Allianz Technology Trust Plc

Specialist

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.

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Name
Allianz Technology Trust Plc
Manager
Allianz Global Investors (UK) Ltd
Type
Closed Ended Investment Company
ISIN
GB0003390720
Sector
Technology & Media
Launched
01/12/1995
OCF
0.91 %
Risk Rating
4
3 Year Sharpe
0.96
3 Year Alpha
-1.12
Yield
0 %
Benchmark
DJ Global Technology TR USD
Fund Size
£ 554.73 million
NAV
1,699
Gearing
93
Discount Premium
-3
The investment objective is to achieve long-term capital growth through investment principally in the equity securities of listed technology companies on a worldwide basis. The portfolio predominantly comprises equity investments and has a benchmark index of the Dow Jones World Technology Index (sterling adjusted, on a total return basis). To invest in a diversified portfolio of companies that use technology in an innovative way to gain a competitive advantage. Particular emphasis is placed on companies that are addressing major growth trends with innovation that replaces existing technology or radically changes products and services and the way in which they are supplied to customers.
Holding %
Microsoft Corp 4.78 %
Amazon.com Inc 3.96 %
CrowdStrike Holdings Inc Class A 3.75 %
Paycom Software Inc 3.75 %
Apple Inc 3.42 %
Tesla Inc 3.35 %
MongoDB Inc Class A 3.30 %
Mastercard Inc A 2.75 %
RingCentral Inc Class A 2.61 %
Fortinet Inc 2.35 %
Region %
United States 85.31 %
Asia - Developed 6.12 %
Sector %
Technology 74.44 %
Communication Services 10.71 %
Consumer Cyclical 8.88 %
Name
Allianz Global Investors (UK) Ltd
Address
EC2M 3TY, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Michael Seidenberg
Joined 11/30/2016

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.

Danny Su
Joined 11/30/2016

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.

Huachen Chen
Joined 12/31/2014

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.

Walter Price
Joined 05/01/2007

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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