Allianz Technology Trust Plc
Rated Fund 2018-20. Taps into long-term technological transformation
Allianz Technology is an outstanding trust. It has more than doubled investors’ money over three years. Walter Price, who has 40 years’ experience of investing in technology, has run the trust since 2007. He is part of Allianz Global Investors’ technology team based in San Francisco. With the pace of technological change increasing, Price believes the sector provides some of the best absolute and relative return opportunities in equity markets, especially for bottom-up stock-pickers such as himself. Digital transformation is the top priority for many companies across the economy, as these technologies are increasingly becoming critical drivers of growth, productivity and competitive positioning. This transition is a multi-year process, and Price believes we are still in the fairly early stages.
He points to the growth in technology coming from the creation of new markets, rather than simply economic growth. He favours companies creating new markets or effecting significant change in old ones. Sectors such as carmaking, advertising, security, retail and manufacturing are all being transformed by advances in technology. Themes that are providing him with particularly rich pickings include semiconductors, cloud computing, robotics and automation, and security.
At the end of 2019 the trust had around 70 holdings and 90% of its assets in the US. Its latest ongoing charges figure is 0.93%. The share price discount to net asset value has steadily narrowed over the past three years to an average 0.5% last year.
Narrative and ratings content all as of 01 January 2020.See all Money Observer rated funds
|Microsoft Corp||7.82 %|
|Apple Inc||4.46 %|
|Facebook Inc A||4.26 %|
|Taiwan Semiconductor Manufacturing Co Ltd ADR||3.52 %|
|Paycom Software Inc||3.35 %|
|Mastercard Inc A||2.78 %|
|Teradyne Inc||2.59 %|
|Samsung Electronics Co Ltd||2.56 %|
|Fortinet Inc||2.32 %|
|RingCentral Inc Class A||2.29 %|
|United States||79.60 %|
|Asia - Developed||8.47 %|
|Communication Services||14.10 %|
Mr. Seidenberg is a portfolio manager, an analyst and a director with Allianz Global Investors, which he joined in 2009. He is a member of the Global Technology team in the US. Before joining the firm, he worked at a number of hedge funds, including Pequot Capital and Andor Capital. Before that, Mr. Seidenberg covered a range of technology sectors at Citadel Investment Group. He has also worked in the software industry and at Oracle Corporation, and was previously at Roche Laboratories in pharmaceutical and biotechnology sales. Mr. Seidenberg has a B.S. in business administration from the University of Colorado and an M.B.A. with concentrations in finance and accounting from Columbia Business School.
Mr. Su is a portfolio manager, an analyst and a director with Allianz Global Investors, which he joined in 2000. He has global responsibility for the hardware, semiconductor, semiconductor capital equipment and contract-manufacturer sectors. Mr. Su was previously an associate analyst at ABN Amro, covering the internet-infrastructure software and marketing research sectors. Before that, he was a business analyst with McKinsey & Company in Hong Kong. Mr. Su has a dual B.S. in electrical engineering and economics from MIT, and a master’s degree in management from the Kellogg Graduate School of Management at Northwestern University.
Mr. Chen is a senior portfolio manager and a managing director with Allianz Global Investors, which he joined in 1984. He is co-lead portfolio manager of the Global Technology strategy. Mr. Chen previously worked for IBM and Intel Corporation, where he had responsibilities for semiconductor process engineering. Mr. Chen has a B.S. in materials science and engineering from Cornell University, an M.S. in materials science and engineering from Northwestern University and an M.B.A. from the University of California, Berkeley. He is a CFA charterholder.
Mr. Price is a senior portfolio manager and managing director with Allianz Global Investors, which he joined in 1974. He is co-lead portfolio manager of the Global Technology strategy. He previously worked for Colonial Management, an investment advisory firm in Boston, where he became a senior analyst responsible for the chemical industry and the technology area.
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