Final Results
Summary by AI BETAClose X
13 March 2026
ALLIANZ TECHNOLOGY TRUST PLC
LEI: 549300OMDPMJU23SSH75
Final Results for the year ended 31 December 2025
The following comprises extracts from the Company's Annual Financial Report (AFR) for the period ended 31 December 2025. 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 please contact:
Tim Scholefield, Chairman
Telephone: 020 3246 7000
Stephanie Carbonneil, Head of Investment Trusts
Telephone: 020 3246 7539
MANAGEMENT REPORT
Highlights:
· ATT has once again delivered a strong positive absolute return in its Net Asset Value of +24.7%. Our benchmark index, the Dow Jones World Technology Index, rose +20.0%, so in relative terms this represents an extremely strong 4.7 percentage point outperformance for the Trust.
· As the discount also narrowed slightly over the year, the share price total return for shareholders was marginally higher at +25.8%.
· ATT's differentiated approach has provided strong compound outperformance versus the index from its actively managed portfolio.
Chair's Statement
A good year, despite the geopolitical backdrop
2025 saw its fair share of volatility resulting from the febrile global geopolitical backdrop and sporadic bouts of nervousness surrounding the valuations of the listed technology companies the Trust invests in. Nonetheless, it has been a positive year for us, and one that I am happy to be reporting on.
Performance
I am pleased to report that ATT has once again delivered a strong positive absolute return in its Net Asset Value of +24.7%. Our benchmark index, the Dow Jones World Technology Index, rose +20.0%, so in relative terms this represents an extremely strong 4.7 percentage point outperformance for the Trust. As the discount also narrowed slightly over the year, the share price total return for shareholders was marginally higher at +25.8%.
Regarding drivers, it is interesting to note the strong impact of our differentiated strategy - not holding the benchmark equivalent weights in the very largest companies and instead looking for opportunities further down the market capitalisation spectrum. This year we can no longer say the benchmark was wholly driven by 'Mag 7' exceptionalism, though those companies still featured. Nvidia and Alphabet were the largest contributors to the benchmark's performance, with Microsoft third and Meta rounding out the top ten contributors. Apple however was lacklustre, yielding a barely positive return. Our outperformance came from holding higher weights in companies such as Micron Technology, Lam Research, Celestica, Robinhood Markets and Amphenol. We hold well over benchmark weights in the former two which respectively focus on computer memory and semiconductor manufacturing equipment production. The last three - involved in high-tech electronics manufacturing, electronic trading and specialist interconnectors - are not part of our benchmark but are highly exposed to strong secular technology growth themes.
Of the Magnificent 7 companies in the benchmark, the maths can become interesting. As noted, Nvidia was the largest contributor to the benchmark return, its winning contribution the result of a dominant 14%-plus index weight and its respectable 30% return. We maintained slightly less than a 10% weight during the year. In contrast, Micron Technologies returned around +216% but only constitutes around 0.6% of the index (we owned a 2.5% position on average).
In longer 'compound' performance terms, 2025's +24.7% return comes on the back of 2024's +35.6 % and 2023's +46.4%, a solid +106.7% return over the past three financial years, representing a +2.7 percentage point outperformance of the benchmark index over that time. Of course, those with a longer memory will point out 2022's -33.6%. The point I make is twofold - the volatility associated with the tech sector can be painful, but the rewards when they do come have also been substantial. This is the balance one has to remember when investing in tech.
Discount and buybacks
Given these impressive returns, it can be difficult to rationalise the persistent discount to Net Asset Value in the price at which the Company's shares have been trading. The wider environment for investment trusts may have a bearing - overall levels of discounts across all trusts remain generally elevated when compared to history. For tech companies a degree of caution over the sector's short term prospects following a period of very strong performance may also have provided a headwind in 2025. We hope that shareholders will remember that our Investment Manager's primary focus is to extract the best returns over the long term from this tremendously exciting sector while reducing exposure to risk, which should help investors worry less about short term newsflow and focus more on their investment returns compounding over time.
Beyond sales and marketing efforts to encourage demand, the other mechanism by which the Board can exert some influence on the discount is by buying back the Company's shares. The Board's policy in respect of buybacks is unchanged. We would consider buying back shares when the discount is consistently over 7% and we judge it appropriate to do so given the prevailing market backdrop. Over the year to 31 December 2025, a total of 26,088,876 shares were bought back, for an aggregate value of £124,993,000. The Company traded at an average discount of 9.8% over the period. We ended 2024 at a discount of 8.6% and were pleased to end 2025 at a slightly lower discount of 7.8%. Since the end of the financial year and up to 11 March 2026 the Company bought back a further 4,025,723 shares for an aggregate value of £21,364,000.
It may be easy to suppose that buybacks should be used to initiate a 'zero discount policy' as some investment trusts have chosen to do. We view them differently, as a tool to help reduce discount volatility. Moving too far beyond this however risks overly interfering with the permanent capital pool that the Investment Manager works with - a key benefit of investment trusts over open-ended vehicles over the long term. We believe that a balanced approach with that long term view on shareholder value is the right one to take. To that end, at the forthcoming AGM, the Board will once again seek authority to buy back up to 14.99% of the shares in issue.
Investment Company of the Year Awards
I'm delighted to report that the strong three-year performance noted above, along with recognition of our differentiated strategy and ongoing drive for consistent shareholder returns, was once again recognised by ATT being named '2025 Investment Company of the Year' in the 'Technology' category at Investment Week's prestigious awards in November 2025.
The geopolitical backdrop
For much of 2025 there was considerable uncertainty. The macroeconomic environment was generally supportive and the year started with some positivity remaining from the inauguration of President Trump on the basis that he had been fairly pro-business in his first term. The 'mic-drop' moment came on 2 April with 'Liberation Day', when tariffs on imported goods were proposed against most countries outside of the US. Markets reacted strongly. Tech was by no means immune, with multi-jurisdictional supply chains woven into the very fabric of the industry. However, the nervousness was short lived.
US politics hasn't been the only driver of geopolitical pressure. War still rages in Ukraine. Israel and Palestine moved towards peace but it remains fragile. Against this background though, as a key enabler of modern life, demand for technology continues to accelerate and technology companies have carried on innovating, growing and ultimately justifying their valuations.
The benefits of a differentiated approach
With the dominance of the largest tech companies over recent periods, it has been seemingly 'easy' to achieve performance with lower-cost investment vehicles, like passive funds and ETFs. But that misses the point. ATT has an approach of focusing lower down the capitalisation scale, in the mid- and large-cap segments. Over time, despite mega-cap tech stocks having dominated, ATT's differentiated approach has provided strong compound outperformance versus the index from its actively managed portfolio.
Risk (particularly concentration risk) can be somewhat esoteric, especially when those very large stocks do not suffer any apparent issues - but the point is sound. Our approach is to provide shareholders with a diversified portfolio where risks are spread and not excessively concentrated in a small number of dominant holdings. We therefore avoid the concentration risk that results from a passive approach to portfolio construction which slavishly replicates index weightings. Moreover, sudden or excessive falls in company share prices can create attractive entry points for bottom-up active investors with a longer term investment horizon - a case of opportunity emerging out of market overreaction.
The mechanism to mitigate concentration risk as far as possible (while looking at the smaller up-and-coming companies) is a key element we provide for shareholders. We feel ATT's record of active fund management speaks for itself and demonstrates both the benefits of our differentiated approach and the advantages of an investment team located in the San Francisco Bay Area.
Why San Francisco, the Bay Area, Silicon Valley? Our Lead Portfolio Manager, Mike Seidenberg, believes there is something special about a 'whites of the eyes' conversation, and not just a video call. The advantage lies in the physicality of the access - he values the chance to see the office, some elements of operations and access to line managers as well as senior management - as it gives him a better feel for how an organisation is truly operating. Being able to experience, and therefore assess, the corporate culture at first hand is a significant advantage. Our manager, having come from industry himself, really values that insight. On top of that, the unique scale of the Bay Area ecosystem allows the investment team to assimilate new tech themes and identify beneficiaries rapidly and effectively.
AI and beyond
My statement doesn't need a lengthy section dedicated to AI. We have covered the topic in detail previously, and Mike Seidenberg gives more of his team's own thoughts on the topic in the report on pages 7 to 9. Suffice it to say that there has been no material challenge to the narrative around AI - it is truly transformational, not just within the tech sector, but for pretty much everyone and everything. It is speed of adoption, ethics and monetisation which are valid areas of debate. Parallels are often drawn to the rise of the internet - the companies leading the charge at the time weren't necessarily the longer-term winners and that could be the same with AI. The skill for investors will be making money from this incredible trend while maintaining a balanced perspective on risk. Your Investment Manager's focus is not to get carried away on the back of market groupthink, but to look for opportunities with genuine appreciation potential for our shareholders.
So, what comes after AI?
Although the technology has been around for some time, we now seem to be closer than ever to the emergence of quantum computing as a practical technology. Where conventional computers process information using bits, quantum computers use qubits, which can hold both "on" and "off" states simultaneously. This property allows them to explore multiple solution pathways in parallel, making them extraordinarily powerful for solving problems involving quantum physics, such as molecular interactions. This capability is already attracting serious attention from leading pharmaceutical companies, though the opportunity extends well beyond pharmaceuticals, into materials science and other fields. While fully functioning quantum computers could still be some time away, the pace of innovation is rapid.
Another technology which is not new but penetrating ever quicker into mature applications is blockchain. While the technology has attracted investor attention for some time through cryptocurrency speculation, the more significant opportunity lies in its emerging role as core enterprise infrastructure. After years of pilot projects, blockchain has reached a maturity level where it is now being deployed for specific, high-value business problems - particularly those involving multiple parties who need to share data without fully 'trusting' each other. Stablecoins are transforming cross-border payments, asset managers are beginning to 'tokenise' treasury products, Walmart is tracking products on blockchain, and Maersk and Citibank have automated trade finance guarantees using smart contracts.
The costs of running your Company
Your Board has maintained close attention to the costs of running the Company to ensure they are competitive. The Company's Ongoing Charges Figure (OCF) has fallen marginally to 0.62% (2024: 0.64%). I am pleased to report that the Company continues to have the lowest OCF within its AIC peer group (Technology & Technology Innovation).
The OCF excludes any performance fee due to the Investment Manager. Despite outperforming the index in the year there remains brought forward underperformance to offset. As a consequence no performance fee was earned. The board reviewed the performance fee calculation in the year, and considering the increased size of the Company, negotiated a reduction in the percentage performance fee cap from 1.75% to 1.25% of the average Net Asset Value. This took effect from 1 January 2026.
Continuation vote
In accordance with our Articles of Association, shareholders will be asked to vote on the continuation of the Trust at this year's AGM. In view of ATT's excellent long-term performance record and our confidence in the Investment Manager to be able to maintain a portfolio giving differentiated exposure to transformative technologies well into the future, the Board strongly encourages you to vote in favour of the resolution.
Annual General Meeting (AGM) arrangements
This year's AGM will be held on 23 April 2026 at 2.30pm. As with previous years, the AGM will be a hybrid meeting, meaning shareholders can either attend physically or online. We strongly encourage all shareholders to submit their votes by the deadline of 20 April 2026. Those shareholders attending virtually will be able to view the AGM and submit questions electronically. The Board encourages shareholders to attend the AGM if possible. A presentation by the lead portfolio manager will be made at the start of the meeting. For those unable to attend, a recording of the AGM will be posted to the Company's website. The Board looks forward to welcoming shareholders to this year's event.
Outlook
One thing is certain - we are very likely to see ongoing volatility. Firstly, it is likely within the sector as investors continue to get over-excited and then over-fearful in turn. An AI 'Bubble' has been called multiple times this past year, and the market has reacted accordingly. There are two camps emerging - those that believe we are seeing valuations starting to overheat, and those that see enough evidence of AI-driven revenue or margin improvement to validate higher valuations today. You can read our Investment Manager's detailed view later in this report, but suffice it to say here that while the onward path is unlikely to be monotonically upward, with times of investor retreat very likely, Mike and his team do not view the current scenario as bubble territory.
Volatility will also likely be driven from outside the sector by an increasingly fraught geopolitical environment. A new world order appears to be emerging, and disagreements and posturing are becoming increasingly uncomfortable, and could spill into wider global conflict with profound market implications.
Any volatility can be both good and bad for investors. Certainly, it never feels comfortable while experiencing it live - but for the seasoned, dedicated and attuned investor, therein lies opportunity. One of the key skills of our Investment Manager is to navigate the complexity of the macro environment as it melds itself with the day-to-day business of tech firms. Your Trust provides a vehicle to give access to this exciting sector, while providing the reassurance of a highly experienced, investment management team.
Tech firms will carry on innovating, growing and selling products and services and demand for those products and services will continue to grow. The signals remain strong for improving revenue growth and the macroeconomic environment looks like it should be supportive. We will continue to ensure the Trust follows its primary objective of generating long-term returns for shareholders from skilful selection of individual businesses in this tremendously exciting sector.
Tim Scholefield
Chairman
13 March 2026
Portfolio Manager's Report
How did the technology sector perform in 2025?
Overall, it has been another strong year for technology. Our benchmark, the DJ World Technology index, rose 20.0% and the Company delivered 24.7%. Our returns came from a range of sectors, as technology leadership broadened out from the dominant US mega-caps. We saw particular strength in semiconductors and some hardware names, while the growth of artificial intelligence remained a strong and persistent theme.
Nevertheless, this positive result disguised plenty of intra-year volatility. The year definitely had some gut wrenching moments, which seems to be a feature of most years! For example, 'Liberation Day' caused a severe sell-off across global stock markets. The announcement of tariffs made for an unpredictable period for the technology sector. Many technology companies have large global franchises and were therefore on the front line for the tariff impact. It took time for deals to be struck and for share prices to recover.
As long-term investors with the goal of owning strong technology franchises in all types of markets, we have built a diversified, resilient portfolio which we hope will weather these short-term storms.
Over many cycles, we have learnt that 'doing nothing' is often the best course of action, and the Liberation Day sell-off was no different, when only minor changes to the portfolio were made. These are noisy times and we need to be careful not to respond to every White House announcement. In some cases, we added to our favourite positions when we saw prices of these companies retreat and actively engaged with management in order to understand any potential implications for their business. Our proximity to many of the companies in Silicon Valley allowed us to meet with a number of companies during a tumultuous period for the stocks. We found that, in many cases, the outlook for companies hadn't changed.
There have been growing fears of a 'bubble' in Artificial Intelligence (AI). Are you worried?
AI is the most important sectoral theme to emerge in the last few years and it is a significant focus for the Company. We are always striving to make good risk/reward decisions for our shareholders, and to do that we have a clear framework around valuation. For every company, we analyse long-term growth rate, profitability and potential.
Comparisons have been made with the dotcom boom. In our view, the biggest difference is that in the dotcom boom there were a lot of weak businesses that didn't solve difficult problems. In contrast, many AI companies are solving large, real world problems. Equally, while the first-movers on the internet didn't necessarily stay the distance, the hyperscalers have built far greater dominance over the AI ecosystem and have longevity. As with every technological revolution, not all will make it, which is why active, disciplined management is so important.
Public market valuations remain high, but - for the most part - are not excessive and not nearly as high as at the peak of the dotcom euphoria. We do see signs of exuberance in some of the private equity valuations and are watching capital spending carefully. Companies recognise that it could be an existential threat if they get AI wrong - they risk becoming obsolete. This could prompt some potential capital misallocation, but a rigorous bottom-up approach ensures that we can avoid any excesses.
What happened to technology company earnings during the year?
Earnings have exceeded expectations for many technology companies, particularly those associated with AI. This has created a high bar and investors have been ruthless where companies have disappointed. In general, companies such as Alphabet have been on the right side, while companies such as Meta and Microsoft have struggled to impress.
Nevertheless, it is worth noting that technology continues to contribute a substantial share of S&P 500 earnings - as much as two-thirds for 2025. Earnings strength has broadened out beyond the hyperscalers and into the AI ecosystem and this has been an increasing area of interest for the Company.
The Company has around one-third in semiconductors. Why has this been an area of interest?
ATT aims to offer investors a diversified technology portfolio. Our goal is to look at the entire ecosystem and find compelling investments across a wide spectrum of companies. In previous secular themes, we attempted to uncover investment opportunities which sit behind the obvious theme leaders, such as the companies supplying the infrastructure to the AI leaders, and our goal is the same here. This resulted in a robust investment pool in the semiconductor ecosystem.
The semiconductor sector made up around a third of the portfolio (32.5%) over the year, and delivered an average return of 45.6%. The names we chose within that sector, including Micron, Broadcom and Advanced Micro Devices (AMD), were important for overall returns and we outpaced the benchmark in the semiconductor sector. Micron contributed more than any other single stock to our performance over the year.
Elsewhere within the AI ecosystem, we have invested in groups such as Celestica, which is a product manufacturing and supply chain services group that is benefiting from the growth of data centres. We are also invested in Amphenol, which makes the connectors that go inside data centres and is seeing strong growth in demand. Memory was also an important area in 2025 as supply shortages hit, with LAM Research a significant contributor over the year.
New ideas added to the portfolio in 2025?
Robinhood is an interesting new idea in the portfolio, contributing 1 percentage point to relative performance in 2025. The trading platform is widely used among younger generations for their long-term savings. Its strategy is highly differentiated and uses elements of 'gamification' and' nudge theory' to encourage savings and investment. Young people have a different way of thinking about their savings and expect to be able to manage them in a different way. Robinhood has tapped into that market very well and built a loyal customer base.
Has the Magnificent Seven relinquished its grip on market leadership?
It was a more complex year for the Magnificent Seven companies, with real concerns over the level of spending and whether they would see returns on their commitments. Microsoft, Meta, Alphabet and Amazon are expected to spend a combined $350 billion this year. Investors increasingly need evidence that those commitments are paying off. In 2025, Alphabet convinced investors that its capital allocation was proving effective, while the jury was out for Meta and Apple.
Nvidia's share price was very strong for much of the year and its earnings managed to outpace even the high expectations set for it by analysts. Its third quarter results showed revenues growing at 62% year on year. All the data on AI spending continues to support strong growth for Nvidia and we are comfortable with our position in the stock.
The strong performance of the mega caps had been a headwind for active technology strategies such as ours. In a diversified, actively managed portfolio, it would not be prudent to hold Nvidia at index weight or above. And so, even though it is our largest holding, Nvidia did not deliver outperformance versus our benchmark. We prefer to look for large and mid cap stocks where we believe we can add more value. The mega cap headwind became a tailwind in 2025, as investors recognised that there is a range of options to invest in AI growth and started to turn their attention elsewhere.
Did your market cap positioning help relative performance over the year?
Yes. The portfolio held 47.5% in the mega caps (i.e. those companies worth more than $1 trillion). This was around 12% below the benchmark and this underweight contributed to performance over the year. Our weighting in mid-caps, at around 5% of the portfolio, was a strong contributor, particularly AMD, Amphenol and CrowdStrike.
Palantir was another significant contributor to returns in 2025. What drove share price performance there?
Palantir sat at the intersection between two major trends in 2025: defence and AI. Defence was a popular sector as European powers committed to raising defence spending, both in support of Ukraine and in response to the US backing away from its prior defence commitments. The MSCI World Aerospace and Defence sector rose 52.5% over the year, more than double the return of the MSCI World.
Palantir is also at the forefront of AI. It has the most demonstrable real-time AI deployment. Its customers are large government agencies, who use Palantir products for a variety of use cases. Palantir is moving into the corporate realm and focusing on building its enterprise presence, which should be fruitful. They have some of the brightest and best software engineers and have done a phenomenal job of growing their business with year-on-year sales growing at over 55% in 2025.
Did higher defence spending also boost cybersecurity?
Cybersecurity is a crucial area of spending for companies and governments. The adversaries have become so good and so sophisticated. In 2025, we saw production disrupted at Japanese beer maker Asahi and at UK car group Jaguar Land Rover. They were among a whole host of companies, businesses and governments to experience attacks. Cybersecurity's relevance extends beyond defence spending and is more about the world we're living in - a digital world requires spending on cybersecurity.
Companies in the sector had a reasonable year, with CyberArk and CrowdStrike marginally ahead of the benchmark. We had a 7 percentage point overweight at the start of the year, reducing to 5 percentage point by the end. We still find this segment a good hunting ground for ideas.
Software was a more difficult area in 2025. Why was that?
Software is still an important part of the portfolio, at 25.8%. However, it had a tough year. The S&P 500 Software Index was down over 2025, falling 1% , which was a significant relative underperformance compared to the rest of the technology sector.
The fear is that many software names will be taken out by AI, with IT buyers looking to AI agents to perform tasks currently performed by software. Shares in companies such as Salesforce, ServiceNow and Adobe have all struggled.
We believe it will remain a difficult area. Semiconductors are growing at 30%+, which makes an allocation to software, where growth rates are a more anaemic 10-12%, hard to justify. The market tends to reward technology companies for growth.
Nevertheless, there is a question over whether they have gotten too cheap - the decrease in value has been extraordinary. We are finding some interesting opportunities. MongoDB, for example, has been hit hard over the year. It is a good example of a company that hasn't been able to prove to investors that it is part of the deployment of AI workloads, but we see value there. Elsewhere, we continue to look at software companies in detail, visit their premises and pore over the data. We need to be sure that not owning them at these valuations is the right position.
As Asian vendors pick up more of the AI supply chain and China expands its technology ecosystem, are you seeing more opportunities outside the US?
While the companies we hold draw revenues from across the world, they tend to be listed in the US and have their centre of operations there. It is true that some of the excitement in technology this year has come from outside the US. Investors have started to wake up to the broader AI ecosystem, much of which is located outside the US. We have participated through companies such as TSMC, where we had a 4.3% average weighting over the year. Some of the Korean memory companies have also been strong, but we have participated through Micron.
Ultimately, we are based in the US, at the heart of Silicon Valley. The US technology ecosystem is unparalleled, and it is still home to significant global innovation. We want to leverage our strengths for the benefit our investors.
How optimistic are you looking in 2026?
We are cautiously optimistic. We continue to see good opportunities for technology to be a bigger part of people's lives. This has been a recurring theme since the first day I started working for the Company. We balance this with a nuanced understanding on the spending environment.
Innovation continues to support growth for technology companies, particularly around AI. These technology shifts come once every 12-15 years and when they occur, they tend to be very powerful. People will always worry about a bubble, but when a secular change emerges, it tends to create significant value over the cycle. It is our job to uncover this value and to look beyond the obvious opportunities to other parts of the market.
2026 has potential to be a robust year for IPOs with a number of high-profile companies waiting in the wings. Obviously, a number of factors need to line up to execute these IPOs and we look forward to learning more about these exciting businesses.
We are alert to the risks of over-valuation, portfolio concentration and also the risks emerging from a volatile macroeconomic backdrop. We are constantly testing our hypotheses and striving to understand the risk and reward for every company.
For the time being companies appear to be weathering the macroeconomic volatility well. It has not been a great environment, but in the aftermath of the pandemic, companies underspent on technology and there is still pent-up demand. We expect that companies will need to show value in order for purchase orders to increase but this usually allows the leaders to take market share and for also-rans to fade away.
It is important not to let macroeconomic or geopolitical factors become a distraction. There is always noise, and even more so in recent years. Our stock selection has to be governed by our deep dive on the stocks, rather than by the latest missive from the White House. Occasionally, macroeconomic factors will change the business model, but not as often as markets imagine. It is important to remember technology remains at the forefront of creating differentiation for many companies across numerous vertical markets and thus our long-term enthusiasm endures.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co. LLC
13 March 2026
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 and Emerging Risks and Uncertainties
The principal risks identified by the Board are set out in the table on page 15 of the annual financial report, 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.
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Description |
Mitigation |
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Investment strategy and performance risk The Company's NAV may be adversely affected by the Investment Manager's inappropriate allocation of funds to particular sub-sectors of the technology market and/or to the selection of individual stocks that fail to perform satisfactorily, leading to poor investment performance in absolute terms and/or against the benchmark. |
The Board has established a schedule of investment controls which is monitored monthly and reviewed at each Board meeting. The Investment Manager has responsibility for sectoral weighting and for individual stock picking, having taken due account of Investment Objectives and Controls that are agreed with the Board from time to time and regularly reviewed. These seek, inter alia, to ensure that the portfolio is diversified and that its risk profile is appropriate. |
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Technology sector risk The technology sector is characterised by rapid change. New and disruptive technologies, including AI, can place competitive pressures on established companies and business models, and technology stocks may experience greater price volatility than securities in some slower changing market sectors. |
The Board reviews investment performance, including a detailed attribution analysis comparing performance against the benchmark, at each Board meeting. At such meetings, the Investment Manager reports on major developments and 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. |
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Cyber risk The Company may be at risk of cyber attacks which may result in the loss of sensitive information or disruption to the business. |
The operations of the Company are carried out by third party service 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. |
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Market risk The Company's NAV may be adversely affected by a general decline in the valuation of listed securities and/or adverse market sentiment towards the technology sector in particular. Although the Company has a portfolio that is diversified by company size, sub-sector and geography, its principal focus is on companies with high growth potential in the mid-size ranges 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 Company's shares in some market conditions. The Company's portfolio may be affected by changes to central banks' interest rates. Higher interest rates have typically had an adverse impact on growth stocks. Market sentiment may quickly deteriorate in the face of geopolitical events and effects on the macro-economic environment. |
The Board, the AIFM and the Investment Manager would monitor the progress of any unexpected events and may consider hedging, gearing or other strategies to respond to particular market conditions. The AIFM and the Investment Manager maintain regular contact with shareholders to discuss performance and expectations and to convey the belief of the Board and the Investment Manager that superior returns can be generated from investment in carefully selected companies that are well managed, financially strong and focused on those segments of the 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 possible. |
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Currency risk A high proportion of the Company's assets is likely to be held in securities that are denominated in US Dollars, whilst its accounts are maintained in Sterling. Movements in foreign exchange rates affect the performance of the Investment Portfolio and create a risk for shareholders. |
The Board monitors currency movements and determines hedging policies as appropriate. The Board does not currently seek to hedge this foreign currency risk. |
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Financial and liquidity risk The financial risks to the Company and the controls in place to manage these risks are disclosed in detail in Note 13 beginning on page 62 of the annual financial report. |
Financial and liquidity reports are provided to and considered by the Board on a regular basis. |
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Operational risk The Company may be impacted by disruption to or the failure of the systems and processes utilised by the AIFM and the Investment Manager or other third party service providers. This encompasses disruption or failure caused by cybercrime, fraud and errors and covers dealing, trade processing, administrative services, financial and other operational functions. |
The Board receives regular reports from the AIFM, the Investment Manager and third parties on internal controls highlighting areas of exception, including reports on monitoring visits carried out by the Depositary on behalf of the Company. The Board has further considered the risk of cyber-attacks and fraud and has received reports and assurance regarding the controls in place and details of whistleblowing procedures. |
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Key individual risk The Company could suffer disruption to operations as a consequence of loss of key individuals e.g. the lead portfolio manager. |
Succession plans are in place for the Board. The lead portfolio manager is 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 Artificial General Intelligence (AGI) could introduce unintended consequences, geopolitical and economic disruption, security vulnerabilities and, in extreme scenarios, existential risk. |
The Board will continue to monitor AI evolution through through discussions with the Investment Manager and industry experts. Changes to, and the implementation of new regulations, laws and governance of AI will be monitored by the Board as the landscape develops. The Board will also monitor its third party service providers in respect of the controls and regulation of AI. |
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' Review beginning on page 32 of the annual financial 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 13 March 2026
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, which have been 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
13 March 2026
Investment Portfolio
at 31 December 2025
|
Investment |
Sector1 |
Sub Sector1 |
Country2 |
Valuation |
% of |
|
NVIDIA |
Semiconductors & Semiconductor Equipment |
Semiconductors |
United States |
209,907 |
10.5 |
|
Alphabet |
Interactive Media & Services |
Interactive Media & Services |
United States |
191,099 |
9.5 |
|
Microsoft |
Software |
Systems Software |
United States |
163,681 |
8.2 |
|
Apple |
Technology, Hardware Storage & Peripherals |
Technology, Hardware Storage & Peripherals |
United States |
146,299 |
7.3 |
|
Broadcom |
Semiconductors & Semiconductor Equipment |
Semiconductors |
United States |
145,895 |
7.3 |
|
Taiwan Semiconductor |
Semiconductors & Semiconductor Equipment |
Semiconductors |
Taiwan |
112,039 |
5.6 |
|
Micron Technology |
Semiconductors & Semiconductor Equipment |
Semiconductors |
United States |
93,991 |
4.7 |
|
Lam Research |
Semiconductors & Semiconductor Equipment |
Semiconductor Materials & Equipment |
United States |
73,328 |
3.6 |
|
Meta Platforms |
Interactive Media & Services |
Interactive Media & Services |
United States |
60,307 |
3.0 |
|
KLA |
Semiconductors & Semiconductor Equipment |
Semiconductor Equipment |
United States |
53,183 |
2.6 |
|
Top Ten Investments |
|
|
|
1,249,729 |
62.3 |
|
Monolithic Power Systems |
Semiconductors & Semiconductor Equipment |
Semiconductors |
United States |
50,897 |
2.5 |
|
Amphenol |
Electronic Equipment Instruments & Components |
Electronic Components |
United States |
46,792 |
2.3 |
|
Snowflake |
IT Services |
Internet Services & Infrastructure |
United States |
41,718 |
2.1 |
|
MongoDB |
IT Services |
Internet Services & Infrastructure |
United States |
37,778 |
1.9 |
|
Shopify |
IT Services |
Internet Services & Infrastructure |
Canada |
35,451 |
1.8 |
|
Advanced Micro Devices |
Semiconductors & Semiconductor Equipment |
Semiconductors |
United States |
34,569 |
1.7 |
|
Analog Devices |
Semiconductors & Semiconductor Equipment |
Semiconductors |
United States |
29,797 |
1.5 |
|
Arista Networks |
Communications Equipment |
Communications Equipment |
United States |
29,169 |
1.5 |
|
CrowdStrike |
Software |
Systems Software |
United States |
27,319 |
1.4 |
|
Cloudflare |
IT Services |
Internet Services & Infrastructure |
United States |
26,626 |
1.3 |
|
Top Twenty Investments |
|
|
|
1,609,845 |
80.3 |
|
Western Digital |
Technology, Hardware Storage & Peripherals |
Technology, Hardware Storage & Peripherals |
United States |
23,993 |
1.2 |
|
Celestica |
Electronic Equipment Instruments & Components |
Electronic Manufacturing Services |
Canada |
23,389 |
1.2 |
|
Robinhood Markets |
Capital Markets |
Investment Banking & Brokerage |
United States |
22,559 |
1.1 |
|
Tencent |
Interactive Media & Services |
Interactive Media & Services |
Cayman Islands |
21,814 |
1.1 |
|
Alibaba |
Broadline Retail |
Broadline Retail |
Cayman Islands |
19,974 |
1.0 |
|
Palantir Technologies |
Software |
Application Software |
United States |
18,831 |
0.9 |
|
Samsara |
Software |
Application Software |
United States |
18,289 |
0.9 |
|
ServiceNow |
Software |
Systems Software |
United States |
17,666 |
0.9 |
|
Palo Alto Networks |
Software |
Systems Software |
United States |
17,654 |
0.9 |
|
Rubrik |
Software |
Systems Software |
United States |
17,220 |
0.9 |
|
Top Thirty Investments |
|
|
|
1,811,234 |
90.4 |
|
Zscaler |
Software |
Systems Software |
United States |
16,281 |
0.8 |
|
Spotify Technology |
Entertainment |
Movies & Entertainment |
Luxembourg |
15,259 |
0.8 |
|
Klaviyo |
Software |
Application Software |
United States |
14,903 |
0.7 |
|
Datadog |
Software |
Application Software |
United States |
14,467 |
0.7 |
|
Seagate Technology |
Technology, Hardware Storage & Peripherals |
Technology, Hardware Storage & Peripherals |
Ireland |
14,178 |
0.7 |
|
Sandisk |
Technology, Hardware Storage & Peripherals |
Technology, Hardware Storage & Peripherals |
United States |
14,064 |
0.7 |
|
Elastic NV |
Software |
Application Software |
Netherlands |
12,982 |
0.6 |
|
Lumentum |
Communications Equipment |
Communications Equipment |
United States |
12,382 |
0.6 |
|
Coherent |
Electronic Equipment Instruments & Components |
Electronic Equipment Instruments & Components |
United States |
12,102 |
0.6 |
|
Rocket Lab |
Aerospace & Defense |
Aerospace & Defense |
United States |
10,594 |
0.5 |
|
Top Forty Investments |
|
|
|
1,948,446 |
97.1 |
|
|
Interactive Media & Services |
Interactive Media & Services |
United States |
10,173 |
0.5 |
|
CyberArk |
Software |
Systems Software |
Israel |
9,018 |
0.4 |
|
Bloom Energy |
Electrical Equipment |
Electrical Equipment |
United States |
8,444 |
0.4 |
|
Okta |
IT Services |
Internet Services & Infrastructure |
United States |
7,381 |
0.4 |
|
Sailpoint |
Software |
Application Software |
United States |
7,109 |
0.4 |
|
Oracle |
Software |
Systems Software |
United States |
6,420 |
0.3 |
|
Coinbase |
Capital Markets |
Financial Exchanges & Data |
United States |
5,598 |
0.3 |
|
IonQ |
Technology, Hardware Storage & Peripherals |
Technology, Hardware Storage & Peripherals |
United States |
4,008 |
0.2 |
|
Figma |
Software |
Software |
United States |
24 |
0.0 |
|
Total Investments |
|
|
|
2,006,621 |
100.0 |
1 GICS Industry classifications.
2 Country of incorporation.
Income Statement
for the year ended 31 December 2025
|
|
2025 |
2025 |
2025 |
2024 |
2024 |
2024 |
|
Gains on investments held at fair value through profit or loss |
- |
413,324 |
413,324 |
- |
462,854 |
462,854 |
|
Exchange gains (losses) on currency balances |
(17) |
(2,202) |
(2,219) |
(8) |
1,521 |
1,513 |
|
Income |
8,332 |
- |
8,332 |
6,571 |
- |
6,571 |
|
Investment management fee and performance fee |
(10,159) |
- |
(10,159) |
(8,816) |
- |
(8,816) |
|
Administration expenses |
(1,129) |
- |
(1,129) |
(1,165) |
- |
(1,165) |
|
Profit (loss) before finance costs and taxation |
(2,973) |
411,122 |
408,149 |
(3,418) |
464,375 |
460,957 |
|
Taxation |
(1,168) |
- |
(1,168) |
(891) |
- |
(891) |
|
Profit (loss) on ordinary activities attributable to |
(4,141) |
411,122 |
406,981 |
(4,309) |
464,375 |
460,066 |
|
Earnings (loss) per Ordinary share (basic and diluted) |
(1.11p) |
110.50p |
109.39p |
(1.12p) |
120.68p |
119.56p |
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 2025
|
|
2025 £'000s |
2024 |
|
Non current assets |
|
|
|
Investments held at fair value through profit or loss |
2,006,621 |
1,715,543 |
|
Current assets |
|
|
|
Other receivables |
811 |
511 |
|
Cash and cash equivalents |
25,121 |
33,763 |
|
|
25,932 |
34,274 |
|
Current liabilities |
|
|
|
Other payables |
(3,698) |
(2,950) |
|
Net current assets |
22,234 |
31,324 |
|
Total net assets |
2,028,855 |
1,746,867 |
|
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 |
1,728,808 |
1,442,679 |
|
Revenue reserve |
(45,884) |
(41,743) |
|
Shareholders' funds - equity |
2,028,855 |
1,746,867 |
|
Net asset value per Ordinary share |
571.7p |
458.6p |
The financial statements of Allianz Technology Trust PLC, company number 3117355, were approved and authorised for issue by the Board of Directors on 13 March 2026 and signed on its behalf by:
Tim Scholefield
Chairman
13 March 2026
Statement of Changes in Equity
for the year ended 31 December 2025
|
|
Called up |
Share |
Capital Redemption Reserve |
Capital |
Revenue Reserve |
Total |
|
Net assets at 1 January 2024 |
10,719 |
334,191 |
1,021 |
1,010,278 |
(37,434) |
1,318,775 |
|
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 31 December 2024 |
10,719 |
334,191 |
1,021 |
1,442,679 |
(41,743) |
1,746,867 |
|
|
|
|
|
|
|
|
|
Net assets at 1 January 2025 |
10,719 |
334,191 |
1,021 |
1,442,679 |
(41,743) |
1,746,867 |
|
Revenue loss |
- |
- |
- |
- |
(4,141) |
(4,141) |
|
Shares repurchased into treasury during the year |
- |
- |
- |
(124,993) |
- |
(124,993) |
|
Capital profit |
- |
- |
- |
411,122 |
- |
411,122 |
|
Net assets at 31 December 2025 |
10,719 |
334,191 |
1,021 |
1,728,808 |
(45,884) |
2,028,855 |
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.
Income
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 within the annual financial report 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 accruals basis.
Valuation
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. The financial assets are publicly traded equity investments which 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 at 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 2025, and as of • March 2026.
Note B
Return per Ordinary Share
The earnings per Ordinary Share of 109.39p (2024: 119.56p) is based on the weighted average number of Ordinary Shares in issue of 372,058,138 (2024: 384,793,143).
Note C
Fixed Asset Investments
Included in the cost of investments are transaction costs and stamp duty on purchases which amounted to £68,000 (2024: £147,000) and transaction costs on sales amounted to £77,000 (2024: £214,000).
Note D
Post Balance Sheet events
Since the year end a further 4,025,723 Ordinary shares have been bought back for a total cash consideration of £21.4m. As at 11 March 2026 there were 428,756,680 Ordinary shares in issue (including 77,930,056 Ordinary shares in treasury).
Note E
2025 Financial Information
The financial information for the period ended 31 December 2025 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.
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 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 Thursday 23 April 2026 at 2.30pm.
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