Annual Financial Report, 31 December 2024
Allianz Technology
Trust PLC
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ALLIANZ TECHNOLOGY TRUST PLC
Investment Objective
Allianz Technology Trust PLC (‘the Company’) invests principally
in the equity securities of quoted technology companies on a
worldwide basis with the aim of achieving long-term capital growth
in excess of the Dow Jones World Technology Index (sterling
adjusted, total return) (the ‘benchmark’).
Investment Policy
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portfolio of companies that use technology in an innovative way
to gain competitive advantage. Particular emphasis is placed on
companies that are addressing major growth trends with innovation
that replaces existing technology or radically changes products and
services or the way in which they are supplied to customers.
What constitutes a technology stock
Technology has become a vast and diverse sector. It encompasses
those companies that sell technology solutions – from cloud storage
to component manufacturers to software developers – but also
those for whom technology is an intrinsic part of their business – for
example, the car makers or ecommerce groups using technology
to gain a competitive advantage. In short, technology stocks may
sit across multiple sectors, including healthcare, industrials or
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As technology becomes ever more pervasive, the lines between
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blurred. Even where companies aren’t selling technology, technology
may be intrinsic to their success as a company. More companies are
becoming technology companies as disruptive innovation brings
change and displaces incumbent market leaders. The challenge is to
understand not only current technologies, but also future trends and
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Asset allocation
Voya Investment Management Co LLC (the Investment Manager)
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invest in the most attractive technology shares on a global basis.
The lead portfolio manager aims to identify the leading companies
in emerging technology growth sub-sectors. The majority of the
portfolio will comprise mid and large cap technology shares.
Risk diversification
The Company aims to diversify risk and no holding in the portfolio
will comprise more than 15% of the Company’s assets at the time
of acquisition. The Company aims to diversify the portfolio across a
range of technology sub-sectors.
Gearing
In normal market conditions gearing will not exceed 10% of
net assets but may increase to 20%. The Company’s Articles of
Association limit borrowing to one quarter of its called up share
capital and reserves. As at 31 December 2024 there was no
borrowing facility in place.
Liquidity
In normal market conditions the liquidity of the portfolio, that is
the proportion of the Company’s net assets held in cash or cash
equivalents, will not exceed 15% of net assets but may be increased
to a maximum of 30% of net assets.
Derivatives
The Company may use derivatives for investment purposes within
guidelines set down by the Board.
Foreign currency
The Company’s current policy is not to hedge foreign currency.
Benchmark
One of the ways in which the Company measures its performance
is in relation to its benchmark, which is an index made up of some
of the world’s leading technology companies. The benchmark used
is the Dow Jones World Technology Index (sterling adjusted, total
return). The Company’s strategy is to have a concentrated portfolio
which is benchmark aware rather than benchmark driven. The
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allocation to high growth, mid cap companies which are considered
to be the emerging leaders in the technology sector. The lead
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opportunity for outperformance over the long term.
Key Information
Overview
IFC Key Information
2 Financial Highlights
3 Chairman’s Statement
6 Financial Summary
Investment Manager’s Review
7 Portfolio Managers’ Report
10 Investment Portfolio
Strategic Report
12 Strategic Report
17 Section 172 Report
20 Environmental, Social, Governance (ESG)
and Stewardship – the Company’s Report
22 Voya Investment Management’s
Environmental, Social and Governance
(ESG) Policy
Director’s Review
24 Directors
26 Directors’ Report
32 Corporate Governance Statement
36 Report of the Management Engagement
Committee
37 Report of the Nomination Committee
38 Report of the Remuneration Committee
39 Directors’ Remuneration Implementation
Report
42 Directors’ Remuneration Policy Report
43 Statement of Directors’ Responsibilities
44 Audit & Risk Committee Report
Financial Statements
47 Independent Auditor’s Report to the
Members of Allianz Technology Trust PLC
52 Income Statement
53 Balance Sheet
54 Statement of Changes in Equity
55 Notes to the Financial Statements
Investor Information
67 Glossary of Terms
68 Investor Information
72 Notice of Meeting
Annual Financial Report
Contents
information on the technology
sector to an online format.
Readership of hard copy AFRs has declined
and the large majority of shareholders
and other interested parties only access
AFRs online.
We believe in making as much information
as possible available in an electronic format
– with the web-based Annual Financial
Report containing enhanced content.
Please do have a look at this year’s
deeper dive into the technology sector at
tinyurl.com/attafr24 or by using your tablet
or smartphone camera to scan the QR code:
1
OVERVIEW
Financial Highlights
Net Asset Value (NAV) per
Ordinary share
+35.6 %
2024 458.6p
2023 338.2p
NAV per Ordinary share (p) Shareholders’ funds (£m)
Key for charts:
Allianz Technology Trust – Net Asset Value – undiluted.
Dow Jones World Technology Index (sterling adjusted, total return).
Peer group of Morningstar Global Technology Sector Equity.
Comparative figures for 2020 have been restated following the sub-division of 25p Ordinary
shares into ten Ordinary shares of 2.5p each on 4 May 2021.
1
10 years to 31 December 2024. Rebased to 100 at 1 December 2014.
Source: AllianzGI/Datastream.
The Alternative Performance Measures (APMs) can be found on page 66.
2024 2024
458.6
1,747
Performance against sector
average
1
850
50
Benchmark
+35.8%
2024 3,688.0
2023 2,715.0
Performance against benchmark
1
Premium (discount) of Ordinary
share price to NAV per share (%)
Ordinary share price
+38.1%
2024 419.0p
2023 303.5p
Ordinary share price (p)
2024
419.0
2024
(8.6)
850
50
NAV versus benchmark (%)
2024
2023
338.2
2020 20222021
231.0
347.9
291.3
20232020 20222021
1,319
939
1,472
1,229
20232020 20222021
303.5
210.0
352.5
297.0
2023
(10.3)
20222021
1.3
(9.1)
2020
2.0
35.6
35.8
20232020 20222021
19.4
(33.6)
28.2
(26.4)
76.1
46.4
48.2
41.7
2
ALLIANZ TECHNOLOGY TRUST PLC
Chairman’s Statement
Tim Scholefield
Welcome
Welcome to this report on Allianz
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year ending 31 December 2024. In
recent times global macroeconomic
and geopolitical shocks have seemed
commonplace and so it was something
of a relief that 2024 passed without
major global upset. 2024 was, however,
notable for the numerous elections
across the globe. In the UK the general
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Labour government since 2010 and in
the US, Donald Trump returned to the
White House for a second term. The
macroeconomic environment was on the
whole supportive, in particular central
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backdrop equity markets did manage to
generate good returns with technology
companies continuing to lead the pack.
A detailed look at economies, rates
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Manager’s Report on page 7 and I
recommend you read that for its detail
and nuance.
Backdrop
That technology intertwines all our lives
is indisputable and 2024 showed some
incredible and sometimes disturbing
examples of this. AI continues to
dominate headlines – there is no doubt
that this is an amazing technology with
the potential to have a huge impact
on society. However, we are in frontier
territory and ultimate long-term winners
in the AI race may not yet even exist.
What is certain is that technology is
most often the ‘edge’ and that means
a consistency of demand for products,
services and ongoing innovation. It is
that which keeps the sector so dazzlingly
alive, along with an ecosystem of
incomprehensibly talented inventors,
scientists, engineers and entrepreneurs
who work tirelessly towards the next
generation of technology. This whilst
most of us are simply trying to absorb
the changes already in front of us!
Performance
Technology was once again a leader of
stock market returns. Yes, global markets
progressed strongly and would have
netted investors around 20% for the year
(source: FTSE World Index (total return)).
However, the Company’s benchmark
index would have brought you over
35% and of course, the dominance of
the sector is such that a big part of the
return from the global indices came from
technology companies.
So, what are some of the underlying
drivers of performance? The
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Apple, Microsoft, Meta, Nvidia and Tesla)
between them returned around 60% – a
continued dominance at a headline
level, although delving down there was a
mix of extraordinary and more lacklustre
returns. There were further strong returns
seen from a wider range of technology
companies this year and in terms of
our own performance this meant that
our Investment Manager was able to
keep pace with our benchmark index
without necessarily having to hold index
weights in the largest companies. For
details of the key stocks that either aided
or held back our relative performance,
please do read the details outlined
in the Portfolio Manager’s Report on
page 8.
3
OVERVIEW
encouraging to see the discount narrow
from 10.3% at the start of the year to
8.6% at year end, nevertheless the Board
is very aware that the discount could be
a source of frustration to shareholders.
2024 marks a third successive year
in which ATT has been at a discount,
in contrast to the prior three years in
which we typically traded at a premium
to NAV. I have previously commented
that the Board’s view is that the
discount in recent times is the result of
broad macroeconomic and structural
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concerns; this remains our view.
We have reached this conclusion by
examining the pattern of discounts
across the whole investment trust sector
as well as those of our competitors.
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discounts seen in the past three years
has its roots in the tighter monetary
conditions which followed the global
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also worth keeping in mind that the UK
equity market has for some time now
remained ‘cheap’ by global standards.
All that said, what is the Board’s
response to the persistent discount? Our
focus is on three areas. First, we continue
to use the powers available to us to buy
back shares. Our policy in respect of
buying back shares remains unchanged.
We would consider buying back shares
where the discount is consistently over
7% and we judge it appropriate to do so
given the prevailing market backdrop.
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an aggregate 9,015,787 shares at an
average discount of 11.3% and total cost
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year, up to 12 March 2025 we have
repurchased a further 2,729,344 shares
at an average discount of 10.3% and
total cost of £11.5m. At the forthcoming
AGM, the Board will once again seek
authority to buy back up to 14.99% of the
shares in issue. Any buy back of shares
will only take place where we believe it
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I am pleased to report that shareholders
saw a second successive year of strong
returns. The Company’s Net Asset Value
(NAV) total return was 35.6%, while
a narrowing in the discount to NAV
resulted in a higher share price total
return of 38.1%. The NAV return was
marginally behind the 35.8% return of
our benchmark, the Dow Jones World
Technology Index (sterling adjusted,
total return). Keeping pace with the
benchmark without resorting to holding
index weights in the largest companies
is a ‘win’ in our view as it means we have
broadly matched that performance
without exposing shareholders to
excessive concentration risk. We will
not lose sight of the important part
that risk management plays in the
active portfolio management ‘equation’
and our focus on extracting value
for shareholders from a wider, more
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of companies than simply the mega-
capitalisation stocks remains key for ATT.
An example of this came in late January
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relating to the AI application DeepSeek
sent the price of many AI related stocks
markedly lower on 27th – in particular
Nvidia lost almost half-a-trillion USD
market capitalisation and went from the
world’s most valuable company to third
on that day alone with a near 20% fall.
Being active means that we did not hold
an index weight in the stock (roughly
3.5% below). In the following days the
stock recovered the majority of the fall as
investors digested the situation.
As in previous years we have not
proposed a dividend for the year ended
31 December 2024. It is common for
technology companies not to pay a
dividend, moreover the yields of those
that do are typically small by comparison
with non-technology companies.
Discount
The Company traded at an average
discount of 10.4% over the period
(low of 3.8% and high of 14.8%). It was
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process was unchanged. We remain
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the knitting’ and executing our long
established and successful investment
approach provides a compelling basis
for achieving long-term capital growth
for shareholders.
Third, we continued with our activities
to promote the Company and the
attractive investment opportunity
provided by the technology sector.
Long-term demand generation is our
favoured strategy in the face of a reticent
market. Our promotional activities will
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we will continue to make creative use
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shareholder base. ATT has an enviable
track record which has been recognised
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twelve months will help grow demand
for our shares.
Artificial Intelligence (AI)
AI continues to be a headline theme
within our portfolio. There is no doubt
of the transformative power of this
technology and the tremendous
opportunities for those companies
that are successful in developing or
implementing AI. That said, AI’s frenetic
development brings its own risks. Picking
the winners in the AI race is challenging.
We are becoming more and more aware
of AI’s potential ‘dark side’, its scope to
be misused whether it be in creating
‘deep fakes’, plagiarism or cyber-attacks.
Moreover, the AI race is global in nature
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transnational regulatory standards are
close at hand.
In this context ATT’s focus is on balancing
the opportunities and the risks. For the
Investment Manager this translates into
a strong focus on companies that are
making money from the technology
now (many aren’t), as well as those
most likely to mature into that position.
Our investment team carefully assesses
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4
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
risk on a stock-by-stock, ‘bottom-up’
basis when considering new additions
to the portfolio and in their monitoring
of existing holdings. For the Board,
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on governance. Consequentially we
have met with external subject matter
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to strengthen regulation surrounding
the use of AI. In my view, our focus on
governance, risk management and the
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previously discussed are distinctive
features of our actively-managed
investment trust structure.
The costs of running
your Company
Your Board has maintained its close
attention to the costs of running the
Company. The Company’s Ongoing
Charges Figure (OCF), which is
calculated by dividing ongoing
operating expenses by the average NAV,
has fallen to 0.64% (2023: 0.70%). I am
pleased to report that the Company has
the lowest OCF within its AIC peer group
(Technology & Technology Innovation).
The OCF excludes any performance fee
due to the Investment Manager. The
performance fee is subject to various
performance conditions which were
not met in 2024 and as a consequence
no performance fee was earned. The
various performance conditions are set
out in detail in the Directors’ Report on
page 26.
Board matters
In 2024 the Board visited our Investment
Manager in California. This is a key
part of our governance programme
which we aim to undertake once every
two years. We completed a deep-dive
analysis of the investment process,
portfolio and the investment team as
part of our regular due diligence. We
also met with a sample of our portfolio
companies which are located in the area
and these meetings certainly reinforced
the Board’s view that the technology
sector has tremendous potential for long
term growth.
As previously reported, at the conclusion
of the 2025 AGM Elisabeth Scott will step
down from the Board, having served
since 2015. We thank Elisabeth for her
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development over the past ten years
and her part in its considerable growth
over that time.
Although outside of the reporting
period, we are pleased to announce the
appointment of Lucy Costa Duarte as
a non-executive Director on 1 January
2025. Lucy also joined the Audit and
Risk, Management Engagement,
Remuneration and Nomination
Committees. Lucy brings a wealth
of marketing and investor relations
experience, and we are therefore
delighted that she has joined the Board.
Annual General Meeting
(AGM) arrangements
This year’s AGM will be held on 23
April 2025 at 2.30pm. The full Notice of
Meeting can be found on page 72.
Full details of the special business to be
considered at the AGM can be found on
pages 30 to 31.
As with 2024, 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 17 April 2025 as detailed in the
Notice of Meeting on page 72. Those
shareholders attending virtually will
be able to view the AGM and submit
questions electronically.
If you are an ATT shareholder through
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to vote, then we encourage you to take
advantage of those arrangements to
cast your votes and thus have your say
in the running of your Company. It is also
possible for you to attend the AGM: all
you need to do is to request a ‘Letter of
Representation’ or click ‘Attend meeting’
on the voting options page. We also
commend and support the Association
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further improve the enfranchisement of
retail shareholders who hold their shares
through an investment platform or
other nominee service, with their newly
launched “My share, my vote” campaign,
targeting a change in company law.
You can view details of this campaign at
www.theaic.co.uk/my-share-my-vote and
follow instructions on how to cast your
vote via platforms at www.theaic.co.uk/
how-to-vote-your-shares.
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 either physically or virtually, a
recording of the AGM will be posted
to the Company’s website as soon as
practicable after the event.
The Board looks forward to welcoming
shareholders to this year’s event.
Outlook
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the macroeconomic direction of travel
for the year ahead. What is probably
not in doubt is that shocks to the system
and associated volatility continue to be
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the early weeks of the new Trump
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wars are causing unease.
That said there is no doubt that
change within the technology sector
will continue at pace. Our job is more
nuanced though – decoding how this
will translate into business growth and
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ultimately into their share prices. The
technology sector can be prone to the
wildest swings in sentiment based on
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companies at the forefront of growth
undoubtedly deserve to trade on higher
multiples, we are seeing more instances
in which valuations have become
overextended. Against this background
a sense of balance is needed. We truly
believe in the long-term potential of
the sector, however in the short term it
feels there could be an increasing risk of
market corrections and setbacks along
the way.
At ATT we remain focused on the task
at hand: creating a portfolio which we
believe has the strongest potential for
growth over the long term, for those
shareholders who entrust us with
their money.
Tim Scholefield
Chairman
12 March 2025
5
OVERVIEW
Financial Summary
As at
31 December
2024
As at
31 December
2023 % change
Net Asset Value per Ordinary Share 458.6p +35.6
Ordinary Share Price 419.0p +38.1
Discount of Ordinary Share Price to Net Asset Value 8.6% 10.30%
Dow Jones World Technology Index (sterling adjusted, total return) 3,688.0 2,715.0 +35.8
Shareholders' Funds £1,747m £1,319m +32.5
For the
year ended
31 December
2024
For the
year ended
31 December
2023
Net Revenue Return per Ordinary Share (1.12p) (0.88p)
Ongoing charges
1
0.64% 0.70%
Five year performance summary
2
As at 31 December 2024 2023 2022 2021 2020
Shareholders' Funds £1,747m £939m £1,472m £1,229m
Net Asset Value per Ordinary Share 458.6p 231.0p 347.9p 291.3p
Ordinary Share Price 419.0p 210.0p 352.5p 297.0p
Dow Jones World Technology Index (sterling adjusted, total return) 3,688.0 1,832.2 2,489.3 1,941.1
(Discount) premium of Ordinary Share Price to Net Asset Value (8.6%) (10.3%) (9.1%) 1.3% 2.0%
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6
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
What has been the economic
backdrop in 2024?
At the start of 2024, a raft of major
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the end, most elections passed without
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of a new policy agenda in the United
States are not yet clear and could be
a disruptive force in the year ahead.
Fragile geopolitics has undoubtedly
remained a source of instability, but for
the most part, the economic backdrop
has been stable.
The International Monetary Fund (IMF)
estimates global economic growth at
3.2% for 2024, just 0.1% lower than 2023
and forecasts 3.3% for 2025. Economic
activity has been helped by an easing
fl
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across the world to cut interest rates.
Supply chain pressures have eased,
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sustained. At the same time, megatrends
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supported corporate spending.
What has been happening to
interest rates?
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cut rates, with the European Central
Bank swiftly following in June. The US
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September, surprising the markets with a
0.5% reduction: it cited growing concerns
over the health of the US labour market.
This was followed by two 0.25% cuts in
November and December. However,
at its last meeting of the year, the Fed
warned it would slow the pace of rate
cuts in 2025, with the minutes suggesting
it was “at or near the point at which it
would be appropriate to slow the pace
of policy easing”.
Japan was the only major country to
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exiting its below-zero interest rate
policy. By the end of the year, there were
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the US, and bond markets began to pare
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rate cuts in the year ahead.
Have there been any notable
trends across currency and
commodities markets?
The US dollar appreciated for the
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economy continued to show resilience in
the face of higher rates. As recessionary
fears mounted in the summer, the dollar
weakened, before rebounding as these
fears appeared overblown. Donald
Trump’s victory and the Fed’s more
cautious stance on future interest rate
cuts provided a further boost, with the
Dollar Index, a measure of the currency’s
strength against its major trading
partners, hitting a two-year high. While
the Japanese yen weakened against
the dollar, it appreciated against the
fl
on interest rate policy between the
two economies.
Commodity prices were mixed. Rising
geopolitical tensions in the Middle East
pushed oil prices higher in the early part
of the year, with Brent crude nearing $90
a barrel, compared to just under $80
at the start of the year. However, prices
later eased back towards $70 a barrel
given abundant supply. In contrast, gold
prices soared, reaching a fresh record
high of almost $2,800 an ounce in late
October. Demand was supported by
central bank buying.
How have stock markets
performed over the year?
It was a strong year for global equity
markets in 2024, with the MSCI World
Index gaining 19.2% over the year, after
rising 24.4% in 2023. Markets were
supported by the fading risk of a US
recession and the turn in interest rate
policy. Stock markets were also given
a boost in November with a victory for
the Republican party in the US elections.
Investors are anticipating that a blend
of tax cuts and regulation will boost
corporate earnings in the years ahead.
At a sector level, excitement around AI
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Seven’ (Amazon, Alphabet, Apple,
Microsoft, Meta, Nvidia and Tesla),
which delivered a return of over 60%.
Nevertheless, there were nuances
within this. Nvidia, for example,
comprehensively outpaced its peers,
after delivering strong earnings through
the year. Elsewhere, it was also a strong
year for consumer discretionary and
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and healthcare were the weakest sectors
in the MSCI All Countries World Index.
Towards the end of the year there were
signs of a broadening out of market
leadership. The Russell 2000, for
example, which focuses on small and
medium sized US companies, rallied
in the immediate aftermath of Donald
Trump’s election victory, with investors
hoping his policy agenda would
support smaller, more domestically
focused companies.
Mike Seidenberg
7
INVESTMENT MANAGER’S REVIEW
Investment Manager’s Review
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Has AI continued to advance?
Yes, there has been progress in AI-
powered tools and applications
impacting chips, software, hardware, and
other technology industries. Generative
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spike in interest, with a notable increase
in job postings and investments. The
capabilities of large language models
expanded, processing larger amounts of
data across multiple media such as text,
images and video.
Where else have you
seen growth?
Cybersecurity remains a crucial
sector. 2024 saw a range of new
threats emerging, including the rise
of AI-powered attacks. AI was used
for automated phishing, malware
generation and sophisticated social
engineering campaigns. Security teams
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driven tools to detect anomalies and
automate responses. The adoption of
Zero Trust Architecture and the focus on
cloud security were also notable trends.
Cloud computing has been a long-
running theme in the portfolio. Cloud
computing provides seamless access to
servers, networks, storage, development
tools and applications via the internet.
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investments in equipment, training and
infrastructure maintenance, cloud service
providers assume these responsibilities.
This allows companies to ‘right size’
technology infrastructure to business
needs rather than going through costly
investment cycles. The migration to
cloud computing continued to grow,
with 65% of technology decision-makers
anticipating an increase in cloud
spending over the next year.
We would also highlight the Internet of
Things (IoT) and 5G. The IoT connects
devices and systems, enabling them
to communicate and share data. This
connectivity is used in homes, cities
and industries, delivering smarter,
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agriculture, for example, to monitor
climate patterns and adapt fertiliser or
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of wireless technology, provides the
high-speed connectivity needed to
support the massive data exchange and
real-time communication required by
IoT devices.
It was an astonishing year for
the Bitcoin price, which rose
over 100% in 2024. Are there
opportunities in blockchain
and cryptocurrencies?
Certainly, both have the potential to
disrupt a number of industries and
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provides a decentralised and secure
method to record transactions, which
can enhance transparency, reduce fraud
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peer-to-peer transactions without the
need for intermediaries.
How has the Company
performed over the year?
The Company’s NAV rose by 35.6% for
the year to 31 December 2024. This
was marginally behind its benchmark,
the Dow Jones World Technology
Index (sterling adjusted, total return),
which rose by 35.8%. Once again, the
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their dominance in the index made
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our shareholders to excessively large
positions in potentially volatile stocks.
We typically hold below index weights
in these stocks to avoid concentration
risk in the portfolio. Nevertheless, the AI
trend remains a strong one. These mega-
themes do not come around very often,
and when one emerges, we believe in
sticking with it.
The semiconductor sector was an
important contributor to overall returns.
While Nvidia saw strong gains, it did not
contribute to relative returns because we
had a below benchmark weight (10%
versus 12%) due to risk management
constraints. More important for relative
returns were our weights in companies
such as Taiwan Semiconductor
Manufacturing Company (TSMC) and
Broadcom, which returned 95.4% and
114.2% respectively. TSMC is not in our
benchmark, and we had almost double
the index weighting in Broadcom.
The largest sector contribution came
from our holding in software companies.
We had an overweight position in the
portfolio (relative to the benchmark),
and our stock picking approach was
strong. Holding an underweight position
(relative to the benchmark) in hardware
companies also contributed to relative
returns. Weakness has tended to come in
idiosyncratic areas, rather than from any
major themes. However, IT services was
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the year.
It is also worth noting that concentration
in the top 10 stocks has increased over
the past three years. The dominance of
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narrow technology market has seen us
use a larger amount of capital to invest
in some of the mega caps. This was done
to preserve performance, knowing that
as the market broadens out, we will use
capital from these larger positions and
redeploy it into new names among large
and mid cap companies.
What were the major stock
highlights over the year?
Palantir Technologies provided the
largest relative contribution to the
portfolio over the year. It was a new
buy in August. We liked the company’s
leadership position in big data and in the
fi
products and services. Shares rallied on
the continued momentum for AI-related
applications as well as news that it
would be added to the S&P 500 Index.
This should increase liquidity in the stock.
We continue to hold it, with the shift in IT
spending towards AI showing few signs
of weakness.
Microsoft was the one weak spot among
fi
fi
versus the benchmark – 8.2% against
14.6%. The group remains a world leader
in software, cloud storage and security
solutions, and an undoubted pioneer
in AI. However, its earnings statement
was accompanied by lower forward
guidance amid capacity constraints
and moderating growth, and as a
result we currently intend to maintain a
structural underweight.
fiIntel
Corp. We had an underweight position in
this legacy chip maker and then exited it
in full at the start of February. Its shares
were hit by weaker-than-expected
earnings and a lacklustre forecast. The
company has lagged behind several
of its chip-making rivals in terms of
revenue and innovation. The departure
of the company’s CEO created further
uncertainty toward the end of the year.
We keep an eye on the stock, but other
chip makers have better exposure to AI
and other leading technologies. In our
8
view, once a company is behind in the
ffi
catch up.
Recent new holdings have included
Marvell Technology, a developer
and producer of semiconductor and
related technology across security and
networking platforms, secure data
processing and storage solutions. It is
making important strides in improving
the design of its chips and is attracting
interest from the hyperscalers.
Point-of-sale, cloud-based restaurant
management software maker Toast
is another recent buy as the company
made some interesting product
developments. Social networking
platform Reddit was another buy in
the latter half of the year, plus Paypal,
where a revamped management team
and new product platform are helping it
gain market share.
Another purchase of note was Atlassian
Corp, a designer and developer of
an enterprise software platform for
project management, collaboration
and support services. It continues to
see a strong pipeline of growth, with
product upgrades and migrations to its
cloud business.
Where were the weak spots for
the Company?
Our largest detractor was MongoDB,
a document database provider which
allows the storage of structured or
unstructured data. This makes the
development of applications more
agile. However, its shares dropped
after it issued a weaker-than-expected
outlook. This combined with some
overall weakness in the software sector.
The company’s more cautious stance
fl
of IT spending among clients and some
near-term sale execution challenges.
We trimmed our exposure to the stock
during the period.
Zscaler also had a tough year. The
group is a leader in security-as-a-service
ff
platform. While earnings were strong,
the market had hoped for more and the
company could not sustain its valuation.
The retirement of the company’s CFO
created uncertainty around expectations
and customer acquisition slowed. We
view this as a case of expectations
running ahead of the earnings and
continue to hold shares given the
company’s strong leadership position.
Infrastructure software solutions maker
Snowflake was another detractor from
performance over the year. The shares
were lower following a disappointing
sales forecast. The company is facing
greater competition in its core data
warehouse market business. Investors
were also worried about the news that
the company’s CEO was stepping down
from the role. We reduced our exposure
to the stock during the year in favour of
companies with better earnings visibility.
What are you looking forward to
in 2025?
AI is creating a new wave of technology
innovation every bit as exciting
as the Internet. AI has the power
to reshape the global economy,
changing the way companies
operate. This year promises even more
groundbreaking AI developments, plus
favourable regulatory changes and
rapid digitalisation.
In 2025, we expect AI spending to shift
from infrastructure development to
include more software and services as
the use cases for AI emerge and expand.
ffi
gains, spark innovation and create
new business models. For example,
autonomous systems such as self-driving
cars, drones, and robotics have the
power to revolutionise transportation,
logistics, national security, medical
treatment and factory production.
In cybersecurity, AI is becoming a
powerful tool to detect anomalies,
predict threats and automate responses
to attacks. In advertising technology,
AI is delivering personalised consumer
experiences, optimising advertising
spending and creating dynamic
advertising campaigns that are faster,
ffi
The year ahead is likely to see both
headwinds and tailwinds as the new
US administration policies could be
more unpredictable than previous
administrations. On the one hand,
we are likely to see more merger and
acquisition activity as interest rates trend
downward and the US welcomes a more
relaxed regulatory environment and
companies are gearing up for strategic
acquisitions to fuel growth and expand
market share. Conversely, businesses like
predictable policies which provide clarity
ff
the spending environment.
There may be more volatility in the
semiconductor sector in the year ahead
as a result of geopolitical tensions, policy
shifts and supply chain disruptions.
ff
national security concerns may conspire
to create a bumpy ride for the sector
in 2025. However, this volatility also
presents opportunities. AI-driven data
centre spending is strong and supply-
constrained in key areas, while cyclical
semiconductor companies (including
personal computers, handsets and
industrial companies) with limited AI
exposure are navigating an inventory
correction, and there is the potential for
a recovery later in the year.
The momentum from key growth trends
such as AI and digitalisation, coupled
with a more favourable regulatory
environment and a boost in merger
and acquisition activity, should support
the technology sector in the year
ahead. Looking even further ahead,
exciting developments in areas such as
quantum computing, augmented reality,
fi
exploration are on the horizon. However,
this needs to be tempered with the risks
around geopolitics and supply chains
and highlights the need for disciplined
risk management.
Our focus is on building the portfolio
from a bottom-up perspective with a
macro overview. Technology is a key
enabler across almost every industry,
and we will continue to seek out stocks
ffi
long term share price growth.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co LLC
12 March 2025
9
INVESTMENT MANAGER’S REVIEW
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Investment Sector
#
Sub Sector
#
Country
Valuation
£000
% of
Portfolio
NVIDIA
Semiconductors &
Semiconductor Equipment
Semiconductors United States 179,627 10.5
Apple
Technology, Hardware Storage
& Peripherals
Technology, Hardware Storage
& Peripherals
United States 157,276 9.2
Microsoft Software Systems Software United States 134,622 7.8
Meta Platforms Interactive Media & Services Interactive Media & Services United States 129,855 7.6
Broadcom
Semiconductors &
Semiconductor Equipment
Semiconductors United States 95,680 5.6
Alphabet Interactive Media & Services Interactive Media & Services United States 85,854 5.0
Amazon.com Broadline Retail Broadline Retail United States 58,283 3.4
Taiwan Semiconductor
Semiconductors &
Semiconductor Equipment
Semiconductors Taiwan 57,723 3.4
ServiceNow Software Systems Software United States 55,297 3.2
Palantir Technologies Software Application Software United States 44,063 2.6
Top Ten Investments 998,280 58.3
CrowdStrike Software Systems Software United States 40,344 2.4
Cyberark Software Software Systems Software Israel 39,843 2.3
Spotify Technology Entertainment Movies & Entertainment Luxembourg 34,908 2.0
fl IT Services
Internet Services &
Infrastructure
United States 33,958 2.0
fl Entertainment Movies & Entertainment United States 32,485 1.9
Datadog Software Application Software United States 29,897 1.7
Atlassian Software Application Software United States 27,907 1.6
Arista Networks Communications Equipment Communications Equipment United States 27,800 1.6
HubSpot Software Application Software United States 27,772 1.6
SAP SE ADR Software Application Software Germany 26,471 1.5
Top Twenty Investments 1,319,665 76.9
Full portfolio list
10
Investment Sector
#
Sub Sector
#
Country
Valuation
£000
% of
Portfolio
Klaviyo Software Application Software United States 26,133 1.5
fl IT Services
Internet Services &
Infrastructure
United States 25,414 1.5
Amphenol
Electronic Equipment
Instruments & Components
Electronic Components United States 25,313 1.5
Zscaler Software Systems Software United States 24,340 1.4
Reddit Interactive Media & Services Interactive Media & Services United States 23,697 1.4
Dynatrace Software Application Software United States 22,348 1.3
Palo Alto Networks Software Systems Software United States 21,546 1.3
Micron Technology
Semiconductors &
Semiconductor Equipment
Semiconductors United States 20,361 1.2
PayPal Holdings Financial Services
Transaction & Payment
Processing
United States 17,449 1.0
Oracle Software Systems Software United States 17,167 1.0
Top Thirty Investments 1,543,433 90.0
Marvell Technology
Semiconductors &
Semiconductor Equipment
Semiconductors United States 16,706 1.0
Monolithic Power Systems
Semiconductors &
Semiconductor Equipment
Semiconductors United States 16,515 1.0
Toast Financial Services
Transaction & Payment
Processing
United States 15,762 0.9
Applied Materials
Semiconductors &
Semiconductor Equipment
Semiconductor Equipment United States 14,573 0.8
Monday.com Software Systems Software Israel 14,254 0.8
EPAM Systems IT Services IT Consulting & Other Services United States 13,259 0.8
KLA
Semiconductors &
Semiconductor Equipment
Semiconductor Equipment United States 11,213 0.7
Samsara Software Application Software United States 10,577 0.6
AppLovin Software Application Software United States 10,428 0.6
Lam Research
Semiconductors &
Semiconductor Equipment
Semiconductor Materials &
Equipment
United States 10,097 0.6
Top Forty Investments 1,676,817 97.8
Fiserv Financial Services
Transaction & Payment
Processing
United States 10,027 0.6
Celestica
Electronic Equipment
Instruments & Components
Electronic Manufacturing
Services
Canada 9,326 0.5
MongoDB IT Services
Internet Services &
Infrastructure
United States 8,327 0.5
Elastic NV Software Application Software Netherlands 6,791 0.4
Cadence Design Software Application Software United States 4,255 0.2
Total Investments 1,715,543 100.0
#
GICS Industry classifications
11
INVESTMENT MANAGER’S REVIEW
Strategic Report
Introduction
This Strategic Report is provided in accordance with The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations
2013 as amended and is intended to provide information about the Company’s strategy and business needs, its performance
and results for the year, and the information and measures which the Directors use to assess, direct and oversee Allianz Global
Investors UK Limited (‘the AIFM’) and Voya Investment Management Co LLC (‘the Investment Manager’ for portfolio management)
in the management of the Company’s activities.
Strategy and Business Model
fi
of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth.
The Company carries on business as an investment trust and the Ordinary shares are listed on the Main Market of the London
Stock Exchange. Investment trusts are collective investment vehicles constituted as closed ended public limited companies. The
Company is managed by a Board of non-executive Directors and the Company’s day-to-day functions are carried out by the
following main third party services providers:
– AllianzGI UK as AIFM
– Voya as Investment Manager
– HSBC as Custodian and Depositary
– MUFG Corporate Markets as Registrar
– ffi
The Company is subject to the UK Listing Rules, Prospectus Regulation Rules and Disclosure Guidance and Transparency Rules
published by the Financial Conduct Authority (FCA). Regulatory and portfolio information is announced via the regulatory news
service on a daily, monthly and other periodic basis thereby assisting current and potential investors to make informed investment
decisions. Additional portfolio information, technology commentary and corporate information is available on the Company’s
website www.allianztechnologytrust.com.
Performance
The investment portfolio at the year end is set out on pages 10 and 11 and a summary of the top twenty holdings can be
found on the website version of the Annual Financial Report. In the year ended 31 December 2024, the Company’s total return on
net asset value per share was +35.6% (2023: +46.4%), underperforming the Dow Jones World Technology Index (sterling adjusted,
total return) by 0.2 percentage points. Further details on the performance of the Company, future trends and factors that may
impact future performance of the Company are included within the Chairman’s Statement and the Investment Manager’s Review.
Monitoring performance – Key Performance Indicators
The Board assesses performance in meeting the Company’s objective and assessing the longer term viability of the Company
against the following Key Performance Indicators (KPIs):
The table below compares the Company’s performance to the main technology indices. Although the Company underperformed
the benchmark over 1 and 3 years, it outperformed over 5 and 10 years. The Company has outperformed the MSCI World
Technology Index over 1 year but underperformed over 3, 5 and 10 years:
% Change 1 year 3 years 5 years 10 years
ATT NAV per share 35.6 31.8 177.4 666.2
Dow Jones World Technology Index (sterling adjusted, total return)* 35.8 48.2 169.2 604.2
MSCI World Technology Index (total return) 35.5 53.5 181.9 685.4
Russell MidCap Technology Index 25.5 22.1 99.6 465.8
Source: AllianzGI/Datastream in GBP as at 31 December 2024.
* Company’s reference benchmark.
12
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Strategic Report
The table below provides a comparison with the broader UK and world equity indices which many investors will use when
reviewing the performance of their individual investments.
% Change 1 year 3 years 5 years 10 years
ATT NAV per share 35.6 31.8 177.41 666.2
FTSE All Share Index (total return) 9.5 18.5 26.5 81.9
FTSE World Index (total return) 20.1 30.6 79.8 227.9
Source: AllianzGI/Datastream in GBP as at 31 December 2024
The Board continues to pay close attention to the Company’s performance position against the wider universe of open ended
funds, closed ended funds and exchange traded funds. The Company’s strong performance versus the other funds within the
Morningstar Global Technology Sector – Equity (Morningstar) category is noted in the table below:
1 year 3 years 5 years 10 years
Peer Group Ranking vs Morningstar 16/192 36/155 10/120 2/56
The Board regularly reviews stock and attribution analysis to determine the contribution to relative and absolute performance of
the portfolio of the top and bottom stocks. The top contributors to and detractors from the Company’s Net Asset Value total return
over the year ended 31 December 2024, relative to the benchmark index*, were as follows:
Top ten contributors relative to the benchmark Top ten detractors relative to the benchmark
Active
contribution
GBP (%)
Active
contribution
GBP (%)
Palantir Technologies Overweight 1.87 MongoDB Overweight (1.78)
Microsoft Underweight 1.38 Zscaler Overweight (1.09)
Intel Underweight 0.95 Shopify Overweight (0.95)
Samsung Electronics Underweight 0.92 fl Overweight (0.94)
Broadcom Overweight 0.68 Lam Research Overweight (0.88)
Arista Networks Overweight 0.60 Monolithic Power Systems Overweight (0.75)
Adobe Underweight 0.59 Pinterest Overweight (0.54)
fl Overweight 0.54 Elastic NV Overweight (0.54)
ServiceNow Overweight 0.43 ASML Underweight (0.51)
CyberArk Software Overweight 0.38 JFrog Overweight (0.51)
8.33 (8.49)
Source: Allianz Global Investors. 31 Dec 2023 – 31 Dec 2024.
* Relative to Dow Jones World Technology Index. Figures may not add due to rounding.
Share Buy backs and Share Issues
The Directors continually monitor the level of premium or discount of the share price to the NAV per share. Over the year to 31
December 2024, the mid-market price of the Company’s shares increased by 38.1% (2023: increased by 44.5%), with a discount at
the year end of 8.6% (2023: 10.3%).
The Board carefully considers the parameters which should apply to both the issuance and the buy back of shares from the
market and will only proceed when the action is in the best interests of shareholders. Where there is market volatility the Board
will also consider buying back shares when the discount is consistently over 7% and it judges it to be appropriate to do so given the
prevailing market backdrop. The Board will only issue new shares at a premium to NAV.
The Company bought back 9,015,787 shares in 2024 at a discount to NAV (2023: 16,530,708). There were 47,815,457 shares held
in treasury at the year end (2023: 38,799,670 shares). No new shares were issued in 2024 (2023: nil)
Results and Dividends
An overview of the Company’s results is shown in the Financial Highlights on page 2. The revenue reserve remains substantially
fi
13
STRATEGIC REPORT
Future development
The future development of the Company
is dependent on the success of the
Company’s investment strategy against
the background of the economic
environment and market evolution and
the future attractiveness of the Company
as an investment vehicle compared
with long-term savings markets. The
Chairman gives his view on the outlook
in his statement which starts on page
3 and the lead portfolio manager
discusses his view of the Company’s
portfolio and the outlook in his report
which starts on page 7. The Board
fi
least once per year at which time it
considers the position of the Company
and the strategy for the year ahead
and beyond, making recommendations
for change where appropriate. The last
fi
September 2024.
Marketing the Company’s
Investment Strategy
The Company continues to operate a
targeted and coordinated marketing
programme in order to raise awareness
of its investment strategy. During
2024 both virtual and in-person
communication tools have been used.
This programme targets potential
investors as well as communicating
the latest developments to its
existing shareholders.
The programme is aimed at both
professional and retail investors and
aims to create ongoing and sustained
demand for the Company’s shares. The
retail audience includes those investors
who delegate their investment decisions
fi
increasing numbers who are researching
and making their own investment
decisions. The programme comprises
advertising and other promotional
activity as well as communicating with
fi
press, since positive coverage of the
Company’s specialist investment strategy
fl
programme’s success has been boosted
by the number of performance awards
won by the Company over recent years
and has been instrumental in generating
demand from retail investors which is,
fi
Company’s shareholders. Increasingly
investors are choosing to buy and sell
stocks and shares via online trading
platforms rather than via a traditional
stockbroker. Approximately 37%
(2023: 35%) of the Company’s shares
are now held by investors on these
platforms. Many platform providers
ff
pension products as well as the facility
to invest on a regular monthly basis.
Competition amongst platform providers
is intense therefore investing online
ff
Company’s shares.
Board diversity
At 31 December 2024, there were
two male Directors and three female
Directors. Further information on Board
Diversity can be found in the Directors’
Report on page 27.
Risk Report
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
fi
fi
is appropriate and is in line with
fi
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;
– fi
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
fffi
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
fi
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
ff
Manager every month and are reviewed
by the Board at every meeting.
Principal and Emerging Risks and
Uncertainties
fi
Board are set out in the table on page
15, 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.
14
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Description Mitigation
Change in
risk during
the year
Investment strategy and performance risk
ff
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
fifi
is appropriate.
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
fi
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.
Market risk
ff
by a general decline in the valuation of listed
securities and/or adverse market sentiment towards
the technology sector in particular. Although the
fi
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
ff
Higher interest rates have had an adverse impact on
growth stocks.
Market sentiment may quickly deteriorate in the
ff
macro-economic environment.
The Board, the AIFM and the Investment Manager
monitor stock market movements 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,
fi
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.
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.
ff
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.
15
STRATEGIC REPORT
Description Mitigation
Change in
risk during
the year
Financial and liquidity risk
fi
place to manage these risks are disclosed in detail in
Note 13 beginning on page 62.
Financial and liquidity reports are provided to and
considered by the Board on a regular basis.
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
fi
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.
Key individual risk
ff
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
The Board plays close attention to the development
fi
was recently noted to us in a third-party presentation
as moving at “light speed”. Within this there is the
potential for emerging risk from technologies both
envisioned and not envisioned, but not yet realised.
fi
(AGI) – the theoretical intelligence of a machine
that possesses the ability to understand or learn any
intellectual task that a human being can. Risks of
such technology include unintended consequences,
geopolitical and economic disruption and imbalance,
security risks, and existential risk to human beings in
the most extreme scenarios. Whilst this might appear
fi
untestable emergence of such capability is real and
we believe must be considered as part of our risk
control framework alongside other more routine
risks, as the Company naturally invests in companies
undertaking AI operations, as well as having (as all
entities do) third-party suppliers who are utilising
greater levels of AI tools to aid their business
provision over time.
The Board will continue to monitor the portfolio
with detailed analysis of AI related holdings from
the Investment Manager. 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.
fifi
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’ Report beginning on page 32. 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.
16
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Section 172 Report
As an investment company with no employees, the Company’s primary stakeholders are its shareholders and other stakeholders
including its service providers and the companies in which it invests. The Board’s strategy is facilitated by interacting with a wide
range of stakeholders through meetings, seminars, presentations and publications and through contacts made via the Company’s
suppliers and intermediaries. Engagement is both in person and virtually. Engagement with the Company’s stakeholders enables
fifi
Board strives for an open, constructive and pro-active culture in its engagements as it seeks to meet the Company’s investment
objectives. Set out below are examples of the ways in which the Company has interacted with key stakeholders in line with section
172 of the Companies Act 2006 whereby the Directors have a statutory duty to promote the success of the Company.
Stakeholders Why we engage How we engage and what we do The outcomes
Shareholders
Shareholders receive relevant
information to enable them
to evaluate whether their
investment interests are
aligned with the strategy and
objective of the Company.
The Board communicates with
shareholders through the annual
report and half-yearly report,
meets with shareholders at the
AGM and provides a forum for
interaction. There is a portfolio
management presentation
and Q&As. This year, there will
be a hybrid AGM which each
shareholder can attend.
The lead portfolio manager
participates in investor events
and webinars, as well as
videos and podcasts on the
website to keep shareholders
informed on investment activity
and performance.
The Board provides an online
Annual Financial Report via
the Turtl platform to provide
both regulatory and enhanced
reporting to shareholders.
Monthly factsheets are published
on the Company’s website.
Shareholders make informed
decisions about their
investments. Shareholder
correspondence is forwarded
directly to the Board.
17
STRATEGIC REPORT
Stakeholders Why we engage How we engage and what we do The outcomes
Voya Investment
Management –
the Investment
Manager
The Board works with
the Investment Manager
who provides portfolio
management services.
The Board has a tripartite
agreement for the provision
of portfolio management
services. The Board meets with
representatives of the Investment
Manager throughout the year
with the lead portfolio manager
providing regular updates at
Board meetings and upon request
by the Board. The Board formally
reviews the performance and
remuneration of the Investment
Manager at least annually. During
the year the Board travelled
to California to meet with
representatives of the Investment
Manager across a number of
business functions.
The Company is well
managed and receives
appropriate and timely
advice and guidance for a
reasonable cost. Following
the annual review of the
Investment Manager the
Board has concluded that the
ongoing appointment of the
Investment Manager is in the
shareholders’ best interests.
Allianz Global
Investors UK
Limited – the
AIFM
The Board works with
the AIFM who provides
accounting and secretarial
services as well as expertise
in sales and marketing.
In addition to the reporting at
regular Board meetings, the
Board meets with representatives
of AllianzGI UK to develop
strategy for the Company,
including a sales and marketing
plan which was adopted during
the year, to promote the Company
fi
raise its rating. The Board formally
reviews the performance and
remuneration of the AIFM at
least annually.
The Company is well
managed and receives
appropriate and timely
advice and guidance for a
reasonable cost. Following
the annual review of the AIFM
the Board has concluded that
the ongoing appointment
of the AIFM is in the
shareholders’ best interests.
Portfolio
companies
The Board approves the
Investment Manager’s active,
stock picking approach and
believes in good stewardship.
On the Company’s behalf the
Investment Manager engages
with investee companies,
including discussions on
Environmental, Social and
Governance matters and
exercises its votes at all company
meetings. During the year the
Board travelled to California
to meet with the investment
management team and a range
of portfolio companies.
The Investment Manager
actively votes at portfolio
company meetings. The trip
to California allowed the
Board to hear directly from
the portfolio companies
in respect of their own
businesses and matters
ff
Corporate
brokers
The Board, the AIFM and the
Investment Manager work
with the corporate brokers,
including their research and
sales teams to provide access
to the market and liquidity in
the Company’s shares.
The brokers are kept updated
on the strategy of the Company
so that they can publish relevant
research information and talk
to potential investors. The sales
team receives regular contact and
helps the Company to participate
in exchange volume and provide
liquidity for investors.
The Company is an
attractive investment and
there is liquidity in the
Company’s shares.
18
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Stakeholders Why we engage How we engage and what we do The outcomes
Media
partnerships
The Company works with
public relations advisers to
ensure information about
the Company, its strategies
and performance can
reach a wide audience of
potential investors through
press articles and online
media coverage.
Regular communication with
public relations partners to raise
fi
press and media activity. We can
measure the success of this activity
by monitoring website hits and
new investment in the Company
on retail platforms.
The Company’s name and its
attributes as an investment
company are known to an
increasingly wider audience.
Distribution
partnerships
To reach a wider audience
of investors the Company
fi
access to platforms and
wealth managers.
The wealth managers together
with our distribution partners
arrange presentations about
the Company at roadshows and
conferences to reach investors
through share trading platforms
and wealth managers.
The Board receives detailed
fi
that there is wide and
growing interest in the
Company’s shares.
AIC
The Association of Investment
Companies looks after the
interests of investment trusts
and provides information to
the market.
The Company is a member of
the AIC and has also supported
lobbying activities.
Information about
the Company is
disseminated widely.
Other service
providers
The Board has appointed
HSBC as Depositary and
Custodian and MUFG
Corporate Markets as
Registrar to provide specialist
services to the Company.
In addition to regular contact and
assurance testing that sound and
ff
from all these service providers,
there is a rolling programme of
due diligence visits to suppliers of
third party services by AllianzGI
UK’s investment trust team to
ensure that the Company is
receiving good quality services
fi
internal controls.
Assurances from direct service
providers on their internal
controls are given formally to
the Company twice yearly but
day-to-day contact with the
investment trust team ensures
that any issues are quickly
fi
and that remedial action can
take place.
19
STRATEGIC REPORT
The Investment Manager’s approach to ESG is set out on pages
22 to 23. The Investment Manager is a signatory to the
United Nations Principles for Responsible Investment.
Although as an investment trust, the Company has no direct
social or community responsibilities, the Board shares the
Investment Manager’s view that it is in the shareholders’
interests to be aware of and consider environmental, social and
governance factors, when selecting and retaining investments.
In addition, Voya has a due diligence approach to ensure any
retained company or entity providing services to the Company
in its normal course of business has an acceptable approach
to ESG factors and as such does not inadvertently support any
negative factors.
Details of the Company’s policy on socially responsible
investment are set out below.
How ESG fits into technology
For technology, the individual elements of ESG have varying
outcomes.
The ‘E’ (Environmental) is generally a high scoring factor. Many
technology companies are facilitating the move towards a
cleaner, less carbon-intensive future. Electric vehicles are an
obvious example of this. This is not to say the entire sector is
without issue and, indeed, new natural resource demands are
emerging as technology expands. We see in general though
that companies are aware and consider this factor high in their
priorities. Regulators too have a keen eye.
The ‘S’ (Social) is split in its outcomes. On the one hand, as
a source of quality employment, the result is often positive.
On the other hand, governments, regulators and the public
at large have questioned the impact of some technologies,
such as social media. The sheer size and control of some of
fi
has whether technology might exacerbate social inequality
through the inability of poorer socio-demographic groups to
be able to access the same tools as those with more income.
Again, regulators have a sharp focus on this topic.
Finally, the ‘G’ (Governance) can be the most complicated
factor. Many technology companies by their very nature are
relatively new and at an early stage of development. This can
fl
shareholders and founders, both in strategy and sometimes
in unhelpful share structures. Of course, the more a company
matures, the less of a potential problem this usually becomes.
Stewardship
The Board has delegated the exercise of proxy voting
powers on its behalf to discharge its responsibilities in
respect of investments to the Investment Manager to ensure
that the portfolio managers can engage in the decision
making process.
The Voya IM ESG and Proxy Voting Policies have been
reviewed by the Board and it believes that the Company’s
delegated voting powers are being properly executed. Voya
IM uses Institutional Shareholder Services Inc. (ISS) as its
Proxy Advisory Firm to assist in managing its proxy voting
responsibilities. ISS is an independent proxy voting adviser
fi
related services.
UK Sustainability Disclosure Requirements
The Financial Conduct Authority (FCA) has introduced
a sustainability disclosure requirements and investment
labels regime (SDR) to address concerns about misleading
environmental claims. The Company and AIFM have
considered and undertaken a review of the requirements of the
regulations. The Company does not have a label under SDR.
Corporate Social Responsibility (CSR), Community
and Employee Responsibilities, Emissions,
Environmental and Ethical Policy (EEE)
The Company’s investment activities and day to day
management are delegated to the Investment Manager, AIFM
and other third parties. As an investment trust, the Company
has no direct social, community, employee or environmental
impact, though the Board maintains appropriate oversight
of such factors in relation to contracted service providers. Its
principal responsibility to shareholders is to ensure that the
investment portfolio is properly managed and invested.
In light of the nature of the Company’s business there are no
associated human rights issues, and the Company does not
have a human rights policy. The Board has noted the AIFM and
Investment Manager’s report on greenhouse gas emissions on
its own operations and the views of the Investment Manager
on CSR and EEE which it adheres to in engaging with the
underlying investee companies and in exercising its delegated
fi
of the Company.
20
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
responsibilities in voting. The Investment Manager engages
with the Company’s underlying investee companies in relation
to their corporate governance practices and in developing their
policies on social, community and environmental matters.
The Company’s primary objective is to invest principally in
the equity securities of quoted technology companies on a
worldwide basis with the aim of achieving long-term capital
growth. Whilst the Board believes that the Company would be
fi
decisions were based solely on CSR and EEE considerations,
we are supportive of an investment management process
that considers all elements of wider ESG risk in the context
of risk/reward, like all other risks considered by the
Investment Manager.
Modern Slavery Act 2015
The Company does not provide goods or services in the normal
fi
does not have customers. The Directors do not therefore
consider that the Company is required to make a statement
under the Modern Slavery Act 2015 in relation to slavery or
ffi
Bribery Act 2010
The Board has a zero tolerance policy in relation to bribery
and corruption in its business processes and activities and has
received assurance via internal controls reporting from the
Company’s main third party service providers that adequate
safeguards are in place to protect against any such potentially
illegal behaviour by employees or agents.
Criminal Finances Act 2017
The Company has a commitment to zero tolerance towards the
criminal facilitation of tax evasion.
Taskforce on Climate Related Financial Disclosures
(TCFD) and Global Greenhouse Gas Emissions
AllianzGI UK produces a product level TCFD report for
the Company. This can be found on the Company’s
website www.allianztechnologytrust.com.
The Company does not maintain premises, hold any physical
assets or operations and does not have any employees.
Consequently, the Company has no greenhouse gas emissions
to report from its operations, nor does it have responsibility for
any other emissions producing sources under the Companies
Act 2006 (Strategic Report and Directors’ Reports) Regulations
2013. For the same reason as set out above, the Company
considers itself to be a low energy user under the Streamlined
Energy and Carbon Reporting regulations and therefore is not
required to disclose energy and carbon information.
The Strategic Report has been approved by the Board and
signed on its behalf by:
Tim Scholefield
Chairman
12 March 2025
Proxy Voting 1 January to 31 December 2024
During the year there were 44 shareholder meetings for companies in the portfolio and the Investment Manager voted on the
Company's behalf at all meetings. This represents a total of 487 resolutions. Source: VoyaIM.
Company meeting voting record
Number of meetings voted
100% in line with management
recommendation: 13
Number of meetings with at least
one vote against, withheld or
abstained: 31
Total vote distribution
Votes for: 79%
Votes against: 15%
Votes withheld: 6%
21
STRATEGIC REPORT
We recognize the importance ESG
considerations play in maintaining our
culture, performing thorough investment
analysis, and meeting our clients’
investment objectives. We believe that
the incorporation of ESG information,
fi
investment factors, leads to better-
informed investment decision-making
and a more holistic assessment of long-
term investment risks and opportunities.
As part of our investment process, we
consider material factors, which may
include ESG criteria, with the goal
of meeting our clients’ investment
ff
range of solutions that allow for client
customization according to their
sustainability preferences.
Our ESG Investment Program has been
designed to help clients meet their
investment objectives and enable them
to invest across a spectrum of returns,
risk and ESG objectives. As part of this
ff
– Integrate ESG factors into investment
decisions, as relevant and material
– ff
and capabilities in response to
client demand
– Perform stewardship activities
including active engagement and
proxy voting to drive value and
long-term sustainability
– Consider climate change related data
throughout our ESG program
– Oversee and manage ESG activities
through a strong governance structure
ESG integration
We believe that ESG factors can impact
fi
of investments. Incorporating ESG
factors into the investment process is
underpinned by the belief that it will
improve the resilience of the portfolio
over the long term by generating more
stable, sustainable long-term returns. We
fi
systematic consideration of ESG factors,
when relevant and material, alongside
traditional factors, into our investment
decisions and engage with issuers
as part of our commitment to active
ownership.
fi
fi
fi
the long-term performance outlook of a
company and the value of its securities.
Depending on the situation, as part of
our assessment of a company’s value,
fi
we may consider information about
many factors, including, among others,
those that are considered ESG, such as
exposure to regulation or litigation, labor
relations, human rights, product quality
and safety, reputation, governance
practices, executive compensation,
board oversight, reporting and
disclosure, community relations, energy
costs and climate impact.
In general, we focus on those ESG factors
ff
value and performance of a company
and its securities over time. Furthermore,
our experienced analysts and portfolio
managers have a deep understanding
of the nuances of their asset class and
fi
we attempt to take into account the
material factors that contribute to
making informed investment decisions.
Stewardship – Active Ownership
and engagement
Philosophy
Voya IM’s long-term perspective favors
sound investment principles aligned with
the priorities of our clients. Accordingly,
our active ownership activities are
designed to protect and enhance the
economic value of the companies in
which we invest on our clients’ behalf.
We do this through exercising our
voting rights at shareholder meetings,
engaging with companies in which
we have invested, and collaborating
with other stakeholders to encourage
companies to drive value and long-term
sustainability.
Voya IM believes that on-going
discussions with senior management
and board members of companies are
essential to understand the businesses
in which we have invested and to
promote best practices and long-term
sustainability. Therefore, communication
between our investment teams and
the Active Ownership (AO) team is
critical to ensuring our engagements
with companies address all relevant
ESG concerns. Engagements focused
on ESG matters are led by the AO
team and may also include portfolio
managers. In addition, members of our
investment teams engage with company
management to address a range of
fundamental questions and concerns,
which may include issues that can be
fi
To that end, Voya IM has developed
engagement guidelines to describe our
engagement philosophy, objectives,
priorities, methodology, tracking,
and escalation. These guidelines are
designed to help companies understand
the AO team’s engagement goals and
22
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
expectations, thereby fostering mutually
productive dialogue.
Engagements
The AO team aspires to improve
the long-term sustainability of the
companies in which Voya IM invests by
promoting ESG best practices through
our proxy voting and engagement
activities as well as collaborative
discussions with other institutional
shareholders. Therefore, the purpose of
all engagements conducted by the AO
team is to have a constructive dialogue
between the company and the AO
team. Our goal is to understand how the
company is addressing its ESG risks and
opportunities, better understand each
other’s views and objectives, develop
fi
both parties, and encourage enhanced
disclosure utilizing generally accepted
reporting frameworks such as TCFD,
SASB, EEO-1, GRI, etc.
Additionally, Voya IM investment teams
may engage with the companies
in which they invest. The AO and
investment teams have access to
a shared application to record key
issues during their engagements and
assess the company’s ability to address
fi
investment teams are able to escalate
any concerns they may have with a
company to the AO and ESG Research
teams.
Proxy Voting
fi
in the best interest of our clients.
To this end, Voya IM considers many
factors, including ESG factors, which
may impact the investment risk and
fi
As such, the Voya IM Proxy Voting
Procedures and Guidelines were
developed to summarize Voya IM’s
philosophy on various issues of concern
to shareholders and provide a general
indication of how Voya IM may vote its
clients’ portfolio securities regarding
these issues in order to maximize
shareholder value and mitigate risks.
ff
alignment to client ESG values by using
a client’s custom voting policy or using a
fi
Climate change
We believe that climate change is a
fi
not aggressively addressed through
ff
expect the global average temperature
will increase by a dangerously
high degree and radically alter our
ecosystems. The direct and indirect
ff
the economy, capital markets and
fi
Given this view, we integrate climate
change into the Voya IM’s ESG
investment framework, which helps
guide our assessment of portfolios’
exposures to climate and other
ESG risks and opportunities. Among
environmental considerations, climate
change represents the most important
theme for many sectors. Although the
magnitude of importance varies, it is a
consideration for all companies given
our expectation that decarbonization
will be a central macro driver going
forward. However, climate change
and its potential impact on asset value
are complex and uncertain. For these
reasons, Voya IM integrates data, as
available, related to carbon emissions,
fi
of environmental impact and climate
change vulnerability with the intent of
understanding a company’s physical risk
(i.e., future damage caused by climate
related disasters) and transition risks (i.e.,
ff
to a low-carbon global economy). We
also consider the opportunities on which
companies may be able to capitalize.
ff
at discerning climate change’s probable
impact on securities’ risk and return
fi
and insights can be used to build and
manage investment solutions that
fi
objectives. Implementation varies,
but these products generally seek to
promote climate change mitigation
or adaptation alongside generating
fi
note, as part of our normal investment
processes, Voya IM does not exclude
or favor investments strictly based
on climate-related metrics unless the
portfolio is expressly designed with such
an objective or clients direct us to do so.
Voya Investment Management Co LLC
23
STRATEGIC REPORT
Tim Scholefield
Independent Non-Executive
Director. Chairman of the Board and
Nomination Committee. Member
of the Remuneration Committee
and Management Engagement
Committee.
Tim joined the Board on 1 December
2021 and was appointed Chairman
on 26 April 2024. He is a non-executive
director of abrdn UK Smaller Growth
Companies plc and Jupiter Unit Trust
Managers Ltd. He is also Chairman
of Invesco Bond Income Plus Limited.
He has over thirty years’ experience in
investment management and was, until
2014, Head of Equities at Baring Asset
Management. Prior to Baring, he was
Head of International Equities at Scottish
Widows Investment Partnership Limited.
Ekaterina (Katya) Thomson
Independent Non-Executive
Director. Chairman of the
Audit & Risk Committee and
Remuneration Committee. Member
of the Nomination Committee
and Management Engagement
Committee.
Katya joined the Board on 18 July 2022
and has over 25 years of experience
fi
business development in both executive
and non-executive roles. She has held
fi
Lazard, ABN Amro and Thomas Cook.
Over the past seven years, Katya has
developed in-depth expertise in the UK
closed-ended funds sector, serving on
four investment trust boards, including
AVI Japan Opportunity Trust plc and
Henderson EuroTrust plc. Katya is a
Chartered Accountant and a member of
the ICAEW.
Elisabeth Scott
Independent Non-Executive
Director. Member of the Audit &
Risk Committee, the Nomination
Committee, Remuneration
Committee and the Management
Engagement Committee.
Elisabeth joined the Board on 1 February
2015. She is chair of India Capital
Growth Fund plc and of JPMorgan
Global Emerging Markets Income Trust
plc and has been a non-executive
director of investment companies since
2011. She was chair of the Association
of Investment Companies from January
2021 until January 2024. Elisabeth
worked in the Hong Kong asset
management industry from 1992 to
2008, latterly as managing director and
country head of Schroder Investment
Management (Hong Kong) Limited and
she chaired the Hong Kong Investment
Funds Association from 2005 to 2007.
24
ALLIANZ TECHNOLOGY TRUST PLC
Director’s Review
Neeta Patel CBE
Independent Non-Executive
Director. Chairman of the
Management Engagement
Committee and Senior Independent
Director. Member of the Audit &
Risk Committee, the Nomination
Committee and the Remuneration
Committee.
Neeta Joined the Board on 1 September
2019. She is a non-executive director
of Albion Venture Capital Trust plc
and European Opportunities Trust plc.
She is also a board adviser at several
technology startups. She was previously
CEO at the Centre for Entrepreneurs and
an entrepreneur mentor-in-residence
at London Business School, a board
adviser at Tech London Advocates and
a member of the advisory board at City
University Ventures.
She was awarded a CBE in the Queen’s
honours list in October 2020 for services
to entrepreneurship and technology.
Simon (Sam) Davis
Independent Non-Executive
Director. Member of the Audit &
Risk Committee, the Nomination
Committee, Remuneration
Committee and the Management
Engagement Committee.
Sam joined the Board on 1 January
2024. He is a non-executive director of
ff
Schroder Oriental Income Fund Limited.
Sam studied Japanese at Oxford before
joining Morgan Grenfell & Co. Ltd,
fi
both London and Tokyo. He moved to
Morgan Grenfell Asset Management in
1996 to work with a Tokyo-based team.
In 2000 he joined Putnam Investments
fi
where, over his 19 year tenure, he
managed Asian, European and broad
international equity portfolios. As
Putnam’s co-head of equities he oversaw
a global investment team and was CEO
of Putnam Investments Ltd, the group’s
UK regulated entity.
Lucy Costa Duarte
Independent Non-Executive
Director. Member of the Audit &
Risk Committee, the Nomination
Committee, Remuneration
Committee and the Management
Engagement Committee.
Lucy joined the Board on 1 January 2025.
She is a specialist in marketing strategy
and investor relations in the investment
trust sector. Formerly a director at
Citigroup, heading the emerging
markets ECM team in London, she left
Citigroup in 2007 and took a career
break. Since 2016, she has been running
the marketing and investor relations
functions of International Biotechnology
Trust plc in a part time capacity, initially
at SV Health Investors and more recently
at Schroders following the trust’s move
to Schroders in 2023. She holds a BA
(Hons) in Modern Languages from the
University of Durham.
Lucy is a non-executive director of MIGO
Opportunities Trust plc and Fidelity Asian
Values plc.
The table below sets out the number of formal Board and Committee meetings held during the year ending 31 December 2024
and the number attended by each Director. In addition to the scheduled Board and Committee meetings, Directors attended ad
hoc meetings to consider matters as and when required. All Directors attended the Annual General Meeting of the Company.
None of the Directors has a service contract with the Company. The terms of their appointment are detailed in a letter sent to them
when they join the Board. These letters are available for inspection on request to the Company Secretary. Meeting attendance by
the Directors during the year ending 31 December 2024 was as follows:
Board
Audit & Risk
Committee
Nomination
Committee
Remuneration
Committee
Management
Engagement
Committee
Strategy
Meeting
Number of meetings in the year 4 2 3 1 1 1
fi
1
4 2 3 1 1 1
Humphrey van der Klugt
2
2 1 1 N/A N/A N/A
Katya Thomson 4 2 3 1 1 1
Neeta Patel 4 2 3 1 1 1
Elisabeth Scott 4 2 3 1 1 1
Sam Davis 4 2 3 1 1 1
1
Tim Scholefield is not a member of the Audit & Risk Committee but may attend by invitation.
2
Retired from the Board on 24 April 2024.
25
DIRECTOR’S REVIEW
The Directors present their Report and
the audited Financial Statements for
the year ended 31 December 2024.
Information pertaining to the business
review including the outlook and future
development is included in the Strategic
Report, starting on page 12 and
within the Chairman’s Statement starting
on page 3.
Principal Activity and status
The Company was incorporated on
18 October 1995 and its Ordinary
shares were listed on the London Stock
Exchange on 4 December 1995. The
Company is registered as a public limited
company in England under company
number 3117355. The Company is an
investment company within the meaning
of section 833 of the Companies Act 2006
and carries on business as an investment
trust. The Company is a member of the
Association of Investment Companies.
The Company is an approved investment
trust under sections 1158 and 1159 of
the Corporation Taxes Act 2010 and
Part 2 Chapter 1 of Statutory Instrument
2011/2999. This approval relates to
accounting periods commencing on or
after 1 December 2012. The Directors
are of the opinion, under advice, that
the Company has continued to conduct
ff
approval. As an investment trust pursuant
to section 1158 of the Corporation Tax
Act 2010, the Financial Conduct Authority
(FCA) rules in relation to non-mainstream
investment products do not apply to
the Company.
Investment Objective
The Company invests principally in the
equity securities of quoted technology
companies on a worldwide basis with
the aim of achieving long-term capital
growth in excess of the Dow Jones World
Technology Index (sterling adjusted,
total return) (the Benchmark). Full details
can be found inside the front cover.
Investment funds
The market value of the Company’s
investments at 31 December 2024 was
£1,716m (2023: £1,287m) with gains of
£666m (2023: gains of £355m) over book
cost. Taking these investments at this
valuation, the net assets attributable to
each Ordinary share amounted to 458.6p
at 31 December 2024 (2023: 338.2p).
During the year, the Company did not
enter into any derivative contracts and
therefore there were no outstanding
contracts as at 31 December 2024. See
fi
instruments disclosure describing the
Company’s exposure to price risk, credit
fl
Information pertaining to the business
review and future outlook can be found
in the Strategic Report starting on
page 12.
Management Contracts
The Company has a tripartite Delegation
Agreement with AllianzGI UK and Voya
for portfolio management services.
AllianzGI UK is the AIFM, providing
company secretarial, administrative
and sales and marketing services, and
portfolio management services are
provided by Voya. The management
agreement provides for a base fee of
0.8% per annum payable quarterly in
arrears and calculated on the average
value of the market capitalisation
of the Company at the last business
day of each month in the relevant
quarter. The base fee reduces to 0.6%
for any market capitalisation between
£400m and £1 billion, and 0.5% for any
market capitalisation over £1 billion.
fi
£55,000 per annum to cover AllianzGI
UK’s administration costs.
In each year, in accordance with the
tripartite management contract,
the Investment Manager is entitled
to a performance fee subject to
various performance conditions. The
performance fee entitlement is equal
to 10.0% of the outperformance of the
adjusted NAV per share total return
as compared to the benchmark index,
the Dow Jones World Technology
Index (sterling adjusted, total return).
Any underperformance brought
forward from previous years is taken
into account in the calculation of the
performance fee.
A performance fee is only payable where
the NAV per share at the end of the
relevant Performance Period is greater
than the NAV per share at the end of the
fi
fee was last paid. At 31 December
2024 this ‘high water mark’ (HWM)
was 297.2p per share. In the event the
HWM is not reached in any year, any
outperformance shall instead be carried
forward to future periods to be applied
as detailed below. Any performance
fee payable is capped at 1.75% of the
average daily NAV of the Company
over the period. For this purpose, the
NAV is calculated after deduction of the
associated performance fee payable.
Any outperformance in excess of the cap
(or where the HWM has not been met)
shall be carried forward to future years
ff
underperformance but not to generate
a performance fee. To the extent the
Company has underperformed the
benchmark, such underperformance
ff
by future outperformance before
a performance fee can be paid.
Underperformance/outperformance
amounts carried forward do so
fiff
The performance fee accrued for as
at 31 December 2024 was £nil (31
December 2023: £nil).
The investment management fee
(payable to AllianzGI UK) is charged
100% to revenue and the performance
fee (payable to Voya) is charged 100%
to capital.
Continuing appointment
of the AIFM and the
Investment Manager
During the year, in accordance with the
UK Listing Rules published by the FCA,
the Board reviewed the performance of
the AIFM and the Investment Manager.
The review considered the Company’s
investment performance over both the
short and longer terms, together with the
quality and adequacy of other services
provided. The Board also reviewed the
appropriateness of the terms of the
Management Agreement and tripartite
Delegation Agreement, in particular
the length of notice period and the
management fee structure.
26
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
fi
Management Agreement and Tripartite Delegation Agreement is in the best interests of shareholders as a whole.
Going Concern
fi
fi
its 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 this has been assessed in the Viability Statement on page 14. The Directors believe that the Company has
fifi
fi
shareholders at the AGM in 2026.
Related Party Transactions
fifffi
performance of the Company.
Capital Structure
The Company’s capital structure is set out in Note 10 on page 60.
Voting Rights in the Company’s shares
As at 12 March 2025, Allianz Technology Trust PLC’s capital consisted of:
Share class
Number of
shares issued
Voting rights
per share
Total
voting rights
Ordinary shares of 2.5p in issue 378,211,879 1 378,211,879
Ordinary shares of 2.5p held in treasury 50,544,801 Nil Nil
Total 428,756,680 1 378,211,879
Interests in the Company’s Share Capital
The Company was aware of the following substantial interests in the voting rights of the Company as at 28 February 2025, the
latest practical date before publication of the Annual Financial Report.
31 December 2024
28 February 2025
Holder
Number of
shares
% of issued
share capital
Number of
shares
% of issued
share capital
Interactive Investor (EO) 48,613,093 12.8 48,414,661 12.8
Hargreaves Lansdown, stockbrokers (EO) 47,706,820 12.5 47,162,708 12.4
Rathbones 38,944,999 10.2 38,574,757 10.2
Charles Stanley 28,293,569 7.4 28,163,168 7.4
Evelyn Partners (Retail) 19,796,549 5.2 20,465,873 5.4
AJ Bell, stockbrokers (EO) 18,199,848 4.8 17,996,951 4.8
EO - Execution Only
Repurchase of Ordinary shares
At the Annual General Meeting (AGM) held on 26 April 2024, authority was granted for the repurchase of up to 64,270,626
Ordinary shares of 2.5p each, representing 14.99% of the issued share capital at the time. The Board has in place a discretionary
discount protection mechanism, described in the Chairman’s Statement and in the Strategic Report. In the year under review the
Company bought back 9,015,787 shares for holding in treasury (2023: 16,530,708).
The Board and diversity
The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented
fi
prepared for each appointment. The following tables set out the prescribed format for information a company must include in its
Annual Financial Report in accordance with the requirements of UK Listing Rules 6.6.6. The Board has chosen to align its diversity
27
DIRECTOR’S REVIEW
fi
periods. Further details on the Company’s appointment process can be found under Appointments to the Board and Director
Tenure on page 32.
As at 31 December 2024:
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
Men 2 40% N/A*
Women 3 60% N/A*
Other - - N/A*
fi - - N/A*
* This column is inapplicable as the Company is externally managed and does not have executive management functions,
fi
considers that chairing the permanent sub-committees that is the Audit & Risk Committee, Nomination Committee, Remuneration
Committee and Management Engagement Committee are all senior positions. Of these senior roles, three are performed by
women and one by a man.
As at 31 December 2024:
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
White British or other White (including minority-white groups) 4 80% N/A*
Mixed/Multiple Ethnic Groups - - N/A*
Asian/Asian British 1 20% N/A*
Black/African/Caribbean/Black British - - N/A*
Other ethnic group - - N/A*
* This column is inapplicable as the Company is externally managed and does not have executive management functions,
fi
White prescribed category above. The position of SID is attributed within the Asian/Asian British prescribed category above.
However, the Company considers that chairing the permanent sub-committees that is the Audit & Risk Committee, Nomination
Committee, Remuneration Committee and Management Engagement Committee are all senior positions. Of these senior roles,
three are attributed within the White British or other White and one within the Asian/Asian British prescribed categories above.
Directors election and re-elections
The Directors of the Company, with the exception of Lucy Costa Duarte, all served throughout the year under review. With the
exception of Elisabeth Scott, who will retire at the AGM, all Directors will stand for election or re-election by the shareholders at
the AGM in accordance with the AIC Code of Corporate Governance (AIC Code). Lucy Costa Duarte, who joined the Board on 1
January 2025, will stand for election at the AGM. The biographies of the Directors are set out on pages 24 and 25. The skills
and experience each Director brings to the Board for the long-term sustainable success of the Company are set out below. The
attendance record of each Director at meetings of the Board through the year is shown on page 25.
– fi
Tim brings a wealth of investment knowledge, expertise and experience in investment management, particularly in equities.
– Resolution 3 relates to the re-election of Katya Thomson, who was appointed on 18 July 2023, who brings in-depth knowledge,
fi
fi
– Resolution 4 relates to the re-election of Neeta Patel who was appointed on 1 September 2020 as a Director of the Company.
Neeta brings a wealth of knowledge from the technology sector.
– Resolution 5 relates to the re-election of Sam Davis who was appointed on 1 January 2024 as a Director of the Company. Sam
brings in-depth global investment management experience and expertise.
– Resolution 6 relates to the election of Lucy Costa Duarte who was appointed on 1 January 2025 as a Director of the Company.
Lucy brings expertise in marketing strategy and investor relations in the investment trust sector.
28
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Directors’ fees
A report on Directors’ Remuneration
starts on page 39.
Directors’ and Officers’
Liability Insurance
ffi
cover is in place and is provided at the
expense of the Company. Directors’ and
ffi
can be found on page 34.
Conflicts of Interest
Under the Companies Act 2006 a
director must avoid a situation where
she/he has, or can have, a direct
fl
fl
Company’s interests. Directors are able, if
fl
fl
reports annually on the Company’s
procedures for ensuring that its powers
fl
ff
been followed.
Under the AIC Code, the Directors are
required to notify the Chairman and
Company Secretary of any proposed
fl
fl
necessary, by the Board. The Directors
are required to list their current time
constraints when requesting prior
approval of a new appointment. The
fi
ff
and that the agreed procedures have
been followed in the year under review.
Directors
As at the date of this Report, the Board
consisted of six non-executive Directors
as detailed on pages 24 and 25.
All Directors with the exception of Lucy
Costa Duarte served throughout the
year. Lucy was appointed to the Board
on 1 January 2025.
Board Committees
For the year under review the
Nomination Committee was chaired
fi
Engagement Committee was Chaired by
Neeta Patel. The Audit & Risk Committee
and Remuneration Committee are
chaired by Katya Thomson. The full
fi
the responsibilities of each Committee,
can be obtained from the Company
Secretary and can be found on the
website www.allianztechnologytrust.
com.
Management
Engagement Committee
The Management Engagement
Committee report is on page 36.
Nomination Committee
The Nomination Committee report is on
page 37.
Remuneration Committee
The Remuneration Committee report is
on page 38.
Audit & Risk Committee
The Audit & Risk Committee Report
starts on page 44.
The Board and Matters Reserved
for the Board
ffi
ff
ff
a formal schedule of matters reserved
for the decision of the Board and there
is an agreed procedure for Directors,
in the furtherance of their duties,
to take independent professional
advice if necessary at the Company’s
fi
for the Board include the setting of
parameters for and the monitoring
of investment strategy, the review of
investment performance (including
performance relative to the benchmark
and to the Company’s peer group)
fi
of statutory Companies Act 2006
requirements including the payment
of any dividend and the allotment of
shares; matters of a Stock Exchange or
Internal Control nature such as approval
of shareholder statutory documentation;
performance reviews and director
independence; and, in particular
matters of a strategic or management
nature, such as the Company’s long
term objectives, commercial and
corporate strategy, share buy-back
and share issuance policy, share price
and discount/premium monitoring; the
appointment or removal of the AIFM
and the Investment Manager; unquoted
investment valuations; consideration
fi
requirements and limits and corporate
governance matters.
In order to enable them to discharge
their responsibilities, prior to each
meeting Directors are provided, in a
timely manner, with a comprehensive set
of papers giving detailed information
on the Company’s transactions,
fi
Representatives of the AIFM and the
Investment Manager attend each
Board meeting, enabling the Directors
fifi
or to probe further on matters of
concern. A full report is received from
the Investment Manager at each
meeting. In the light of these reports,
the Board reviews compliance with the
Company’s stated investment objectives
and, within these established guidelines,
the Investment Manager takes
decisions as to the purchase and sale of
individual investments.
Whistleblowing
As the Company has no employees
it does not have a formal policy
fi
of any concerns about improprieties for
appropriate independent investigation.
The Audit & Risk Committee has,
however, received and noted the AIFM
and Investment Manager’s policy on
this matter. However, any matters
concerning the Company may be
raised with the Chairman or Senior
Independent Director.
Modern Slavery Act 2015
The Company does not provide goods
or services in the normal course of
fi
vehicle does not have customers. The
Directors do not therefore consider that
the Company is required to make a
statement under the Modern Slavery
Act 2015 in relation to slavery or
ffi
Electronic communications
The Company has enabled electronic
communications whereby shareholders
may opt to receive documents
electronically. Shareholders who opted
for this receive either an email, where an
email address has been registered, or
letter notifying them of the availability
of the Company’s Annual Report, Half-
Year Report and any other Shareholder
documents on the Company’s website.
Those that elected not to switch to
electronic means will continue to receive
hard-copy documents by post. In
29
DIRECTOR’S REVIEW
order to reduce the Company’s impact
on the environment we encourage
shareholders, wherever possible, to
register an email address and to receive
fi
however continue to make available
postal copies where required.
Common Reporting
Standard (CRS)
CRS is a global standard for the
automatic exchange of information
commissioned by the Organisation
for Economic Cooperation and
Development and incorporated into UK
law by the International Tax Compliance
Regulations 2015. CRS requires the
Company to provide certain additional
details to HMRC in relation to UK
resident foreign investment holders. The
reporting obligation began in 2016 and
is an annual requirement. The Registrar,
MUFG Corporate Markets, is appointed
fi
the reports with HMRC on behalf of
the Company.
Safe Custody
The Company’s listed investments are
held in safe custody by HSBC Bank Plc
(the ‘Custodian’). Operational matters
with the Custodian are carried out on
the Company’s behalf by the Manager
in accordance with the provisions of the
investment management agreement.
The Custodian is paid a variable
fee dependent on the number of
trades transacted and location of the
securities held.
Depositary
HSBC Securities Services (the
‘Depositary’) acts as the Company’s
Depositary in accordance with the
Alternative Investment Fund Managers
Directive (AIFMD). The Depositary’s
responsibilities, which are set out in
the Investor Disclosure Document
on the Company’s website, include
cash monitoring; ensuring the proper
segregation and safe keeping of
fi
that are held by the Custodian; and
monitoring the Company’s compliance
with investment and leverage limit
requirements.
Although the Depositary has delegated
the safekeeping of all assets held within
the Company’s investment portfolio to
the Custodian, in the event of loss of
fi
instruments under AIFMD, the Depositary
will be obliged to return to the Company
fi
or the corresponding amount of money,
unless it can demonstrate that the loss
has arisen as a result of an external
event beyond its reasonable control, the
consequences of which would have been
unavoidable despite all reasonable
ff
Directors’ Responsibility,
Accountability and Audit
The Directors’ Statement of
fi
statements is set out on page 43.
The Independent Auditor’s Report
starts on page 47. The Board has
delegated contractually to external
agencies, including the AIFM and the
Investment Manager, the management
of the investment portfolio, the
custodial services (which include the
safeguarding of the assets), the day to
day accounting, company secretarial
and administration requirements and the
share registration services.
Each of these contracts was entered into
after full and proper consideration by
the Board of the quality and cost of the
ff
systems in operation insofar as they
ff
The Board receives and considers
regular reports from the AIFM and the
Investment Manager and ad hoc reports
and information are supplied to the
Board as required.
Auditor objectivity
and independence
Forvis Mazars LLP is the Auditor of the
Company. The Board believes that
auditor objectivity and independence is
safeguarded for the following reasons:
the extent of non-audit work which may
be carried out by Forvis Mazars LLP is
fl
fi
Forvis Mazars LLP has provided
information on its independence policies
and the safeguards and procedures it
has developed to counter perceived
fi
that it is independent within the meaning
of all regulatory and professional
requirements and that the objectivity of
the audit team is not impaired.
Each Director at the date of approval of
fi
(a) in so far as the Director is aware,
there is no relevant audit information
of which the Company’s auditor is
unaware; and
(b) the Director has taken all the steps
he or she ought to have taken as a
Director in order to make himself/herself
aware of any relevant audit information
and to establish that the Company’s
auditor is aware of that information.
fi
be interpreted in accordance with
the provisions of section 418 of the
Companies Act 2006. Forvis Mazars
LLP will stand for re-election at the
forthcoming AGM.
Disclosures required by FCA
Listing Rule 6.6.1
This rule requires listed companies to
report certain information in a single
fi
fifi
none of the prescribed information is
applicable to the Company in the year
under review.
Post Balance Sheet Events
Post balance sheet events are detailed
fi
Annual General Meeting
The AGM will be held on Wednesday
23 April 2025 at 2.30pm. This meeting
will be held as a hybrid meeting. This
means that there will be an in person
meeting as well as it being streamed
live for those shareholders who cannot
attend in person. The formal Notice of
AGM, including instructions on how to
join online, starts on page 72. The
Directors consider that the resolutions
relating to the items of special business,
as detailed below, are in the best
interests of shareholders as a whole.
Accordingly, the Directors unanimously
recommend to the shareholders that
they vote in favour of the resolutions to
be proposed at the forthcoming AGM, as
they intend to do in respect of their own
holdings of Ordinary shares.
The Board welcomes all shareholders
to the AGM at which the lead portfolio
manager will present his review of
the year and prospects for the future.
Additionally, shareholders wishing to
communicate directly with the Board
30
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
may make contact via the Company
Secretary, details of whom can be found
on page 68.
The following Resolutions relating
to items of special business will
be proposed:
Authority to allot new shares and
sell shares from treasury on a non
pre-emptive basis
By law, Directors are not permitted
to allot new shares (or to grant rights
over shares) unless authorised to
do so by shareholders. In addition,
fi
from shareholders before allotting
new shares (or granting rights over
shares) for cash or selling shares out of
fiff
existing shareholders in proportion to
their holdings.
Resolution 10 seeks to renew the
Directors’ authority to allot shares up to
a maximum aggregate nominal amount
of £1,071,891 (42,875,668 Ordinary
shares), representing approximately
10% of the Company’s total issued
Ordinary share capital as at 12 March
2025, being the latest practicable date
prior to publication of this document.
The authority will expire on 23 July 2026
or, if earlier, at the end of the Annual
General Meeting of the Company
to be held in 2026, unless previously
cancelled or varied by the Company in
general meeting.
Resolution 11, which is being proposed
as a Special Resolution, seeks to renew
the Directors’ authority to allot equity
securities, or sell Treasury shares, for
ff
shares to existing shareholders pro-
rata to their existing holdings, up to a
maximum aggregate nominal amount
of £1,071,891 (42,875,668 Ordinary
shares), representing approximately
10% of the Company’s total issued
Ordinary share capital as at 12 March
2025, being the latest practicable date
prior to publication of this document.
The authority will expire on 23 July 2026
or, if earlier, at the end of the Annual
General Meeting of the Company
to be held in 2026, unless previously
cancelled or varied by the Company in
general meeting.
The Directors do not currently intend
to allot new shares or sell shares from
treasury under these authorities other
than to take advantage of opportunities
in the market as they arise and/or
to seek to manage demand for the
Company’s shares and the premium
to NAV per share at which they trade,
and only if they believe it would be in
the best interests of the Company’s
existing shareholders to do so. Under no
circumstances would the Directors issue
shares or sell Treasury shares at a price
which would result in a dilution of the
NAV per Ordinary share.
Authority for the Company to
purchase its own shares
A resolution authorising the Directors
to make market purchases of up to
14.99% of the Company’s Ordinary
shares was passed at the AGM of the
Company on 24 April 2024. Resolution
12 will authorise the renewal of such
authority enabling the Company
to purchase in the market up to a
maximum of 64,270,626 Ordinary shares
(equivalent to approximately 14.99%
of the Company’s issued share capital)
either for cancellation or for holding
in treasury and sets out the minimum
and maximum prices at which Ordinary
shares may be purchased exclusive of
fl
the Companies Act 2006 and the UK
Listing Rules. The authority will expire
on 23 July 2026 or, if earlier, at the end
of the Annual General Meeting of the
Company to be held in 2026, unless
previously cancelled or varied by the
Company in general meeting.
The Board believes that such purchases
in the market at appropriate times
and prices may be a suitable method
of enhancing shareholder value. The
Company would make either a single
purchase or a series of purchases, when
market conditions are suitable and
within guidelines set from time to time
by the Board, with the aim of maximising
fi
The Board believes that the Company’s
ability to purchase its own shares may
assist liquidity in the market. Additionally,
where purchases are made at prices
below the prevailing NAV per share, this
enhances the NAV for the remaining
shareholders. It is therefore intended that
purchases will only be made at prices
below the prevailing NAV per share, with
the purchases to be funded from the
fi
(which are currently £776 million).
Approval is also being sought for two
secondary authorities under resolutions
13 and 14, to allot new shares, to
sell shares held as Treasury shares,
disapplying pre-emption rights.
By order of the Board
Kelly Nice
Company Secretary
12 March 2025
31
DIRECTOR’S REVIEW
The Board recognises the importance of
a strong corporate governance culture
that meets the listing requirements. The
Board has put in place a framework
for corporate governance which
it believes is appropriate for an
investment company in line with the
best practices in relation to matters
ff
regulators and other stakeholders of
the Company. With a range of relevant
skills and experience, all Directors
contribute to the Board discussions
and debates on corporate governance.
In particular, the Board believes in
providing as much transparency for
investors as is reasonably possible to
ensure investors can clearly understand
the prospects of the business and
enhance liquidity of its shares while
also preserving an appropriate level of
fi
The Board has considered the Principles
and Provisions of the AIC Code of
Corporate Governance (‘AIC Code’). The
AIC Code addresses the Principles and
Provisions set out in the UK Corporate
Governance Code (the UK Code), as well
as setting out additional Provisions on
fi
the Company.
The Board considers that reporting
against the Principles and Provisions of
the AIC Code, which has been endorsed
by the FRC, provides more relevant
information to shareholders. The AIC
Code is available on the Company’s and
AIC’s websites.
Application of the Provisions
and Principles
The Company has complied with
the Principles and Provisions of the
AIC Code during the year ended 31
December 2024. The AIC Code is
available on the AIC website (www.
theaic.co.uk). It includes an explanation
of how the AIC Code adapts the
Principles and Provisions set out in the
UK Code to make them relevant for
investment companies.
The Board
The Directors are responsible for the
ff
ffff
leadership so that the Company has the
platform from which it can achieve its
investment objective. The Board’s role
is to guide the overall business strategy
to achieve long term success and value
fi
description of the Company’s strategy
can be found on page 12. Strategic
issues and all operational matters of
a material nature are considered at
its meetings.
At 31 December 2024, the Board
fi
fi
Lucy Costa Duarte was appointed a
non-executive Director on 1 January
2025. A formal schedule of matters
reserved for decision by the Board has
been adopted. The Board has engaged
fi
management, secretarial, depositary,
custodial and share registration services.
Contractual arrangements are in place
fi
The Board notes that Elisabeth Scott
has been a non-executive Director of
the Company for over nine years, and as
previously stated, she will be retiring at
the forthcoming AGM.
The Board carefully considers the
various guidelines for determining
the independence of non-executive
Directors, placing particular weight on
the view that independence is evidenced
by an individual being independent
of mind, character and judgement.
All Directors are presently considered
to be independent. Notwithstanding
her length of service on the Board,
the Directors are unanimously agreed
that Elisabeth Scott continues to be
independent. All Directors retire at the
AGM each year and, if appropriate, seek
re-election. Each Director has signed
a letter of appointment to formalise
the terms of their engagement as a
non-executive Director, therefore they
do not have a service contract with
the Company. Copies of the letters of
engagement are available on request
and at the AGM.
Senior Independent Director
Neeta Patel is the Senior Independent
Director (SID). She is available to
shareholders if they have concerns which
contact through the normal channels of
Chairman, AIFM or Company Secretary
has failed to resolve or for which such
contact is inappropriate.
Board Culture
The Board adopts a culture where
all parties are treated with respect.
The Directors provide mutual support
combined with constructive challenge.
The Chairman encourages open debate
to foster a supportive and co-operative
approach for all participants. The
Board aims to be open and transparent
with shareholders and their respective
stakeholders. At regular meetings the
Board engages with the AIFM and the
Investment Manager to understand
its culture and receives reporting and
feedback from other service providers.
Appointments to the Board and
Director tenure
The Board regularly reviews its
composition, having regard to the
Board’s structure and to the present
and future needs of the Company. The
Board takes into account its diversity, the
balance of expertise and skills brought
by individual Directors, and length of
service, where continuity and experience
fi
of the Board and believes that this
provides for a sound base from which
the interests of investors will be served to
a high standard.
32
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
fi
having a diverse range of experience,
skills, length of service and backgrounds.
The tenure of each Director, including
the Chairman, is not ordinarily expected
to exceed nine years. However, the
Board is also of the view that length of
service will not necessarily compromise
the independence or contribution of
directors of an investment trust company
or, indeed, its chairman. Continuity and
fi
the strength of the Board especially in
times of market turbulence. All Directors
with the exception of Elisabeth Scott
have served for fewer than nine years.
As previously announced and reported
in the Chairman’s Statement on page
5, having served on the Board for
ten years, Elisabeth Scott will retire at
the Company’s forthcoming AGM. The
Directors’ appointments are formally
fi
following their date of joining the Board.
Each Director will stand for re-election
annually at the AGM. The biographies
of each Director can be found on
pages 24 and 25 and the ordinary
resolutions for their election and re-
election on page 72.
The Board appoints all Directors on merit
and under the Articles of Association of
the Company, the number of Directors
may be no more than ten and no less
than two. A Director may be appointed
by ordinary resolution. When the
Nomination Committee considers Board
succession planning and recommends
appointments to the Board, it takes into
account a variety of factors. Knowledge,
experience, skills, personal qualities,
residency and governance credentials
play an important part.
During the year under review, Humphrey
van der Klugt retired from the Board
and Sam Davis was appointed to the
ff
following a recruitment process run by
Fletcher Jones, an external recruitment
agency. Lucy Costa Duarte was
ff
1 January 2025, following a recruitment
process run by Sapphire Partners, an
external recruitment agency.
Meetings
The Board is scheduled to meet at
least four times a year and between
these formal meetings there is regular
contact with the AIFM, the Investment
Manager, the Company Secretary and
the Company’s Brokers. The Directors
are kept fully informed of investment
fi
that are relevant to the business of the
Company that should be brought to the
attention of the Directors. The Directors
also have access, where necessary
in the furtherance of their duties, to
independent professional advice at
the expense of the Company. The
attendance record of Directors for the
year to 31 December 2024 is set out on
page 25.
The Board considers agenda items laid
out in the notice and agenda of each
meeting which are circulated to the
Board in advance of the meeting as
part of the Board papers. Directors may
request any agenda items to be added
that they consider appropriate for Board
discussion. Each Director is required
to inform the Board of any potential
fl
Board discussion. The Board constantly
considers the Company’s strategy
with regard to market conditions and
feedback from shareholders received
directly or from the Managers. The
investment strategy is reviewed regularly
with the AIFM and the Investment
Manager. Board meetings include a
review of investment performance and
associated matters such as marketing/
investor relations, risk management,
gearing, general administration and
compliance, peer group information and
industry issues.
Board evaluation
The Board evaluates its performance
and considers the tenure and
independence of each Director on
an annual basis. During 2024, an
internally facilitated Board evaluation
was conducted whereby each Director
assessed the workings of and individual
contributions to the Board, Committees,
the performance of the Chairman and
the AIFM and Investment Manager. The
Chairman and SID also held individual
discussions with each Director. The
results were discussed at the Nomination
Committee held in November 2024 and
it was concluded that the evaluation
process had been worthwhile.
Each Director believes that the
composition of the Board and its
fl
and experience, and that the Board, as
a whole, and its Committees functioned
ff
of the Board and Committees were
held in person.. The composition of the
Board, Committees and tenure of the
Chairman are reviewed annually by the
Nomination Committee. Further details
can be found on page 37.
The Board is diverse in its composition
and thought processes. The Directors
have a breadth of experience relevant
to the Company. The Directors believe
that any changes to the Board’s
composition can be managed without
undue disruption. The members of the
Board strive to challenge each other
constructively to make sure all issues are
ff
Board holds the AIFM and Investment
Managers properly to account on their
progress on inclusion and diversity.
The Board recommends the election and
re-election of Directors and supporting
biographies are disclosed on pages 24
and 25 of this annual report.
Delegation of responsibilities
The Board has delegated the following
areas of responsibility: The day-to-day
administration of the Company has been
delegated to Allianz Global Investors
UK Limited in its capacity as Company
Secretary and Administrator, along with
fi
relations. Tasks include preparing the
valuations, the statutory accounts, the
management accounts, presenting
results and information to shareholders,
coordinating all corporate service
providers to the Company and giving the
Board general advice.
Voya Investment Management Co
LLC, the Investment Manager has full
discretion (within agreed parameters) to
make investments in accordance with the
Company’s Investment Policy. Among the
fi
fi
of the Company and existing portfolio
as a whole, including the sourcing of
new investments, presenting results and
information to shareholders.
33
DIRECTOR’S REVIEW
Directors’ and Officers’ Deed of
Indemnity
The Company has also entered into
qualifying third party Deeds of Indemnity
with each Director to cover any liabilities
that may arise to a third party, other
than the Company, for negligence,
default or breach of trust or duty. The
Deeds were in force during the year to
31 December 2024 and up to the date of
approval of this report. The Directors are
fi
to the Company or costs incurred in
connection with criminal proceedings
in which the Director is convicted or
required to pay any regulatory or
fiffi
Liabilities insurance information can be
found on page 29.
Training and advice
New Directors are provided with an
induction programme that is tailored
to the particular requirements of the
fi
are provided on changes in regulatory
ff
Directors are encouraged to attend
industry and other seminars. Directors, in
the furtherance of their duties, may also
seek independent professional advice at
the expense of the Company. No Director
fi
under review. All Directors have access to
the advice and services of the Company
Secretary, who is responsible to the Board
for ensuring that Board procedures
are followed and that applicable rules
and regulations are complied with. The
Company Secretary is also responsible
for advising the Board through the
Chairman on all governance matters.
Conflicts of Interest
Company Directors have a statutory
obligation to avoid a situation in which
they (and connected persons) have, or
can have, a direct or indirect interest that
flfl
the interests of the Company. The Board
has in place procedures for managing
fl
interest as set out on page 29. No
fl
under review.
Alternative
Performance Measures
In addition to providing guidance on
Corporate Governance, the AIC provides
the investment company industry
with leadership on the reporting of
alternative performance measures to
support a fair and balanced approach
to the performance of your Company.
A glossary of Alternative Performance
Measures (APMs) can be found on
page 66.
Audit, Risk Management &
Internal Controls
For the reasons previously mentioned,
the Directors consider the provisions
relating to the internal audit as not
relevant to the Company.
There is an Audit & Risk Committee,
which is chaired by Katya Thomson, that
meets at least twice a year and the full
Audit & Risk Committee Report starts on
page 44.
The Directors are responsible for
ff
risk management and internal control
systems for the Company, which
are designed to ensure that proper
accounting records are maintained,
fi
which business decisions are made
and which is issued for publication
is reliable, and that the assets of the
Company are safeguarded. Such a
system of internal control is designed
to manage rather than eliminate the
risks of failure to achieve the Company’s
business objectives and can only provide
reasonable and not absolute assurance
against material misstatement or loss.
The Directors, through the procedures
outlined below and further detailed
in the Strategic Report and the Audit
& Risk Committee Report, have kept
ff
management and internal controls
under review throughout the year
fi
and up to the date of approval of the
Annual Financial Report. The Board has
fi
the key areas of investment strategy,
technology sector risk, cyber risk,
fi
liquidity risk and operational risk for
extended review. Emerging risks are also
considered by the Board.
The Directors’ Statement of
Responsibilities, set out on page 43,
fi
a robust assessment of the emerging
and principal risks facing the Company,
including those that would threaten its
business model, future performance,
solvency or liquidity and reputation.
The AIFM and the Investment Manager
have established internal control
frameworks to provide reasonable
ff
the internal controls operated on
behalf of their clients. The AIFM and
Investment Manager’s compliance
and risk departments assess the
ff
an ongoing basis.
The AIFM and the Investment Manager
provide the Board with regular reports
on all aspects of internal control
fi
compliance control, risk management
and relationships with external service
providers). Business risks have been
analysed and recorded in a Risk Matrix,
which is formally reviewed by the Audit
& Risk Committee at its meetings and at
other times as necessary. It is believed
that an appropriate framework is in
place to meet the requirements of the
AIC Code.
The Investment Manager, at least on
a quarterly basis, reports to the Board
on the market and on the investment
performance of the Company’s portfolio.
Further information is contained
in the Chairman’s Statement, the
Directors’ Report and the Investment
Manager’s Review.
Relations with shareholders
During 2024, the Company had regular
contact with its shareholders in person
and virtually through the AIFM and the
Investment Manager. The Chairman met
with a number of shareholders following
his appointment as Chairman. The
AGM will be held as a hybrid meeting
and will allow shareholders to ask the
Board questions.
34
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
The Board and the Annual Report
The Board is responsible for reviewing
the entire annual report and has noted
the supporting information received
and the recommendations of the Audit
& Risk Committee. The Board has
considered whether the annual report
fl
the Company and its activities and
performance in the year under review
with a clear link between the relevant
sections of the report. The Board was
fi
report, taken as a whole, is fair, balanced
and understandable and provides the
information necessary for shareholders
to assess the Company’s position
and performance, business model
and strategy.
By order of the Board
Kelly Nice
Company Secretary
12 March 2025
35
DIRECTOR’S REVIEW
Committee
Role of the Committee
The role of the Management
Engagement Committee is to
review the investment management
agreement and the Company’s Service
Providers. The Committee monitors
the performance of the Investment
Manager for portfolio management
services and the AIFM for the secretarial,
fi
support services that it provides under
a tripartite agreement. It also reviews
the terms of the agreement including
the level and structure of fees payable,
the length of notice period and best
practice provisions generally. All of the
Committee’s responsibilities have been
carried out over the course of the year
under review.
Composition of the Committee
All the Directors are members of the
Committee and it is Chaired by Neeta
Patel. The terms of reference can be
found on the Company’s website www.
allianztechnologytrust.com
Manager evaluation process
During the year under review, the
Committee met once to consider
the relationship, and the services
provided by both the AIFM and the
Investment Manager prior to making its
recommendation to the Board on the
retention of the AIFM and the Investment
Manager being in the best interests of
the shareholders.
The Committee reviewed the
performance fee arrangements to
ensure they were still appropriate for the
size of the Company.
The Committee reviewed the split of
responsibilities under the tripartite
agreement, details of which are noted in
the Directors Report on page 26.
The performance of the AIFM and the
Investment Manager is considered at
every Board meeting with a formal
evaluation by the Committee each
year. For the purpose of its ongoing
monitoring, the Board receives detailed
reports and views from the Investment
Manager on the investment policy
and strategies, asset allocation,
stock selection, attributions, portfolio
characteristics and risk. The Board also
assesses the Investment Manager’s
performance against the investment
controls set by the Board. During the
year the Board visited the Investment
Manager in California, meeting with
various representatives of their business
units as well as the investment team.
A breakdown of the portfolio begins on
page 10.
The AIFM and the Investment
Manager reappointment
The Committee last met in December
2024 and in a closed session after
the presentations from the AIFM
and the Investment Manager, it was
concluded that in its opinion the
continuing appointment of both the
AIFM and the Investment Manager on
the terms agreed was in the interests
of shareholders as a whole and
recommended this to the Board.
Committee evaluation
The activities of the Management
Engagement Committee were
considered as part of the Board
appraisal process completed in
accordance with standard governance
arrangements as summarised on page
33. The conclusion from the process
was that the Committee was operating
ff
membership and skills.
Neeta Patel
Management Engagement Committee
Chairman
12 March 2025
36
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Report of the Nomination Committee
Role of the Committee
The primary role of the Nomination
Committee is to review and make
recommendations with regard to Board
structure, size and composition, the
balance of knowledge, experience,
skill ranges and diversity and consider
succession planning and tenure policy.
All of the Committee’s responsibilities
have been carried out during the year
under review. The Committee met on
three occasions during the year and
fi
reviewed the following matters:
– the structure and size of the Board
and its composition particularly in
terms of succession planning and the
experience and skills of the individual
Directors and diversity across the
Board as a whole;
– tenure policy;
– the criteria for future Board
appointments and the methods
of recruitment, selection
and appointment;
– the recruitment of a new Director and
the reappointment of those Directors
standing for re-election at annual
general meetings;
– the need for any changes in
committee membership;
– the attendance and time commitment
fi
duties, including the extent of their
other directorships;
– the question of each Director’s
independence prior to publication of
the Report and Accounts in line with
the requirements of the AIC Code; and
– the authorisation of each Director’s
fl
accordance with the provisions of
the Act.
Composition of the Committee
The Committee is composed of all
the current Directors and chaired
by the Chairman of the Board. The
terms of reference can be found
on the Company’s website www.
allianztechnologytrust.com.
Succession planning
During the year the Committee started
the process for the appointment of a
new non-executive Director. Sapphire
Partners, an executive search agency,
were engaged to assist with the
recruitment process. The Company
and the Directors have no other
connection with Sapphire Partners. The
Committee provided their criteria for
the appointment. Sapphire Partners
introduced a number of candidates to
the Committee who were invited for
interview with existing Directors. Lucy
Costa Duarte was appointed to the
Board on 1 January 2025.
Performance evaluation
During the year the Committee
undertook an internally facilitated
review. The evaluation process
adopted required the completion of
a questionnaire and each Director to
participate in individual discussions with
the Chairman and SID on the workings
of and individual contributions to the
Board, Committees, performance of
the Chairman. Questions included a
review of the interaction with the AIFM
and the Investment Manager. The
Senior Independent Director led the
review of the Chairman. The results
of the performance evaluation were
discussed at the Committee meeting
held in December 2024. Any concerns
were discussed openly and addressed
with all Directors with the AIFM present.
It was agreed by all participants that the
ff
fi
fi
Company as a whole. Board diversity is
summarised on page 27.
Tim Scholefield
Nomination Committee Chairman
12 March 2025
37
DIRECTOR’S REVIEW
Report of the Remuneration Committee
Role of the Committee
The primary role of the Remuneration
Committee is to determine the
remuneration policy for the Chairman
and Directors as well as considering the
need to appoint external remuneration
consultations. The Committee reviews
ff
policy and strategy at least once a year.
Composition of the Committee
The Committee comprises all current
Directors and is chaired by Katya
Thomson. The terms of reference can be
found on the Company’s website www.
allianztechnologytrust.com.
Consideration of
Directors’ Remuneration
The Committee reviews Directors’
remuneration taking into consideration
the Company’s Remuneration Policy,
a selection of peer comparisons, other
market information and the Trust
Associates Fee Review. The policy is to
review Directors’ fee rates from time to
time, but reviews will not necessarily
result in a change to the rates. Any
feedback received from shareholders
is also taken into account when setting
remuneration levels.
The level of Directors’ fees are
recommended to and approved by the
Board. Directors abstain from voting on
their own fees. Directors’ remuneration
is paid monthly in arrears and is paid
to the individual Director; no payments
have been made to third parties on
behalf of the individual.
A detailed summary of the Chairman
and Directors’ remuneration starts on
page 39.
Committee evaluation
The activities of the Remuneration
Committee were considered as part of
the Board appraisal process completed
in accordance with standard governance
arrangements as summarised on
page 33. The conclusion from the
process was that the Committee was
ff
Katya Thomson
Remuneration Committee Chairman
12 March 2025
38
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Introduction
This Directors’ Remuneration Implementation Report (the Report) has been prepared in accordance with the requirements of
Sections 420-422A of the Companies Act 2006 and Schedule 8 of The Large and Medium-sized Companies and Groups (Accounts
and Reports) Regulations 2008 as amended in August 2013 (the Regulations). The Report is subject to an annual advisory vote of
shareholders and an Ordinary Resolution for the approval of the Report will be put to the shareholders at the AGM.
The law requires your Company’s Auditor to audit certain disclosures provided. Where disclosures have been audited, they are
noted as such. The Auditor’s opinion is included in their report which starts on page 47.
Remuneration Policy Report
The Remuneration Policy of the Company is required to be put to a binding vote of shareholders at least once every three years;
the policy was last proposed to and approved by shareholders at the AGM in 2024 and will therefore next be proposed as a
binding vote at the AGM in 2027. The Remuneration Policy Report follows on page 42 and is available on the Company’s
website www.allianztechnologytrust.com.
Remuneration Committee
A detailed description of the Committee’s role and members can be found on page 38.
Annual General Meeting (AGM) Voting Statement
At the AGM held on 24 April 2024, of the votes cast by proxy for the approval of the Remuneration Implementation Report,
133,378,288 (99.75%) were cast in favour, 333,959 (0.25%) were cast against and 219,220 shares were withheld from the vote.
For the Remuneration Policy Report, which was proposed as a binding vote, of the votes cast, 133,373,037 (99.75%) were cast in
favour, 338,125 (0.25%) were cast against and 220,306 shares were withheld.
Annual Statement
The Chairman of the Remuneration Committee reports that the Directors’ remuneration will be increased as of 1 January 2025 as
set out on page 40.
Relative importance of spend on pay
The following disclosure is a statutory requirement. The Directors, however, do not consider that the comparison of Directors’
remuneration with distributions made by the Company is a meaningful measure of the Company’s overall performance. The table
below sets out the total level of remuneration compared to the share buy-backs, dividends and distributions made in the year:
2024
£
2023
£
2022*
£
2021
£
2020
£
Total Remuneration 219,727 207,114 203,064 149,500 128,250
Total Dividends, Share Buy-backs and Distributions 31,974,000 40,373,000 39,263,000 16,772,000 -
* Number of permanent Directors increased from 4 to 5.
Letters of Appointment
It is the Board’s policy that Directors do not have service contracts. Instead each Director has received a letter setting out the terms
of their appointment under which they provide their services to the Company. In accordance with the Articles any new Directors will
fi
will stand for re-election by shareholders annually. A Director may resign by notice in writing to the Board at any time and may be
ffi
ffi
the Directors.
39
DIRECTOR’S REVIEW
Allianz Technology Trust Net
Allianz Technology Trust
Return
return)
Source: AllianzGI / Datastream in sterling. Figures have been rebased to 100 as at 31 December 2014.
800
700
600
500
400
300
200
100
Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
Your Company’s performance
The regulations require a line graph to be included in the Directors’ Remuneration Report showing total shareholder return
fi
value performance against its Benchmark index of the Dow Jones World Technology Index (sterling adjusted, total return)
and is rebased to 100. An explanation of the Company’s performance is given in the Chairman’s Statement and Investment
Manager’s Review.
Directors’ fees
All the Directors, with the exception of Humphrey van der Klugt who retired on 24 April 2024 and Lucy Costa Duarte who was
appointed on 1 January 2025, served throughout the year and received the fees set out below.
In the year under review to 31 December 2024 the Directors’ fees were paid at the following rates: £35,000 per annum for each
Director with the Chairman of the Board receiving an extra £21,000 per annum, the Chairman of the Audit & Risk Committee an
extra £10,500 and the Senior Independent Director an extra £2,000 per annum.
A review of Directors’ fees is conducted annually by the Remuneration Committee, taking into consideration the increasing
demands and accountability of the corporate governance and regulatory environment, as well as the fees of other comparable
investment companies. No external remuneration consultant was used, however the Committee reviewed the Trust Associates
Investment Company Non-Executive Directors’ Fee Review 2024. Having considered carefully the information provided and
to remain competitive for future recruitment, the following increases were agreed. The Directors’ fees will be increased as of 1
January 2025 to £38,000 per annum. The Chairman of the Board will receive £61,000 per annum. The Chairman of the Audit & Risk
Committee will receive £49,500 and the Senior Independent Director will receive £40,000 per annum.
In accordance with the Company’s Articles of Association, the aggregate maximum limit for fees that may be paid to the Directors
per annum is £325,000.
These fees exclude any employers’ national insurance contributions, if applicable. Directors are authorised to claim reasonable
expenses from the Company in relation to the performance of their duties. However, the policy is to only claim ad hoc expenses
which would not ordinarily include general travel to and from meetings held in London. No Director is entitled to receive share
fififi
remuneration stated above.
40
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Directors’ Remuneration (audited information)
The Directors who served in the year received the following emoluments in the form of fees:
Appointed
Variable
Fees
2024
£
Total
Fees
2024
£
Variable
Fees
2023
£
Total
Fees
2023
£
Humphrey van der Klugt 1 July 2015 (retired 24 April 2024) - 11,811 - 34,500
Elisabeth Scott 1 February 2015 - 35,000 - 33,000
Neeta Patel 1 September 2019 - 36,416 - 33,000
fi 1 December 2022 - 56,000 - 46,564
Katya Thomson 18 July 2022 - 45,500 - 41,500
Sam Davis 1 January 2024 - 35,000 - -
- 219,727 - 207,114
No payments of Directors’ fees were made to third parties. The fees are pro-rata.
Annual Percentage Change
2024
£
% change
2023 to
2024
2023
£
% change
2022 to
2023
2022
£
% change
2021 to
2022
2021
£
% change
2020 to
2021
2020
£
Chairman 56,000 5.6 53,000 3 51,000 6 48,000 18 40,500
Audit & Risk Chairman 45,500 9.6 41,500 N/A
1
41,500 6 39,000 15 33,750
SID 37,000 6.5 34,500 N/A
1
Independent Director 35,000 6 33,000 3 32,000 6 30,000 11 27,000
1
Until 31 December 2022, Chairman of the Audit & Risk Committee and SID were a combined fee.
Directors’ Interests (audited information)
The Directors are not required to hold any shares in the Company; however, pursuant to Article 19 of the EU Market Abuse
Regulations the Directors’ Interests in the share capital of the Company are shown in the table below.
Ordinary shares of 2.5p each
Appointed
31 December
2024
31 December
2023
fi 1 December 2021 19,250 19,250
Elisabeth Scott 1 February 2015 16,500 16,500
Neeta Patel 1 September 2019 14,989 9,852
Katya Thomson 18 July 2022 30,000 25,000
Sam Davis 1 January 2024 9,028 -
Lucy Costa Duarte 1 January 2025 - -
Since the year end, Lucy Costa Duarte has purchased 7,180 Ordinary shares. There have been no further changes to any of the
Directors’ holdings from the year end to the date of this report.
Katya Thomson
Remuneration Committee Chairman
12 March 2025
41
DIRECTOR’S REVIEW
In accordance with Schedule 8 of The
Large and Medium sized Companies
and Groups (Accounts and Reports)
Regulations 2008 as amended, the
Company is required to put to a binding
vote of shareholders, at least every three
years, the Company’s Remuneration
Policy Report (‘the Policy’).
The Policy was last proposed to and
approved by shareholders at the AGM
in 2024 and will therefore be proposed
as an Ordinary Resolution at the AGM
in 2027.
Directors’ Remuneration Policy
The Company’s Remuneration Policy
provides that fees payable to the
fl
ff
and the responsibilities borne by the
ffi
enable candidates of high calibre to
be recruited.
Directors are remunerated solely in the
form of fees payable monthly in arrears,
paid to the Director personally or to a
fi
term incentive schemes, share option
schemes or pension arrangements and
fi
to the Directors’ performance, either
individually or collectively. There are no
payments of recruitment bonuses.
The Board consists of non-executive
Directors whose appointments are
reviewed by the Board as a whole. None
of the Directors has a service contract
with the Company and any Director may
resign by notice in writing to the Board at
any time; there are no set notice periods
and no compensation is payable to a
ffi
ffi
and there are no employees.
When reviewing the level of
remuneration consideration is given to
the time, commitment and Committee
responsibilities of each Director. The
Board also takes into account the
fees paid to directors of companies
within its peer group, the increasing
demands and accountability of the
corporate governance and regulatory
environment, as well as the fees of other
comparable companies.
The policy is for the Chairman of the
Board, Audit & Risk Committee and
Senior Independent Director to be paid
a fee which is proportionate to the
fi
involved in the position.
It is intended that the above
Remuneration Policy will continue to
fi
and subsequent years.
Katya Thomson
Remuneration Committee Chairman
12 March 2025
42
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
The Directors are responsible for
preparing the Annual Financial
fi
accordance with applicable law and
regulations. Company law requires the
fi
fi
the Directors have elected to prepare the
fi
United Kingdom Generally Accepted
Accounting Practice (United Kingdom
Accounting Standards and applicable
fi
required by law to give a true and
ff
Company and of the total return of the
Company for that year. In preparing
fi
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
– fi
the going concern basis, unless it is
inappropriate to presume that the
Company will continue in business.
fi
fi
above requirements.
The Directors are responsible for keeping
adequate accounting records that
disclose with reasonable accuracy at
fi
Company and enable them to ensure
fi
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
fi
included on the Company’s website.
fi
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
fi
were initially presented on the website.
Visitors to the website need to be
aware that legislation in the United
Kingdom governing the preparation
fi
ff
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
fi
fi
matters are the responsibility of the
Directors but no control procedures can
provide absolute assurance in this area.
fi
their knowledge that:
(a) the Financial Statements, prepared
in accordance with applicable
accounting standards, give a true
and fair view of the assets, liabilities,
fi
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.
fi
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
12 March 2025
43
DIRECTOR’S REVIEW
During the year under review, Forvis
Mazars LLP were re-appointed as
auditor at the Company’s Annual
General Meeting in 2024. Their
independent report can be found on
page 47.
Responsibility
The primary responsibilities of the
Committee are to ensure the integrity
fi
and the appropriateness of the risk
management processes and internal
controls. The report details how we carry
out this role.
Composition and meetings
The members of the Committee
throughout the year were myself as
Chairman, Elisabeth Scott, Neeta
fi
Chairman of the Board, is not a member
of the Committee but attends meetings
by invitation. The Committee believes
that it is in the best interests of the
Company for the Chairman of the Board
to attend the Committee meetings. All
the members of the Committee are
independent Non-Executive Directors,
and their skills and experience are
set out on pages 24 and 25. The
Board reviews the composition of
the Committee and it considers that,
ffi
fi
sector experience to fully discharge
their responsibilities.
The Committee meets at least twice per
year. The attendance of the Committee
members is shown on page 25. The
Committee invites the external auditor,
a representative of the Depositary,
fi
compliance and risk functions and the
Investment Manager’s compliance
function to attend and report to the
Committee on relevant matters. As part
of the year end process I, as Chairman
of the Committee, attended additional
meetings with representatives of the
AIFM and the external auditor. In
addition, during the year, the Committee
also met privately with the external
auditor to give them an opportunity to
raise any issues without management
present. After each Committee meeting
the Chairman of the Committee reports
to the Board on the main items discussed
at the meeting.
Role and responsibilities of the
Audit & Risk Committee
The Committee’s authority and duties
fi
which were reviewed during the year,
and are available on the Company’s
website www.allianztechnologytrust.
com.
The principal activities carried out during
the year were:
– Financial reporting: we considered
fi
including the implications of any
accounting standards and regulatory
fi
issues and the appropriateness of
the accounting policies adopted.
fi
that, taken as a whole, the Annual
Financial Report is fair, balanced
and understandable and provides
the information necessary for
shareholders to assess the Company’s
position, performance, business model
and strategy.
– External audit: we considered the
scope of the external audit plan and
fi
work.
– Risk and internal control: we
considered the key risks facing the
Company and the adequacy and
ff
and risk management processes.
– External auditor: we considered the
ff
of the external auditor, as detailed
later in this report.
Internal Audit and
Internal Controls
The Committee continues to believe
that the Company does not require an
internal audit function as it delegates
its day-to-day operations to third
parties from whom it receives internal
control reports. Reports from third
party auditors on the internal controls
maintained on behalf of the Company
by the AIFM, Investment Manager and
by other providers of administrative and
custodian services to AllianzGI UK or
directly to the Company were reviewed
during the year.
my formal report
Chairman of the
44
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Risk Management
The Board has ultimate responsibility for the management of the risks associated with the Company. The Committee assists the
Board by undertaking a formal assessment of risks and reporting to the Board as appropriate. The Committee has reviewed
its approach to risk management and the reporting of such to the Board and has concluded that the processes in place are
adequate and provide a robust assessment of risk associated with the Company.
The Committee reviews in detail at least twice per year the full Risk Matrix and Controls schedule and makes appropriate
recommendations to the Board which may include adding or removing risks for consideration, monitoring and reviewing the
fi
continues to assess the high-level risks.
The Audit & Risk Committee also reviews the annual Internal Controls documents provided by key third party service providers
and reports as necessary to the Board. Further details of the key risks associated with the Company are detailed within the
Strategic Report.
Significant areas of risk and focus considered by the Audit & Risk Committee during the year
The Annual Report and Financial Statements are the responsibility of the Board and the Statement of Directors’ Responsibilities
is on page 43. The Audit & Risk Committee advises the Board on the form and content of the Annual Report and Financial
fi
The Committee is responsible for agreeing a suitable Audit Plan for the year-end audit and production of the Annual Financial
fi
and included:
Valuation, existence and
ownership of the Company’s
investments
Valuations of actively traded investments are reconciled using stock exchange
prices provided by third party pricing vendors. The Company holds no unquoted
fi
custodian’s records.
Recognition, completeness
and occurrence of revenue
Income received is accounted for in line with the Company’s accounting policy (as
set out on page 55) and is reviewed by the Committee.
Compliance with Section
1158 of the Corporation Tax Act
2010
The Committee regularly considers the controls in place to ensure that the
regulations for ensuring investment trust status are observed at all times.
Maintaining internal controls
The Committee receives regular reports on internal controls from AllianzGI and
its delegates and has access to the relevant personnel at AllianzGI who have
responsibility for risk management.
Management and
Performance Fees
The calculation of the management and performance fees payable to AllianzGI UK
and Voya is reviewed by the Committee before being approved by the Board.
Viability Statement
The Board is required to make a longer term viability statement in relation to the
continuing operations of the Company. The Committee reviews papers produced
in support of the statement made by the Board which assesses the viability of the
fi
Annual Financial Report
The Committee and then the whole Board reviewed the entire Annual Financial Report and noted all the supporting information
fl
activities and performance in the year, with a clear link between the relevant sections of the report. The Directors were then able
fi
necessary for shareholders to assess the Company’s position, performance, business model and strategy.
Auditor effectiveness
The Committee is responsible for reviewing the terms of appointment of the Auditor and for monitoring the audit process including
fffi
subsequently issued by them.
45
DIRECTOR’S REVIEW
As part of the review of the auditor, the
members of the Committee and those
representatives of the Manager involved
in the audit process reviewed and
considered a number of areas including:
– the reputation and standing of the
fi
– the audit processes and evidence of
partner oversight;
– audit communication including details
of planning; and
– information on relevant accounting
and regulatory developments,
and recommendations on
corporate reporting.
Auditor tenure
There are no contractual obligations
which restrict the Committee’s choice of
auditor. This is Forvis Mazars LLP’s third
year as the Company’s independent
auditor with Nargis Yunis appointed as
audit partner. Following professional
guidelines, Nargis can serve for up to
fi
of the auditor is considered by the Audit
& Risk Committee each year, taking
into account relevant guidance and
best practice and considering their
ff
the external audit process.
Auditor independence
As reported last year, the Committee
was informed by Forvis Mazars LLP
that during the period under review,
there was a breach by Forvis Mazars
LLP of paragraph 2.3a of the FRC
Ethical Standard as a Forvis Mazars
LLP partner working in a non-audit
capacity held shares in the Company.
Following detailed discussions with
Forvis Mazars LLP and receipt of
reassurance with respect to ongoing
controls enhancements, the Committee
has concluded that this was a technical
breach and does not impact the Auditor
independence. Forvis Mazars LLP did
not provide any non-audit services to
the Company in this or the previous
accounting year.
The Committee also took into account
the competitiveness of their fees and
obtained feedback from the AIFM
regarding the performance of the audit
fi
the independence and performance
of the Auditor. Forvis Mazars LLP will
be proposed at the forthcoming AGM
to be re-appointed as auditors of
the Company for the year ending 31
December 2025.
Committee evaluation
The activities of the Audit & Risk
Committee were considered as part of
the Board appraisal process completed
in accordance with standard governance
arrangements as summarised on
page 33.
The conclusion from the process was that
ff
with the right balance of membership,
experience and skills.
Katya Thomson
Audit & Risk Committee Chairman
12 March 2025
46
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Opinion
fi
Technology Trust PLC (the ‘Company’) for the year ended 31
December 2024 which comprise the Income Statement, the
Balance Sheet, the Statement of Changes in Equity, and notes
fi
policy information.
fi
applied in their preparation is applicable law and United
Kingdom Accounting Standards, including FRS 102 “The
Financial Reporting Standard applicable in the UK and
Republic of Ireland” (United Kingdom Generally Accepted
Accounting Practice).
fi
– ff
fi
ended;
– have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice; and
– have been prepared in accordance with the requirements of
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further
described in the “Auditor’s responsibilities for the audit of
fi
independent of the Company in accordance with the ethical
fi
statements in the UK, including the FRC’s Ethical Standard as
applied to listed entities and public interest entities, and we
fi
with these requirements. We believe that the audit evidence we
ffi
for our opinion.
Conclusions relating to going concern
fi
the Directors’ use of the going concern basis of accounting in
fi
Our audit procedures to evaluate the Directors’ assessment of
the Company’s ability to continue to adopt the going concern
basis of accounting included but were not limited to:
– Undertaking an initial assessment at the planning stage
of the audit to identify events or conditions that may cast
fi
going concern;
– Obtaining an understanding of the relevant controls relating
to the Directors’ going concern assessment;
– making enquiries of the Directors to understand the period
of assessment considered by the Directors, assessing and
challenging the appropriateness of the Directors’ key
assumptions in their income and expense projections and
implication of those when assessing severe but plausible
scenarios;
– assessing the liquidity of the portfolio through reviewing the
Directors’ assessment of how quickly the portfolio could be
liquidated if required;
– assessing the Company’s performance to date;
– evaluating the appropriateness of the Directors’ disclosures
fi
viability statement.
fi
any material uncertainties relating to events or conditions that,
fi
Company’s ability to continue as a going concern for a period
fi
are authorised for issue.
Our responsibilities and the responsibilities of the Directors with
respect to going concern are described in the relevant sections
of this report.
In relation to Allianz Technology Trust PLC’s reporting on how
it has applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the
fi
the Directors considered it appropriate to adopt the going
concern basis of accounting.
Allianz Technology Trust PLC
47
FINANCIAL STATEMENTS
Financial Statements
Key audit matters
fifi
fi
fiff
fffi
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We summarise below the key audit matter in forming our opinion above, together with an overview of the principal audit
procedures performed to address this matter and our key observations arising from those procedures.
fi
Completion Report.
Key Audit Matter How our scope addressed this matter
Valuation, existence and ownership of the
investment portfolio
(as described on page 45 in the Report of
the Audit and Risk Committee and as per the
accounting policy set out on page 55).
Investments held as of 31 December 2024 were
valued at £1.7bn (2023: 1.3bn), these are measured
in accordance United Kingdom Accounting
Standards, and the Statement of Recommended
Practice issued by the Association of Investment
Companies. The investment portfolio solely
comprises of level one investments.
Investments make up 98% (2023:98%) of net assets
by value and are considered to be the key driver for
the Company’s performance. The investments are
fi
upon initial recognition as held at fair value
fi
and subsequently at fair value which is based on
their quoted bid prices at the close of business on
the year-end date. There is a risk that investments
recorded might not exist or might not be owned
by the Company. Although the investments are
valued at quoted bid prices, there is a risk that errors
fi
numbers presented.
fi
ownership of investments as a key audit matter as it
ff
and allocation of resources.
Valuations of actively traded investments are reconciled using
stock exchange prices provided by third party pricing vendors. The
Company holds no unquoted investments. Ownership of listed
fi
Our audit procedures included, but were not limited to:
– understanding Management’s process to record and
value investments through discussions with Management
and examination of control reports for the third-party
service organisation;
– performing walkthroughs to evaluate the design and
implementation of controls;
– for all investments in the portfolio, agreeing investment holdings
to HSBC Bank Plc’s (‘Custodian / Depositary’), independently
fi
obtain comfort over existence and ownership;
– for all investments in the portfolio, independently comparing
the market prices to a reputable third-party pricing source and
recalculating the investment valuations as at the year-end;
– for all investments in the portfolio, assessing the frequency of
fi
and
– fi
statements and ensure that the methodology applied is in
accordance with United Kingdom Accounting Standards and the
Statement of Recommended Practice issued by the Association of
Investment Companies.
Our observations
We have no matters to communicate with regards to the valuation,
existence and ownership of the investment portfolio held as at 31
December 2024.
48
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Our application of materiality and an overview of the scope of our audit
fl
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of
fiff
fi
d on our professional judgement, we determined materiality for
fi
Overall materiality £ 17,468,540 (2023: £13,187,750)
How we determined it 1% of net assets (2023: 1% of net assets)
Rationale for
benchmark applied
fifi
considered to be the main focus of the shareholders.
Whilst valuation processes for these investments are not considered to be complex, there is a
risk that errors in valuation could cause a material misstatement. 1% has been chosen as it is a
generally accepted auditing practice for investment trust audits and the Company is a public
interest entity.
Performance
materiality
Performance materiality is set to reduce to an appropriately low level the probability that the
fi
fi
On the basis of our risk assessments and together with our assessment of the overall control
environment, we set performance materiality at £12,227,978 (2023: £7,912,650) which represents
70% (2023: 60%) of overall materiality
Reporting threshold fi
audit above £524,056 (2023: £395,633) as well as misstatements below that amount that, in our
view, warranted reporting for qualitative reasons.
fi
fi
error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the Directors
fi
ffifi
statements as a whole. We used the outputs of our risk assessment, our understanding of the Company, its environment, controls,
ffifi
statement line items.
Other information
fi
fi
not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
fi
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether
fi
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
49
FINANCIAL STATEMENTS
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion, the part of the Directors’ remuneration report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of
the audit:
– the information given in the strategic report and the
fifi
fi
statements and those reports have been prepared in
accordance with applicable legal requirements;
– the information about internal control and risk management
fi
about share capital structures, given in compliance with rules
7.2.5 and 7.2.6 in the Disclosure Guidance and Transparency
Rules sourcebook made by the Financial Conduct Authority
fi
and has been prepared in accordance with applicable legal
requirements; and
– information about the Company’s corporate governance
code and practices and about its administrative,
management and supervisory bodies and their committees
complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.
Matters on which we are required to report
by exception
In light of the knowledge and understanding of the Company
and their environment obtained in the course of the audit, we
fi
– strategic report or the Directors’ report; or
– information about internal control and risk management
fi
about share capital structures, given in compliance with rules
7.2.5 and 7.2.6 of the FCA Rules.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
– adequate accounting records have not been kept by the
Company, or returns adequate for our audit have not been
received from branches not visited by us; or
– fi
Directors’ remuneration report to be audited are not in
agreement with the accounting records and returns; or
– fi
law are not made; or
– we have not received all the information and explanations
we require for our audit; or
– a corporate governance statement has not been prepared
by the Company.
Corporate governance statement
The UK Listing Rules require us to review the Directors’
statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement relating
to the Company’s compliance with the provisions of the UK
fi
Based on the work undertaken as part of our audit, we
have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with
fi
the audit:
– Directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any
fi
– Directors’ explanation as to its assessment of the entity’s
prospects, the period this assessment covers and why the
period is appropriate, set out on page 14;
– Directors’ statement on fair, balanced and understandable,
set out on page 43;
– fi
assessment of the emerging and principal risks, set out on
page 14;
– fi
ff
control systems, set out on page 14; and;
– The section describing the work of the Audit Committee, set
out on page 44.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities
statement set out on page 43, the Directors are responsible
fi
fi
internal control as the Directors determine is necessary to
fi
from material misstatement, whether due to fraud or error.
fi
responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless the Directors either intend to liquidate the Company
or to cease operations, or have no realistic alternative but to
do so.
Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
fi
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAs (UK)
will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could
fl
fi
The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and their
industry, we considered that non-compliance with the following
50
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
ff
fi
GDPR, Money Laundering Regulations 2007 and Money
Laundering (Amendment) regulations 2012, The Alternative
Investment Fund Managers Directive (AIFMD), Financial
Services and Markets Act 2000.
To help us identify instances of non-compliance with these
laws and regulations, and in identifying and assessing the risks
of material misstatement in respect to non-compliance, our
procedures included, but were not limited to:
– Gaining an understanding of the legal and regulatory
framework applicable to the Company, the industry in
which they operate, and the structure of the Company, and
considering the risk of acts by the Company which were
contrary to the applicable laws and regulations, including
fraud;
– Inquiring of the Directors, management and, where
appropriate, those charged with governance, as to whether
the Company is in compliance with laws and regulations,
and discussing their policies and procedures regarding
compliance with laws and regulations;
– Reviewing any correspondence with relevant licensing or
regulatory authorities including the FCA;
– Reviewing minutes of Directors’ meetings in the year and up
fi
– Discussing amongst the engagement team the laws
and regulations listed above, and remaining alert to any
indications of non-compliance.
We also considered those laws and regulations that have a
fffi
such as the UK Listing Rules, HMRC Investment Trust rules, the
UK Corporate Governance Code, the AIC Code of Corporate
Governance, the Companies Act 2006 and UK tax legislation.
In addition, we evaluated the Directors’ and management’s
incentives and opportunities for fraudulent manipulation of
fi
override of controls, and determined that the principal risks
related to posting manual journal entries to manipulate
fi
fi
estimates, in particular in relation to the investment portfolio,
revenue recognition (which we pinpointed to the accuracy,
fffiff
unusual transactions.
Our procedures in relation to fraud included but were not
limited to:
– Making enquiries of the Directors and management on
whether they had knowledge of any actual, suspected or
alleged fraud;
– Gaining an understanding of the internal controls
established to mitigate risks related to fraud;
– Discussing amongst the engagement team the risks of fraud;
– Addressing the risks of fraud through management override
of controls by performing journal entry testing.
The primary responsibility for the prevention and detection of
irregularities, including fraud, rests with both those charged
with governance and management. As with any audit,
there remained a risk of non-detection of irregularities, as
these may involve collusion, forgery, intentional omissions,
misrepresentations or the override of internal controls.
ff
on our audit are discussed in the “Key audit matters” section of
this report.
A further description of our responsibilities is available on
the Financial Reporting Council’s website at www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters which we are required to address
Following the recommendation of the Audit Committee, we
were appointed by the Audit Committee on 13 July 2022
fi
December 2022 and reappointed by the Members at the
fi
The period of total uninterrupted engagement is three years,
covering the years ended 31 December 2022 to 31 December
2024.
The non-audit services prohibited by the FRC’s Ethical
Standard were not provided to the Company and we remain
independent of the Company in conducting our audit.
As reported last year, during the period under review, there
was a breach by Forvis Mazars LLP of paragraph 2.3a of the
FRC Ethical Standard as a Forvis Mazars LLP partner working
in a non-audit capacity held shares in Allianz Technology Trust
PLC. Our assessment, which has been shared and agreed with
the Directors, is that it was a technical breach and does not
impact our independence since the respective partner is not
fi
Standards. The investment was disposed of immediately when
it was discovered. We therefore concluded that we remain
independent of the Company in conducting our audit. We
continue to monitor and reassess controls in place to prevent
such breaches happening in the future.
Our audit opinion is consistent with our additional report to the
Audit Committee.
Use of the audit report
This report is made solely to the Company’s members as
a body in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the Company’s members those matters
we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body for our audit
work, for this report, or for the opinions we have formed.
Nargis Shaheen Yunis (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey, London
EC4M 7AU
12 March 2025
51
FINANCIAL STATEMENTS
Income Statement
Notes
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total Return
£’000s
2023
Revenue
£’000s
2023
Capital
£’000s
2023
Total Return
£’000s
Gains on investments held at fair value through
fi
7 - 462,854 462,854 - 424,802 424,802
Exchange gains (losses) on currency balances (8) 1,521 1,513 (46) (1,122) (1,168)
Income 1 6,571 - 6,571 5,372 - 5,372
Investment management fee and performance fee 2 (8,816) - (8,816) (6,866) - (6,866)
Administration expenses 3 (1,165) - (1,165) (1,003) - (1,003)
Profit (loss) before finance costs and taxation (3,418) 464,375 460,957 (2,543) 423,680 421,137
Taxation 4 (891) - (891) (937) - (937)
Profit (loss) on ordinary activities attributable to
Ordinary shareholders
(4,309) 464,375 460,066 (3,480) 423,680 420,200
Earnings (loss) per Ordinary share (basic and diluted) 6 (1.12p) 120.68p 119.56p (0.88p) 106.71p 105.83p
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.
fi
Income. The Company does not have any other Comprehensive Income.
The notes on pages 55 to 65 form an integral part of these Financial Statements.
52
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Notes
2024
£’000s
2023
£’000s
Non current assets
fi 7 1,715,543
Current assets
Other receivables 9 511
Cash and cash equivalents 9 33,763
34,274 34,982
Current liabilities
Other payables 9 (2,950) (2,993)
Net current assets 31,324 31,989
Total net assets 1,746,867 1,318,775
Capital and reserves
Called up share capital 10 10,719
Share premium account 11 334,191
Capital redemption reserve 11 1,021
Capital reserve 11 1,442,679
Revenue reserve 11 (41,743) (37,434)
Shareholders’ funds - equity 12 1,746,867 1,318,775
Net asset value per Ordinary share 12 458.6p 338.2p
fi
the Board of Directors on 12 March 2025 and signed on its behalf by:
Tim Scholefield
Chairman
12 March 2025
at
The notes on pages 55 to 65 form an integral part of these Financial Statements.
53
FINANCIAL STATEMENTS
Statement of Changes in Equity
Called up
Share
Capital
£’000s
Share
Premium
Account
£’000s
Capital
Redemption
Reserve
£’000s
Capital
Reserve
£’000s
Revenue
Reserve
£’000s
Total
£’000s
Net assets at 1 January 2023 10,719 334,191 1,021 626,971 (33,954) 938,948
Revenue loss - - - - (3,480) (3,480)
Shares repurchased into treasury during the year - - - (40,373) - (40,373)
fi - - - 423,680 - 423,680
Net assets at 31 December 2023 10,719 334,191 1,021 1,010,278 (37,434) 1,318,775
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)
fi - - - 464,375 - 464,375
Net assets at 31 December 2024 10,719 334,191 1,021 1,442,679 (41,743) 1,746,867
The notes on pages 55 to 65 form an integral part of these Financial Statements.
54
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Notes to the Financial Statements
1 The financial statements
– have been prepared on the
basis of the accounting policies set out below.
fi
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.
fl
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
fi
The accounting policies adopted in preparing the current
fi
previous years.
The Directors believe that it is appropriate to continue to
fi
statements as the assets of the Company consist mainly
fi
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
fi
resources to continue in operational existence and meet
its objectives for twelve months after the approval of the
fi
2 Revenue
– 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.
3 Investment management fees and administrative
expenses
– The investment management fee is calculated
fi
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.
4 Valuation – The Company’s business is investing in
fifi
fi
assets are publicly traded equity investments which are
fi
FRS 102 Section 11: ‘Basic Financial Instruments’ and
Section 12: ‘Other Financial Instruments’.
fi
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
fi
are recognised on the trade date, being the date which the
Company commits to purchase or sell the assets.
5 Taxation
– Where expenses are allocated between
capital and revenue, any tax relief obtained in respect of
those expenses is allocated between capital and revenue
on the marginal basis.
Deferred taxation is recognised in respect of all timing
ff
balance sheet date, where transactions or events that result
in an obligation to pay more tax or a right to pay less tax in
ffff
fi
fi
A deferred tax asset is recognised when it is more likely
than not that the asset will be recoverable. Deferred tax
is measured on a non-discounted basis at the rate of
corporation tax that is expected to apply when the timing
ff
6 Foreign currency
– In accordance with FRS 102 Section
30: ‘Foreign Currency Translation’, the Company is
required to nominate a functional currency, being the
Summary of Accounting Policies
55
FINANCIAL STATEMENTS
currency in which the Company predominately operates.
The functional and reporting currency is sterling,
fl
Company operates, the predominant currency in which
its shareholders operate and the currency in which its
expenses are generally paid.
Transactions in foreign currencies are translated into
sterling at the rates of exchange ruling on the date of the
transaction. Assets and liabilities are translated into sterling
at the rates of exchange ruling at the balance sheet date.
Gains and losses thereon are recognised in the revenue or
capital column of the income statement, dependant on the
nature of the gain or loss. Gains and losses on investments
arising from a change in exchange rate are taken to the
capital reserves.
7 Shares repurchased for cancellation and holding in
treasury
– For shares repurchased for cancellation, Share
Capital is reduced by the nominal value of the shares
repurchased, and the Capital Redemption Reserve is
correspondingly increased in accordance with Section
733 of the Companies Act 2006. The full cost of the
repurchase is charged to the Capital Reserve.
For shares repurchased for holding in treasury, the full cost
is charged to the Capital Reserve.
8 Shares sold (re-issued) from treasury
– Proceeds received
from the sale of shares held in treasury are treated as
fi
Companies Act 2006. Proceeds equivalent to the original
cost, calculated by applying a weighted average price,
are credited to the Capital Reserve to replenish the
fi
original cost are credited to the Share Premium Account.
9 Shares issued – Share capital is increased by the nominal
value of shares issued. The proceeds in excess of the
nominal value of shares net of expenses are allocated to
the Share Premium Account.
10 Significant judgements, estimates and assumptions – In
the application of the Company’s accounting policies,
which are described above, the Directors are required
to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are
not readily apparent from other sources. These estimates
and associated assumptions are based on historical
experience and other factors that are considered to be
ff
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
ff
ff
current and future periods.
fi
or assumptions made during the year. The investment
portfolio currently consists of listed investments and
fi
valuing those securities.
11 Operating segments
– The Company has one operating
segment, being that of an investment trust investing
principally in equity securities on a worldwide basis, with
the aim of achieving long term capital growth.
56
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
1. Income
2024
£’000s
2023
£’000s
Income from investments*
Equity income from overseas investments 5,630 4,865
5,630 4,865
Other income
Deposit interest 941 507
941 507
Total income 6,571 5,372
* All equity income is derived from listed investments.
2. Investment Management Fee
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total
£’000s
2023
Revenue
£’000s
2023
Capital
£’000s
2023
Total
£’000s
Investment management fee 8,816 - 8,816 6,866 - 6,866
Allianz Global Investors UK Ltd is appointed as AIFM and performance management services are provided by Voya Investment
Management Co LLC. The management agreement provides for a base fee of 0.8% per annum payable quarterly in arrears
and calculated on the average value of the market capitalisation of the Company at the last business day of each month
in the relevant quarter. The base fee reduces to 0.6% for any market capitalisation between £400m and £1 billion, and 0.5%
fi
administration costs.
In each year, in accordance with the management contract, the Investment Manager is entitled to a performance fee subject
to various performance conditions. For years beginning on or after 1 January 2022, the performance fee entitlement is
equal to 10.0% (1 December 2013 to 31 December 2021: 12.5%) of the outperformance of the adjusted NAV per share total
return as compared to the benchmark index, the Dow Jones World Technology Index (sterling adjusted, total return). Any
underperformance brought forward from previous years is taken into account in the calculation of the performance fee.
A performance fee is only payable where the NAV per share at the end of the relevant Performance Period is greater than the
fi
mark (HWM) was 297.2p per share. In the event the HWM is not reached in any year, any outperformance shall instead be carried
forward to future periods to be applied as detailed below. Any performance fee payable is capped at 1.75% of the average daily
NAV of the Company over the period (2023: 1.75% of year-end NAV). For this purpose, the NAV is calculated after deduction of
the associated performance fee payable.
Any outperformance in excess of the cap (or where the HWM has not been met) shall be carried forward to future years to be
ff
ff
fiff
The performance fee accrued for as at 31 December 2024 was £nil (31 December 2023: £nil).
The Investment Manager’s fee is charged 100% to Revenue and the performance fee is charged 100% to Capital.
57
FINANCIAL STATEMENTS
3. Administration expenses
2024
£’000s
2023
£’000s
Auditor’s remuneration
Fee payable to the Company's auditor for the audit of the Company's annual accounts 50 48
VAT on auditor's remuneration 10 10
60 58
Directors' fees
1
220 207
Employer national insurance contributions 22 23
Marketing costs
2
371 245
Depositary fees 65 58
Custodian fees 60 55
Registrar’s fees 103 136
Professional & advisory fees 95 116
Stock exchange fees 67 52
Legal fees 16 4
Printing and postage 54 48
FCA fees 45 37
AIC fees 22 21
Other administrative expenses 83 61
VAT recovered (118) (118)
1,165 1,003
The above expenses include value added tax where applicable.
1
Directors’ fees are set out in the Directors’ Remuneration Implementation Report on page 39.
2
The marketing budget takes into account both the marketing activity carried out by the AIFM and other third party service providers.
4. Taxation
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total
£’000s
2023
Revenue
£’000s
2023
Capital
£’000s
2023
Total
£’000s
Overseas taxation 891 - 891 937 - 937
Total tax 891 - 891 937 - 937
Reconciliation of tax charge
fi (3,418) 464,375 460,957 (2,543) 423,680 421,137
Tax on profit (loss) at 25% (2023: 23.52%) (855) 116,094 115,239 (598) 99,649 99,051
Reconciling factors
Non taxable income (1,405) - (1,405) (1,135) - (1,135)
Non taxable capital losses - (115,714) (115,714) - (99,913) (99,913)
(Losses) gains on foreign currencies - (380) (380) - 264 264
Excess of allowable expenses over taxable income 2,260 - 2,260 1,733 - 1,733
ff 891 - 891 937 - 937
Total tax 891 - 891 937 - 937
The Company’s taxable income is exceeded by its tax allowable expenses. As at 31st December 2024, the Company had
accumulated surplus expenses of £130.6m (2023: £121.5m).
58
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
At 31 December 2024 the Company has not recognised a deferred tax asset of £32.6m (2023: £30.4m) in respect of accumulated
expenses based on a prospective corporation tax rate of 25% (2023: 25%). Provided the Company continues to maintain its current
fifi
fi
for accounting periods commencing on or after 1 December 2012, subject to the Company continuing to meet the eligibility
conditions at Section 1158 Corporation Tax Act 2010 and the ongoing requirements for approved companies in Chapter 3 of Part
2 Investment Trust (Approved Company) Tax Regulations 2011 (Statutory Instrument 2011/2999).
ff
eligibility conditions.
The Company has not therefore provided tax on any capital gains and losses arising on the disposal of investments.
5. Dividends on Ordinary shares
fi
6. Earnings per Ordinary share
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total
£’000s
2023
Revenue
£’000s
2023
Capital
£’000s
2023
Total
£’000s
Earnings (loss) after taxation attributable to
Ordinary shareholders
(4,309) 464,375 460,066 (3,480) 423,680 420,200
Earnings (loss) per Ordinary share (1.12p) 120.68p 119.56p (0.88p) 106.71p 105.83p
2024
No. of Shares
2023
No. of Shares
Weighted average number of Ordinary shares in issue for the earnings per Ordinary share calculations above 384,793,143 397,030,186
Basic and diluted earnings per share are the same as the Company has no dilutive instruments.
7. Investments held at fair value through profit or loss
Gains on investments
2024
£’000s
2023
£’000s
Opening book cost 932,068 920,805
Opening investments holding gains (losses) 354,718 (21,868)
Opening market value 1,286,786 898,937
Additions at cost 794,238 987,092
Disposals proceeds received (828,335) (1,024,045)
Gains on Investments 462,854 424,802
Market value of investments held at 31 December 1,715,543 1,286,786
Closing book cost 1,049,917 932,068
Closing investments holding gains 665,626 354,718
Closing market value 1,715,543 1,286,786
Gains on Investments 462,854 424,802
The Company received £828.3m (2023: £1,024.0m) from investments sold in the year. The book cost of these investments when
they were purchased was £676.4m (2023: £975.8m). These investments have been revalued over time and until they were sold
any unrealised gains/losses were included in the fair value of the investments. Transaction costs and stamp duty on purchases
amounted to £147,000 (2023: £193,000) and transaction costs on sales amounted to £214,000 (2023: £235,000).
59
FINANCIAL STATEMENTS
8. Investments in subsidiaries or other companies
As at 31 December 2024 the Company held no investments in subsidiaries, nor did it hold more than 10% of the share capital of
any other company or have any holdings in an investee undertaking which comprises 3% or more of any class of capital.
9. Other receivables, cash and cash equivalents and other payables
2024
£’000s
2023
£’000s
Other receivables
Accrued income 446 621
Other receivables 65 69
511 690
Cash and cash equivalents
Cash at bank 33,763 34,292
Other payables
Other payables 2,950 2,993
2,950 2,993
The carrying amount of other receivables, cash and cash equivalents and other payables, each approximate their fair value.
10. Called up Share Capital
2024
£’000s
2023
£’000s
Allotted and fully paid
428,756,680 Ordinary shares of 2.5p (2023: 428,756,680)* 10,719 10,719
* Inclusive of 47,815,457 (2023: 38,799,670) Ordinary shares held in treasury for reissuance into the market or cancellation at a future date.
Shares held in treasury are non-voting and not eligible for receipt of dividend.
During the year no Ordinary Shares (2023: £nil) were issued from the block listing facility and 9,015,787 Ordinary shares repurchased
to be held in treasury (2023: 16,530,708). During the year no Ordinary shares were reissued from treasury (2023: £nil). Proceeds from
share issuances were £nil (2023: £nil) net of issuance costs of £nil (2023: £nil). Since the year end a further 2,729,344 shares have been
bought back up to and including 12 March 2025.
2024
Number
2024
£’000s
2023
Number
2023
£’000s
Allotted 2.5p Ordinary shares
Brought forward 389,957,010 9,749 406,487,718 10,162
Shares repurchased to treasury (9,015,787) (225) (16,530,708) (413)
Carried forward 380,941,223 9,524 389,957,010 9,749
2024
Number
2023
Number
Treasury shares:
Brought forward 38,799,670 22,268,962
Shares repurchased to treasury 9,015,787 16,530,708
Carried forward 47,815,457 38,799,670
Total Ordinary shares in issue and in treasury at the end of the year 428,756,680 428,756,680
60
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
11. Reserves
Capital Reserve
Share
Premium
Account
£’000s
Capital
Redemption
Reserve
£’000s
Gains (losses)
on sales of
investments
£’000s
Investment
holding
gains (losses)
£’000s
Revenue
Reserve
£’000s
Balance at 31 December 2023 334,191 1,021 654,382 355,896 (37,434)
Gains on sales of investments - - 505,073 - -
Foreign currency gains - - 1,521 - -
Net movement in investment holding gains - - - (42,219) -
Transfer on disposal of investments - - (353,127) 353,127 -
Shares repurchased to treasury during the year - - (31,974) - -
Retained loss for the year - - - - (4,309)
Balance at 31 December 2024 334,191 1,021 775,875 666,804 (41,743)
The Institute of Chartered Accountants in England and Wales in its technical guidance TECH 02/17 states that investment holding
gains arising out of a change in fair value of assets may be recognised as gains on sales of investments provided they can be
readily converted into cash.
Securities listed on a stock exchange are generally regarded as being readily convertible into cash and hence investment holding
gains in respect of such securities may be regarded as realised under Company Law.
ff
amount received is allocated here. It is not distributable by way of a dividend and cannot be used to repurchase shares.
The Capital Redemption Reserve represents the nominal value of shares repurchased and cancelled. It is not distributable by way
of a dividend and cannot be used to repurchase shares.
fl
Capital column of the Income Statement. It can be used for share repurchases for holding in treasury. It is also distributable by way
of a dividend.
fl
12. Net Asset Value (NAV) per share
The Net Asset Value per share (which equates to the net asset value attributable to each Ordinary share in issue at the year end
calculated in accordance with the Articles of Association) was as follows:
NAV per share attributable
2024 2023
Ordinary shares of 2.5p 458.6p 338.2p
NAV attributable
2024
£’000s
2023
£’000s
Ordinary shares of 2.5p 1,746,867 1,318,775
The Net Asset Value per share is based on 380,941,223 Ordinary Shares in issue at the year end (2023: 389,957,010
Ordinary Shares).
61
FINANCIAL STATEMENTS
13. Financial risk management policies and procedures
The Company invests in equities and other investments in accordance with its Investment Policy as stated on the inside front cover.
In pursuing its investment objective, the Company is exposed to certain inherent risks that could result in a reduction either in the
Company’s net return or in its net assets.
fi
and interest rate risk), liquidity risk and credit risk. The Directors determine the objectives and agree policies for managing each
of these risks, as set out below. The Investment Manager, in close co-operation with the Directors, implements the Company’s risk
management policies. These policies have remained substantially unchanged during the current and preceding year.
(a) Market risk
The Investment Manager assesses the exposure to market risk when making each investment decision, and monitors the risk on
the investment portfolio on an ongoing basis. Market risk comprises market price risk, foreign currency risk and interest rate risk.
(i) Market price risk
fi
ff
portfolio is shown on pages 10 and 11.
Market price risk sensitivity
The value of the Company’s listed equities, which were exposed to market price risk as at 31 December 2024 and 31 December
2023 was as follows:
2024
£’000s
2023
£’000s
Listed equity investments held at fair value through profit or loss 1,715,543 1,286,786
The following illustrates the sensitivity of the net return and the net assets to an increase or decrease of 20% (2023: 20%) in the fair
values of the Company’s listed investments. This level of change is considered to be reasonably possible based on observation
of market conditions in the year. The sensitivity analysis is based on the impact of a change to the value of the Company’s listed
equity investments at each balance sheet date and the consequent impact on the investment management fees for the period,
with all other variables held constant.
2024
20% increase
in fair value
£’000s
2024
20% decrease
in fair value
£’000s
2023
20% increase
in fair value
£’000s
2023
20% decrease
in fair value
£’000s
Revenue earnings
Investment management fees (1,716) 1,716 (1,287) 1,287
Capital earnings
Gains (losses) on investments at fair value 343,109 (343,109) 257,357 (257,357)
Change in net return 341,393 (341,393) 256,070 (256,070)
Management of market price risk
The Directors meet regularly to evaluate the risks associated with the investment portfolio. Dedicated portfolio managers have the
responsibility for monitoring the existing portfolio selection in accordance with the Company’s investment objective and seek to
fi
The Board can authorise the Investment Manager to use options in order to protect the portfolio against high market volatility.
Where options are employed, the market value of such options can be volatile but the maximum realised loss on any contract is
limited to the original investment cost. No options were taken out in the current year (2023: £nil).
(ii) Foreign currency risk
fifl
exchange rates.
62
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Management of foreign currency risk
Transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the date of the transaction.
Foreign currency assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. It is the
Company’s policy not to hedge foreign currency exposure.
fi
fi
its receipt.
The table below summarises in sterling terms the foreign currency risk exposure:
2024
Investments
£’000s
2024
Other net assets
(liabilities)
£’000s
2024
Total currency
exposure
£’000s
2023
Investments
£’000s
2023
Other net assets
(liabilities)
£’000s
2023
Total currency
exposure
£’000s
Sterling - (2,698) (2,698) - (2,812) (2,812)
US Dollar 1,715,543 33,579 1,749,122 1,254,931 34,211 1,289,142
Other currency exposure - 443 443 31,855 590 32,445
Total 1,715,543 31,324 1,746,867 1,286,786 31,989 1,318,775
Foreign currency risk sensitivity
The following table details the Company’s sensitivity to a 20% increase and decrease in sterling against the relevant foreign
currencies and the resultant impact that any such increase or decrease would have on the net return and net assets. The sensitivity
analysis includes all foreign currency denominated items and adjusts their translation at the period end for a 20% change in
foreign currency rates.
2024
20% decrease in
sterling against
foreign currencies
£’000s
2024
20% increase in
sterling against
foreign currencies
£’000s
2023
20% decrease in
sterling against
foreign currencies
£’000s
2023
20% increase in
sterling against
foreign currencies
£’000s
US Dollar 437,281 (291,520) 322,286 (214,857)
Other currency exposure 111 (74) 8,111 (5,407)
Change in net return and net assets 437,392 (291,594) 330,397 (220,264)
(iii) Interest rate risk
fifl
Interest rate exposure
fififf
changes in interest rates.
2024
Fixed
rate
interest
£’000s
2024
Floating
rate
interest
£’000s
2024
Nil
interest
£’000s
2024
Total
£’000s
2023
Fixed
rate
interest
£’000s
2023
Floating
rate
interest
£’000s
2023
Nil
interest
£’000s
2023
Total
£’000s
Financial assets
- 33,763 1,715,543 1,749,306 - 34,292 1,286,786 1,321,078
Financial liabilities
- - - - - - - -
Net financial assets
- 33,763 1,715,543 1,749,306 - 34,292 1,286,786 1,321,078
Short-term receivables (payables)
(2,439) (2,303)
Net assets per balance sheet
1,746,867 1,318,775
As at 31 December 2024, the interest rates received on cash balances or paid on bank overdrafts, was 2.55% and 5.75% per
annum respectively (2023: 2.75% and 6.25% per annum).
Management of interest rate risk
ff
fi
balances for other than brief periods of time and therefore there is minimal exposure to interest rate risk.
63
FINANCIAL STATEMENTS
(b) Liquidity risk
Liquidity risk relates to the capacity to meet liabilities as they fall due and is dependent on the liquidity of the underlying assets.
Maturity of financial liabilities
flfi
2024
Three
months
or less
£’000s
Between
three months
and one year
£’000s
Between
one and
five years
£’000s
More than
five years
£’000s
Total
£’000s
Other payables - within one year
Other payables 2,950 - - - 2,950
2,950 - - - 2,950
2023
Three
months
or less
£’000s
Between
three months
and one year
£’000s
Between
one and
five years
£’000s
More than
five years
£’000s
Total
£’000s
Other payables - within one year
Other payables 2,993 - - - 2,993
2,993 - - - 2,993
Management of liquidity risk
fi
fl
31 December 2024, the Company had no committed borrowing facility (2023: £nil).
(c) Credit risk
Credit risk is the risk of default by a counterparty in discharging its obligations under transactions that could result in the Company
ff
Management of credit risk
Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Company through its decision to transact with
counterparties of high credit quality. The Company only buys and sells investments through brokers which are considered to be
approved counterparties, thus minimising the risk of default during settlement. Normally trades are settled by payment of cash
against delivery. The credit ratings of brokers are reviewed quarterly by the Investment Manager.
The Company is also exposed to credit risk through the use of banks for its cash position. Bankruptcy or insolvency of banks may
cause the Company’s rights with respect to cash held by banks to be delayed or limited. The Company’s cash balances are held
with HSBC, rated Aa3 by Moody’s rating agency. The Directors believe the counterparties the Company has chosen to transact
with are of high credit quality, therefore the Company has minimal exposure to credit risk.
The table below summarises the credit risk exposure of the Company as at 31 December:
2024
£’000s
2023
£’000s
Other receivables:
Accrued income 446 621
Other receivables 65 69
Cash and cash equivalents 33,763 34,292
34,274 34,982
64
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
Fair values of financial assets and financial liabilities
fi
FRS 102 sets out three fair value levels.
Level 1 – The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e., developed using market data) for the
asset or liability, either directly or indirectly.
Level 3 – Inputs are unobservable (i.e., for which market data is unavailable) for the asset or liability.
fifi
2024
£’000s
2023
£’000s
Level 1 1,715,543 1,286,786
Level 2 - -
Level 3 - -
1,715,543 1,286,786
14. Capital management policies and procedures
The Company’s objective is to provide long-term capital growth through investing principally in the equity securities of quoted
technology companies on a worldwide basis.
The Company’s capital at 31 December 2024 was as per the equity shareholders’ funds in the Balance Sheet on page 53.
The Board, with the assistance of the Investment Manager, monitors and reviews the broad structure of the Company’s capital on
an ongoing basis, including the level of gearing, taking into account the Investment Manager’s view on the market and the future
ff
value per share and the share price (i.e. the level of share price discount or premium) to assess the need whether to repurchase
shares for cancellation or holding in treasury or to issue shares.
The Company’s objective, policies and processes for managing capital are unchanged from the preceding accounting period and
the Company has complied with them.
The Company will not invest in more than 20% of the net assets using ‘gearing’. The Company’s Articles of Association limit
borrowing to one quarter of its called up share capital and reserves.
15. 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. The existence of an independent Board of Directors demonstrates that the Company is free to pursue its own
fi
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 58fi
of 12 March 2025.
16. Post Balance Sheet events
Since the year end a further 2,729,344 Ordinary shares have been bought back for a total cash consideration of £11.5m. As at 12
March 2025 there were 428,756,680 Ordinary shares in issue (including 50,544,801 Ordinary shares in treasury).
65
FINANCIAL STATEMENTS
UK GAAP performance measures
Net Asset Value is the value of total assets less all liabilities. The Net Asset Value, or NAV, per Ordinary share is calculated by
dividing this amount by the total number of Ordinary shares in issue. As at 31 December 2024, the NAV was £1,746.9m (2023:
£1,318.8m) and the NAV per share was 458.6p (2023: 338.2p).
Earnings per Ordinary sharefi
For the year ended 31 December 2024 net revenue return per Ordinary share was (1.12p) (2023: (0.88p)), calculated by taking the
loss after tax of £4.3m (2023: loss of £3.5m), divided by the weighted average shares in issue of 384,793,143 (2023: 397,030,186).
Alternative Performance Measures (APMs)
Discount or Premium is the amount by which the stock market price per Ordinary share is lower (discount) or higher (premium)
than the Net Asset Value, or NAV, per Ordinary share. The discount/premium is normally expressed as a percentage of the NAV
per Ordinary share (see pages 2 and 6).
Ongoing chargesff
fi
asset value during the year and this is calculated in accordance with guidance issued by the Association of Investment Companies
(see page 6).
2024
£’000s
2023
£’000s
Management fee 8,816 6,866
Administration expenses 1,165 1,003
Total expenses (A) 9,981 7,869
Average net asset value with debt at market value (B) 1,552,889 1,130,050
Ongoing charge (A/B) 0.64% 0.70%
The ongoing charge including the performance fee payable of £nil (2023: £nil) is 0.64% (2023: 0.70%).
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
66
Investor Information
AIC Code
AllianzGI
AllianzGI UK
Allianz Technology Trust PLC The Company/ATT
AIFM
APMs
Annual Financial Report AFR
AGM
AIC
CSR
DTR
The Benchmark
EEE
ESG
Fed
FCA
The Custodian
The Depositary
KPIs
MUFG
NAV
Ongoing Charges Figure OCF
SID
ffi State Street
TCFD
The UK Code
Voya IM/Investment Manager
INVESTOR INFORMATION
67
Alternative Investment Fund
Manager (AIFM)
Allianz Global Investors UK Limited
199 Bishopsgate
London
EC2M 3TY
Telephone: +44 (0)20 3246 7000
Head of Investment Trusts, AllianzGI UK:
Stephanie Carbonneil, email:
stephanie.carbonneil@allianzgi.com
Company Secretary and
Registered Office
Kelly Nice and Kirsten Salt, email:
investment-trusts@allianzgi.com
199 Bishopsgate
London
EC2M 3TY
Telephone: 0800 389 4696
Investment Manager
Voya Investment Management Co. LLC
2999 Oak Road
Walnut Creek
CA 94597
Telephone: +1 415 954 4500
Lead Portfolio Manager: Mike
Seidenberg
Portfolio Manager: Erik Swords
Registered number
3117355
Bankers and Custodian
HSBC Bank plc,
8 Canada Square
London
E14 5HQ
Depositary
HSBC Security Services
8 Canada Square
London
E14 5HQ
Independent Auditor
Forvis Mazars LLP
30 Old Bailey
London
EC4M 7AU
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Stockbrokers
fl
Riverbank House
2 Swan Lane
London
EC4R 3GA
Identifiers
SEDOL: BNG2M15
ISIN: GB00BNG2M159
BLOOMBERG: ATT
EPIC: ATT
GIIN: YSYR74.99999.SL.826
LEI: 549300OMDPMJU23SSH75
Financial calendar
Full year results announced and Annual
Financial Report published in March.
Annual General Meeting held in April.
Half year results announced and Half-
Yearly Financial Report published to
shareholders in August.
The year end is 31 December.
How to invest
Information is available from Allianz
Global Investors either via Investor
Services on 0800 389 4696 or on
the Company’s website: www.
allianztechnologytrust.com.
A list of providers can be found
on the Company’s website www.
allianztechnologytrust.com/how-to-
invest
Market and portfolio Information
The Company’s Ordinary shares are
listed on the London Stock Exchange
under the code ATT. The market price
range, gross yield and net asset value
(NAV) are shown daily in the Financial
Times and The Daily Telegraph under
the headings ‘Investment Trusts’ and
‘Investment Companies’, respectively. The
NAV of the Ordinary shares is calculated
daily and published on the London Stock
Exchange Regulatory News Service. The
geographical spread of investments
and ten largest holdings are published
monthly on the London Stock Exchange
Regulatory News Service. They are also
available from the Manager’s Investor
Services Helpline on 0800 389 4696
or via the Company’s website: www.
allianztechnologytrust.com.
Share price
The share price quoted in the London
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31 December 2024 was 419.0p per
Ordinary share.
Website
Further information about Allianz
Technology Trust PLC, including
monthly factsheets, daily share
price and performance, is available
on the Company’s website: www.
allianztechnologytrust.com
Association of Investment
Companies (AIC)
The Company is a member of the AIC,
the trade body of the investment trust
industry, which provides a range of
literature including factsheets and a
monthly statistical service. Copies of
these publications can be obtained from
the AIC, 9th Floor, 24 Chiswell Street,
London, EC1Y 4YY, or at www.theaic.
co.uk. AIC Category: Technology and
Technology Innovation.
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
68
Shareholder enquiries
In the event of queries regarding their
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dividend payments, registered details,
etc., shareholders should contact the
Registrar on 0371 664 0300. Lines
are open 9.00 a.m. to 5.30 p.m. (UK
time) Monday to Friday. Calls to the
helpline number from outside the UK
are charged at applicable international
ff
calls made from mobile telephones
and calls may be recorded and
monitored randomly for security and
training purposes.
Changes of name and address must be
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general enquiries about the Company
should be directed to the Company
Secretary, Allianz Technology Trust PLC,
199 Bishopsgate, London, EC2M 3TY.
Telephone: 0800 389 4696.
Share dealing services
MUFG Corporate Markets operate an
online and telephone dealing facility
for UK resident shareholders with share
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may also be payable on transactions.
For further information on these services
please contact www.eu.mpms.mufg.
com for online dealing or 0371 664
0445 for telephone dealing. Lines are
open 8.00am to 4.30pm Monday to
Friday. Calls to this number are charged
at local rates, calls from outside the UK
are charged at applicable international
ff
calls made from mobile telephones
and calls may be recorded and
monitored randomly for security and
training purposes.
Shareholder Proxy Voting
Shareholders may submit their proxy
electronically using the Share Portal
service at www.signalshares.com. Or via
the Registrar’s LinkVote+ Shareholder
App. Further details on voting via the
LinkVote+ App, online through the
Registrar’s Share Portal, or by post using
the personalised proxy card provided,
are contained within the Notice of
Meeting Notes starting on page 73.
CREST Proxy Voting
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CREST) may be voted through the CREST
Proxy Voting Service in accordance with
the procedures set out in the CREST
manual. Voting via the Proxymity
platform is also available to institutional
shareholders. Further details are
contained within the Notice of Meeting
Notes starting on page 73.
FATCA
The Company is registered with the
Internal Revenue Service (IRS) as a
Foreign Financial Institution for the
purposes of the Foreign Tax Compliance
Act (FATCA). The Company’s Global
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(GIIN) is YSYR74.99999.SL.826
Non-Mainstream Pooled
Investments
The Company is an investment trust
and therefore its shares are not subject
to the Financial Conduct Authority’s
(FCA) rules relating to the restrictions
on the retail distribution of unregulated
collective investment schemes and close
ff
1 January 2014. Accordingly, its shares
can be recommended by IFAs to retail
investors in accordance with the FCA’s
rules in relation to non-mainstream
investment products.
Nominee companies
In order to allow investors holding their
shares within a nominee company to
receive shareholder communications,
the Company undertakes to provide
multiple copies of such documents
to the registered nominee company
where prior notice has been given.
The Company encourages nominee
companies to provide the underlying
ffi
make informed decisions regarding their
investments, including the opportunity to
attend Company General Meetings.
Warning to Shareholders
ff
ff
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INVESTOR INFORMATION
69
Alternative Investment Fund Manager and Depositary
Allianz Global Investors UK Limited (‘AllianzGI UK’) is designated the Alternative Investment Fund Manager (AIFM). AllianzGI UK is
authorised to act as an AIFM and to conduct its activities by the Financial Conduct Authority (FCA) in accordance with AIFMD and
FCA requirements. The management fee and the notice period are unchanged in the restated management and administration
agreement (details in Note 2 on page 57).
The Company appointed HSBC Bank PLC as its Depositary and Custodian in accordance with AIFMD under an agreement
between the Company, AllianzGI UK and HSBC. Depositary fees are charged in addition to custody fees and are calculated on the
basis of net assets.
Leverage and Risk Policies under AIFMD
The Company may borrow cash and employ leverage which may include the use of derivatives in accordance with the stated
investment policy and the underlying investment guidelines set by the Board for the Investment Manager from time to time. It is
acknowledged that the use of leverage may expose the Company to greater risk as volatility levels, in particular within derivative
contracts, can be high. The use of leverage is therefore carefully considered prior to exposure. The AIFMD requires each element of
leverage and its exposure to be expressed as a ratio of the Company’s NAV. The Company does not currently employ gearing and
does not currently invest in derivatives.
Remuneration Disclosure of the AIFM
The following table shows that total amount of remuneration granted to the employees of Allianz Global Investors UK Ltd
fifi
management/ Senior Management Function holders and other risk takers.
All employees
thereof
Material
Risk Takers
thereof
Board Members/
SMF
thereof
Other Material
Risk Takers
38,208,950 3,773,014 3,773,014 N/A
35,897,533 8,614,518 8,614,518 N/A
Total compensation 74,106,484 12,387,532 12,387,532 N/A
Note: All Material Risk Takers are performing a Senior Management Function.
The information on employee remuneration does not include remuneration paid by delegated managers to their employees.
AllianzGI UK does not pay remuneration to employees of delegated companies directly from the fund.
Setting the remuneration
AllianzGI UK is subject to certain requirements applicable to investment management companies with regard to structuring the
remuneration system. The board of directors of AllianzGI UK has set up a remuneration committee. It has the overall responsibility
for overseeing the implementation of the remuneration policy and practices. Working in close cooperation with control functions
as well as with external advisers and in conjunction with the management, the human resources department has developed
AllianzGI UK’s remuneration policy. The remuneration committee ensures that on a regular basis the implementation of the
remuneration policy is subject to a central and independent internal review.
Remuneration structure
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experience required in a particular role, and an annual variable remuneration. The total amount of the variable remuneration
payable throughout AllianzGI UK depends on the performance of the business and on the company’s risk position and will
fi
performance of the employee and their departments during the period under review. Variable remuneration includes an annual
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certain threshold, a substantial portion of the annual variable remuneration is deferred for a period of three years. The deferred
portions increase in line with the level of the variable remuneration. Half of the deferred amount is linked to the performance of
AllianzGI UK, and the other half is invested in the funds managed by AllianzGI UK. The amounts ultimately distributed depend on
the company’s business performance or the performance of shares in certain investment funds over several years. In addition, the
deferred remuneration elements may be withheld under the terms of the plan. Certain employees are also eligible for a Carried
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performance year.
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
70
Performance evaluation
The level of pay awarded to employees
is linked to both quantitative and
qualitative performance indicators. For
investment managers, whose decisions
ff
clients’ investment goals, quantitative
indicators are geared towards
sustainable investment performance.
For portfolio managers in particular, the
quantitative element is aligned with the
benchmark of the client portfolios they
manage or with the client’s expected
return, measured over a period of
one year and three years. For client-
facing employees, goals also include
client satisfaction, which is measured
independently. The remuneration of
employees in controlling functions
is not directly linked to the business
performance of individual departments
monitored by the controlling function.
Risk takers
The following groups of employees
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of management/Senior Management
Function holders and other risk takers.
Risk avoidance
AllianzGI UK has comprehensive
risk reporting in place, which covers
both current and future risks of our
business activities. Risks which exceed
the organisation’s risk appetite are
presented to the global remuneration
committee, which will decide, if
necessary, on the adjustments to the
total remuneration pool. Individual
variable compensation may also be
reduced or withheld in full if employees
violate our compliance policies or take
excessive risks on behalf of AllianzGI UK.
Annual review and material
changes to the remuneration system
The board of AllianzGI UK approved the
remuneration policy which had been
implemented in accordance with the
remuneration regulations.
AIFM Pre-Investment Disclosures
The AIFMD requires that potential
ffi
pre-investment information in order to
make an informed decision. An ‘AIFMD:
Information Document’ is available in
the Literature Library on the Company’s
website at www.allianztechnologytrust.
com which provides information on
investment objective, strategy, policies
and other pertinent information which
may have an impact on a potential
investor’s decision. There have been no
material changes to the information
disclosed within the ‘AIFMD: Information
Document’ since publication.
INVESTOR INFORMATION
71
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION. If you are in any doubt as to
what action to take, you should consult your stockbroker,
bank manager, solicitor, accountant or other appropriate
independent professional advisor authorised under the
Financial Services and Markets Act 2000 immediately if you
are in the United Kingdom or, if not, another appropriately
authorised financial adviser. If you have sold or otherwise
transferred all your shares in Allianz Technology Trust PLC,
please forward this document and the accompanying Form of
Proxy to the purchaser or transferee or to the person through
whom the sale or transfer was effected, for transmission to the
purchaser or transferee.
Notice is hereby given that the Annual General Meeting (AGM)
of Allianz Technology Trust PLC (the ‘Company’) will be held
at Stationers’ Hall, Ave Maria Lane, London, EC4M 7DD on
Wednesday 23 April 2025 at 2.30pm for the following purposes:
The AGM will be held in person and voting will be conducted on
a poll. However, shareholders will be able to view and listen to
a live webcast of the AGM and submit questions to the meeting
electronically. Those attending virtually will not be able to
vote for the purposes of the business transacted at the AGM
and are therefore encouraged to vote ahead of the meeting.
Instructions on how to join the meeting virtually are contained
on page 76.
AGM Voting
Shareholders are encouraged to vote by proxy. Detail of how
to vote, either electronically, by proxy form or through CREST or
Proxymity, can be found on pages 73 to 76.
The results of the AGM will be announced via the London Stock
Exchange and placed on the Company’s website as soon as
practicable after the conclusion of the AGM.
Ordinary Business
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as Ordinary Resolutions:
1. To receive and adopt the Company’s Annual Report and
fi
December 2024, together with the Reports of the Directors
and the Independent Auditor’s report thereon.
fi
3. To re-elect Katya Thomson as a Director of the Company.
4. To re-elect Neeta Patel as a Director of the Company.
5. To re-elect Sam Davis as a Director of the Company.
6. To elect Lucy Costa Duarte as a Director of the Company.
7. To re-appoint Forvis Mazars LLP as Independent Auditor
ffi
next Annual General Meeting of the Company at which the
Financial Statements are laid before the Company.
8. To authorise the Directors to determine the remuneration of
the Independent Auditor of the Company.
9. To receive and approve the Director’s Remuneration
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December 2024.
Special Business
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which 10 and 13 will be proposed as Ordinary Resolutions and
11, 12 and 14 will be proposed as Special Resolutions:
Resolution 10 – Allotment of shares
That, in substitution for any existing authority but without
prejudice to the exercise of any such authority prior to the date
hereof, the Directors of the Company be and they are hereby
generally and unconditionally authorised in accordance with
section 551 of the Companies Act 2006 (the ‘Act’) to exercise all
the powers of the Company to allot shares in the Company and
to grant rights to subscribe for, or to convert any security into,
shares in the Company (together being ‘relevant securities’)
provided that such authority shall be limited to the allotment
of shares and the grant of rights in respect of shares with an
aggregate nominal value of up to £1,071,891 (42,875,668
Ordinary shares) (representing 10% of the Company’s total
issued share capital as at 12 March 2025) such authority to
expire at the conclusion of the next Annual General Meeting
of the Company after the passing of this resolution or on
the expiry of 15 months from the passing of this resolution,
whichever is the earlier, unless previously revoked, varied or
extended by the Company in a general meeting, save that the
Company may at any time prior to the expiry of this authority
ff
might require relevant securities to be allotted or granted after
the expiry of such authority and the Directors shall be entitled
to allot or grant relevant securities in pursuance of such an
ff
Resolution 11 – Disapplication of pre-emption rights
That, subject to the passing of resolution 10 above, and in
substitution for any existing power but without prejudice to
the exercise of any such power prior to the date hereof, the
Directors of the Company be and they are hereby generally
empowered, pursuant to sections 570 and 573 of the
Companies Act 2006 (the ‘Act’) to allot equity securities (within
the meaning of section 560(1) of the Act) for cash either
pursuant to the authority given by resolution 10 above or by
way of the sale of Treasury shares wholly for cash as if section
561(1) of the Act did not apply to any such allotment or sale,
provided that this power:
(a) expires at the conclusion of the next Annual General
Meeting of the Company after the passing of this resolution
or on the expiry of 15 months from the passing of this
resolution, whichever is the earlier, save that the Company
ff
would or might require equity securities to be allotted after
such expiry and the Directors may allot equity securities in
ff
conferred hereby had not expired; and
(b) shall be limited to the allotment of equity securities or the
sale of Treasury shares up to an aggregate nominal value
of £1,071,891 (42,875,668 Ordinary shares) (representing
10% of the Company’s total issued share capital as at 12
March 2025).
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
72
Resolution 12 – Authority to buy back shares
That, in substitution for any existing authority but without
prejudice to the exercise of any such authority prior to the
date hereof, the Company be and is hereby generally and
unconditionally authorised, pursuant to and in accordance with
Section 701 of the Companies Act 2006 (the ‘Act’), to make
market purchases (within the meaning of Section 693(4) of the
Act) of fully paid Ordinary shares of 2.5p each in the capital of
the Company (‘Ordinary shares’), provided that:
(a) the maximum aggregate number of Ordinary shares
hereby authorised to be purchased is 64,270,626 or, if less,
the number representing approximately 14.99% of the
issued Ordinary share capital of the Company on the date
on which this resolution is passed;
(b) the minimum price (excluding expenses) which may be
paid for an Ordinary share is 2.5p;
(c) the maximum price (excluding expenses) which may be
paid for each Ordinary share purchased pursuant to this
authority shall not be more than the higher of:
(i) 5% above the average closing price on the London
fi
business days immediately preceding the date of
purchase: and
(ii) the higher of the last independent trade and the
highest current independent bid on the London Stock
Exchange; and
(d) unless previously varied, revoked or renewed by the
Company in a general meeting, the authority hereby
conferred shall expire at the conclusion of the Company’s
next Annual General Meeting or on the expiry of 15 months
from the passing of this resolution, whichever is the earlier,
save that the Company may, prior to such expiry, enter
into a contract to purchase Ordinary shares under such
authority which will or might be completed or executed
wholly or partly after the expiration of such authority and
may make a purchase of Ordinary shares pursuant to any
such contract.
Resolution 13 – Allotment of shares – Second authority
for the Directors’ to allot new shares of the Company.
That, in addition to the authority sought under resolution
10 and in substitution for any existing authority but without
prejudice to the exercise of any such authority prior to the date
hereof, the Directors of the Company be and they are hereby
generally and unconditionally authorised in accordance with
section 551 of the Companies Act 2006 (the ‘Act’) to exercise all
the powers of the Company to allot shares in the Company and
to grant rights to subscribe for, or to convert any security into,
shares in the Company (together being ‘relevant securities’)
provided that such authority shall be limited to the allotment
of shares and the grant of rights in respect of shares with an
aggregate nominal value of up to £1,071,891 (42,875,668
Ordinary shares) (representing 10% of the Company’s total
issued share capital as at 12 March 2025) such authority to
expire at the conclusion of the next Annual General Meeting
of the Company after the passing of this resolution or on
the expiry of 15 months from the passing of this resolution,
whichever is the earlier, unless previously revoked, varied or
extended by the Company in a general meeting, save that the
Company may at any time prior to the expiry of this authority
ff
might require relevant securities to be allotted or granted after
the expiry of such authority and the Directors shall be entitled
to allot or grant relevant securities in pursuance of such an
ff
Resolution 14 – Disapplication of pre-emption rights –
Second authority for the renewal of the authority to allot
up to 10% of the Ordinary shares of the Company for
cash without first offering them to existing shareholders.
That, subject to the passing of resolution 13 above, and in
substitution for any existing power but without prejudice to
the exercise of any such power prior to the date hereof, the
Directors of the Company be and they are hereby generally
empowered, pursuant to sections 570 and 573 of the
Companies Act 2006 (the ‘Act’) to allot equity securities (within
the meaning of section 560(1) of the Act) for cash either
pursuant to the authority given by resolution 11 above or by
way of the sale of Treasury shares wholly for cash as if section
561(1) of the Act did not apply to any such allotment or sale,
provided that this power:
(a) expires at the conclusion of the next Annual General
Meeting of the Company after the passing of this resolution
or on the expiry of 15 months from the passing of this
resolution, whichever is the earlier, save that the Company
ff
would or might require equity securities to be allotted after
such expiry and the Directors may allot equity securities in
ff
conferred hereby had not expired; and
(b) shall be limited to the allotment of equity securities or the
sale of Treasury shares up to an aggregate nominal value
of £1,071,891 (42,875,668 Ordinary shares) (representing
10% of the Company’s total issued share capital as at 12
March 2025).
By order of the Board
Kelly Nice, Company Secretary
199 Bishopsgate, London, EC2M 3TY
12 March 2025
Notes to the Notice of Meeting
The following notes explain your general rights as a
shareholder and your right to attend and vote at this Annual
General Meeting (the ‘Meeting’) or to appoint someone else to
vote on your behalf.
1. To be entitled to attend and vote at the Meeting (and for
the purpose of the determination by the Company of the
number of votes they may cast), shareholders must be
registered in the Register of Members of the Company
at close of trading on 17 April 2025. Changes to the
Register of Members after the relevant deadline shall be
disregarded in determining the rights of any person to
attend and vote at the Meeting.
2. Shareholders, or their proxies, intending to attend the
Meeting in person are requested, if possible, to arrive
at the Meeting venue at least 30 minutes prior to the
commencement of the Meeting at 2.30pm (UK time)
on 23 April 2025 so that their shareholding may be
INVESTOR INFORMATION
73
checked against the Company’s Register of Members and
attendances recorded.
3. Shareholders are entitled to appoint another person as
a proxy to exercise all or part of their rights to attend
and to speak and vote on their behalf at the Meeting. A
shareholder may appoint more than one proxy in relation
to the Meeting provided that each proxy is appointed to
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Ordinary shares held by that shareholder. A proxy need not
be a shareholder of the Company. A form of proxy which
may be used to make such appointment and give proxy
instructions accompanies this Notice. If you do not have a
form of proxy and believe that you should have one, or if
you require additional forms, please contact the Company’s
registrar whose details are provided in Note 6 below and
on page 68.
4. In the case of joint holders, where more than one of
the joint holders purports to appoint a proxy, only the
appointment submitted by the most senior holder will be
accepted. Seniority is determined by the order in which
the names of the joint holders appear in the Company’s
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named being the most senior).
5. A vote withheld is not a vote in law, which means that the
vote will not be counted in the calculation of votes for
or against the resolution. If no voting indication is given,
your proxy will vote or abstain from voting at his or her
discretion. Your proxy will vote (or abstain from voting) as
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put before the Meeting.
6. To be valid, any form of proxy or other instrument
appointing a proxy, must be returned by no later
than 2.30pm on 17 April 2025 through any one of the
following methods:
i) by post, courier or by hand (during normal business
hours only) to the Company’s registrar at MUFG
Corporate Markets, PXS 1, Central Square, 29
Wellington Street, Leeds, LS1 4DL;
ii) electronically via the website of the Company’s registrar
at www.signalshares.com;
iii) via LinkVote+ (see note 8);
iv) in the case of shares held through CREST, via the CREST
system (see notes below); or
v) in the case of institutional investors, via the Proxymity
platform (see notes below).
7. If you return more than one proxy appointment, either
by paper or electronic communication, the appointment
received last by the Registrar before the latest time for the
receipt of proxies will take precedence. You are advised to
read the terms and conditions of use carefully. Electronic
communication facilities are open to all shareholders and
those who use them will not be disadvantaged.
8. VOTE+ is a free app for smartphone and tablet provided
by MUFG Corporate Markets (the company’s registrar).
ff
appointment quickly and easily online, as well as real-time
access to their shareholding records. The app is available
to download on both the Apple App Store and Google
Play. QR codes to facilitate this are shown below. Your vote
must be lodged by 2.30pm on 17 April 2025 in order to be
considered valid or, if the Meeting is adjourned, by the time
which is 48 hours before the time of the adjourned meeting.
Apple App Store GooglePlay
9. The return of a completed form of proxy, electronic proxy
appointment, any CREST Proxy Instruction or appointing
a proxy via Proxymity will not prevent a shareholder from
attending the Meeting and voting in person if he/she
wishes to do so.
10. CREST members who wish to appoint a proxy or proxies
through the CREST electronic proxy appointment service
may do so for the Meeting (and any adjournment of the
Meeting) by using the procedures described in the CREST
Manual (available from www.euroclear.com). CREST
Personal Members or other CREST sponsored members,
and those CREST members who have appointed a voting
service provider(s), should refer to their CREST sponsor
or voting service provider(s), who will be able to take the
appropriate action on their behalf.
11. In order for a proxy appointment or instruction made
by means of CREST to be valid, the appropriate CREST
message (a ‘CREST Proxy Instruction’) must be properly
authenticated in accordance with Euroclear UK &
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information required for such instructions, as described in
the CREST Manual. The message must be transmitted so
as to be received by the issuer’s agent (ID RA10) by 2.30pm
on 17 April 2024. For this purpose, the time of receipt will be
taken to mean the time (as determined by the timestamp
applied to the message by the CREST application host)
from which the issuer’s agent is able to retrieve the
message by enquiry to CREST in the manner prescribed by
CREST. After this time, any change of instructions to proxies
appointed through CREST should be communicated to the
appointee through other means.
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
74
12. CREST members and, where applicable, their CREST
sponsors or voting service providers should note that
Euroclear UK & International Limited does not make
available special procedures in CREST for any particular
message. Normal system timings and limitations will,
therefore, apply in relation to the input of CREST Proxy
Instructions. It is the responsibility of the CREST member
concerned to take (or, if the CREST member is a CREST
personal member, or sponsored member, or has appointed
a voting service provider(s), to procure that his/her/their
CREST sponsor or voting service provider(s) take(s)) such
action as shall be necessary to ensure that a message
is transmitted by means of the CREST system by any
particular time. In this connection, CREST members and,
where applicable, their CREST sponsors or voting service
providers are referred, in particular, to those sections of
the CREST Manual concerning practical limitations of the
CREST system and timings. The Company may treat as
invalid a CREST Proxy Instruction in the circumstances set
fi
Regulations 2001.
13. If you are an institutional investor you may be able to
appoint a proxy electronically via the Proxymity platform.
For further information regarding Proxymity, please go to
www.proxymity.io. Your proxy must be lodged by 2.30pm
on 17 April 2025 in order to be considered valid or, if the
Meeting is adjourned, by the time which is 48 hours before
the time of the adjourned Meeting. Before you can appoint
a proxy via this process you will need to have agreed to
Proxymity’s associated terms and conditions. It is important
that you read these carefully as you will be bound by them
and they will govern the electronic appointment of your
proxy. An electronic proxy appointment via the Proxymity
platform may be revoked completely by sending an
authenticated message via the platform instructing the
removal of your proxy vote.
14. Any corporation which is a shareholder can appoint one
or more corporate representatives who may exercise on its
behalf all of its powers as a shareholder provided that no
more than one corporate representative exercises powers
in relation to the same shares.
15. As at 12 March 2025, (being the latest practicable business
day prior to the publication of this Notice), the Company’s
Ordinary issued share capital excluding Treasury shares
consists of 378,211,879 Ordinary shares, carrying one vote
each. As at 12 March 2025 the Company held 50,544,801
Ordinary shares in treasury (representing 11.7% of the total
issued Ordinary share capital of the Company (excluding
Treasury shares)). Therefore, the total voting rights in the
Company as at 12 March 2025 are 378,211,879.
16. Under section 527 of the Companies Act 2006 (the ‘Act’),
shareholders meeting the threshold requirements set out
in that section have the right to require the Company to
publish on a website a statement setting out any matter
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statements (including the Auditor’s Report and the conduct
of the audit) that are to be laid before the Meeting; or
(ii) any circumstances connected with an auditor of the
ffi
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laid in accordance with section 437 of the Act (in each
case) that the shareholders propose to raise at the relevant
meeting. The Company may not require the shareholders
requesting any such website publication to pay its expenses
in complying with sections 527 or 528 of the Act. Where the
Company is required to place a statement on a website
under section 527 of the Act, it must forward the statement
to the Company’s auditor not later than the time when
it makes the statement available on the website. The
business which may be dealt with at the Meeting for the
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Company has been required under section 527 of the Act to
publish on a website.
17. Any shareholder attending the Meeting has the right to
ask questions. The Company must cause to be answered
any such question relating to the business being dealt
with at the Meeting but no such answer need be given if:
(a) to do so would interfere unduly with the preparation
fi
information; (b) the answer has already been given on a
website in the form of an answer to a question; or (c) it is
undesirable in the interests of the Company or the good
order of the Meeting that the question be answered.
18. The following documents are available for inspection
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Company on any business day from the date of this Notice
until the time of the Meeting and may also be inspected
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2pm on the day of the Meeting until the conclusion of the
Meeting: copies of the Directors’ letters of appointment or
service contracts.
19. You may not use any electronic address (within the
meaning of Section 333(4) of the Act) provided in either
this Notice or any related documents (including the form of
proxy) to communicate with the Company for any purposes
other than those expressly stated.
20. Any person holding 3% or more of the total voting rights
in the Company who appoints a person other than the
Chairman as his or her proxy must ensure that both he
or she and such third party comply with their respective
disclosure obligation under the Disclosure Guidance and
Transparency Rules.
A copy of this Notice, and other information required by
Section 311A of the Companies Act 2006, can be found on the
Company’s website at www.allianztechnologytrust.com
INVESTOR INFORMATION
75
Instructions for electronic attendance at the Annual
General Meeting
We are pleased to be able to provide a facility for shareholders
to follow the AGM remotely and submit questions to the Board
on the business of the Meeting.
How to join the virtual meeting
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25agm/, using your smartphone, tablet or computer. You will
then be prompted to enter your unique 11 digit Investor Code
(IVC) including any leading zeros and ‘PIN’. Your PIN is the last
4 digits of your IVC. This will authenticate you as a shareholder.
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‘Manage your account’ when logged in to the Signal Shares
portal. You can also obtain this by contacting MUFG Corporate
Markets, our Registrar, by calling +44 (0) 371 277 1020.*
Access to the AGM will be available from 30 minutes before
the start of the event, although you will not be able to submit
questions until you are logged in.
If you wish to appoint someone to attend the virtual meeting
on your behalf, please contact MUFG Corporate Markets on
+44 (0) 371 277 1020* in order to obtain their IVC and PIN. It is
suggested that you do this as soon as possible and at least 48
hours (excluding non-business days) before the meeting.
If your shares are held within a nominee and you wish to attend
the electronic meeting, you will need to contact your nominee
as soon as possible. Your nominee will need to present
a corporate letter of representation to MUFG Corporate
Markets, our registrar, as soon as possible and at least 72 hours
(excluding non-business days) before the meeting, in order that
they can obtain for you your unique IVC and PIN to enable you
to attend the electronic meeting.
* Lines are open from 9.00 a.m. to 5.30 p.m. Monday to Friday,
calls are charged at the standard geographic rate and will
vary by provider. Calls outside the UK will be charged at the
applicable international rate.
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
76
OVERVIEW
6
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024
1
Allianz Technology Trust PLC
199 Bishopsgate
London
EC2M 3TY
+44 (0)203 246 7000
www.allianztechnologytrust.com
www.linkedin.com/company/allianz-technology-trust-plc
ALLIANZ TECHNOLOGY TRUST PLC