Mid and Large-Cap Stocks Propel Allianz Tech's Strong H1 Performance

Allianz Technology (ATT) reported a 2.9% increase in net asset value and a 1.2% rise in share price, outperforming the Dow Jones World Technology benchmark, thanks to its focus on mid and large-cap stocks which prospered as the 'Magnificent Seven' hit turbulence. The portfolio, managed by Mike Seidenberg, benefited from smaller stocks gaining ground after the Magnificent Seven's mixed first half performance.

Allianz Technology Trust (ATT) has reported a robust performance for the six months ended June 30, 2025. The trust reported a profit of £44.9 million, driven by gains on investments held at fair value, amounting to £48.8 million. This resulted in a net asset value (NAV) total return of 2.9%, outperforming the Dow Jones World Technology Index (sterling-adjusted, total return), which fell 0.2% over the same period.

The share price of ATT increased by 1.2%, while the discount to NAV widened to 10.1% from 8.4% at year-end 2024. The NAV per ordinary share increased to 471.8p from 458.6p, and shareholders’ funds rose to £1,765 million from £1,746.9 million.

The trust’s portfolio performed well due to gains in entertainment technology stocks, semiconductors, and select software and IT services holdings. The top contributors to the portfolio's performance included underweight positions in Apple (NASDAQ:AAPL) and holdings in Cloudflare (NYSE:NET), Spotify Technology (NYSE:SPOT), Robinhood Markets (NASDAQ:HOOD), and CrowdStrike Holdings (NASDAQ:CRWD). The largest detractors were underweight positions in Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA), along with holdings in Atlassian (NASDAQ:TEAM), Klaviyo (NYSE:KVYO), and Alibaba (NYSE:BABA).

The trust repurchased 6,873,738 shares in the half-year at an average discount to NAV, cancelling them to manage the discount. No performance fee was accrued. The top 10 holdings at June 30 included Nvidia, Microsoft, Broadcom (NASDAQ:AVGO), Apple, Meta Platforms (NASDAQ:META), Taiwan Semiconductor, Alphabet (NASDAQ:GOOGL), Advanced Micro Devices (NASDAQ:AMD), CyberArk Software (NASDAQ:CYBR), and Snowflake (NYSE:SNOW).

Geopolitical events, including U.S. protectionist measures announced by President Donald Trump and conflict between Israel and Iran, contributed to market volatility. Interest rate policies diverged globally, with the Federal Reserve holding rates steady, several major central banks cutting rates, and the Bank of Japan raising rates.

References:
[1] https://www.investing.com/news/earnings/allianz-technology-trust-profit-rises-to-449-mln-on-investment-gains-4181874
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_FWN3U10CL:0-allianz-technology-trust-posts-hy-net-asset-value-per-share-471-8p/
[3] https://www.ainvest.com/news/clear-secure-partners-nordic-enhance-healthcare-information-security-boost-share-price-2508/
[4] https://www.benzinga.com/markets/equities/25/08/47008785/tech-stocks-eye-record-highs-as-magnificent-seven-top-19-5-trillion-whats-moving-markets-friday