Allianz Technology Trust (ATT) H1 2024 earnings summary

Executive summary

• Net Asset Value (NAV) total return for the six months to 30 June 2024 was 28.0%, outperforming the Dow Jones World Technology Index by 1 percentage point.

• Share price return was 30.6% as the discount to NAV narrowed from 10.3% to 8.4% during the period.

• Portfolio benefited from exposure to AI, cybersecurity, IoT, and digital commerce, with strong stock selection in semiconductors and mega-cap technology stocks.

• The technology sector saw robust performance, especially in semiconductors (+58%) and interactive media & services (+30%), while IT services lagged (-5%).

• 5,934,691 shares were bought back at an average discount of 11.5% and held in treasury.

Financial highlights

• NAV per Ordinary share rose to 432.8p at 30 June 2024 from 338.2p at 31 December 2023 (+28.0%).

• Shareholders' funds increased to £1,662.0m from £1,318.8m at year-end 2023.

• Ordinary share price increased to 396.5p from 303.5p (+30.6%).

• Earnings per share for the period were 94.58p (total), with a revenue loss per share of (0.57p).

• No performance fee was accrued as of 30 June 2024.

Outlook and guidance

• Technology sector outlook remains positive long-term, driven by AI, cybersecurity, and cloud migration.

• Near-term volatility expected due to interest rate sensitivity, geopolitical risks, and election outcomes.

• Anticipation of a broadening in performance across industries and market caps as economic conditions remain healthy.