Allianz Technology Trust (ATT) investor relations material

Executive summary

• Achieved a NAV total return of +24.7% for 2025, outperforming the Dow Jones World Technology Index by 4.7 percentage points.

• Share price total return was +25.8%, with the discount to NAV narrowing to 7.8% by year-end.

• Outperformance driven by overweight positions in mid- and large-cap technology stocks, especially in semiconductors and AI-related companies.

• Continued focus on diversification and active management, avoiding excessive concentration in mega-cap stocks.

• No dividend proposed for 2025 due to a revenue reserve deficit.

Financial highlights

• NAV per share rose to 571.7p from 458.6p (+24.7% year-over-year).

• Shareholders' funds increased to £2,029m from £1,747m (+16.1%).

• Ordinary share price increased to 527.0p from 419.0p (+25.8%).

• Ongoing charges reduced to 0.62% from 0.64%, the lowest in its peer group.

• Earnings per share were (1.11p), reflecting a net revenue loss.

• 26,088,876 shares were bought back for £124.99m, reducing the average discount.

Outlook and guidance

• Expect ongoing volatility in the technology sector due to macroeconomic and geopolitical factors.

• AI remains a transformative theme, with debate over valuation levels and bubble risks.

• Portfolio manager remains cautiously optimistic for 2026, anticipating robust IPO activity and continued innovation.