REG - Allianz Tech Trust - Final Results
13/03/2025 07:15
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RNS Number : 4602A Allianz Technology Trust PLC 13 March 2025
For immediate release
12 March 2025
ALLIANZ TECHNOLOGY TRUST PLC
LEI: 549300OMDPMJU23SSH75
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
The following comprises extracts from the Company's Annual Financial Report
(AFR) for the period ended 31 December 2024. 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:
Tim Scholefield Stephanie
Carbonneil Kelly Nice
Chairman Head of Investment
Trusts Company Secretary
Telephone:
020 3246 7000 020 3246
7539 020 3246 7000
MANAGEMENT REPORT
Highlights:
· Strong absolute performance - Net Asset Value per share (NAV)
increased by 35.6%, marginally behind the 35.8% return of the benchmark.
· Keeping pace with the benchmark without resorting to holding
index weights in the largest companies is a 'win' in the Board's view as it
means the Company has broadly matched that performance without exposing
shareholders to excessive concentration risk.
· Share price increased by 38.1% as the discount narrowed slightly
over the period.
· There is no doubt that change within the technology sector will
continue at pace. Whilst in the short term it feels there could be an
increasing risk of market corrections and setbacks, at ATT we remain focused
on creating a portfolio which we believe has the strongest potential for
growth over the long term.
Chairman's Statement
Welcome
Welcome to this report on Allianz Technology Trust PLC for the financial year
ending 31 December 2024. In recent times global macroeconomic and geopolitical
shocks have seemed commonplace and so it was something of a relief that 2024
passed without major global upset. 2024 was, however, notable for the numerous
elections across the globe. In the UK the general election saw the return of
the first Labour government since 2010 and in the US, Donald Trump returned to
the White House for a second term. The macroeconomic environment was on the
whole supportive, in particular central banks were successful in their efforts
to tame excessive inflation. Against this backdrop equity markets did manage
to generate good returns with technology companies continuing to lead the
pack.
A detailed look at economies, rates and markets leads off the Portfolio
Manager's Report and I recommend you read that for its detail and nuance.
Backdrop
That technology intertwines all our lives is indisputable and 2024 showed some
incredible and sometimes disturbing examples of this. AI continues to dominate
headlines - there is no doubt that this is an amazing technology with the
potential to have a huge impact on society. However, we are in frontier
territory and ultimate long-term winners in the AI race may not yet even
exist.
What is certain is that technology is most often the 'edge' and that means a
consistency of demand for products, services and ongoing innovation. It is
that which keeps the sector so dazzlingly alive, along with an ecosystem of
incomprehensibly talented inventors, scientists, engineers and entrepreneurs
who work tirelessly towards the next generation of technology. This whilst
most of us are simply trying to absorb the changes already in front of us!
Performance
Technology was once again a leader of stock market returns. Yes, global
markets progressed strongly and would have netted investors around 20% for the
year (source: FTSE World Index (total return)). However, the Company's
benchmark index would have brought you over 35% and of course, the dominance
of the sector is such that a big part of the return from the global indices
came from technology companies.
So, what are some of the underlying drivers of performance? The 'Magnificent
Seven' (Amazon, Alphabet, Apple, Microsoft, Meta, Nvidia and Tesla) between
them returned around 60% - a continued dominance at a headline level, although
delving down there was a mix of extraordinary and more lacklustre returns.
There were further strong returns seen from a wider range of technology
companies this year and in terms of our own performance this meant that our
Investment Manager was able to keep pace with our benchmark index without
necessarily having to hold index weights in the largest companies. For details
of the key stocks that either aided or held back our relative performance,
please do read the details outlined in the Portfolio Manager's Report.
I am pleased to report that shareholders saw a second successive year of
strong returns. The Company's Net Asset Value (NAV) total return was 35.6%,
while a narrowing in the discount to NAV resulted in a higher share price
total return of 38.1%. The NAV return was marginally behind the 35.8% return
of our benchmark, the Dow Jones World Technology Index (sterling adjusted,
total return). Keeping pace with the benchmark without resorting to holding
index weights in the largest companies is a 'win' in our view as it means we
have broadly matched that performance without exposing shareholders to
excessive concentration risk. We will not lose sight of the important part
that risk management plays in the active portfolio management 'equation' and
our focus on extracting value for shareholders from a wider, more balanced and
diversified selection of companies than simply the mega-capitalisation stocks
remains key for ATT. An example of this came in late January when some news
flow from China relating to the AI application DeepSeek sent the price of many
AI related stocks markedly lower on 27th - in particular Nvidia lost almost
half-a-trillion USD market capitalisation and went from the world's most
valuable company to third on that day alone with a near 20% fall. Being active
means that we did not hold an index weight in the stock (roughly 3.5% below).
In the following days the stock recovered the majority of the fall as
investors digested the situation.
As in previous years we have not proposed a dividend for the year ended 31
December 2024. It is common for technology companies not to pay a dividend,
moreover the yields of those that do are typically small by comparison with
non-technology companies.
Discount
The Company traded at an average discount of 10.4% over the period (low of
3.8% and high of 14.8%). It was encouraging to see the discount narrow from
10.3% at the start of the year to 8.6% at year end, nevertheless the Board is
very aware that the discount could be a source of frustration to shareholders.
2024 marks a third successive year in which ATT has been at a discount, in
contrast to the prior three years in which we typically traded at a premium to
NAV. I have previously commented that the Board's view is that the discount in
recent times is the result of broad macroeconomic and structural challenges
rather than company-specific concerns; this remains our view.
We have reached this conclusion by examining the pattern of discounts across
the whole investment trust sector as well as those of our competitors. We are
confident that the widening in discounts seen in the past three years has its
roots in the tighter monetary conditions which followed the global surge in
inflation in 2021. It is perhaps also worth keeping in mind that the UK equity
market has for some time now remained 'cheap' by global standards.
All that said, what is the Board's response to the persistent discount? Our
focus is on three areas. First, we continue to use the powers available to us
to buy back shares. Our policy in respect of buying back shares remains
unchanged. We would consider buying back shares where the discount is
consistently over 7% and we judge it appropriate to do so given the prevailing
market backdrop. In the financial year we bought back an aggregate 9,015,787
shares at an average discount of 11.3% and total cost of £32.0m. Since the
end of the financial year, up to 12 March 2025 we have repurchased a further
2,729,344 shares at an average discount of 10.3% and total cost of £11.5m. At
the forthcoming AGM, the Board will once again seek authority to buy back up
to 14.99% of the shares in issue. Any buy back of shares will only take place
where we believe it to be beneficial to shareholders.
Second, our differentiated investment process was unchanged. We remain firmly
of the view that 'sticking to the knitting' and executing our long established
and successful investment approach provides a compelling basis for achieving
long-term capital growth for shareholders.
Third, we continued with our activities to promote the Company and the
attractive investment opportunity provided by the technology sector. Long-term
demand generation is our favoured strategy in the face of a reticent market.
Our promotional activities will cover a range of different channels and we
will continue to make creative use of technology in our efforts to grow our
shareholder base. ATT has an enviable track record which has been recognised
by numerous awards, and I am confident that our promotional efforts in the
next twelve months will help grow demand for our shares.
Artificial Intelligence (AI)
AI continues to be a headline theme within our portfolio. There is no doubt of
the transformative power of this technology and the tremendous opportunities
for those companies that are successful in developing or implementing AI. That
said, AI's frenetic development brings its own risks. Picking the winners in
the AI race is challenging. We are becoming more and more aware of AI's
potential 'dark side', its scope to be misused whether it be in creating 'deep
fakes', plagiarism or cyber-attacks. Moreover, the AI race is global in nature
and yet there are few signs that effective transnational regulatory standards
are close at hand.
In this context ATT's focus is on balancing the opportunities and the risks.
For the Investment Manager this translates into a strong focus on companies
that are making money from the technology now (many aren't), as well as those
most likely to mature into that position. Our investment team carefully
assesses risk on a stock-by-stock, 'bottom-up' basis when considering new
additions to the portfolio and in their monitoring of existing holdings. For
the Board, this is reflected in our perspective on governance. Consequentially
we have met with external subject matter experts and we strongly support
efforts to strengthen regulation surrounding the use of AI. In my view, our
focus on governance, risk management and the differentiated investment
approach previously discussed are distinctive features of our actively-managed
investment trust structure.
The costs of running your Company
Your Board has maintained its close attention to the costs of running the
Company. The Company's Ongoing Charges Figure (OCF), which is calculated by
dividing ongoing operating expenses by the average NAV, has fallen to 0.64%
(2023: 0.70%). I am pleased to report that the Company has the lowest OCF
within its AIC peer group (Technology & Technology Innovation).
The OCF excludes any performance fee due to the Investment Manager. The
performance fee is subject to various performance conditions which were not
met in 2024 and as a consequence no performance fee was earned. The various
performance conditions are set out in detail in the Directors' Report on page
26.
Board matters
In 2024 the Board visited our Investment Manager in California. This is a key
part of our governance programme which we aim to undertake once every two
years. We completed a deep-dive analysis of the investment process, portfolio
and the investment team as part of our regular due diligence. We also met with
a sample of our portfolio companies which are located in the area and these
meetings certainly reinforced the Board's view that the technology sector has
tremendous potential for long term growth.
As previously reported, at the conclusion of the 2025 AGM Elisabeth Scott will
step down from the Board, having served since 2015. We thank Elisabeth for her
significant contribution to the Company's development over the past ten years
and her part in its considerable growth over that time.
Although outside of the reporting period, we are pleased to announce the
appointment of Lucy Costa Duarte as a non-executive Director on 1 January
2025. Lucy also joined the Audit and Risk, Management Engagement, Remuneration
and Nomination Committees. Lucy brings a wealth of marketing and investor
relations experience, and we are therefore delighted that she has joined the
Board.
Annual General Meeting (AGM) arrangements
This year's AGM will be held on 23 April 2025 at 2.30pm. The full Notice of
Meeting can be found on page 72. Full details of the special business to be
considered at the AGM can be found on pages 30 to 31.
As with 2024, the AGM will be a hybrid meeting, meaning shareholders can
either attend physically or online. We strongly encourage all shareholders to
submit their votes by the deadline of 17 April 2025 as detailed in the Notice
of Meeting on page 72. Those shareholders attending virtually will be able to
view the AGM and submit questions electronically.
If you are an ATT shareholder through a platform which offers the opportunity
to vote, then we encourage you to take advantage of those arrangements to cast
your votes and thus have your say in the running of your Company. It is also
possible for you to attend the AGM: all you need to do is to request a 'Letter
of Representation': or click 'Attend meeting' on the voting options page. We
also commend and support the Association of Investment Companies' (AICs)
efforts to further improve the enfranchisement of retail shareholders who hold
their shares through an investment platform or other nominee service, with
their newly launched "My share, my vote" campaign, targeting a change in
company law. You can view details of this campaign at
www.theaic.co.uk/my-share-my-vote and follow instructions on how to cast your
vote via platforms at www.theaic.co.uk/how-to-vote-your-shares.
The Board encourages shareholders to attend the AGM if possible. A
presentation by the lead portfolio manager will be made at the start of the
meeting. For those unable to attend either physically or virtually, a
recording of the AGM will be posted to the Company's website as soon as
practicable after the event.
The Board looks forward to welcoming shareholders to this year's event.
Outlook
It remains as difficult as ever to predict the macroeconomic direction of
travel for the year ahead. What is probably not in doubt is that shocks to the
system and associated volatility continue to be significant risks; even as I
write, during the early weeks of the new Trump administration, talk of tariffs
and trade wars are causing unease.
That said there is no doubt that change within the technology sector will
continue at pace. Our job is more nuanced though - decoding how this will
translate into business growth and profitability for companies - and so
ultimately into their share prices. The technology sector can be prone to the
wildest swings in sentiment based on short term news flow and whilst those
companies at the forefront of growth undoubtedly deserve to trade on higher
multiples, we are seeing more instances in which valuations have become
overextended. Against this background a sense of balance is needed. We truly
believe in the long-term potential of the sector, however in the short term it
feels there could be an increasing risk of market corrections and setbacks
along the way.
At ATT we remain focused on the task at hand: creating a portfolio which we
believe has the strongest potential for growth over the long term, for those
shareholders who entrust us with their money.
Tim Scholefield
Chairman
12 March 2025
Portfolio Manager's Report
What has been the economic backdrop in 2024?
At the start of 2024, a raft of major elections threatened significant
volatility for economies and financial markets. In the end, most elections
passed without incident, although the ramifications of a new policy agenda in
the United States are not yet clear and could be a disruptive force in the
year ahead. Fragile geopolitics has undoubtedly remained a source of
instability, but for the most part, the economic backdrop has been stable.
The International Monetary Fund (IMF) estimates global economic growth at 3.2%
for 2024, just 0.1% lower than 2023 and forecasts 3.3% for 2025. Economic
activity has been helped by an easing of inflation, which has dropped towards
official targets, allowing central banks across the world to cut interest
rates. Supply chain pressures have eased, and consumer confidence has been
sustained. At the same time, megatrends such as artificial intelligence (AI)
have supported corporate spending.
What has been happening to interest rates?
Canada became the first G7 nation to cut rates, with the European Central Bank
swiftly following in June. The US Federal Reserve (Fed) finally acted in
September, surprising the markets with a 0.5% reduction: it cited growing
concerns over the health of the US labour market. This was followed by two
0.25% cuts in November and December. However, at its last meeting of the year,
the Fed warned it would slow the pace of rate cuts in 2025, with the minutes
suggesting it was "at or near the point at which it would be appropriate to
slow the pace of policy easing".
Japan was the only major country to buck the trend for falling rates, finally
exiting its below-zero interest rate policy. By the end of the year, there
were tentative signs of a revival in inflation in the US, and bond markets
began to pare back expectations for significant further rate cuts in the year
ahead.
Have there been any notable trends across currency and commodities markets?
The US dollar appreciated for the first half of the year as the domestic
economy continued to show resilience in the face of higher rates. As
recessionary fears mounted in the summer, the dollar weakened, before
rebounding as these fears appeared overblown. Donald Trump's victory and the
Fed's more cautious stance on future interest rate cuts provided a further
boost, with the Dollar Index, a measure of the currency's strength against its
major trading partners, hitting a two-year high. While the Japanese yen
weakened against the dollar, it appreciated against the euro, reflecting a
growing divergence on interest rate policy between the two economies.
Commodity prices were mixed. Rising geopolitical tensions in the Middle East
pushed oil prices higher in the early part of the year, with Brent crude
nearing $90 a barrel, compared to just under $80 at the start of the year.
However, prices later eased back towards $70 a barrel given abundant supply.
In contrast, gold prices soared, reaching a fresh record high of almost $2,800
an ounce in late October. Demand was supported by central bank buying.
How have stock markets performed over the year?
It was a strong year for global equity markets in 2024, with the MSCI World
Index gaining 19.2% over the year, after rising 24.4% in 2023. Markets were
supported by the fading risk of a US recession and the turn in interest rate
policy. Stock markets were also given a boost in November with a victory for
the Republican party in the US elections. Investors are anticipating that a
blend of tax cuts and regulation will boost corporate earnings in the years
ahead.
At a sector level, excitement around AI continued to support the 'Magnificent
Seven' (Amazon, Alphabet, Apple, Microsoft, Meta, Nvidia and Tesla), which
delivered a return of over 60%. Nevertheless, there were nuances within this.
Nvidia, for example, comprehensively outpaced its peers, after delivering
strong earnings through the year. Elsewhere, it was also a strong year for
consumer discretionary and financials stocks. In contrast, materials and
healthcare were the weakest sectors in the MSCI All Countries World Index.
Towards the end of the year there were signs of a broadening out of market
leadership. The Russell 2000, for example, which focuses on small and medium
sized US companies, rallied in the immediate aftermath of Donald Trump's
election victory, with investors hoping his policy agenda would support
smaller, more domestically focused companies.
Has AI continued to advance?
Yes, there has been progress in AI-powered tools and applications impacting
chips, software, hardware, and other technology industries. Generative AI,
which uses artificial intelligence to create new content, saw a significant
spike in interest, with a notable increase in job postings and investments.
The capabilities of large language models expanded, processing larger amounts
of data across multiple media such as text, images and video.
Where else have you seen growth?
Cybersecurity remains a crucial sector. 2024 saw a range of new threats
emerging, including the rise of AI-powered attacks. AI was used for automated
phishing, malware generation and sophisticated social engineering campaigns.
Security teams have met fire with fire, deploying AI-driven tools to detect
anomalies and automate responses. The adoption of Zero Trust Architecture and
the focus on cloud security were also notable trends.
Cloud computing has been a long-running theme in the portfolio. Cloud
computing provides seamless access to servers, networks, storage, development
tools and applications via the internet. Instead of companies' significant
investments in equipment, training and infrastructure maintenance, cloud
service providers assume these responsibilities. This allows companies to
'right size' technology infrastructure to business needs rather than going
through costly investment cycles. The migration to cloud computing continued
to grow, with 65% of technology decision-makers anticipating an increase in
cloud spending over the next year.
We would also highlight the Internet of Things (IoT) and 5G. The IoT connects
devices and systems, enabling them to communicate and share data. This
connectivity is used in homes, cities and industries, delivering smarter, more
efficient operations. It is used in agriculture, for example, to monitor
climate patterns and adapt fertiliser or pesticide use. 5G, the fifth
generation of wireless technology, provides the high-speed connectivity needed
to support the massive data exchange and real-time communication required by
IoT devices.
It was an astonishing year for the Bitcoin price, which rose over 100% in
2024. Are there opportunities in blockchain and cryptocurrencies?
Certainly, both have the potential to disrupt a number of industries and
financial systems. Blockchain technology provides a decentralised and secure
method to record transactions, which can enhance transparency, reduce fraud
and improve efficiency. Cryptocurrencies, on the other hand, offer an
alternative to traditional financial systems, enabling peer-to-peer
transactions without the need for intermediaries.
How has the Company performed over the year?
The Company's NAV rose by 35.6% for the year to 31 December 2024. This was
marginally behind its benchmark, the Dow Jones World Technology Index
(sterling adjusted, total return), which rose by 35.8%. Once again, the
strength of the 'Magnificent Seven' and their dominance in the index made it
difficult to beat without exposing our shareholders to excessively large
positions in potentially volatile stocks. We typically hold below index
weights in these stocks to avoid concentration risk in the portfolio.
Nevertheless, the AI trend remains a strong one. These mega-themes do not come
around very often, and when one emerges, we believe in sticking with it.
The semiconductor sector was an important contributor to overall returns.
While Nvidia saw strong gains, it did not contribute to relative returns
because we had a below benchmark weight (10% versus 12%) due to risk
management constraints. More important for relative returns were our weights
in companies such as Taiwan Semiconductor Manufacturing Company (TSMC) and
Broadcom, which returned 95.4% and 114.2% respectively. TSMC is not in our
benchmark, and we had almost double the index weighting in Broadcom.
The largest sector contribution came from our holding in software companies.
We had an overweight position in the portfolio (relative to the benchmark),
and our stock picking approach was strong. Holding an underweight position
(relative to the benchmark) in hardware companies also contributed to relative
returns. Weakness has tended to come in idiosyncratic areas, rather than from
any major themes. However, IT services was a difficult area for the Company
over the year.
It is also worth noting that concentration in the top 10 stocks has increased
over the past three years. The dominance of the 'Magnificent Seven', coupled
with a narrow technology market has seen us use a larger amount of capital to
invest in some of the mega caps. This was done to preserve performance,
knowing that as the market broadens out, we will use capital from these larger
positions and redeploy it into new names among large and mid cap companies.
What were the major stock highlights over the year?
Palantir Technologies provided the largest relative contribution to the
portfolio over the year. It was a new buy in August. We liked the company's
leadership position in big data and in the field of data analytics, with a
range of products and services. Shares rallied on the continued momentum for
AI-related applications as well as news that it would be added to the S&P
500 Index. This should increase liquidity in the stock. We continue to hold
it, with the shift in IT spending towards AI showing few signs of weakness.
Microsoft was the one weak spot among the 'Magnificent Seven' over the year.
We had a significant underweight position versus the benchmark - 8.2% against
14.6%. The group remains a world leader in software, cloud storage and
security solutions, and an undoubted pioneer in AI. However, its earnings
statement was accompanied by lower forward guidance amid capacity constraints
and moderating growth, and as a result we currently intend to maintain a
structural underweight.
The final position of note was in Intel Corp. We had an underweight position
in this legacy chip maker and then exited it in full at the start of February.
Its shares were hit by weaker-than-expected earnings and a lacklustre
forecast. The company has lagged behind several of its chip-making rivals in
terms of revenue and innovation. The departure of the company's CEO created
further uncertainty toward the end of the year. We keep an eye on the stock,
but other chip makers have better exposure to AI and other leading
technologies. In our view, once a company is behind in the semiconductor
industry, it is difficult to catch up.
Recent new holdings have included Marvell Technology, a developer and producer
of semiconductor and related technology across security and networking
platforms, secure data processing and storage solutions. It is making
important strides in improving the design of its chips and is attracting
interest from the hyperscalers. Point-of-sale, cloud-based restaurant
management software maker Toast is another recent buy as the company made some
interesting product developments. Social networking platform Reddit was
another buy in the latter half of the year, plus Paypal, where a revamped
management team and new product platform are helping it gain market share.
Another purchase of note was Atlassian Corp, a designer and developer of an
enterprise software platform for project management, collaboration and support
services. It continues to see a strong pipeline of growth, with product
upgrades and migrations to its cloud business.
Where were the weak spots for the Company?
Our largest detractor was MongoDB, a document database provider which allows
the storage of structured or unstructured data. This makes the development of
applications more agile. However, its shares dropped after it issued a
weaker-than-expected outlook. This combined with some overall weakness in the
software sector. The company's more cautious stance on growth reflects an
overall softening of IT spending among clients and some near-term sale
execution challenges. We trimmed our exposure to the stock during the period.
Zscaler also had a tough year. The group is a leader in security-as-a-service
offered via a cloud-based security platform. While earnings were strong, the
market had hoped for more and the company could not sustain its valuation. The
retirement of the company's CFO created uncertainty around expectations and
customer acquisition slowed. We view this as a case of expectations running
ahead of the earnings and continue to hold shares given the company's strong
leadership position.
Infrastructure software solutions maker Snowflake was another detractor from
performance over the year. The shares were lower following a disappointing
sales forecast. The company is facing greater competition in its core data
warehouse market business. Investors were also worried about the news that the
company's CEO was stepping down from the role. We reduced our exposure to the
stock during the year in favour of companies with better earnings visibility.
What are you looking forward to in 2025?
AI is creating a new wave of technology innovation every bit as exciting as
the Internet. AI has the power to reshape the global economy, changing the way
companies operate. This year promises even more groundbreaking AI
developments, plus favourable regulatory changes and rapid digitalisation.
In 2025, we expect AI spending to shift from infrastructure development to
include more software and services as the use cases for AI emerge and expand.
This expansion should drive efficiency gains, spark innovation and create new
business models. For example, autonomous systems such as self-driving cars,
drones, and robotics have the power to revolutionise transportation,
logistics, national security, medical treatment and factory production.
In cybersecurity, AI is becoming a powerful tool to detect anomalies, predict
threats and automate responses to attacks. In advertising technology, AI is
delivering personalised consumer experiences, optimising advertising spending
and creating dynamic advertising campaigns that are faster, better targeted
and more cost-efficient.
The year ahead is likely to see both headwinds and tailwinds as the new US
administration policies could be more unpredictable than previous
administrations. On the one hand, we are likely to see more merger and
acquisition activity as interest rates trend downward and the US welcomes a
more relaxed regulatory environment and companies are gearing up for strategic
acquisitions to fuel growth and expand market share. Conversely, businesses
like predictable policies which provide clarity and things like tariffs can
create pause in the spending environment.
There may be more volatility in the semiconductor sector in the year ahead as
a result of geopolitical tensions, policy shifts and supply chain disruptions.
Restrictive export controls, tariffs and national security concerns may
conspire to create a bumpy ride for the sector in 2025. However, this
volatility also presents opportunities. AI-driven data centre spending is
strong and supply-constrained in key areas, while cyclical semiconductor
companies (including personal computers, handsets and industrial companies)
with limited AI exposure are navigating an inventory correction, and there is
the potential for a recovery later in the year.
The momentum from key growth trends such as AI and digitalisation, coupled
with a more favourable regulatory environment and a boost in merger and
acquisition activity, should support the technology sector in the year ahead.
Looking even further ahead, exciting developments in areas such as quantum
computing, augmented reality, artificial general intelligence and space
exploration are on the horizon. However, this needs to be tempered with the
risks around geopolitics and supply chains and highlights the need for
disciplined risk management.
Our focus is on building the portfolio from a bottom-up perspective with a
macro overview. Technology is a key enabler across almost every industry, and
we will continue to seek out stocks that solve difficult problems and deliver
long term share price growth.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co LLC
12 March 2025
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; and
- The principal risks faced by the Company as outlined below.
The Board is fully aware that the world of technology is constantly evolving
and growing and could potentially look very different in five years. However,
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 Board has established a schedule of investment controls which is monitored
monthly and reviewed at each Board meeting. The Investment Manager has
The Company's NAV may be adversely affected by the Investment Manager's responsibility for sectoral weighting and for individual stock picking, having
inappropriate allocation of funds to particular sub-sectors of the technology taken due account of Investment Objectives and Controls that are agreed with
market and/or to the selection of individual stocks that fail to perform the Board from time to time and regularly reviewed. These seek, inter alia, to
satisfactorily, leading to poor investment performance in absolute terms ensure that the portfolio is diversified and that its risk profile is
and/or against the benchmark. appropriate.
Technology sector risk
The technology sector is characterised by rapid change. New and disruptive The Board reviews investment performance, including a detailed attribution
technologies, including AI, can place competitive pressures on established analysis comparing performance against the benchmark, at each Board meeting.
companies and business models, and technology stocks may experience greater At such meetings, the Investment Manager reports on major developments and
price volatility than securities in some slower changing market sectors. changes in technology market sectors and also highlights issues relating to
individual securities. The Board has continued to review the risks and
opportunities presented by AI via discussion with subject matter experts and
discussion with the Investment Manager at each Board meeting. 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, sub-sector and geography, its principal focus is contact with shareholders to discuss performance and expectations and to
on companies with high growth potential in the mid-size ranges of convey the belief of
capitalisation. The shares of these companies may be perceived as being at the
higher end of the risk spectrum, leading to a lack of interest in the the Board and the Investment Manager that superior returns can be generated
Company's shares in some market conditions. The Company's portfolio may be from investment in carefully selected companies that are well managed,
affected by changes to central banks interest rates. Higher interest rates financially strong and focused on those segments of the technology market
have had an adverse impact on growth stocks. where disruptive change is occurring.
Market sentiment may quickly deteriorate in the face of geopolitical events The Board, the AIFM and the Investment Manager would monitor the progress of
and effects on the macro-economic environment. the unexpected events very closely and initiate appropriate responses where
possible.
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 Financial 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 Erik Swords, portfolio manager and an experienced team of
technology investors. Cover is available for core members of the relevant
teams of the AIFM.
Emerging Risk - Artificial General Intelligence
The Board plays close attention to the development of Artificial Intelligence The Board will continue to monitor the portfolio
(AI), the trajectory of which was recently noted to us in a third-party
presentation as moving at "light speed". Within this there is the potential with detailed analysis of AI related holdings from the Investment Manager.
for emerging risk from technologies both envisioned and not envisioned, but Changes to, and the implementation of new regulations, laws and governance of
not yet realised. One such technology is Artificial General Intelligence (AGI) AI will be monitored by the Board as the landscape develops. The Board will
- the theoretical intelligence of a machine that possesses the ability to also monitor its third party service providers in respect of the controls and
understand or learn any intellectual task that a human being can. Risks of regulation of AI.
such technology include unintended consequences, geopolitical and economic
disruption and imbalance, security risks, and existential risk to human beings
in the most extreme scenarios. Whilst this might appear like 'science
fiction', the risk of subtle and untested/ untestable emergence of such
capability is real and we believe must be considered as part of our risk
control framework alongside other more routine risks, as the Company naturally
invests in companies undertaking AI operations, as well as having (as all
entities do) third-party suppliers who are utilising greater levels of AI
tools to aid their business provision over time.
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 on page 34 of 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
Tim Scholefield
Chairman
12 March 2025
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.com, which is
a website maintained by the Alternative Investment Fund Manager. The work
undertaken by the Auditor does not involve consideration of the maintenance
and integrity of the website and, accordingly, the Auditor accepts 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
Tim Scholefield
Chairman
12 March 2025
Investment Portfolio as at 31 December 2024
Investment Sector(#) Sub-sector(#) Country Fair Value % of Portfolio
£'000
NVIDIA Semiconductors & Semiconductor Equipment Semiconductors United States 179,627 10.5
Apple Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 157,276 9.2
Microsoft Software Systems Software United States 134,622 7.8
Meta Platforms Interactive Media & Services Interactive Media & Services United States 129,855 7.6
Broadcom Semiconductors & Semiconductor Equipment Semiconductors United States 95,680 5.6
Alphabet Interactive Media & Services Interactive Media & Services United States 85,854 5.0
Amazon.com Broadline Retail Broadline Retail United States 58,283 3.4
Taiwan Semiconductor Semiconductors & Semiconductor Equipment Semiconductors Taiwan 57,723 3.4
ServiceNow Software Systems Software United States 55,297 3.2
Palantir Technologies Software Application Software United States 44,063 2.6
Top ten investments 998,280 58.3
CrowdStrike Software Systems Software United States 40,344 2.4
Cyberark Software Software Systems Software Israel 39,843 2.3
Spotify Technology Entertainment Movies & Entertainment Luxembourg 34,908 2.0
Cloudflare IT Services Internet Services & Infrastructure United States 33,958 2.0
Netflix Entertainment Movies & Entertainment United States 32,485 1.9
Datadog Software Application Software Unites States 29,897 1.7
Atlassian Software Application Software United States 27,907 1.6
Arista Networks Communications Equipment Communications Equipment United States 27,800 1.6
HubSpot Software Application Software United States 27,772 1.6
SAP SE ADR Software Application Software Germany 26,471 1.5
Top twenty investments 1,319,665 76.9
Klaviyo Software Application Software United States 26,133 1.5
Snowflake IT Services Internet Services & Infrastructure United States 25,414 1.5
Amphenol Electronic Equipment Instruments & Components Electronic Components United States 25,313 1.5
Zscaler Software Systems Software United States 24,340 1.4
Reddit Interactive Media & Services Interactive Media & Services United States 23,697 1.4
Dynatrace Software Application Software United States 22,348 1.3
Palo Alto Networks Software Systems Software United States 21,546 1.3
Micron Technology Semiconductors & Semiconductor Equipment Semiconductors United States 20,361 1.2
PayPal Holdings Financial Services Transaction & Payment Processing United States 17,449 1.0
Oracle Software Systems Software United States 17,167 1.0
Top thirty investments 1,543,433 90.0
Marvell Technology Semiconductors & Semiconductor Equipment Semiconductors United States 16,706 1.0
Monolithic Power Systems Semiconductors & Semiconductor Equipment Semiconductors United States 16,515 1.0
Toast Financial Services Transaction Processing & Payment Processing United States 15,762 0.9
Applied Materials Semiconductors & Semiconductor Equipment Semiconductor Equipment United States 14,573 0.8
Monday.com Software Systems Software Israel 14,254 0.8
EPAM Systems IT Services IT Consulting & Other Services United States 13,259 0.8
KLA Semiconductors & Semiconductor Equipment Semiconductor Equipment United States 11,213 0.7
Samsara Software Application Software United States 10,577 0.6
AppLovin Software Application Software United States 10,428 0.6
Lam Research Semiconductors & Semiconductor Equipment Semiconductors Materials & Equipment United States 10,097 0.6
Top forty investments 1,676,817 97.8
Fiserv Financial Services Transaction & Payment Processing United States 10,027 0.6
Celestica Electronic Equipment Instruments & Components Electronic Manufacturing Services Canada 9,326 0.5
MongoDB IT Services Internet Services & Infrastructure United States 8,327 0.5
Elastic NV Software Application Software Netherlands 6,791 0.4
Cadence Design Software Application Software United States 4,255 0.2
Total Investments 1,715,543 100.0
(#) GICS Industry classifications
INCOME STATEMENT
for the year ended 31 December 2024
2024 2024 2024 2023 2023 2023
Revenue Capital Total Return Revenue Capital Total Return
£'000s £'000s £'000s £'000s £'000s £'000s
Gains on investments held at fair value through profit or loss - 462,854 462,854 - 424,802 424,802
Exchange gains (losses) on currency balances (8) 1,521 1,513 (46) (1,122) (1,168)
Income 6,571 - 6,571 5,372 - 5,372
Investment management fee and performance fee (8,816) - (8,816) (6,866) - (6,866)
Administration expenses (1,165) - (1,165) (1,003) - (1,003)
Profit (loss) before finance costs and taxation (3,418) 464,375 460,957 (2,543) 423,680 421,137
Taxation (891) - (891) (937) - (937)
Profit (loss) on ordinary activities attributable to Ordinary shareholders (4,309) 464,375 460,066 (3,480) 423,680 420,200
Earnings (loss) per Ordinary share (basic & diluted) (1.12p) 120.68p 119.56p (0.88p) 106.71p 105.83p
The total return column of this statement is the income statement 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 2024
2024 £'000s 2023 £'000s
Non Current Assets
Investments held at fair value through profit or loss 1,715,543 1,286,786
Current Assets
Other receivables 511 690
Cash and cash equivalents 33,763 34,292
34,274 34,982
Current Liabilities
Other payables (2,950) (2,993)
Net current assets 31,324 31,989
Total net assets 1,746,867 1,318,775
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 1,442,679 1,010,278
Revenue reserve (41,743) (37,434)
Shareholders' funds - Equity 1,746,867 1,318,775
Net asset value per Ordinary share 458.6p 338.2p
The financial statements of Allianz Technology Trust PLC, company number
3117355, were approved and authorised for issue by the Board of Directors on
12 March 2025 and signed on its behalf by:
Tim Scholefield
Chairman
12 March 2025
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024
Called up Share Capital Capital Reserve Revenue Total
Share Capital Premium Redemption £'000s Reserve £'000s
£'000s Account Reserve £'000s
£'000s £'000s
10,719 334,191 1,021 626,971 (33,954) 938,948
Net assets at
1 January 2023
Revenue loss - - - - (3,480) (3,480)
Shares repurchased into treasury during the year - - - (40,373) - (40,373)
Capital profit - - - 423,680 - 423,680
Net assets at 10,719 334,191 1,021 1,010,278 (37,434) 1,318,775
31 December 2023
10,719 334,191 1,021 1,010,278 (37,434) 1,318,775
Net assets at
1 January 2024
Revenue loss - - - - (4,309) (4,309)
Shares repurchased into treasury during the year - - - (31,974) - (31,974)
Capital profit - - - 464,375 - 464,375
Net assets at 10,719 334,191 1,021 1,422,679 (41,743) 1,746,867
31 December 2024
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 within FRS 102 section 7.1A 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 have considered the Company's
investment objective and capital structure. The Directors have also considered
the risks and consequences of the geopolitical and macro-economic events on
the operational aspects of the Company and have concluded that the Company has
adequate financial resources to continue in operational existence and meet its
objectives for twelve months after the approval of the financial statements.
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.
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 on page 57 of the
Annual Financial 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 on page 58 of the Annual Financial Report. There are no other
identifiable related parties at 31 December 2024, and as of 12 March 2025.
Note B
Return per Ordinary Share
The earnings per Ordinary Share of 119.56p (2023: 105.83p) is based on the
weighted average number of Ordinary Shares in issue of 384,793,143 (2023:
397,030,186).
Note C
Fixed Asset Investments
Included in the cost of investments are transaction costs and stamp duty on
purchases which amounted to £147,000 (2023: £193,000) and transaction costs
on sales which amounted to £214,000 (2023: £235,000).
Note D
Post Balance Sheet events
Since the year end a further 2,729,344 Ordinary shares have been bought back
for a total cash consideration of £11.5m. As at 12 March 2025 there were
428,756,680 Ordinary shares in issue (include 50,544,801 shares in treasury).
Note E
2024 Financial Information
The financial information for the period ended 31 December 2024 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.
2023 Financial Information
The financial information for the period ended 31 December 2023 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 Stationers' Hall,
Ave Maria Lane, London EC4M 7DD on Wednesday 23 April 2025 at 2.30pm.
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