Allianz Technology Trust (ATT) H2 2024 earnings summary

Executive summary

• Net asset value (NAV) per share rose 35.6% year-over-year to 458.6p, with share price up 38.1% and shareholders’ funds reaching £1,747m, reflecting strong technology sector performance and narrowing discount to NAV.

• NAV return closely matched the 35.8% return of the Dow Jones World Technology Index (sterling adjusted), with active management avoiding excessive concentration in mega-cap stocks.

• No dividend proposed for 2024, consistent with sector norms and low yields among technology companies.

Financial highlights

• NAV per share increased from 338.2p to 458.6p (+35.6%) and share price from 303.5p to 419.0p (+38.1%) compared to 2023.

• Shareholders’ funds grew from £1,319m to £1,747m (+32.5%).

• Ongoing charges fell to 0.64% from 0.70%, the lowest in its peer group.

• The average discount to NAV narrowed from 10.3% to 8.6% over the year.

Outlook and guidance

• Macroeconomic direction remains uncertain, with potential for volatility due to geopolitical risks and policy changes, especially under the new US administration.

• Technology sector expected to continue rapid change, with AI, digitalisation, and M&A activity as key drivers.

• Anticipates AI spending to shift from infrastructure to software and services in 2025, driving efficiency and innovation.