**Summary of Allianz Technology Trust PLC Final Results for the Year Ended 31 December 2025**
**Overview**
Allianz Technology Trust PLC (ATT) reported strong performance for the year ended 31 December 2025, delivering a **24.7%** increase in Net Asset Value (NAV), outperforming its benchmark, the Dow Jones World Technology Index, which rose by **20.0%**. This represents a **4.7 percentage point outperformance**. The share price total return was slightly higher at **25.8%**, supported by a narrowing discount to NAV.
**Key Highlights**
1. **Performance**ATT’s differentiated strategy, focusing on mid- and large-cap technology companies rather than solely on the largest firms, drove its outperformance. Holdings in companies like Micron Technology, Lam Research, and Robinhood Markets contributed significantly to the results.
2. **Portfolio Strategy**The Trust avoided over-concentration in the "Magnificent 7" mega-cap tech companies, instead diversifying into smaller firms with strong growth potential. This approach mitigated risks associated with passive index replication.
3. **Discount Management**The discount to NAV narrowed from **8.6%** at the end of 2024 to **7.8%** in 2025. The Board continued its share buyback program, repurchasing **26,088,876 shares** for **£124.99 million** during the year, with further buybacks post-year-end.
4. **Awards**ATT was named **2025 Investment Company of the Year** in the Technology category by Investment Week, recognizing its strong three-year performance and strategic differentiation.
5. **Geopolitical Context**Despite global uncertainties, including trade tariffs, the Ukraine war, and Middle East tensions, technology demand remained robust, supporting the sector’s growth.
6. **Costs**The Ongoing Charges Figure (OCF) decreased marginally to **0.62%**, maintaining ATT’s position as the lowest-cost trust in its AIC peer group.
**Portfolio Insights**
**Top Holdings**NVIDIA, Alphabet, Microsoft, Apple, and Broadcom were the largest holdings, collectively representing **62.3%** of the portfolio.
**Sector Focus**Semiconductors and semiconductor equipment accounted for **32.5%** of the portfolio, delivering an average return of **45.6%**.
**New Additions**Robinhood Markets was a notable new addition, contributing **1 percentage point** to relative performance.
**Outlook**
The Trust anticipates ongoing volatility due to geopolitical tensions and market dynamics, particularly around AI valuations. However, the long-term growth prospects for technology remain strong, supported by innovation and increasing demand. ATT’s active management approach, combined with its focus on diversification and risk mitigation, positions it well to navigate these challenges.
**Governance and Future Plans**
The Board will seek authority at the **2026 AGM** to buy back up to **14.99%** of issued shares.
Shareholders will vote on the continuation of the Trust, with the Board strongly recommending approval given ATT’s strong performance and strategic positioning.
**Conclusion**
Allianz Technology Trust PLC demonstrated resilience and strong performance in 2025, outperforming its benchmark through a differentiated and actively managed portfolio. Despite global uncertainties, the Trust remains well-positioned to capitalize on the long-term growth opportunities in the technology sector.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Asset Value (NAV) Return | +35.6% | +24.7% | -10.9% |
| Share Price Total Return | N/A | +25.8% | N/A |
| Benchmark (Dow Jones World Technology Index) Return | N/A | +20.0% | N/A |
| Outperformance vs. Benchmark | N/A | +4.7% | N/A |
| Discount to NAV | 8.6% | 7.8% | -0.8% |
| Shares Repurchased (Number) | 26,088,876 | 26,088,876 | 0 |
| Shares Repurchased (Value) | £124,993,000 | £124,993,000 | 0 |
| Ongoing Charges Figure (OCF) | 0.64% | 0.62% | -0.02% |
| Profit (Loss) on Ordinary Activities (£'000s) | 460,066 | 406,981 | -53,085 |
| Net Assets (£'000s) | 1,746,867 | 2,028,855 | +281,988 |
| Net Asset Value per Ordinary Share (pence) | 458.6p | 571.7p | +113.1p |