Allianz Technology Trust Plc (LON:ATT) has announced results for the half year to 30 June 2026.
The Chairman, Tim Scholefield, said “The Company delivered a very strong 44.6% rise in Net Asset Value (NAV) per share during the six months to 30 June 2026.”
Financial Highlights
As at 30 June 2026
NAV per Ordinary share
+44.6%
30.06.26. 826.7p
31.12.25. 571.7p
Ordinary share price
+42.7 %
30.06.26 752.0p
31.12.25 527.0p
Benchmark*
+25.8%
30.06.26. 5,567.0
31.12.25. 4,425.3
* Dow Jones World Technology Index (sterling adjusted, total return).
Interim Management Report
A Shifting Environment for Technology
The first half of 2026 once again reminded investors that markets rarely move in a straight line even when the long-term direction of travel remains compelling. In February US-Israeli airstrikes on Iran resulted in higher energy prices and a suspension of shipping through the Straits of Hormuz. The consequent deterioration in the global outlook for inflation initially unsettled equities; however, by April market confidence began to recover as airstrikes ceased and the two sides began tentative negotiations.
Technology shares recovered quickly, boosted both by hope of a de-escalation in the Middle East and by the continued expansion of the artificial intelligence (AI) rally. Demand remained particularly robust in semiconductors, technology hardware, communications equipment and information technology services. A resurgence in tech company public listings, characterised by an unprecedented wave of mega-cap IPOs including SpaceX and the planned listings of Anthropic and Open AI, added to the tech sector’s momentum during the second quarter of the year.
Investment Performance
Against this backdrop, the Company delivered a very strong 44.6% rise in Net Asset Value (NAV) per share during the six months to 30 June 2026. I am delighted to report that we significantly outperformed our benchmark, the Dow Jones World Technology Index (sterling adjusted, total return), which rose by 25.8%. The share price total return was +42.7%.
Our distinctive investment approach continued to drive performance for shareholders. Stock selection added significant value across a broad range of sectors and themes including semiconductors, IT services, software and data-centre-related areas. Positions linked to AI infrastructure, including memory, optical networking, power management, storage and semiconductor capital equipment, made important contributions. The Portfolio Manager’s report, which follows my comments, includes more detail on investment performance and activity during the six months.
AI: Opportunities and Risks
AI continued to dominate the tech landscape and we saw strong performance from providers of AI-driven hardware, semiconductors and data-centre infrastructure during the six months. It also became increasingly apparent that the opportunity from AI extends well beyond hardware to include software and services companies.
We expect that the development and implementation of AI will continue to provide exciting investment opportunities but the risks around this theme remain significant. Pitfalls for the unwary investor include the possibility that companies misallocate capital or become excessively leveraged in their dash to win the AI race. Moreover, the tech industry contains many examples of companies that have fallen by the wayside having either failed to keep up with the pace of innovation or perhaps having backed an inferior hardware or software option.
AI continues to generate excitement, but excitement alone is not an investment case. The Board therefore welcomes the Investment Manager’s rigorous bottom-up approach and its focus on companies that solve difficult problems, have strong competitive positions and can translate structural demand into earnings growth over the long term.
Fees
The substantial 18.8 percentage point outperformance during the six months has resulted in the accrual of a performance fee of £16.4m as at 30 June 2026. However, any performance fee payable will be based on investment performance as at 31 December 2026 (please see Note 8).
The Board continues to be closely focused on the costs of running the Company and I am pleased to report that the Ongoing Charge Figure (OCF) has again fallen marginally to 0.61% (31 December 2025: 0.62%).
Discount Management and Share Buybacks
Discounts across the investment trust sector remained elevated during the first six months of the year. The Board maintains a robust buyback policy. We would consider buying back shares when the discount is consistently over 7% and we judge it appropriate to do so given the prevailing market backdrop. In addition the Board maintains a marketing programme which is focussed on promoting the Company and on growing the demand for its shares.
Over the six months to 30 June 2026 a total of 16,179,957 shares were bought back at an average discount of 8.1%, representing 4.6% of shares in issue as of 31 December 2025. The aggregate value of shares bought back was £97.3 million. We ended the six months on a discount of 9.0% and since the end of the reporting period we have bought back a further 9,161,693 shares.
Annual General Meeting and Continuation Vote
The Company’s Annual General Meeting was held on 23 April 2026. All resolutions were passed on a poll. This year’s meeting was particularly important because Shareholders were asked to vote on the continuation of the Company. The continuation vote was passed successfully, with 98.7% of votes cast in favour of the Company’s continuation, and the Board is grateful for the confidence Shareholders have placed in the Company.
A recording of the AGM, including the presentation from the lead portfolio manager, Mike Seidenberg, is available on the Company’s website.
Outlook
In the shorter term, we can expect tech stocks to be impacted by how the global political and macroeconomic backdrop unfolds over the remainder of the year. Relations between the US and Iran are fragile to say the least and a protracted period of renewed military conflict would clearly threaten an already uncertain inflation outlook.
That said, the longer term outlook for the tech sector remains as exciting as ever and our Investment Manager continues to identify compelling opportunities across a broad range of themes and sectors including AI infrastructure, semiconductors, memory, data centres and optical networking. In uncertain and volatile times a disciplined approach to stock selection is vital. Our active, bottom-up investment approach is well suited to this environment and we will remain focussed on identifying those companies positioned to benefit from the next stages of technology adoption.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company are broadly unchanged from those described in the Annual Financial Report for the year ended 31 December 2025. These are set out in the Strategic Report of that document, together with commentary on the Board’s approach to mitigating the risks and uncertainties. Given the global macroeconomic and geopolitical backdrop, market risk remains front of mind and the Board, AIFM and Investment Manager continue to monitor the situation carefully.
The Board performs a review of the principal risks at every meeting to ensure that the risk assessment is current and relevant, adjusting mitigating factors and procedures as appropriate.
Keeping in Touch
The Company’s website, www.allianztechnologytrust.com, and LinkedIn page remain the go-to destinations for the latest news, views and broadcast content relating to the Company. We continue to offer an ongoing email communications programme distributing monthly factsheets, insights and other occasional updates to all those who opt to receive them. Shareholders can sign up via the Company’s website at www.allianztechnologytrust.com/en-gb/information/shareholder-information.
Going Concern
The Directors believe it is appropriate to adopt the going concern basis in preparing the financial statements as the Company’s assets consist mainly of securities that are readily realisable and are significantly greater than its liabilities. The Directors have considered the Company’s investment objective and capital structure, as well as the principal risks and uncertainties, including market volatility and the current geopolitical and macroeconomic environment.
Related Party Transactions
Note 15 on page 65 of the Company’s 2025 Annual Financial Report gives details of related party transactions and transactions with the AIFM and Investment Manager. The basis for these has not changed during the six months under review. This report is available on the Company’s website at www.allianztechnologytrust.com.
Responsibility Statement
The Directors confirm to the best of their knowledge that:
· the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with FRS 102 and FRS 104, as set out in Note 1, and the Accounting Standards Board’s Statement ‘Half-Yearly Financial Reports’;
· the interim management report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7 R of important events that have occurred during the first six months of the financial year, their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· the interim management report includes a fair review of the information concerning related party transactions as required by Disclosure Guidance and Transparency Rule 4.2.8 R.
The half-yearly financial report was approved by the Board on 31 July 2026 and signed on its behalf by the Chairman.
Tim Scholefield
Chairman
31 July 2026
