started to foretell a change in the way we will work in the
future. Microsoft is certainly taking it seriously, investing $1bn in OpenAI,
the developer, in 2019 to gain exclusivity over the product with the aim of
bolstering its embedded search engine, Bing.
Microsoft believes that OpenAI's artificial intelligence tools and platforms
have the potential to significantly improve its search engine capabilities,
offering more accurate and better-tailored search results. Microsoft also
believes that OpenAI's AI technology could help it create more efficient and
powerful cloud-based services, enabling it to better serve its customers and
reach new markets. Microsoft's investment in OpenAI is an indication of how
seriously the tech giant is taking AI, and how it wants to make sure it's
always at the cutting edge of the technology.
That last paragraph was generated by AI using GPT-3, but I promise you the
rest was from the human
mind!
Investment Manager's Review
As ever, my statement is not intended to substitute for the Review from the
Investment Manager and I would urge you to read the in-depth explanations of
the factors affecting performance from the team.
ESG
As you will be aware, the Investment Manager considers ESG risks as part of
the stock analysis and investment management process. The Board were able to
see the process in action during their visit to San Francisco, including
visiting a selection of investee companies and hearing how they are dealing
with ESG issues from a business management perspective.
The Board remains cognisant of investors' concerns and desire to understand
better the broader impact of the investment choices that they make. Given the
nature of the Company, the Board consequently engages closely with the related
policies and processes of Voya as the Investment Manager and AllianzGI UK as
the AIFM.
How do we compare with our peers and other indices?
The Strategic Report in the Annual Report contains full details of the
comparative data that in the past we have included in this Statement. In
summary the Company's performance is very strong over longer time periods.
The costs of running your Company
Your Board has maintained its close attention to the costs of running the
Company. In a year in which NAV has fallen substantially, I am pleased to
report that the Company's Ongoing Charges Figure ('OCF'), which is calculated
by dividing ongoing operating expenses by the average NAV has only risen very
marginally from 0.69% to 0.70%. This follows a sustained reduction in OCF over
previous years. The management fees payable in 2022 were moderated by being
calculated on the market value of the Company and not the NAV.
The OCF excludes any performance fee due to the manager. Once again no
performance fee has been earned in 2022 due to continued underperformance
against the benchmark. It should be noted that the underperformance suffered
over the past two years will have to be made back, as well as the NAV once
again exceeding the level at the end of 2020 (which set a new high watermark)
before any future performance fee can be accrued.
Transactions in own shares
The Board is pleased to both issue shares when there is sufficient investor
demand, and to consider
buying back shares when the shares trade at a significant discount. Currently
we would consider
buying back shares during periods where the discount is consistently over 7%
and it is felt appropriate
to do so given the prevailing market backdrop. For significant periods of 2022
the discount has been
in excess of that level and buybacks have been executed accordingly on a
frequent basis.
Overall, market purchases of £39 million of shares were undertaken, at an
average discount of 12.18%. All shares repurchased over the period have been
held in treasury rather than cancelled as this makes them readily available to
be reissued if sufficient demand occurs in the future. The repurchase of
shares during the year enhanced the NAV by 44bps.
At the forthcoming AGM, the Board proposes both a renewal of the usual 10%
authority to issue new shares and also a renewal of the authority to issue an
additional 10% in order to avoid the cost of a further General Meeting should
the 10% authority be exhausted as has happened previously when demand was
high. The Board recommends that Shareholders vote in favour of both of the
proposed resolutions.
The Board will continue to consider the issuance of new shares subject to
shares only being issued at a premium to NAV and if the Board is satisfied
that the issuance is in the best interests of existing shareholders.
Similarly, any buy back of shares will also be subject to the criteria set out
above being met and where it is felt to be beneficial to shareholders.
Alternative Investment Fund Manager ('AIFM')
As we had notified shareholders in 2022, our management contract with
AllianzGI for investment management (delegated to Voya), accounting, company
secretarial and administrative services as AIFM of the Company is due to
transfer to Allianz Global Investors UK Limited ('AllianzGI UK') which is a
new FCA authorised and regulated UK entity taking on all activities of the UK
Branch of AllianzGI. This change is occuring as a result of the UK leaving the
EU and is to take place once the legal set up is arranged to ensure compliance
with the regulatory regime. The Board is assured that there will be no change
to the portfolio management services (delegated to Voya) nor to the
administration services received by the Company. There will be no increase in
the management or administrative expenses of the Company as a consequence of
this change. Details of the existing arrangement with the AIFM are detailed in
the Annual Report.
Awards and shareholder communications
Despite the continuing challenges for the Company this year in performance
terms, the Board was delighted to once again in 2022 be awarded "Best Report
and Accounts (Specialist)" by the AIC, having previously won the same award in
2021, 2020 and 2018. The Board tries to continually evolve in terms of this
key shareholder communication piece and this year, as noted at the start of
this statement, you will see further, wider-ranging changes.
We do hope you will take the time to view the full Stakeholder Report housed
at www.allianztechnologytrust.com and that you find it of interest. We welcome
feedback from both shareholders and other readers on our new reporting.
Board matters
As previously announced Katya Thomson was appointed to the Board last July and
has now succeeded Humphrey van der Klugt as Chairman of the Audit & Risk
Committee with effect from 1 January 2023. I am pleased to confirm that
Humphrey continues as a non-executive Director and Senior Independent
Director.
I will be stepping down as Chairman and non-executive Director at the
Company's forthcoming AGM and therefore will not stand for re-election. The
Board, overseen by Humphrey van der Klugt, the Senior Independent Director,
has agreed that Tim Scholefield who has been a Director since December 2021,
be appointed as Chairman at the conclusion of that meeting. Tim has already
made a strong contribution to the Board, and I believe that shareholders
should have full confidence in their Board going forward.
I confirm that the annual Board and Manager performance appraisal process,
conducted internally this year, concluded that the Board has continued to work
in an effective manner. In accordance with the AIC code, all Directors with
the exception of me, are proposed for election/re-election.
Annual General Meeting arrangements
This year's AGM will be held on 26 April 2023 at 2.30pm. The full Notice of
Meeting can be found in the the Annual Report.
The AGM will be a hybrid meeting, meaning shareholders can either attend
physically or online. However, after two years of trialling online voting, we
will not be providing that service again for the 2023 meeting. This is due to
the relatively high cost to enable the service not having been matched by
shareholder take up of the service over the past two years. Should there be
reasonable demand emerging from shareholders in the future for online voting
then we will look at a possible reintroduction. For this reason, we strongly
encourage all shareholders to submit their votes by the proxy voting process
by the deadline of 24 April 2023 as detailed in the Notice of Meeting in the
the Annual Report. 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 Investment Manager will be made at the start of the
meeting. For those unable to attend either physically or virtually, this will
be posted to the Company's website as soon as practicable after the event.
The Board look forward to welcoming shareholders to this year's event.
Your vote counts
We would like to take the opportunity to remind shareholders that you have the
right to vote on important matters that affect your Company, such as the
election of directors and the proposed renewal of share issuance authorities.
We feel it is important that shareholders are encouraged to make their voices
heard by voting on all business matters. Instructions on how to vote your
shares can be found in the Annual Report.
As the vast majority of individual shareholders hold their shares on an
investment platform in a nominee account, we are pleased to see continuing
action from some of the larger platforms to enable nominee shareholders to
access relevant documentation and record their votes.
Outlook
It is difficult, if not impossible, to predict what might happen with the
geopolitical landscape as well as with the global economy as we move forward
through 2023. As I write, the war in Ukraine continues, unfortunately with no
obvious end in sight yet, and other significant geopolitical tensions also
persist.
There is some evidence of inflationary pressures easing from a macro
perspective, but whilst markets have already made some positive moves on
expectation of possible easing interest rates, there is also conflicting
rhetoric from many central banks which indicate the easing may not be as swift
or widespread as some would hope.
Despite recent volatility the long-term secular growth story for technology
investing remains intact and is powerful. Returns are likely to accrue
disproportionately to a small number of 'winners' and this should reward an
active, and probably patient, style of portfolio management. We have
confidence in the Investment Manager's ability to drive long-term relative
performance through the team's high conviction expertise as they continue to
focus on identifying trends that have the potential to uncover tomorrow's
Apple or Microsoft.
Robert Jeens
Chairman
10 March 2023
.
Investment Manager's Review
Financial Year to 31 December 2022
2022 started with fresh optimism that the world economy would, at last, start
to emerge from the shadow of the pandemic. That optimism quickly faded as
Russia's invasion of the Ukraine plunged the world into another crisis. It
fuelled a mounting inflation problem that forced major central banks across
the world to raise interest rates. It proved a challenging backdrop for
financial markets, and the technology sector in particular.
The reverberations from the war in Ukraine were felt across the world. The
sanctions imposed on Russia as a result of the invasion pushed up energy
costs, which were reflected in higher inflation figures. The war exaggerated
existing fault lines in the US/China relationship and inflamed geopolitical
tensions more widely. Countries started to increase protectionism,
particularly around key technologies such as semiconductors.
The war's impact on energy prices and inflation proved the most immediate
problem. The US Consumer Price Index rose steadily from 7% in January to a
peak of 9.1% in June. Early assessment that inflation would be transitory
proved misplaced and the Federal Reserve ('Fed') was forced into rapid action.
The US Fed funds rate moved from a range of 0.25-0.5% at the start of the year
to a range of 4.25%-4.5% by December, pushing borrowing costs to their highest
level since 2007.
The Fed continued to talk tough on inflation even as pressures started to ease
in the second half of the year. In the December meeting Fed chair Jay Powell
said: "Historical experience cautions strongly against prematurely loosening
policy. I wouldn't see us considering rate cuts until the committee is
confident that inflation is moving down to 2% in a sustained way." With
inflation still at 7.1% by the end of the year, there was still some way to
go.
Part of the problem has been wage inflation. Employment levels have remained
high, which has created wage pressures. Nevertheless, strength in the jobs
market has helped cushion the hit from higher inflation and interest rates for
the economy. The IMF forecasts that global growth will slow from 6.0% in 2021
to 3.2% in 2022 and 2.7% in 2023. It said: "This is the weakest growth profile
since 2001 except for the global financial crisis and the acute phase of the
COVID-19 pandemic."
The Euro area has been most affected by the energy crisis and growth is
expected to fall to just 0.5% in 2023, with many of its major economies in
recession. The US is also widely expected to experience recession in the year
ahead. For emerging and developing Asia, much will depend on the relative
strength of China, which continued to be held back by Covid restrictions for
much of the year. By the end of the year, it had relaxed its zero-Covid policy
and there were hopes that its economy could revive.
There were a number of notable legislative initiatives in 2023. In the US, the
Inflation Reduction Act allocated significant funding for green energy
initiatives and domestic energy investment. The CHIPS and Science Act sought
to encourage domestic production of semiconductors and exclude unfriendly
foreign powers from the technology ecosystem. In the EU, the RePower EU
initiative brought more funding for renewable energy, as European powers
sought to wean themselves off Russian fossil fuels. Largely overlooked in
2022, these may set the tone for economic development in the year ahead.
Stock markets
This uncertain backdrop led to significant weakness in global financial
markets. Markets were already wobbling at the end of 2021, and in 2022, the
FTSE World Index dipped 6% from 2,774 to 2,603 over the year. The technology
sector was particularly weak, as higher interest rates pushed investors to
reappraise valuations.
High valuations had been sustained by a very low risk-free interest rate,
which had seen the long term cashflows they offered highly prized by
investors. In a climate of rising interest rates, these cashflows were worth
less. The fastest growing companies - where more of their valuation was tied
up in future revenues - proved particularly vulnerable. Even though many
companies continued to deliver high growth and outpace earnings expectations,
it held back their share price progress.
The year was generally characterised by a growing gap between operational and
share price performance, but there were some weak spots on earnings. Amazon,
for example, struggled as the consumer environment weakened, while Meta's
foray into the metaverse proved more expensive and less remunerative than
hoped. Companies exposed to advertising revenues proved vulnerable as economic
growth slipped, including Alphabet. Nevertheless, there were also pockets of
resilience. Demand for iPhones held up, supporting Apple's earnings, while
Microsoft's cloud computing division helped earnings for the wider business.
Stock markets had started to recover by the end of the year in response to
stronger signs on inflation. This may be premature. The Federal Reserve
remains committed to further rate rises and there are relatively few signs of
weakness in the all-important labour market. However, there can little doubt
that the majority of the rate rises are now in the past and markets
substantially reflect the new environment. Valuations are significantly lower
than a year ago.
Key themes
Interest rates
2022 was a year when everyone was watching the Fed. The fortunes of individual
companies appeared to matter less than the latest comments from Chair Jay
Powell as investors tried to judge whether central banks would be able to
fight inflation without collapsing the economy. Financial markets were slow to
recognise the Federal Reserve's commitment to curbing inflation, but were
ultimately forced to accept the reality of higher rates.
It is not yet clear whether the Federal Reserve will manage to engineer a
'soft landing' for the US economy. If inflation continues to fall, investors
can expect a more benign interest rate environment in 2023. It is likely that
there will be further rate rises, but these are expected by markets and the
significant adjustment necessary in 2022 is unlikely to be repeated.
Considerable uncertainty remains for the global economy.
Geopolitics
Geopolitical tensions have been a growing feature of global trade in recent
years, but the problems accelerated in 2022. Russia's invasion of Ukraine saw
many countries pick sides and put the US and China in opposing camps. There is
now a recognition that globalisation is reversing.
This has significant implications for the corporate sector, with companies
increasingly prioritising security of supply over cost. Companies have brought
manufacturing back to the US, increased inventories and re-routed supply
chains.
There are opportunities in key sectors: manufacturing closer to home is likely
to be more expensive, so companies are turning to automation, bringing
opportunities in areas such as robotics. As countries bring in protectionist
policies, companies are making investments. In response to the CHIPS and
Science Act, Micron was emboldened to invest in supply. It will build a new
$20bn chip factory in Clay, New York to take advantage of the new subsidies.
Value versus growth
Companies with high growth have been in the ascendancy over the past decade.
There can be little doubt that 2022 marked the start of a different
environment. Even if inflation falls, the world is unlikely to revert to
previous low interest rates. Markets had to make this painful adjustment in
2022, which partially explains the weakness of technology and the strength of
'value' parts of the market.
However, this does not mean that markets will not recognise in the years
ahead. The growth versus value debate will remain pertinent, but with the
major adjustment to interest rates now in the past, we expect an environment
where stock characteristics play a bigger role than macroeconomic factors.
Performance
This was unquestionably a tough year for the Company, both in relative and
absolute terms. The Company's net asset value fell 33.6%, compared to a fall
of 26.4% in its benchmark, the DJ World Technology index over the calendar
year. While longer-term performance remains strong, this weakness is
undoubtedly disappointing.
The reasons for the underperformance are relatively easy to diagnose. The
Company has traditionally held a larger weighting in higher growth, mid cap
companies. This is, we believe, the long-term sweet spot to find fast-growing,
dynamic technology companies. However, this was the area hit hardest in 2022
as investors reappraised valuations in light of the changing interest rate
environment.
This sell-off included areas of structural growth, such as cloud software and
cybersecurity. In general, there was little regard for the underlying
performance of individual companies. Cybersecurity group Zscaler, for example,
was the largest detractor from performance over the year, but beat market
expectations on sales and adjusted income and continued to grow rapidly
without burning cash. This experience was commonplace: many companies
continued to deliver strong revenue growth and earnings, but were battling
investor concerns about their future prospects.
At the same time, the Company was underweight the benchmark in those companies
that proved the most defensive. Apple, for example, was a large absolute
position in the Company, but it forms a even larger part of the benchmark and
therefore was a drag on relative performance. The same was true, to a lesser
extent, for Microsoft.
We continue to believe in the long-term prospects for many high growth
companies in areas such as cloud computing, data analytics or cyber security,
and retain a weighting in the portfolio. Nevertheless, we recognise that
sentiment is likely to be against them while the economic climate remains
weak. Against that backdrop, we have reduced risk the portfolio over the
course of the year, moving away from some of the higher growth, high risk
areas and towards more defensive positions. Apple, Microsoft and Alphabet are
the top positions in the portfolio today.
We were also quick to cut companies where there were signs of weakness. For
example, we saw Okta struggle to integrate its Auth0 acquisition and exited
the position. Company specific problems were dealt with brutally by the market
during the year, with management teams seldom given the benefit of the doubt.
The Company also held a relatively high level of cash during the year - around
6% on average. This was a reflection of the uncertainty of the environment and
a desire to retain optionality in the portfolio. With significant swings in
pricing, it made sense to keep the flexibility to take advantage of
opportunities as they arose.
Stock highlights
The weakness in the cybersecurity sector has been a surprising feature of
2022. Company management teams remain committed to cybersecurity spending in
the face of mounting threats and the sector should have been more resilient.
However, investors treated it like another high growth area and sent share
prices tumbling. While Zscaler was the most significant contributor to the
Company's underperformance over the year, CyberArk and Okta were also weak.
Only Palo Alto Networks bucked the trend.
Other high growth segments suffered: cloud analytics and AI group Snowflake
was weak as investors worried about its valuation and its competitive
prospects. Ride-sharing group Lyft also detracted from performance.
Collaboration technologies such as ZoomInfo and Atlassian, and productivity
tools such as Asana also struggled. While the long-term growth of flexible
working appears to be intact, share prices for these companies had moved a
long way and expectations were high. Asana, for example, had risen 155% in
2021. As such, some pullback in a more difficult environment was not
surprising.
Global demand for semiconductors continues to rise, with areas such as
electric cars and cloud analytics demanding increasingly sophisticated chips.
However, the sector could not shake off its reputation for economic
sensitivity and this was another weak point for the Company during the year.
The Company's position in Amazon was also a detractor. Amazon is not part of
the benchmark, but the Company had a small position. The online retailer has
struggled in an increasingly difficult spending climate, though its cloud
business held up relatively well. Not holding Shopify, which proved very weak
as household incomes dropped, was an advantage.
The Company swerved a number of the problems with other megacaps. A low
average weighting in Meta, for example, was an important contributor to
performance as the company struggled with its transition away from its core
business towards its new ambitions in the metaverse.
The payments area provided some defensive characteristics over the year, with
Mastercard, Visa and Paycom all resilient. These were stronger than smaller
groups such as Square or Paypal, which had greater exposure to the smaller
company and consumer segment.
Shares of ON Semiconductor, a provider of semiconductor intelligent sensing
and power solutions, continued to benefit from a healthy demand and limited
supply environment. The management team delivered very good execution in a
challenging macro environment, which led to resilient profitability. The
returning of cash to shareholders was also seen as positive news by the
market. We believe the company is well positioned to take advantage of
long-term growth in key automotive and industrial segments and it may weather
any potential macroeconomic headwinds better than its peers.
Flex reported solid results in the period and raised fiscal 2023 guidance. We
continue to believe the company is well positioned to take share and improve
margins as its strategy yields results and supply chain disruptions create net
new demand. Despite weaker consumer markets, the broad customer portfolio is
acting as a natural hedge. However, if conditions worsen significantly,
management has flexibility to quickly pull back spending. The company is
seeing strong demand from multiple secular growth themes including cloud, auto
technology, and industrial automation.
Looking forward
While inflationary pressures have started to ebb, there is still some pain to
come on the global economy. There may be further interest rate rises in the
year ahead, and the Federal Reserve is unlikely to reverse direction in the
short-term. Recession looks likely for many major economies, while the
re-emergence of China could be a double-edged sword. It may move the dial on
global growth, but may also contribute to inflation. Against this difficult
backdrop, the Company remains defensively positioned.
However, there are reasons to be more optimistic. Share prices have fallen a
long way and now reflect much of the bad economic news. Many technology
companies continue to deliver strong earnings in spite of the economic
conditions and have a significant runway of growth ahead of them. Equally,
potential weakness in the Dollar should help those technology companies with
large global markets, such as Apple and Microsoft.
On 25 July 2022 the team and I became employees of Voya. There has been no
change to the investment process and it has been a seamless transition in
terms of the management of the Company. I have found the Voya culture to be
customer centric and supportive of generating the best possible returns for
our shareholders. I look forward to what the future holds for all associated
with Allianz Technology Trust.
This has been a tough period, but many of the structural growth opportunities
for technology are intact. Digital transformation, cyber security and cloud
computing are multi-year growth themes and the recent uncertainty has not
changed their outlook. Technology remains an exciting sector in spite of its
difficulties in 2022.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co LLC
10 March 2023
.
Viability Statement
In accordance with the Corporate Governance provisions the Company is required
to make a forward looking (longer term) Viability Statement. In order to do
this the Board has considered the appetite for a technology investment trust
against the current market backdrop, and has formally assessed the prospects
for the Company over a period of five years. The Board believes that the
period of five years is appropriate and is in line with the five year
continuation vote. The next continuation vote will be put to shareholders at
the AGM in 2026. In order to assess the prospects for the Company the Board
has considered:
- The investment objective and strategy taking into account recent,
past and potential performance against both the benchmark, other indices of
note and peers;
- The financial position of the Company, which does not currently
utilise gearing in any form but does maintain a portfolio of, in the main,
non-income bearing investments;
- The liquidity of the portfolio and the ability to liquidate the
portfolio on the failure of a continuation vote;
- The macro economic conditions and geopolitical events;
- The ever increasing level of technology adopted by both individuals
and corporations alike;
- The inherent risks in such technology both in terms of speed of
advancement but also potential catastrophe with the growth of cyber fraud; and
- The principal risks faced by the Company as outlined below.
The Board is fully aware that the world of technology is constantly moving and
growing and the perceived picture of technology now and in five years' time is
potentially very different. Based on the results of the formal assessment,
through regular updates from the AIFM and the Investment Manager, the Board
believes it is reasonable to expect that the Company will continue in
operation and meet its liabilities for the period of five years under this
review.
Investment Controls and Monitoring
The Board in conjunction with the AIFM and the Investment Manager has put in
place a schedule of investment controls and restrictions within which
investment decisions are made. These controls include limits on the size and
type of investment and are monitored on a constant basis. They are formally
signed off by the AIFM and the Investment Manager every month and are reviewed
by the Board at every meeting.
Principal & Emerging Risks and Uncertainties
The principal risks identified by the Board are set out in the table below,
together with information about the actions taken to mitigate these risks. A
more detailed version of this table in the form of a Risk Map and Controls
document is reviewed in full and updated by the Audit & Risk Committee and
Board at least twice per year. Individual risks, including emerging risks and
threats to reputation, are considered by the Board in further detail depending
on the market situation and a high-level review of all known risks faced by
the Company is considered at every Board meeting. The principal risks and
uncertainties faced by the Company relate to the nature of its objectives and
strategy as an investment company and the operations of its third party
service providers.
Description Mitigation
Investment Strategy and Performance Risk The Investment Manager has responsibility for sectoral weighting and for
individual stock picking, having taken due account of Investment Objectives
The Company's NAV may be adversely affected by the Investment Manager's and Controls that are agreed with the Board from time to time and regularly
inappropriate allocation of funds to particular sub-sectors of the technology reviewed. These seek, inter alia, to ensure that the portfolio is diversified
market and/or to the selection of individual stocks that fail to perform and that its risk profile is appropriate.
satisfactorily, leading to poor investment performance in absolute terms
and/or against the benchmark.
Technology Sector Risk
The technology sector is characterised by rapid change. New and disruptive The Board reviews investment performance, including a detailed attribution
technologies can place competitive pressures on established companies and analysis comparing performance against the benchmark, at each Board meeting.
business models, and technology stocks may experience greater price volatility At such meetings, the Investment Manager reports on major developments and
than securities in some slower changing market sectors. changes in technology market sectors and also highlights issues relating to
individual securities. The portfolio is diversified.
Cyber Risk
The Company may be at risk of cyber attacks which may result in the loss of The operations of the Company are carried out by third party service
sensitive information or disruption to the business. providers. All service providers report to the Board on operational issues
including cyber risks and the controls in place to capture potential attacks.
See Operational Risk below.
Market Risk
The Company's NAV may be adversely affected by a general decline in the The Board, the AIFM and the Investment Manager monitor stock market movements
valuation of listed securities and/or adverse market sentiment towards the and may consider hedging, gearing or other strategies to respond to particular
technology sector in particular. Although the Company has a portfolio that is market conditions. The AIFM and the Investment Manager maintain regular
diversified by company size, sector and geography, its principal focus is on contact with shareholders to discuss performance and expectations and to
companies with high growth potential in the mid-size ranges of capitalisation. convey the belief of the Board and the Investment Manager that superior
The shares of these companies may be perceived as being at the higher end of returns can be generated from investment in carefully selected companies that
the risk spectrum, leading to a lack of interest in the Company's shares in are well managed, financially strong and focused on those segments of the
some market conditions. technology market where disruptive change is occurring.
The Board, the AIFM and the Investment Manager would monitor the progress of
the unexpected events very closely and initiate appropriate responses where
Market sentiment may quickly deteriorate in the face of geo political events possible.
and effects on the macro-economic environment.
Currency Risk
A high proportion of the Company's assets is likely to be held in securities The Board monitors currency movements and determines hedging policy as
that are denominated in US Dollars, whilst its accounts are maintained in appropriate. The Board does not currently seek to hedge this foreign currency
Sterling. Movements in foreign exchange rates affect the performance of the risk.
Investment Portfolio and create a risk for shareholders.
Financial and Liquidity Risk
The financial risks to the Company and the controls in place to manage these Financial and liquidity reports are provided to and considered by the Board on
risks are disclosed in detail in Note 13 in the Annual Report. a regular basis.
Operational Risk The Board receives regular reports from the AIFM, the Investment Manager and
third parties on internal controls highlighting areas of exception, including
The Company may be impacted by disruption to or the failure of the systems and reports on monitoring visits carried out by the Depositary on behalf of the
processes utilised by the AIFM and the Investment Manager or other third party Company. The Board has further considered the increased risk of cyber-attacks
service providers. This encompasses disruption or failure caused by and fraud and has received reports and assurance regarding the controls in
cybercrime, fraud and errors and covers dealing, trade processing, place and details of whistleblowing procedures.
administrative services, financial and other operational functions.
Key Individual Risk
The Company could suffer disruption to operations as a consequence of loss of Succession plans are in place for the Board. The lead portfolio manager is
key individuals e.g the lead portfolio manager. supported by a wider investment team. Cover is available for core members of
the relevant teams of the AIFM.
In addition to the specific principal risks identified in the table above,
general risks are also present relating to compliance with accounting, legal
and regulatory requirements, and with corporate governance and shareholder
relations issues which could have an impact on reputation and market rating.
Management of the services provided and the internal controls procedures of
the third party providers is monitored and reported on by the AIFM to the
Board. These risks are all formally reviewed by the Board twice each year and
at such other times as deemed necessary. Details of the Company's compliance
with corporate governance best practice, including information on relations
with shareholders, are set out in the Corporate Governance Statement within
the Directors' Report beginning in the Annual Report.
The Board's review of the risks faced by the Company also includes an
assessment of the residual risks after mitigating action has been taken.
On behalf of the Board
Robert Jeens
Chairman
10 March 2023
.
Related Party Transactions
During the financial year no transactions with related parties took place
which would materially affect the financial position or the performance of the
Company.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Financial Report and
the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
The financial statements are required by law to give a true and fair view of
the state of affairs of the Company and of the total return of the Company for
that year. In preparing these financial statements, the Directors are required
to:
- select suitable accounting policies and then apply them
consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed;
and
- prepare the financial statements on the going concern basis, unless
it is inappropriate to presume that the Company will continue in business.
The Directors confirm that the financial statements comply with the above
requirements.
The Directors are responsible for keeping adequate accounting records that
disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with
the Companies Act 2006. They are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Strategic Report, a Directors' Report, and Corporate Governance
Statement, and a Directors' Remuneration Report which comply with that law and
those regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website. The
financial statements are published on www.allianztechnologytrust
(http://www.allianztechnologytrust) . com, which is a website maintained by
the Alternative Investment Fund Manager. The work undertaken by the Auditors
does not involve consideration of the maintenance and integrity of the website
and, accordingly, the Auditors accept no responsibility for any changes that
may have occurred to the financial statements since they were initially
presented on the website. Visitors to the website need to be aware that
legislation in the United Kingdom governing the preparation and dissemination
of the financial statements may differ from legislation in other
jurisdictions.
Neither an audit nor a review provides assurance on the maintenance and
integrity of the website, including controls used to achieve this, and in
particular whether any changes may have occurred to the financial information
since first published. These matters are the responsibility of the Directors
but no control procedures can provide absolute assurance in this area.
The Directors each confirm to the best of their knowledge that:
(a) the Financial Statements, prepared in accordance with
applicable accounting standards, give a true and fair view of the assets,
liabilities, financial position and return of the Company; and
(b) the Strategic Report includes a fair review of the
development and performance of the business and the position of the Company,
along with a description of the principal risks and uncertainties that the
Company faces.
The Directors confirm that the Annual Report and Financial Statements, taken
as a whole are fair, balanced and understandable and provide the information
necessary to assess the Company's position and performance, business model and
strategy.
For and on behalf of the Board
Robert Jeens
Chairman
10 March 2023
Investment Portfolio as at 31 December 2022
Investment Sector(#) Sub-sector(#) Country Fair Value % of Portfolio
£'000
Microsoft Software Systems Software United States 63,905 7.1
Apple Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 51,427 5.7
Alphabet Interactive Media & Services Interactive Media & Services United States 46,688 5.2
Broadcom Semiconductors & Semiconductor Equipment Semiconductors United States 41,735 4.6
Mastercard IT Services Data Processing & Outsourced Services United States 32,489 3.6
Taiwan Semiconductor Semiconductors & Semiconductor Equipment Semiconductors Taiwan 31,721 3.5
Paycom Software Software Application Software United States 30,811 3.4
Visa IT Services Data Processing & Outsourced Services United States 26,206 2.9
Palo Alto Networks Software Systems Software United States 24,755 2.8
Datadog Software Application Software United States 23,506 2.6
Top ten investments 373,243 41.4
Arista Networks Communications Equipment Communications Equipment United States 22,557 2.5
Pure Storage Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 21,699 2.4
Aspen Technology Software Application Software United States 21,126 2.4
ON Semiconductor Semiconductors & Semiconductor Equipment Semiconductors United States 20,628 2.3
Oracle Software Systems Software United States 20,124 2.2
Meta Platforms Interactive Media & Services Interactive Media & Services United States 19,857 2.2
HubSpot Software Application Software United States 19,585 2.2
Intuit Software Application Software United States 19,529 2.2
Cyberark Software Software Systems Software Israel 18,707 2.1
Flex Electronic Equipment Instruments & Components Electronic Manufacturing Services Singapore 17,091 1.9
Top twenty investments 574,146 63.8
Gitlab Software Systems Software United States 16,912 1.9
Automatic Data Processing IT Services Data Processing & Outsourced Services United States 16,564 1.8
Netflix Entertainment Movies & Entertainment United States 16,438 1.8
Motorola Solutions Communications Equipment Communications Equipment United States 14,442 1.6
Applied Materials Semiconductors & Semiconductor Equipment Semiconductor Equipment United States 14,212 1.6
Servicenow Software Systems Software United States 14,082 1.6
Workday Software Application Software United States 14,033 1.6
GEN Digital Software Systems Software United States 13,956 1.6
KnowBe4 Software Systems Software United States 13,221 1.5
Monolithic Power Systems Semiconductors & Semiconductor Equipment Semiconductors United States 13,105 1.5
Top thirty investments 721,111 80.3
Marvell Technology Semiconductors & Semiconductor Equipment Semiconductors United States 12,783 1.4
Infineon Technologies Semiconductors & Semiconductor Equipment Semiconductors Germany 12,321 1.4
ASML Semiconductors & Semiconductor Equipment Semiconductor Equipment Netherlands 11,941 1.3
MongoDB IT Services Internet Services & Infrastructure United States 11,755 1.3
Lam Research Semiconductors & Semiconductor Equipment Semiconductor Equipment United States 11,441 1.3
Advanced Micro Devices Semiconductors & Semiconductor Equipment Semiconductors United States 11,145 1.2
Activision Blizzard Entertainment Interactive Home Entertainment United States 10,315 1.1
Okta IT Services Internet Services & Infrastructure United States 9,785 1.1
Zscaler Software Systems Software United States 9,592 1.1
CDW Electronic Equipment, Instrument Technology Distributors United States 9,412 1.0
Top forty investments 831,601 92.5
KLA Semiconductors & Semiconductor Equipment Semiconductor Equipment United States 8,596 1.0
Micron Technology Semiconductors & Semiconductor Equipment Semiconductors United States 8,197 0.9
NVIDIA Semiconductors & Semiconductor Equipment Semiconductors United States 8,032 0.9
Computacenter IT Services IT Consulting & Other Services United Kingdom 7,838 0.9
Bumble Interactive Media & Services Interactive Media & Services United States 6,778 0.8
Crowdstrike Software Systems Software United States 5,265 0.6
Altair Engineering Software Application Software United States 5,112 0.6
NXP Semiconductors Semiconductors & Semiconductor Equipment Semiconductors Netherlands 5,104 0.6
Tesla Automobiles Automobile Manufacturers United States 4,718 0.5
SK Hynix Semiconductors & Semiconductor Equipment Semiconductors South Korea 4,177 0.4
Top fifty investments 895,418 99.7
STMicroelectronics Semiconductors & Semiconductor Equipment Semiconductors Netherlands 3,519 0.3
Total Investments 898,937 100.0
(#) GICS Industry classifications
INCOME STATEMENT
for the year ended 31 December 2022
2022 Revenue £'000s 2022 Capital £'000s 2022 Total Return £'000s 2021 Revenue £'000s 2021 Capital £'000s 2021 Total Return £'000s
(Losses) gains on investments held at fair value through profit or loss - (501,617) (501,617) - 244,546 244,546
Exchange gains (losses) on currency balances 227 9,307 9,534 (33) (457) (490)
Income 6,683 - 6,683 4,968 - 4,968
Investment management fee and performance fee (6,795) - (6,795) (8,298) - (8,298)
Administration expenses (1,098) - (1,098) (1,162) - (1,162)
(Loss) profit before finance costs and taxation (983) (492,310) (493,293) (4,525) 244,089 239,564
Finance costs: interest payable and similar expenses - - - - - -
(Loss) profit on ordinary activities before taxation (983) (492,310) (493,293) (4,525) 244,089 239,564
Taxation (868) - (868) (608) - (608)
(Loss) profit attributable to ordinary shareholders (1,851) (492,310) (494,161) (5,133) 244,089 238,956
(Loss) earnings per ordinary share (basic & diluted) (0.45p) (118.62p) (119.07p) (1.20p) 57.26p 56.06p
The total return column of this statement is the income statement account of
the Company.
The supplementary revenue and capital columns are both prepared under the
guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.
The profit attributable to ordinary shareholders for the year disclosed above
represents the Company's total comprehensive income. The Company does not have
any other Comprehensive Income.
BALANCE SHEET
at 31 December 2022
2022 £'000s 2021 £'000s
Non Current Assets
Investments held at fair value through profit or loss 898,937 1,428,136
Current Assets
Other receivables 838 1,091
Cash and cash equivalents 41,695 45,968
42,533 47,059
Current Liabilities
Other payables (2,522) (2,823)
Net current assets 40,011 44,236
Total net assets 938,948 1,472,372
Capital and Reserves
Called up share capital 10,719 10,719
Share premium account 334,191 334,191
Capital redemption reserve 1,021 1,021
Capital reserve 626,971 1,158,544
Revenue reserve (33,954) (32,103)
Shareholders' funds - Equity 938,948 1,472,372
Net asset value per ordinary share 231.0p 347.9p
The financial statements of Allianz Technology Trust PLC, company number
3117355, were approved and authorised for issue by the Board of Directors on
10 March 2023 and signed on its behalf by:
Robert Jeens
Chairman
10 March 2023
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2022
Called up Share Capital £'000s Share Premium Account £'000s Capital Redemption Reserve £'000s Capital Reserve £'000s Revenue Reserve £'000s Total £'000s
10,549 313,360 1,021 931,227 (26,970) 1,229,187
Net assets at
1 January 2021
Revenue loss - - - - (5,133) (5,133)
Shares issued from block listing facility during the year 170 20,831 - - - 21,001
Shares repurchased to treasury during the year - - - (16,772) - (16,772)
Capital profit - - - 244,089 - 244,089
Net assets at 10,719 334,191 1,021 1,158,544 (32,103) 1,472,372
31 December 2021
10,719 334,191 1,021 1,158,544 (32,103) 1,472,372
Net assets at
1 January 2022
Revenue loss - - - - (1,851) (1,851)
Shares repurchased to treasury during the year - - - (39,263) - (39,263)
Capital profit - - - (492,310) - (492,310)
Net assets at 10,719 334,191 1,021 626,971 (33,954) 938,948
31 December 2022
Note A
Summary of Accounting Policies
The financial statements - have been prepared on the basis of the accounting
policies set out below.
The financial statements have been prepared in accordance with The Companies
Act 2006, FRS 102 and with the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies and Venture Capital Trusts' (SORP)
issued by the Association of Investment Companies (AIC) in July 2022.
In order to better reflect the activities of an investment trust company and
in accordance with guidance issued by the AIC, supplementary information which
analyses the Income Statement between items of a revenue and capital nature
has been presented alongside the Income Statement. In accordance with the
Company's status as a UK investment company under section 833 and 834 of the
Companies Act 2006, net capital returns may be distributed by way of dividend.
The requirements have been met to qualify for the exemption to prepare a Cash
Flow Statement. Therefore the Cash Flow Statement has not been included in the
financial statements.
The accounting policies adopted in preparing the current year's financial
statements are consistent with those of previous years.
The Directors believe that it is appropriate to continue to adopt the going
concern basis in preparing the financial statements as the assets of the
Company consist mainly of securities which are readily realisable and
significantly exceed liabilities. The Directors also considered the risks and
consequences of the Covid-19 pandemic on the Company and have concluded that
the Company has adequate financial resources to continue in operational
existence for the foreseeable future. The Company's business, the principal
risks and uncertainties it faces, together with the factors likely to affect
its future development, performance and position are set out in the Strategic
Report in the Annual Report.
Revenue
Dividends received on equity shares are accounted for on an ex-dividend basis.
UK dividends are shown net of tax credits and foreign dividends are grossed up
at the appropriate rate of withholding tax. Ordinary dividends are recognised
in revenue.
Special dividends are recognised on an ex-dividend basis and treated as a
capital or revenue item depending on the facts and circumstances of each
dividend.
Where the Company has elected to receive its dividends in the form of
additional shares rather than in cash, the equivalent of the cash dividend is
recognised as revenue. Any excess in the value of the shares received over the
amount of the cash dividend is recognised in capital.
Deposit interest receivable is accounted for on an accruals basis.
Investment management fees and administrative expenses
The investment management fee is calculated on the basis set out in Note 2 to
the financial statements and is charged in full to revenue as permitted by the
SORP. Performance fees are charged in full to capital, as they are directly
attributable to the capital performance of the investments. Other
administrative expenses are charged in full to revenue. All expenses are
recognised on an accrual basis.
Valuation
As the Company's business is investing in financial assets with a view to
profiting from their total return in the form of increases in fair value,
financial assets are held at fair value through profit or loss in accordance
with FRS 102 Section 11: 'Basic Financial Instruments' and Section 12: 'Other
Financial Instruments'.
Investments held at fair value through profit or loss are initially recognised
at fair value. After initial recognition, these continue to be measured at
fair value, which for quoted investments is either the bid price or the last
traded price depending on the convention of the exchange on which the
investment is listed. Gains or losses on investments are recognised in the
capital column of the Income Statement. Purchases and sales of financial
assets are recognised on the trade date, being the date which the Company
commits to purchase or sell the assets.
Transactions with the Investment Manager and related parties
The amounts paid to the Investment Manager together with details of the
investment management contract are disclosed in Note 2 in the Annual Report.
The existence of an independent board of directors demonstrates that the
Company is free to pursue its own financial and operating policies and
therefore, under FRS102 Section 33: 'Related Party Disclosures', the
Investment Manager is not considered to be a related party.
The Company's related parties are its directors. Fees paid to the Company's
board, including employer national insurance contributions, are disclosed in
Note 3 in the Annual Report. There are no other identifiable related parties
at 31 December 2022, and as of 10 March 2023
Note B
Return per Ordinary Share
The total loss per Ordinary Share of 119.07p (2021: earnings per Ordinary
Share 56.06p) is based on the weighted average number of Ordinary Shares in
issue of 415,019,252 (2021: 426,291,035).
Note C
Fixed Asset Investments
Included in the cost of investments are transaction costs and stamp duty on
purchases which amounted to £207,000 (2021: £152,000) and transaction costs
on sales which amounted to 419,000 (2021: £242,000).
Note D
2022 Financial Information
The financial information for the period ended 31 December 2022 has been
extracted from the statutory accounts for that year. The auditor's report on
those accounts was unqualified and did not contain a statement under either
Section 498(2) or (3) of the Companies Act 2006. The Annual Financial Report
has not yet been delivered to the Registrar of Companies.
2021 Financial Information
The financial information for the period ended 31 December 2021 has been
extracted from the statutory accounts for that year. The auditor's report on
those accounts was unqualified and did not contain a statement under either
Section 498(2) or (3) of the Companies Act 2006. The Annual Financial Report
has been delivered to the Registrar of Companies.
Annual Report and Financial Statements
The full Annual Financial Report is available to be viewed on or downloaded
from the Company's website at www.allianztechnologytrust.com. Neither the
contents of the Company's website nor the contents of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into, nor forms part of this announcement.
Annual General Meeting
The Annual General Meeting of the Company will be held at Grocers' Hall,
Princes Street, London EC2R 8AD on Wednesday 26 April 2023 at 2.30pm.
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