Allianz Technology Trust (ATT) H1 2025 earnings summary

Executive summary

• Net Asset Value (NAV) per share rose 2.9% to 471.8p for the six months ended 30 June 2025, outperforming the Dow Jones World Technology Index, which declined 0.2%.

• Share price increased 1.2% to 424.0p, with the discount to NAV widening from 8.6% to 10.1%.

• Outperformance was driven by strong stock selection and sector allocation, especially in entertainment technology and underweighting technology hardware.

• The portfolio focused on mid- and large-cap companies exposed to secular growth themes like AI, cybersecurity, and digital infrastructure.

• The period was marked by global market volatility, US policy shifts, and geopolitical tensions, but technology sector resilience was underpinned by AI enthusiasm.

Financial highlights

• Shareholders' funds increased to £1,765m from £1,747m at year-end 2024.

• Profit attributable to shareholders was £44.9m, with earnings per share of 11.89p for the half-year, down from 94.01p in the prior year period.

• Investments held at fair value totaled £1,752.7m at 30 June 2025.

• 6,873,738 shares were repurchased into treasury at an average discount of 9.7% during the period.

Outlook and guidance

• The technology sector's long-term growth potential remains strong, driven by AI, digital transformation, and cloud adoption.

• Near-term volatility is expected due to macroeconomic uncertainty, interest rate trajectories, and geopolitical risks.

• A disciplined, bottom-up investment approach is emphasized to navigate market rotations and valuation risks.