## Allianz Technology
## Trust PLC
### Annual Financial Report, 31 December 2023
Image generated with AI
## Key Information
Investment Objective 
The Company aims to diversify risk and no holding in the portfolio
Allianz Technology Trust PLC (‘the Company’) invests principally
will comprise more than 15% of the Company’s assets at the time
in the equity securities of quoted technology companies on a
of acquisition. The Company aims to diversify the portfolio across a
worldwide basis with the aim of achieving long-term capital
range of technology sub-sectors.
growth in excess of the Dow Jones World Technology Index
(sterling adjusted, total return) (the ‘benchmark’).
Gearing
In normal market conditions gearing will not exceed 10% of
Investment Policy
net assets but may increase to 20%. The Company’s Articles of
 Association limit borrowing to one quarter of its called up share
portfolio of companies that use technology in an innovative way capital and reserves. As at 31 December 2023 there was no
to gain competitive advantage. Particular emphasis is placed borrowing facility in place.
on companies that are addressing major growth trends with
Liquidity
innovation that replaces existing technology or radically changes
In normal market conditions the liquidity of the portfolio, that
products and services or the way in which they are supplied
is the proportion of the Company’s net assets held in cash or
to customers.
cash equivalents, will not exceed 15% of net assets but may be
What constitutes a technology stock increased to a maximum of 30% of net assets.
Technology has become a vast and diverse sector. It encompasses
Derivatives
those companies that sell technology solutions – from cloud
The Company may use derivatives for investment purposes within
storage to component manufacturers to software developers –
guidelines set down by the Board.
but also those for whom technology is an intrinsic part of their
business – for example, the car makers or ecommerce groups using Foreign currency
technology to gain a competitive advantage. In short, technology The Company’s current policy is not to hedge foreign currency.
stocks may sit across multiple sectors, including healthcare,
 Benchmark
One of the ways in which the Company measures its performance
As technology becomes ever more pervasive, the lines between
is in relation to its benchmark, which is an index made up of some

of the world’s leading technology shares. The benchmark used
blurred. Even where companies aren’t selling technology,
is the Dow Jones World Technology Index (sterling adjusted,
technology may be intrinsic to their success as a company.
total return). The Company’s strategy is to have a concentrated
More companies are becoming technology companies as
portfolio which is benchmark aware rather than benchmark
disruptive innovation brings change and displaces incumbent

market leaders. The challenge is to understand not only current
than benchmark allocation to high growth, mid cap companies

which are considered to be the emerging leaders in the technology
Asset allocation
sector. The Investment Manager believes that the successful


regional weightings and aims to invest in the most attractive

technology shares on a global basis. The lead portfolio manager
long term.
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.
OVERVIEW
## Annual Financial Report
### Contents
## Overview Last year the Board revised
2 Key Information
## the printed version of the
2 Financial Highlights
3 Chairman’s Statement
## Annual Financial Report
6 Financial Summary
## (‘AFR’) and moved much of
Investment Manager’s Review
## the additional information
7 Portfolio Managers’ Report
10 Investment Portfolio
## on the technology sector
## Strategic Report to an online format.
12 Strategic Report
17 Section 172 Report
Readership of hard copy AFRs has declined
20 Environmental, Social, Governance (‘ESG’)

|  | and Stewardship – the Company’s Report | and the very large majority of shareholders |
| --- | --- | --- |
| 22 Voya Investment Management’s |  | and other interested parties only access |
|  | Environmental, Social and Governance | AFRs online. |

(‘ESG’) Policy
We believe in making as much information
as possible available in an electronic format
Director’s Review
– with the web-based Annual Financial
24 Directors
Report containing enhanced content.
26 Directors’ Report
34 Corporate Governance Statement
Please do have a look at this year’s
38 Report of the Management Engagement
deeper dive into the technology sector
Committee
at tinyurl.com/attafr23 or by using your
39 Report of the Nomination Committee
tablet or smartphone camera to scan the
40 Report of the Remuneration Committee
QR code:
41 Directors’ Remuneration Implementation
Report
44 Directors’ Remuneration Policy Report
45 Statement of Directors’ Responsibilities
46 Audit & Risk Committee Report
Financial Statements
49 Independent Auditor’s Report to the
Members of Allianz Technology Trust PLC
54 Income Statement
55 Balance Sheet
56 Statement of Changes in Equity
57 Notes to the Financial Statements
Investor Information
69 Glossary of UK GAAP Performance Measures
and Alternative Performance Measures
70 Glossary of Terms
71 Investor Information
75 Notice of Meeting
1
ALLIANZ TECHNOLOGY TRUST PLC 
## Financial Highlights
As at 31 December for each respective year
Net asset value (‘NAV’) per NAV per Ordinary share (p) Shareholders’ funds (£m)
Ordinary share
347.9 338.2
1,472.4
291.3 1,318.8
1,229.2
231.0
938.9
## +46.4%
165.4
583.4
2023 338.2p
2022 231.0p
2019 20192020 20202022 20222021 2021 2023 2023
Ordinary share price Ordinary share price (p) Premium (discount) of Ordinary
share price to NAV per share (%)
352.5

|  |  |  |  | 2.0 | 1.3 |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 297.0 |  | 303.5 |  |  |  |  |
| +44.5% |  | 210.0 |  | 2020 |  | 20222019 2021 | 2023 |

164.7
(0.4)
2023 303.5p
2022 210.0p
(9.1)
20232019 2020 20222021 (10.3)
1
Benchmark Performance against benchmark NAV versus benchmark (%)
76.1
750
41.7 46.4 48.2
39.0
28.8 28.2
19.4
## +48.2%
20232019 2020 20222021
2023 2,715.0
2022 1,832.2
-26.4
-33.6
50
Key for charts:
Performance against sector
1 Allianz Technology Trust – Net Asset Value – undiluted.
average
Dow Jones World Technology Index (sterling adjusted, total return).
750
Peer group of Morningstar Global Technology Sector Equity.
Comparative figures for 2018, 2019 and 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 2023. Rebased to 100 at 1 December 2013.
Source: AllianzGI/Datastream.
The Alternative Performance Measures (‘APMs’) can be found on page 69.
50
2
OVERVIEW
## Chairman’s Statement

Welcome No dividend is proposed in the year of shipped goods and is therefore a
ended 31 December 2023 (2022: nil). 
Welcome to this report on Allianz
Given the nature of the Company’s on course to meet central bank targets.

investments and its stated objective to US/China and China/Taiwan tensions
year ending 31 December 2023. 2023
achieve long-term capital growth, the also remained present and of concern
was certainly another tumultuous
Board continues to consider it unlikely in 2023.
year in terms of the geopolitical and
that any dividend will be declared in the
economic backdrop. I am pleased to
Despite the backdrop noted above,
near future.
report that the Company once again
technology continued to excite and
won the Investment Week Investment
inspire. An obvious connected theme to
Backdrop
Company of the Year Award in the
the geopolitical storm is cybersecurity.
‘Specialist’ category, having previously The direction of global stock markets
As nation states, terrorist organisations
done so from 2017 to 2021 inclusive. continued to be determined primarily
and criminals have stepped up digital
The award is based around our 
attacks, cybersecurity has become more
performance over 3 years, as well as 
and more important to maintaining
other qualitative factors. 
the smooth functioning of companies,
balancing the taming of rising prices
infrastructure and society. Of course,
with the desire to avoid recession and it
Performance 
wasn’t until toward the end of the year
Technology stocks performed strongly story of the year, raising appetites for

in 2023 buoyed by a combination of technology once more, sending many
peaked became apparent. Those signs
optimism over the sector’s growth technology stocks higher, notably
were received well though and markets
potential together with an increasing Nvidia, a so-called ‘picks-and-shovels’
demonstrated renewed optimism in
 company as it provides the chips
anticipation of easing of interest rates.
 necessary to power cutting-edge
this backdrop, it is a pleasure to also There was little economic growth to AI applications.
be able to report a strong absolute speak about around the world. Indeed,
Our portfolio manager is occasionally
Net Asset Value (‘NAV’) Total Return 
questioned as to whether the portfolio
of 46.4% for Allianz Technology Trust Covid restrictions achieved a lacklustre
may be too US centric. The US weighting
PLC and a share price return of 44.5%. recovery. Geopolitics continued to
is certainly high at around 87% as at
The NAV return was slightly behind the astound and confound humanity.
the end of December. The reality is
48.2% return of our benchmark, the 
that the US listed companies continue
Dow Jones World Technology Index anniversary of the Russian invasion and

(sterling adjusted, total return). This subsequent war and in October the

 Middle East was thrust into the limelight
capital, together with a supportive listed
our relatively smaller exposure to the when Hamas terrorists launched a
market structure, although it should be
very largest group of companies, the sudden attack in Israel with shocking
kept in mind that many of our portfolio
so-called ‘mega-caps’. Our portfolio civilian loss of life. Israel responded
companies generate revenues all
manager focuses on the mid- and 
around the globe and just happen to be
 throughout Gaza with a further terrible
listed in the US.
belief that companies at an earlier loss of life. As I write, in the Red Sea
stage of their development provide Houthi rebels are attacking commercial Whilst China has been a source of tech
better opportunities for long-term shipping. The disruption from this latest growth in past years the path has not
earnings growth. episode will have an impact on costs been smooth. Our portfolio manager
3
ALLIANZ TECHNOLOGY TRUST PLC 
## AI is a rapidly moving frontier in many ways and
## will necessarily bring risk as well as opportunity as
## it develops and is implemented.

| was an early investor in the China tech | was high. The Board will also once | risk to the Company’s portfolio and |
| --- | --- | --- |
| story, however he also exited relatively | again seek authority to buy back up to | operations. For example, we dedicated |
| early and for some years now has | 14.99% of the shares in issue. The Board | part of our 2023 strategy meeting to |
| preferred not to invest there, being | recommends that shareholders vote in | a discussion around AI-related risks |
| primarily concerned about the possibility | favour of these resolutions. | and opportunities. Amongst other |
| of state interference in the activity of |  | aspects, we discussed types of risk, how |

Any new shares will only be issued at
listed companies. governments and authorities might
a premium to NAV and if the Board
respond, the trajectory of AI algorithm

Discount development and how we should best
best interests of existing shareholders.
The Company traded at an average identify risks and opportunities as a
Similarly, any buy back of shares will
discount of 12.1% over the period (low Company going forward.
only take place where we believe it to be
of 8.7% and high of 15.7%) despite the

positive absolute performance noted. ESG
 As you will be aware, the portfolio
AI (and the debates stemming
uncertainty apparent for much of the manager considers ESG as part of
from it)
year together with sentiment towards the stock analysis and investment
As previously commented, excitement
investment trusts in general. That latter management process. The Board
around AI dominated the tech sector
point is evidenced by the average
remains cognisant of investors’ concerns
in 2023. Whilst AI itself is not new,
discount for investment trusts reaching
and desire to understand better the
advances in generative AI in 2023

broader impact of the investment
pushed it further into our consciousness
crisis in 2008.
choices that they make. The Board

engages closely with Voya as the
Our policy in respect of buying back
of this was to generate excitement –
Investment Manager and AllianzGI
shares remains unchanged. Currently
the same excitement that aided the
UK as the AIFM on ESG policies and
we would consider buying back
performance of technology indices
processes and further information can
shares during periods where the
generally and a few companies
be found on pages 20 to 23 of this
discount is consistently over 7% and

it is felt appropriate to do so given Annual Report.
and trepidation.
the prevailing market backdrop. In

|  | AI is a rapidly moving frontier in many | Portfolio management |
| --- | --- | --- |
| aggregate 16,530,708 shares at an | ways and will necessarily bring risk | I am pleased to report that Erik Swords |
| average discount of 12.1% and total | as well as opportunity as it develops |  |

has been appointed as Portfolio
cost of £40.2m. Since the end of the and is implemented. On the one hand
Manager alongside Mike Seidenberg,
 
who will remain Lead Portfolio Manager,
have repurchased a further 3,271,401 society, removing menial tasks from

shares at an average discount of 11.9% many roles and advancing the pace of
managing director and Head of Global
and total cost of £10.6m. All shares new medical developments to name
Technology at Voya and has 23 years
repurchased have been held in treasury 
of investment industry expertise. He
rather than cancelled as this makes 
already works closely with Mike in the
them readily available to be reissued if humanity, for example via its impact on

 low-skill labour markets, particularly for
certain sectors where AI, robotics and
The costs of running your
At the forthcoming AGM, the Board
automation can readily replace human
proposes both a renewal of the usual Company
labour. It is also potentially subject to
10% authority to issue new shares and Your Board has maintained its close
misuse and utilisation for negative and
also a renewal of the authority to issue attention to the costs of running the
even criminal activity.

| an additional 10% in order to avoid the |  | Company. The Company’s Ongoing |
| --- | --- | --- |
| cost of a further General Meeting should | The Board is cognisant of such potential | Charges Figure (‘OCF’), which is |
| the 10% authority be exhausted as has | issues. We are keeping a watching brief | calculated by dividing ongoing |
| happened previously when demand | and remain focused on the potential | operating expenses by the average |

4
OVERVIEW

| NAV, has remained the same as 2022 | Committees. Sam is a non-executive | for growth stocks, including many |
| --- | --- | --- |
| at 0.70%. |  | technology stocks. Even if this does not |
|  | PLC. Sam brings a wealth of investment | provide a tailwind, it should at least |

The OCF excludes any performance
experience across global markets, and remove a headwind as the discount
fee due to the Investment Manager.
we are therefore delighted that he is 
No performance fee has been earned
joining the Board and we look forward companies reduces. With valuations of
in 2023. It should be noted that the
to working with him. many technology companies having
underperformance recorded over the
come back to more reasonable levels
past three years will have to be made
Annual General Meeting (‘AGM’) since the end of 2020, this could allow
back, and the NAV will need to exceed
some further recovery in the sector.
arrangements

This year’s AGM will be held on 24 Geopolitics remain a source of
set a new high watermark) before any
April 2024 at 2.30pm. The full Notice of uncertainty. Whilst the fortunes of
future performance fee can be accrued.
Meeting can be found on page 75. individual companies are often insulated
Full details of the special business to be from the direct impacts of world events,
Board matters
considered at the AGM can be found on heightened uncertainty will impact on
Although I reported to shareholders as
pages 31 to 33 
Chairman in the 2023 interim report, this

 As with 2023, the AGM will be a hybrid

role. I would therefore like to reiterate my meeting, meaning shareholders can

thanks to my predecessor, Robert Jeens, either attend physically or online. We
depending on their location, but this
for his leadership of the Company over will not be providing online voting
is something our portfolio manager
his tenure and for his help and support for the 2024 meeting. This is due to
monitors closely as part of the portfolio
as I took on the role of Chairman. I hope the relatively high cost to enable the
management process. It will certainly
that this next period in the Company’s service not having been matched by
be an interesting year in terms of the
history can prove as positive in respect of shareholder take up of the service over
political arena, with elections in the US
growth as the past one. the past two years. Should there be
and almost certainly the UK.
reasonable demand emerging from
At the conclusion of the 2024 AGM,
shareholders in the future for online We are not out of the woods in terms
Humphrey Van der Klugt will step
voting then we will look at a possible of fears around falling into recession,
down from the Board, having served
reintroduction. For this reason, we however the hope is that central banks
since 2015. We thank Humphrey for
strongly encourage all shareholders to have done their job well enough and

submit their votes using the proxy voting we will instead see a ‘soft-landing’ –
Company’s development over the past
process by the deadline of 22 April 2024 

as detailed in the Notice of Meeting on 
growth over that time.
page 75. Those shareholders attending
What is in no doubt is that technology
Elisabeth Scott has served on the Board virtually will be able to view the AGM
will continue to dominate our lives and
for nine years as at 1 February 2024 and and submit questions electronically.
re-shape the future. Such a ‘new frontier’
to allow for orderly succession planning
remains an extremely exciting place to
The Board encourages shareholders
she will retire at the AGM in 2025.
invest, though of course also brings risks
to attend the AGM if possible. A
for investors. On your behalf, the Board
 presentation by the portfolio manager
in conjunction with the Investment
from 29 November 2023 Neeta Patel will be made at the start of the meeting.
Manager will remain focussed on
was appointed as Chairman of the For those unable to attend either
providing a portfolio that we believe will
Management Engagement Committee physically or virtually, a recording of the
capture the exciting growth available
replacing me. Neeta will also become AGM will be posted to the Company’s
from investing in technology.
Senior Independent Director when website as soon as practicable after
Humphrey steps down. Katya Thomson the event.
will be appointed as Chairman of
The Board looks forward to welcoming 
the Remuneration Committee at the
shareholders to this year’s event. Chairman
conclusion of the 2024 AGM.
12 March 2024

| Although just outside of the reporting | Outlook |
| --- | --- |
| period, as previously announced, |  |
| Simon (Sam) Davis was appointed a | predictions for the year ahead in such |
| non-executive Director on 1 January | an uncertain world. However, most |
| 2024 and has also joined the Audit | indicators are suggesting a pivot in |
| and Risk, Management Engagement, | interest rates could well be on the |
| Remuneration and Nomination | cards which would certainly be positive |

5
ALLIANZ TECHNOLOGY TRUST PLC 
## Financial Summary

|  | As at |  | As at |
| --- | --- | --- | --- |
| 31 December |  | 31 December |  |
|  | 2023 |  | 2022 % change |

Net Asset Value per Ordinary Share 338.2p 231.0p +46.4
Ordinary Share Price 303.5p 210.0p +44.5
Discount of Ordinary Share Price to Net Asset Value 10.3% 9.1%
Dow Jones World Technology Index (sterling adjusted, total return) 2,715.0 1,832.2 +48.2
Shareholders' Funds £1,318.8m £938.9m +40.5

|  | For the |  | For the |
| --- | --- | --- | --- |
| year ended |  | year ended |  |
| 31 December |  | 31 December |  |
|  | 2023 |  | 2022 |

Net Revenue Return per Ordinary Share (0.88p) (0.45p)
1
Ongoing charges 0.70% 0.70%
2
Five year performance summary
As at 31 December 2023 2022 2021 2020 2019
Shareholders' Funds £1,318.8m £938.9m £1,472.4m £1,229.2m £583.4m
Net Asset Value per Ordinary Share 338.2p 231.0p 347.9p 291.3p 165.4p
Ordinary Share Price 303.5p 210.0p 352.5p 297.0p 164.7p
Dow Jones World Technology Index (sterling adjusted, total return) 2,715.0 1,832.2 2,489.3 1,941.1 1,369.9
(Discount) premium of Ordinary Share Price to Net Asset Value (10.3%) (9.1%) 1.3% 2.0% (0.4%)

 

 
6
## Investment Manager’s Review INVESTMENT MANAGER’S REVIEW
## Portfolio Managers’ Report
Mike Seidenberg

| 2023 started on a cautious note. | problem for policymakers was that while | in spite of a revival of economic growth |
| --- | --- | --- |
|  |  |  |
| was not yet beaten. The impact of rising |  | central bank continued its loose |
| interest rates was beginning to be felt | proved stickier. | monetary policy. China’s economic |
| in the real economy, and there were |  | rebound from pandemic restrictions |

Ultimately, however, the US Federal
concerns about how high rates may disappointed, with the health of its
Reserve paused its tightening cycle in
need to rise. A winter energy crisis had property sector a major concern.
July, even though it continued to talk
been averted, but a ‘hard landing’ still
 
appeared a plausible scenario for the
chair Jerome Powell insisted they the summer, after oil prices rallied in
world economy.

|  |  | response to oil-producing countries |
| --- | --- | --- |
| There were glimmers of hope. Some of | battle had been won. At his Jackson | agreeing to cut output. Nevertheless, |
| the supply chain bottlenecks that had | Hole speech in August, he said: “We | Brent crude closed the year slightly |
|  | are prepared to raise rates further if | lower at just under US$80 a barrel. |
| were starting to unwind. Freight prices | appropriate, and intend to hold policy at | Overall oil prices fell around 10% over |
| had started to drop and the pandemic- |  |  |
| related backlogs started to ease. There |  |  |
| was also the prospect of a stronger | down toward our objective.” | pressures easing, with interest rate |
| performance from China as the country |  | cuts on the horizon and with economic |

Towards the end of the year, speculation
relaxed its strict quarantine restrictions. growth holding up. It proved a far better
mounted that US interest rates may soon
outcome than many had anticipated at
However, the fragility of the economic 
the start of the year.
environment was exposed by the drop, and by December, the US Federal
collapse of Silicon Valley Bank in Reserve had pivoted to forecasting
Stock markets

| March. Its weakness was attributed | 0.75% points of interest rate cuts in |  |
| --- | --- | --- |
| to losses on its bond portfolio. It had | 2024. Fears of a US recession appeared | Global stock markets made progress |
|  | to be overblown and hopes grew of a | in 2023, with the MSCI World Index |
|  | Goldilocks outcome for the US economy | up 17.2% over the period. However, it |
| regulator stepped in swiftly to protect | (with growth neither too hot nor too | was a rocky ride and for much of the |
| deposit holders. The crisis threatened to | cold). US GDP growth continued to be | year, market leadership was held by a |
| destabilise the world’s banking system, | strong, rising 5.2% in the third quarter |  |
| with Europe’s Credit Suisse also proving | fuelled by a strong consumer. |  |
| vulnerable. A forced merger with UBS |  | Seven’ - Amazon, Alphabet, Apple, Meta |

Elsewhere, growth was mixed. Economic
appeared to put an end to the crisis, but Platforms, Microsoft, NVIDIA and Tesla
activity in Europe remained anaemic at
it left investors wary of other bear-traps 
best. However, the European Central
 the potential for AI and its applications,
Bank and Bank of England continued
following the launch of generative AI
In the meantime, attention continued 
programme Chat GPT.
 was far from over. Their hawkishness
and when the Federal Reserve’s rate versus the US Federal Reserve saw These stocks drove global indices higher,
rising cycle might draw to a close. the euro and British pound strengthen but many areas did not participate
 against the US dollar. The Japanese yen in the rally. While companies in the
the year, albeit at a slower pace. The weakened against all three currencies, information technology, communication
7
ALLIANZ TECHNOLOGY TRUST PLC 

| services, consumer discretionary and | as March in the US and would be | Index (sterling adjusted, total return), |
| --- | --- | --- |
| industrials sectors turned in a creditable | welcomed by markets. | which rose 48.2%. The strength of |
| performance, defensive stocks in the |  |  |

Geopolitics
consumer staples, utilities and health 
The fragile geopolitical landscape
care sectors barely rose, while energy to beat. We continued to hold below
continued in 2023. The war in Ukraine
stocks were held back by weakening oil index weights in these stocks to avoid
was ongoing, with little progress on
and gas prices. With economic growth concentration risk in the portfolio.
either side. World powers continued to
uncertain, investors retreated to those
pick sides, which saw some redrawing The broad-based rally at the end of
companies with reliable earnings, even if
of trading relationships. Those countries the year was more favourable for
they had to pay a little more for them.
that could remain neutral, such as the Company, with market attention
Vietnam or parts of Latin America, saw returning to some of our higher
Stock market performance was still
 growth, mid cap companies. This has
highly dependent on interest rate

expectations. There were two notable
There was new fragility in the Middle
opportunities, where a focus on bottom-

East after the unprecedented terrorist
up fundamentals and industry expertise
prompted by March’s banking crisis, but
attacks by Hamas on Israel on 7
can provide an edge versus the market.
this was swiftly resolved after regulatory
October, and Israel’s subsequent military
The third quarter earnings season had
intervention; the second came in response which has seen ongoing

October after higher oil prices prompted 
momentum in a number of our holdings,

There was some easing of US/ particularly those focused on cloud
that rates would need to stay higher
China relations, with Presidents Xi computing. We took bolder positions in
for longer.
and Biden meeting in November. these areas, which helped us participate
This narrow market leadership widened Nevertheless, a return to the unfettered in the rally in full.
 trading relationship of recent history
Weakness tended to come in
investors started to anticipate rate appeared improbable.
idiosyncratic areas, rather than from any
cuts in the year ahead. November
 major themes. For example, Pay.com

The launch of Chat GPT and its rapid was a notable detractor, hit by concerns
broad-based rally. November was the
adoption showed the potential for over the outlook for the jobs market
strongest month for markets in three
 and some operational issues that saw it
years and supportive statements from
its risks. It holds the potential to drive miss on earnings. Okta was also weak,
the US Federal Reserve ensured the
productivity gains for companies at a impacted by execution challenges.
rally continued to the end of the year.
time when productivity has stagnated
It was a mixed year for the
Overall, the MSCI World Index recorded
in many Western economies. In a report
semiconductor sector. It was important
its strongest year since 2019.
in April, Goldman Sachs said generative

AI could raise global GDP by 7% -
lagging’ semiconductor groups. While
Key themes
equivalent to almost $7 trillion.
Nvidia soared on the back of demand

for its AI-focused chips, it was a tougher
Forward-thinking corporations are
Just as they did in 2022, 2023 was a year
year for generic semiconductors and
already looking at how AI could
when investors watched the US Federal
those exposed to auto-related sectors.
improve their business and 2024 may
Reserve. Once again, the fortunes of
The Company moved away from auto-
be when these plans start to come
individual companies appeared to

to fruition. Companies are investing
matter less than the latest comments


from central banks as investors tried to
generic semiconductor groups such as
Google and Amazon have done a
judge whether central banks would be
Texas Instruments. Nvidia was a major
number of blockbuster deals with

holding from February onwards.
AI start-ups in 2023. This accounted
the economy.
for two-thirds of the US$27bn raised
Geopolitical tensions continued to
Ultimately, however, markets are 
support demand for cybersecurity
now reassured that the US Federal according to data from private market
companies during the year, particularly
Reserve has managed to engineer a researchers PitchBook.
at the end of 2023 when software and

| ‘soft landing’. The much-anticipated |  | IT services outperformed other areas. |
| --- | --- | --- |
| US recession remains a possibility | Performance |  |
| in the year ahead, but most market | The Company’s net assets rose 46.4% | with more data requiring greater |
| participants now believe it is likely to be | for the year to 31 December 2023. This | protection. Cyber attacks continued with |
| short-lived and shallow if it materialises | was marginally behind its benchmark, | a major Chinese espionage campaign |
| at all. Rates cuts could come as early | the Dow Jones World Technology |  |

8
INVESTMENT MANAGER’S REVIEW
SEC ruling requiring disclosure of events and to a lesser extent Alibaba 
within four days also impacted demand contributed to overall performance continues to weaken and, while the
for cybersecurity solutions. Overall versus the benchmark during the year. jobs market remains buoyant, growth
spending on cybersecurity continues is moderating. With interest rate cuts
The one Chinese stock we owned was
to grow faster than other major on the horizon and an economic soft
JD.com
technology segments. landing expected, investors are likely
January and February. It is an online

 
the mega-caps into other parts of the
areas it didn’t hold. For example, for range of products through its website
market. Broader earnings growth may
most of the year it did not hold anything and mobile applications. We thought
accelerate this trend.
in China. The weakness of Chinese 
markets was a dominant feature of the reopening trade. As it was, the Chinese There are going to be bumps along
consumer failed to revive and we sold the way and the market might be due
year and this helped performance.
it quickly. Although it detracted from for a short-term pause after its recent
overall performance, it proved a prudent strength, but there are reasons to be
Stock highlights
sale, with the share price tumbling after optimistic about the long-term secular

we exited. growth prospects for technology.
Seven was the key highlight for

equity markets overall. Five of the Identity management group Okta
and machine learning, the Internet of
Apple, Alphabet, was a weak spot. It had a number of
Things, cyber security, digital assets and
Meta Platforms, Microsoft and Nvidia) operational problems: it had over-hired,
mobility. The macroeconomic challenges
are held in both the Company and in leaving sales territories cut too small
of the past few years are likely to
the benchmark, generally at a lower for sales reps to meet their numbers.
ease, which should give investors
concentration than the Company’s The company also struggled from

benchmark index. The exception was increased competition, while a large
Meta, where the Company held a near- The challenges of the past few years
number of cyber attacks weighed on its
double benchmark weight (at 6.3%). This have forced companies to look at
credibility. Paycom Software was also a
provided the strongest contribution to their cost structures, re-engineer their

returns over the year. Having previously 
a series of disappointing earnings
exited our historic position, we bought The result is that the survivors are
reports. As a designer and developer
far stronger, with better competitive
back the stock at the end of 2022 on of software solutions to manage the
positions and stronger earnings. We
the back of expectations that its cost- employment life cycle, it was hit by
continue to believe the technology
cutting initiatives, lower valuation level concerns about the jobs outlook and a
sector can provide some of the
and secular growth would drive shares moderation in economic growth.
best absolute and relative return
higher. Over the year, an improving
The Company’s cash weighting was
opportunities in the equity markets.
competitive position and new product
lower than last year – at around
development helped push it higher. The
2% on average. This detracted from
Company also held Amazon.com and
returns given the strength of markets, 
Tesla
particularly at the start of the year. 
Seven stocks, which are not part of
Nevertheless, it allowed us to retain 
the benchmark and were additive
optionality in the portfolio during 12 March 2024
to performance.
periods of uncertainty.
MongoDB was another notable

| performer over the year. The database | Looking forward |
| --- | --- |
| software company posted consecutive | At the start of 2023, valuations were |
| quarters of strong earnings, ahead |  |
| of market expectations. Earnings | improvement - along with higher |
| were fuelled by a faster recovery in | earnings – technology companies |
| consumption trends for the business, | appear to be trading at around fair |
| driven by the growth of generative AI. | value today. That said, there are some |

tailwinds for the year ahead and we
China was a particular weak spot over
believe the equity market recovery
the year, as international investors
over the past few months can extend
withdrew from the market. We have
into 2024.
been wary of the Chinese market for

| some time, believing government | At the December 2023 Federal Open |
| --- | --- |
| interference threatens shareholder | Market Committee meeting, the US |
| returns. Not holding Tencent Holdings | Federal Reserve signalled multiple |

9
ALLIANZ TECHNOLOGY TRUST PLC 
## Investment Portfolio
at 31 December 2023
Full portfolio list

|  |  |  |  |  | Valuation |  |  | % of |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | # |  | # |  |  |  |  |  |
| Investment Sector |  | Sub Sector |  | Country |  | £000 | Portfolio |  |

Microsoft Software Systems Software United States 109,646 8.5
Semiconductors &
NVIDIA Semiconductors United States 92,982 7.2
Semiconductor Equipment

|  | Technology Hardware, | Technology Hardware, |  |
| --- | --- | --- | --- |
| Apple |  |  | United States 81,921 6.4 |
|  | Storage & Peripherals | Storage & Peripherals |  |

Alphabet Interactive Media & Services Interactive Media & Services United States 63,727 5.0
Meta Platforms Interactive Media & Services Interactive Media & Services United States 53,809 4.2
Semiconductors &
Broadcom Semiconductors United States 46,208 3.6
Semiconductor Equipment
Amazon.com Broadline Retail Broadline Retail United States 45,310 3.5
Semiconductors &
Lam Research Semiconductor Equipment United States 40,721 3.2
Semiconductor Equipment
Semiconductors &
Monolithic Power Systems Semiconductors United States 39,131 3.0
Semiconductor Equipment
Semiconductors &
Micron Technology Semiconductors United States 34,757 2.7
Semiconductor Equipment
Top ten investments 608,212 47.3
Internet Services
MongoDB IT Services United States 34,468 2.7
& Infrastructure
Zscaler Software Systems Software United States 32,664 2.5
Adobe Software Application Software United States 31,918 2.5

|  | Technology Hardware, | Technology Hardware, |  |
| --- | --- | --- | --- |
| Samsung Electronics |  |  | South Korea 31,855 2.5 |
|  | Storage & Peripherals | Storage & Peripherals |  |

ServiceNow Software Systems Software United States 31,697 2.5
Semiconductors &
Advanced Micro Devices Semiconductors United States 31,409 2.4
Semiconductor Equipment
Datadog Software Application Software United States 30,956 2.4
CrowdStrike Software Systems Software United States 30,103 2.3
Internet Services
Shopify IT Services Canada 26,944 2.1
& Infrastructure
Mercadolibre Broadline Retail Broadline Retail United States 26,109 2.0
Top twenty investments 916,335 71.2
10
INVESTMENT MANAGER’S REVIEW

|  |  |  |  |  | Valuation |  |  | % of |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | # |  | # |  |  |  |  |  |
| Investment Sector |  | Sub Sector |  | Country |  | £000 | Portfolio |  |

Semiconductors &
Taiwan Semiconductor Semiconductors Taiwan 25,290 2.0
Semiconductor Equipment
HubSpot Software Application Software United States 23,754 1.9
Internet Services
 IT Services United States 23,456 1.8
& Infrastructure
Semiconductors &
Applied Materials Semiconductor Equipment United States 22,554 1.8
Semiconductor Equipment
Cyberark Software Software Systems Software Israel 22,470 1.7
Arista Networks Communications Equipment Communications Equipment United States 21,493 1.7
Palo Alto Networks Software Systems Software United States 21,465 1.7
Internet Services
 IT Services United States 20,828 1.6
& Infrastructure
Semiconductors &
KLA Semiconductor Equipment United States 19,206 1.5
Semiconductor Equipment
Cadence Design Software Application Software United States 18,270 1.4
Top thirty investments 1,135,121 88.3
Semiconductors &
Marvell Technology Semiconductors United States 15,933 1.2
Semiconductor Equipment

|  | Technology Hardware, | Technology Hardware, |  |
| --- | --- | --- | --- |
| Western Digital |  |  | United States 13,478 1.1 |
|  | Storage & Peripherals | Storage & Peripherals |  |

Semiconductors &
NXP Semiconductors Semiconductors Netherlands 13,166 1.0
Semiconductor Equipment

|  | Internet & Direct | Internet & Direct |  |
| --- | --- | --- | --- |
| Expedia |  |  | United States 13,034 1.0 |
|  | Marketing Retail | Marketing Retail |  |

Elastic NV Software Application Software Netherlands 12,212 1.0
Semiconductors &
ON Semiconductor Semiconductors United States 12,116 0.9
Semiconductor Equipment
Monday.com Software Systems Software Israel 12,110 0.9
Synopsys Software Application Software United States 12,085 0.9
Trade Desk Media Advertising United States 9,945 0.8
Semiconductors &
Intel Semiconductors United States 8,033 0.6
Semiconductor Equipment
Top forty investments 1,257,233 97.7
Internet Services
Okta IT Services United States 7,811 0.6
& Infrastructure
Passenger Ground
Uber Technologies Ground Transportation United States 7,539 0.6
Transportation
JFrog Software Systems Software Israel 7,441 0.6
Pinterest Interactive Media & Services Interactive Media & Services United States 6,762 0.5
Total investments 1,286,786 100.0
#
GICS Industry classifications
11
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

# 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

The purpose of the Company is defined by its investment objective, to provide shareholders with an investment in equity securities 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 maintains a premium listing on 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
- Link as Registrars
- State Street providing middle office and fund accounting services (appointed by Voya and AllianzGI UK respectively).

The Company complies, where relevant, with the Financial Conduct Authority's ('FCA') Handbook including the Disclosure Guidance and Transparency Rules. 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 2023, the Company's total return on net assets per share was +46.4% (2022: -33.6%), underperforming the Dow Jones World Technology Index (sterling adjusted, total return) by 1.8 percentage points. Further details on the performance of the Company, future trends and factors that may impact future performance of the Company are included in 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, your 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 | 46.4 | 16.2 | 163.6 | 530.2  |
|  Dow Jones World Technology Index (sterling adjusted, total return)* | 48.2 | 39.9 | 175.4 | 535.8  |
|  MSCI World Technology Index (total return) | 45.0 | 48.8 | 196.3 | 618.0  |
|  Russell MidCap Technology Index | 32.7 | 12.1 | 114.8 | 456.1  |

Source: AllianzGI/Datastream in GBP as at 31 December 2023.

* Company's reference benchmark.

12
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 | 46.4 | 16.2 | 163.6 | 530.2  |
|  FTSE All Share Index (total return) | 7.9 | 28.1 | 37.7 | 68.2  |
|  FTSE World Index (total return) | 17.2 | 32.8 | 83.9 | 203.9  |

Source: AllianzGI/Datastream in GBP as at 31 December 2023

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 good 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 | 48/192 | 62/138 | 16/111 | 9/56  |

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 to 31 December 2023, relative to the benchmark index*, were as follows:

#### Top ten contributors relative to the benchmark

|   |  | Active contribution GBP (%)  |
| --- | --- | --- |
|  Meta Platforms | Overweight | 1.83  |
|  Tencent | Underweight | 1.28  |
|  MongoDB | Overweight | 0.91  |
|  CrowdStrike | Overweight | 0.82  |
|  HubSpot | Overweight | 0.76  |
|  Cisco Systems | Underweight | 0.76  |
|  Texas Instruments | Underweight | 0.63  |
|  Palo Alto Networks | Overweight | 0.62  |
|  Apple | Underweight | 0.59  |
|  Monolithic Power Systems | Overweight | 0.50  |
|   |  | **8.70**  |

#### Top ten detractors relative to the benchmark

|   |  | Active contribution GBP (%)  |
| --- | --- | --- |
|  Okta | Overweight | -1.15  |
|  Paycom Software | Overweight | -1.12  |
|  JD.com | Overweight | -0.93  |
|  Emerson Electric | Overweight | -0.93  |
|  ON Semiconductor | Overweight | -0.82  |
|  Pure Storage | Overweight | -0.67  |
|  Intuit | Overweight | -0.63  |
|  GitLab | Overweight | -0.62  |
|  Alphabet | Underweight | -0.61  |
|  Samsung | Overweight | -0.61  |
|   |  | **-8.09**  |

Source: Allianz Global Investors. 31 Dec 2022 - 31 Dec 2023.

* Relative to Dow Jones World Technology Index. Figures may not add due to rounding.

### Share Buybacks 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 2023, the mid-market price of the Company's shares increased by 44.5% (2022: decreased by 40.4%), with a discount at the year end of 10.3% (2022: 9.1%).

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 over 7% and all other factors align. The Board will only issue new shares at a premium to NAV.

The Company did not issue any new shares during 2023 (2022: nil) and bought back 16,530,708 shares at a discount to NAV (2022: 16,703,872). There were 38,799,670 shares held in treasury at the year end (2022: 22,268,962 shares).

13
ALLIANZ TECHNOLOGY TRUST PLC 
Results and Dividends Board diversity
An overview of the Company’s results is shown in the Financial At 31 December 2023, there were two male Directors and
Highlights on page 2. The revenue reserve remains three female Directors. Further information on Board Diversity
 may be found in the Directors’ Report on page 28.
of the year ended 31 December 2023 (2022: nil). As stated in
the Chairman’s Statement, the Board considers it unlikely that Risk Report
a dividend will be declared in the near future.
Viability Statement
In accordance with the Corporate Governance provisions
Future development
the Company is required to make a forward looking (longer
The future development of the Company is dependent on
term) Viability Statement. In order to do this the Board has
the success of the Company’s investment strategy against
considered the appetite for a technology investment trust
the background of the economic environment and market
against the current market backdrop, and has formally
evolution and the future attractiveness of the Company as an
assessed the prospects for the Company over a period of
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 Portfolio Manager
The next continuation vote will be put to shareholders at the
discusses his view of the Company’s portfolio and the outlook
AGM in 2026. In order to assess the prospects for the Company
in his report which starts on page 7. The Board holds a
the Board has considered:

– The investment objective and strategy taking into account
it considers the position of the Company and the strategy for
recent, past and potential performance against both the
the year ahead and beyond, making recommendations for
benchmark, other indices of note and peers;

– 
was held in October 2023.
currently utilise gearing in any form but does maintain a
portfolio of, in the main, non-income bearing investments;
Marketing the Company’s Investment Strategy
– The liquidity of the portfolio and the ability to liquidate the
The Company continues to operate a targeted and
portfolio on the failure of a continuation vote;
coordinated marketing programme in order to raise
– The macro economic conditions and geopolitical events;
awareness of its investment strategy. During 2023 both
– The ever increasing level of technology adopted by both
virtual and in-person communication tools have been
individuals and corporations alike;
used. This programme targets potential investors as
– The inherent risks in such technology both in terms of speed
well as communicating the latest developments to its
of advancement; and
existing shareholders.
– The principal risks faced by the Company as outlined below.
The programme is aimed at both professional and retail
The Board is fully aware that the world of technology is
investors and aims to create ongoing and sustained demand
constantly evolving and growing and could potentially look
for the Company’s shares. The retail audience includes those


the formal assessment, through regular updates from the
advisers as well as the ever-increasing numbers who are
AIFM and the Investment Manager, the Board believes it
researching and making their own investment decisions. The
is reasonable to expect that the Company will continue in
programme comprises advertising and other promotional

activity as well as communicating with journalists and the
under this review.

Company’s specialist investment strategy can be highly Investment Controls and Monitoring
 The Board in conjunction with the AIFM and the Investment
boosted by the number of performance awards won by the Manager has put in place a schedule of investment controls
Company over recent years and has been instrumental in and restrictions within which investment decisions are made.
generating demand from retail investors which is, of course, to These controls include limits on the size and type of investment
 and are monitored on a constant basis. They are formally
investors are choosing to buy and sell stocks and shares 
via online trading platforms rather than via a traditional month and are reviewed by the Board at every meeting.
stockbroker. Approximately 35% (2022: 35%) of the Company’s
Principal and Emerging Risks and Uncertainties
shares are now held by investors on these platforms. Many


table below, together with information about the actions
pension products as well as the facility to invest on a regular
taken to mitigate these risks. A more detailed version of this
monthly basis. Competition amongst platform providers is
table in the form of a Risk Map and Controls document is

reviewed in full and updated by the Audit & Risk Committee
to buy the Company’s shares.
14
STRATEGIC REPORT
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.
Change in
risk during
Description Mitigation the year
Investment strategy and performance risk The Board has established a schedule of
 investment controls which is monitored monthly
the Investment Manager’s inappropriate allocation and reviewed at each Board meeting. The
of funds to particular sub-sectors of the technology Investment Manager has responsibility for sectoral
market and/or to the selection of individual stocks weighting and for individual stock picking, having
that fail to perform satisfactorily, leading to poor taken due account of Investment Objectives and
investment performance in absolute terms and/or Controls that are agreed with the Board from time
against the benchmark. to time and regularly reviewed. These seek, inter


Technology sector risk The Board reviews investment performance,
The technology sector is characterised by rapid including a detailed attribution analysis comparing
change. New and disruptive technologies, including performance against the benchmark, at each
AI, can place competitive pressures on established Board meeting. At such meetings, the Investment
companies and business models, and technology Manager reports on major developments and
stocks may experience greater price volatility than changes in technology market sectors and also
securities in some slower changing market sectors. highlights issues relating to individual securities.
The Board has reviewed the risks and opportunities
presented by AI via discussion with a subject

Cyber risk The operations of the Company are carried out by
The Company may be at risk of cyber attacks which third party service providers. All service providers
may result in the loss of sensitive information or report to the Board on operational issues including
disruption to the business. cyber risks and the controls in place to capture
potential attacks. See Operational Risk below.
Market risk The Board, the AIFM and the Investment Manager
 monitor stock market movements and may
by a general decline in the valuation of listed consider hedging, gearing or other strategies to
securities and/or adverse market sentiment respond to particular market conditions. The AIFM
towards the technology sector in particular. and the Investment Manager maintain regular
Although the Company has a portfolio that is contact with shareholders to discuss performance
 and expectations and to convey the belief of
its principal focus is on companies with high growth the Board and the Investment Manager that
potential in the mid-size ranges of capitalisation. superior returns can be generated from investment
The shares of these companies may be perceived in carefully selected companies that are well
as being at the higher end of the risk spectrum, 
leading to a lack of interest in the Company’s those segments of the technology market where
shares in some market conditions. The Company’s disruptive change is occurring.

The Board, the AIFM and the Investment Manager
banks interest rates. Higher interest rates have had
would monitor the progress of the unexpected
an adverse impact on growth stocks.
events very closely and initiate appropriate
Market sentiment may quickly deteriorate in the responses where possible.

macro-economic environment.
15
ALLIANZ TECHNOLOGY TRUST PLC 
Change in
risk during
Description Mitigation the year
Currency risk The Board monitors currency movements and
A high proportion of the Company’s assets is likely determines hedging policies as appropriate. The
to be held in securities that are denominated in Board does not currently seek to hedge this foreign
US Dollars, whilst its accounts are maintained in currency risk.
Sterling. Movements in foreign exchange rates

and create a risk for shareholders.
Financial and liquidity risk Financial and liquidity reports are provided to and
 considered by the Board on a regular basis.
in place to manage these risks are disclosed in
detail in Note 13 beginning on page 65.
Operational risk The Board receives regular reports from the AIFM,
The Company may be impacted by disruption to the Investment Manager and third parties on
or the failure of the systems and processes utilised internal controls highlighting areas of exception,
by the AIFM and the Investment Manager or other including reports on monitoring visits carried out
third party service providers. This encompasses by the Depositary on behalf of the Company. The
disruption or failure caused by cybercrime, fraud Board has further considered the increased risk of
and errors and covers dealing, trade processing, cyber-attacks and fraud and has received reports
 and assurance regarding the controls in place and
operational functions. details of whistleblowing procedures.
Key individual risk Succession plans are in place for the Board. The
 lead portfolio manager is supported by Erik
as a consequence of loss of key individuals e.g. the Swords, portfolio manager and an experienced
lead portfolio manager. team of technology investors. Cover is available for
core members of the relevant teams of the AIFM.

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 34.
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
STRATEGIC REPORT
### Section 172 Report
## Engagement with Key Stakeholders
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

shareholders as a whole. The 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 The Board communicates with Shareholders make informed
information to enable them shareholders through the annual decisions about their
to evaluate whether their report and half-yearly report, investments. Shareholder
investment interests are meets with shareholders at the correspondence is forwarded
aligned with the strategy and AGM and provides a forum for directly to the Board.
objective of the Company. 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.
In the year the Board introduced
the new online stakeholder
report via the Turtl platform to
provide enhanced reporting
to shareholders.
The Chairman met with a number
of shareholders in the year
following his appointment.
Monthly factsheets are published
on the Company’s website.
17
ALLIANZ TECHNOLOGY TRUST PLC 
Stakeholders Why we engage How we engage and what we do The outcomes
Voya Investment The Board works with The Board has a triparite The Company is well
Management – the Investment Manager agreement for the provision managed and receives
the Investment who provides portfolio of portfolio management appropriate and timely
Manager management services. services. The Board meets with advice and guidance for a
representatives of the Investment reasonable cost.
Manager throughout the year.
The Portfolio Manager provides
regular updates at Board
meetings and upon request by
the Board.
Allianz Global The Board works with In addition to the reporting at The Company is well
Investors UK the AIFM who provides regular Board meetings, the managed and receives
Limited – the accounting and secretarial Board meets with representatives appropriate and timely
AIFM services as well as expertise in of AllianzGI UK to develop advice and guidance for a
sales and marketing. strategy for the Company, reasonable cost.
including a sales and marketing
plan which was adopted
during the year, to promote the

which helps raise its rating.
Portfolio The Board approves the On the Company’s behalf the The Investment Manager
companies Investment Manager’s active, Investment Manager engages actively votes at portfolio
stock picking approach and with investee companies, company meetings.
believes in good stewardship. including discussions on
Environmental, Social and
Governance matters and
exercises its votes at all company
meetings. The Board travels every
two years to San Francisco and
whilst there they visit several of
the portfolio companies.
Brokers The Board, the AIFM and the The brokers are kept updated The Company is an
Investment Manager work on the strategy of the Company attractive investment and
with the brokers, including so that they can publish relevant there is liquidity in the
their research and sales research information and talk Company’s shares.
teams to provide access to to potential investors. The sales
the market and liquidity in the team receives regular contact
Company’s shares. and helps the Company to
participate in exchange volume
and provide liquidity for investors.
Media The Company works with Regular communication with The Company’s name and its
partnerships public relations advisers to public relations partners to raise attributes as an investment
ensure information about  company are known to an
the Company, its strategies press and media activity. We increasingly wider audience.
and performance can can measure the success of this
reach a wide audience of activity by monitoring website
potential investors through hits and new investment in the
press articles and online Company on retail platforms.
media coverage.
18
STRATEGIC REPORT
Stakeholders Why we engage How we engage and what we do The outcomes
Distribution To reach a wider audience The wealth managers together The Board receives detailed
partnerships of investors the Company with our distribution partners 
 arrange presentations about that there is wide and
access to platforms and the Company at roadshows and growing interest in the
wealth managers. conferences to reach investors Company’s shares.
through share trading platforms
and wealth managers.
AIC The Association of Investment The Company is a member of Information about
Companies looks after the the AIC and has also supported the Company is
interests of investment trusts lobbying activities. disseminated widely.
and provides information to
the market.
Other service The Board has appointed In addition to regular contact and Assurances from direct service
providers HSBC as Depositary and assurance testing that sound and providers on their internal
Custodian and Link Group as  controls are given formally
Registrar to provide specialist from all these service providers, to the Company twice yearly
services to the Company. there is a rolling programme of but day-to-day contact with
due diligence visits to suppliers of the investment trust team
third party services by AllianzGI ensures that issues are quickly
UK’s investment trust team to 
ensure that the Company is and that remedial action can
receiving good quality services take place.

A NAV pricing issue arose
internal controls.
during the year from an
external provider of fund
administration services. The
AIFM responded with a due
diligence exercise, resulting
in enhanced controls
and procedures.
19
ALLIANZ TECHNOLOGY TRUST PLC 
## Environmental, Social, Governance (‘ESG’)
## and Stewardship – the Company’s Report
### The Board takes ESG considerations very seriously and, as such, intends to make clear how
### 
### our oversight of our Investment Manager’s process, with investment being the sole business of
### the Company.
The Investment Manager’s approach to ESG is set out on 
pages 22 to 23. The Investment Manager is a signatory to minority shareholders and founders, both in strategy and
the United Nations Principles for Responsible Investment. sometimes in unhelpful share structures. Of course, the more
a company matures, the less of a potential problem this
Although as an investment trust, the Company has no direct
usually becomes.
social or community responsibilities, the Board shares the
Investment Manager’s view that it is in the shareholders’
Stewardship
interests to be aware of and consider environmental, social
Until 31 December 2023 the Board had delegated the
and governance factors, when selecting and retaining
exercise of proxy voting powers on its behalf to discharge
investments. In addition, Voya has a due diligence approach
its responsibilities in respect of investments to the AIFM.
to ensure any retained company or entity providing services

to the Company in its normal course of business has an
have transferred to the Investment Manager to ensure
acceptable approach to ESG factors and as such does not
that the portfolio managers can engage in the decision
inadvertently support any negative factors.
making process.
Details of the Company’s policy on socially responsible
The Voya IM ESG and Proxy Voting Policies have been
investment are set out below.
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
For technology, the individual elements of ‘ESG’ have varying
Proxy Advisory Firm to assist in managing its proxy voting
outcomes.
responsibilities. ISS is an independent proxy voting adviser
The ‘E’ (Environmental) is generally a high scoring factor. Many 
technology companies are facilitating the move towards a related services.
cleaner, less carbon-intensive future. Electric vehicles are an
obvious example of this. This is not to say the entire sector is Corporate Social Responsibility (‘CSR’),
without issue and, indeed, new natural resource demands are Community and Employee Responsibilities,
emerging as technology expands. We see in general though
Emissions, Environmental and Ethical Policy (‘EEE’)
that companies are aware and consider this factor high in their
The Company’s investment activities and day to day
priorities. Regulators too have a keen eye.
management are delegated to the Investment Manager, AIFM
The ‘S’ (Social) is split in its outcomes. On the one hand, as and other third parties. As an investment trust, the Company
a source of quality employment, the result is often positive. has no direct social, community, employee or environmental
On the other hand, governments, regulators and the public impact, though the Board maintains appropriate oversight
at large have questioned the impact of some technologies, of such factors in relation to contracted service providers. Its
such as social media. The sheer size and control of some of principal responsibility to shareholders is to ensure that the
 investment portfolio is properly managed and invested.
has whether technology might exacerbate social inequality
In light of the nature of the Company’s business there are
through the inability of poorer socio-demographic groups to
no associated human rights issues, and the Company does
be able to access the same tools as those with more income.
not have a human rights policy. The Board has noted the
Again, regulators have a sharp focus on this topic.
AIFM and Investment Manager’s report on greenhouse
Finally, the ‘G’ (Governance) can be the most complicated gas emissions on its own operations and the views of the
factor. Many technology companies by their very nature are Investment Manager on CSR and EEE which it adheres to
relatively new and at an early stage of development. This in engaging with the underlying investee companies and
20
STRATEGIC REPORT
in exercising its delegated responsibilities in voting. The Criminal Finances Act 2017
Investment Manager engages with the Company’s underlying
The Company has a commitment to zero tolerance towards
investee companies in relation to their corporate governance
the criminal facilitation of tax evasion.
practices and in developing their policies on social, community
and environmental matters.
Taskforce on Climate Related Financial
The Company’s primary objective is to invest principally in Disclosures (‘TCFD’) and Global Greenhouse Gas
the equity securities of quoted technology companies on a Emissions
worldwide basis with the aim of achieving long-term capital In accordance with the requirements of the TCFD, AllianzGI
growth. Whilst the Board believes that the Company would be UK as AIFM is preparing a product level report for the
 Company. It is expected that the TCFD report for the
decisions were based solely on CSR and EEE considerations, Company will be available in June 2024 on the Company’s
we are supportive of an investment management process website www.allianztechnologytrust.com.
that considers all elements of wider ESG risk in the context
The Company does not maintain premises, hold any physical
of risk/reward, like all other risks considered by the
assets or operations and does not have any employees.
Investment Manager.
Consequently, the Company has no greenhouse gas emissions
to report from its operations, nor does it have responsibility for
Modern Slavery Act 2015
any other emissions producing sources under the Companies
The Company does not provide goods or services in the
Act 2006 (Strategic Report and Directors’ Reports) Regulations

2013. For the same reason as set out above, the Company
vehicle does not have customers. The Directors do not
considers itself to be a low energy user under the Streamlined
therefore consider that the Company is required to make a
Energy and Carbon Reporting regulations and therefore is not
statement under the Modern Slavery Act 2015 in relation to
required to disclose energy and carbon information.

The Strategic Report has been approved by the Board and
Bribery Act 2010 signed on its behalf by:
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
Chairman
Company’s main third party service providers that adequate
12 March 2024
safeguards are in place to protect against any such potentially
illegal behaviour by employees or agents.
### Proxy Voting 1 January 2022 to 31 December 2023
In the year there were 50 shareholder meetings for companies in the portfolio and the AIFM voted on the Company's behalf at
49 of those. This represents a total of 634 resolutions and the Company voted on 99% of these. Source: AllianzGI.
Company meeting voting record Total vote distribution
Number of meetings Number of votes for: 71%
voted 100% in line
Number of votes against: 23%
with management

| recommendation: 5 | Number of votes abstain: 1% |
| --- | --- |
| Number of meetings with | Number of votes withheld: 3% |
| at least one vote against, | Not voted: 0% |

withheld or abstained: 44
Figures may not add up to 100 due to rounding.
21
ALLIANZ TECHNOLOGY TRUST PLC 
## Voya Investment Management’s
## Environmental, Social and Governance
## (‘ESG’) Policy
### At Voya Investment Management (‘Voya IM’), we are dedicated to exceeding our clients’
### expectations for both service and investment results. Our mission is to help our clients meet
### their investment objectives and enable them to invest across a spectrum of returns, risk and
### ESG objectives.
We recognize the importance ESG considerations play in 
maintaining our culture, performing thorough investment 
analysis, and meeting our clients’ investment objectives. We of the long-term performance outlook of a company and the
believe that the incorporation of ESG information, alongside value of its securities. Depending on the situation, as part of
 
informed investment decision-making and a more holistic condition, we may consider information about many factors,
assessment of long-term investment risks and opportunities. including, among others, those that are considered ESG, such
as exposure to regulation or litigation, labour relations, human
As part of our investment process, we consider material
rights, product quality and safety, reputation, governance
factors, which may include ESG criteria, with the goal of
practices, executive compensation, board oversight, reporting
meeting our clients’ investment objectives. Additionally, we
and disclosure, community relations, energy costs and

climate impact.
according to their sustainability preferences.
In general, we focus on those ESG factors likely to have a
Our ESG Investment Program has been designed to help

clients meet their investment objectives and enable them to
and its securities over time. Furthermore, our experienced
invest across a spectrum of returns, risk and ESG objectives. As
analysts and portfolio managers have a deep understanding


– Integrate ESG factors into investment decisions, as relevant considerations, and we attempt to take into account
and material. the material factors that contribute to making informed
–  investment decisions.
to client demand.
– Perform stewardship activities including active engagement Stewardship – Active Ownership and engagement
and proxy voting to drive value and long-term sustainability.
Philosophy
– Consider climate change related data throughout our
Voya IM’s long-term perspective favours sound investment
ESG program.
principles aligned with the priorities of our clients. Accordingly,
– Oversee and manage ESG activities through a
our active ownership activities are designed to protect and
comprehensive governance structure.
enhance the economic value of the companies in which we
invest on our clients’ behalf. We do this through exercising
ESG integration
voting rights delegated to us at shareholder meetings,
We believe that ESG factors can impact the long-term risk
engaging with companies in which we have invested,

and collaborating with other stakeholders to encourage
into the investment process is underpinned by the belief
companies to drive value and long-term sustainability.
that it will improve the resilience of the portfolio over the
long term by generating more stable, sustainable long-term Voya IM believes that on-going discussions with senior
 management and board members of companies are essential
consideration of ESG factors, when relevant and material, to understand the businesses in which we have invested
alongside traditional factors, into our investment decisions and to promote best practices and long-term sustainability.
and engage with issuers as part of our commitment to Therefore, communication between our investment teams
active ownership. 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
22
STRATEGIC REPORT
by the AO team and may also include portfolio managers. Climate change
In addition, our portfolio managers engage with company

management teams to address a range of fundamental
our planet. If not aggressively addressed through sweeping
questions and concerns, which may include issues that can be


temperature will increase by a dangerously high degree
and radically alter our ecosystems. The direct and indirect
To that end, Voya IM has developed engagement guidelines

to describe our engagement philosophy, objectives, priorities,

methodology, tracking, and escalation. These guidelines are
view, we integrate climate change into the Voya IM’s ESG
designed to help our companies understand the AO team’s
investment framework, which helps guide our assessment
engagement goals and expectations, thereby fostering
of portfolios’ exposures to climate and other ESG risks and
mutually productive dialogue.
opportunities. Among environmental considerations, climate
Engagements
change represents the most important theme for many
The AO team aspires to improve the long-term sustainability
sectors. Although the magnitude of importance varies, it is a
of the companies in which Voya IM invests by promoting ESG
consideration for all companies given our expectation that
best practices through our proxy voting and engagement
decarbonisation will be a central macro driver going forward.
activities as well as collaborative discussions with other
However, climate change and its potential impact on asset
institutional shareholders. Therefore, the purpose of all
value are complex and uncertain. For these reasons, Voya IM
engagements conducted by the AO team is to have a
integrates data, as available, related to carbon emissions,
constructive dialogue between the company and the AO team.

Our goal is to understand how the company is addressing its
impact and climate change vulnerability with the intent of
ESG risks and opportunities, better understand each other’s
understanding a company’s physical risk (i.e. future damage
views and objectives, develop a long-term relationship
caused by climate related disasters) and transition risks (i.e.


disclosure, utilising generally accepted reporting frameworks
economy). We also consider the opportunities on which
such as TCFD, SASB, EEO-1, GRI, etc.
companies may be able to capitalize.
Additionally, Voya IM investment teams may engage with the

companies in which they invest. The investment teams utilize

an on-line engagement survey to record key issues discussed
The same tools, techniques and insights can be used to build
during their engagements and assess the company’s ability


change related objectives. Implementation varies, but these
teams are able to escalate any concerns they may have with a
products generally seek to promote climate change mitigation
company to the AO and ESG Research teams.

important to note, as part of our normal investment processes,
Proxy Voting Voya IM does not exclude or favour investments strictly based
 on climate-related metrics unless the portfolio is expressly
our clients. designed with such an objective or clients direct us to do so.
To this end, Voya IM considers many factors, including ESG
factors, which may impact the investment risk and return


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.
The Board has delegated the exercise of voting powers
on its behalf to discharge its responsibilities in respect of
investments to the Investment Manager and receives regular
voting reports.
23
## Director’s Review
ALLIANZ TECHNOLOGY TRUST PLC 
## Directors
 Ekaterina (Katya) Thomson Humphrey van der Klugt
Chairman of the Board and Chairman of the Audit & Risk Senior Independent Director and
Nomination Committee. Member Committee and member of the Chairman of the Remuneration
of the Remuneration Committee Nomination Committee, the Committee. Member of the Audit
and Management Engagement Remuneration Committee and & Risk Committee, Nomination
Committee Management Engagement Committee and the Management
Committee Engagement Committee
Tim joined the Board on 1 December

| 2021 and was appointed Chairman | Katya joined the Board on 18 July | Humphrey joined the Board on 1 July |
| --- | --- | --- |
| on 26 April 2023. He is a non-executive | 2022 and was appointed as Chairman | 2015 and became Chairman of the |
| director of abrdn UK Smaller Growth | of the Audit & Risk Committee on 31 | Audit & Risk Committee and Senior |
| Companies plc and Jupiter Unit Trust | December 2022. She is currently a non- | Independent Director on 14 April |
| Managers Ltd. He is also Chairman | executive director and audit committee | 2016. He stepped down as Chairman |
| of Invesco Bond Income Plus Limited. | chairman of AVI Japan Opportunity | of the Audit and Risk Committee on |
| He has over thirty years’ experience | Trust plc and Henderson EuroTrust plc. | 31 December 2022. He is currently |
| in investment management and |  | also a non-executive director of |
| was, until 2014, Head of Equities at | professional with over thirty years | Worldwide Healthcare Trust PLC. He is |
| Baring Asset Management. Prior to | of experience in the UK and Europe. | an experienced investment manager |
| Baring, he was Head of International | Katya is a Chartered Accountant and | and investment company director, |
| Equities at Scottish Widow Investment | a member of the Institute of Chartered | having previously served as a director of |
| Partnership Limited. | Accountants in England and Wales. | trusts managed by BlackRock, Fidelity, |

JP Morgan and abrdn Plc. Humphrey

Accountant with Peat Marwick Mitchell
& Co. (now KPMG) in 1979, and in 2004
retired from a long career as a fund
manager and director of Schroder
Investment Management Limited.
24
DIRECTOR’S REVIEW

| Elisabeth Scott | Neeta Patel CBE | Simon (Sam) Davis |
| --- | --- | --- |
| Member of the Audit & Risk | Chairman of the Management | Member of the Audit & Risk |
| Committee, the Nomination | Engagement Committee. Member | Committee, the Nomination |
| Committee, Remuneration | of the Audit & Risk Committee, the | Committee, Remuneration |
| Committee and the Management | Nomination Committee and the | Committee and the Management |
| Engagement Committee. | Remuneration Committee. | Engagement Committee. |
| Elisabeth joined the Board on 1 | Neeta Joined the Board on 1 September | Sam joined the Board on 1 January |
| February 2015. She is chair of India | 2019. She is a non-executive director | 2024. He is a non-executive director |
| Capital Growth Fund plc and of | of Albion Venture Capital Trust plc |  |
| JPMorgan Global Emerging Markets | and European Opportunities Trust plc. | Sam studied Japanese at Oxford before |
| Income Trust plc and has been a | She is also a board adviser at several | joining Morgan Grenfell & Co. Ltd, |
| non-executive director of investment | technology startups. She was previously |  |
| companies since 2011. She was chair | CEO at the Centre for Entrepreneurs and | both London and Tokyo. He moved to |
| of the Association of Investment | an entrepreneur mentor-in-residence | Morgan Grenfell Asset Management |
| Companies from January 2021 until | at London Business School, a board | in 1996 to work with a Tokyo-based |
| January 2024. Elisabeth worked in the | adviser at Tech London Advocates and | team. In 2000 he joined Putnam |
| Hong Kong asset management industry | a member of the advisory board at City |  |
| from 1992 to 2008, latterly as managing | University Ventures. | in London where, over his 19 year tenure, |
| director and country head of Schroder |  | he managed Asian, European and |

She was awarded a CBE in the Queen’s
Investment Management (Hong Kong) broad international equity portfolios.
honours list in October 2020 for services
Limited and she chaired the Hong Kong As Putnam’s co-head of equities he
to entrepreneurship and technology.
Investment Funds Association from 2005 oversaw a global investment team and
to 2007. was CEO of Putnam Investments Ltd, the
group’s UK regulated entity.
The table below sets out the number of formal Board and Committee meetings held during the year ending 31 December 2023
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 2023 was as follows:
Management
Audit & Risk Nomination Remuneration Engagement Strategy
Board Committee Committee Committee Committee Meeting
Number of meetings in the year 4 2 2 1 1 1
1
 4 2 2 1 1 1
Humphrey van der Klugt 4 2 2 1 1 1
Katya Thomson 4 2 2 1 1 1
2
Neeta Patel 3 2 2 1 1 1
Elisabeth Scott 4 2 2 1 1 1
3
Robert Jeens 2 1 1 N/A N/A N/A
1
Tim Scholefield is not a member of the Audit & Risk Committee but may attend by invitation.
2
Neeta Patel had to send short notice apologies for one Board meeting due to an emergency personal situation.
3
Retired from the Board on 26 April 2023.
25
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

# Directors' Report

The Directors present their Report and the audited Financial Statements for the year ended 31 December 2023. 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 its affairs so as to be able to retain such 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 2023 was £1,287m (2022: £899m) with gains of £355m (2022: losses of £22m) over book cost. Taking these investments at this valuation, the net assets attributable to each Ordinary share amounted to 338.2p at 31 December 2023 (2022: 231.0p). During the year, the Company did not enter into any derivative contracts and therefore there were no outstanding contracts as at 31 December 2023. See Note 13 on page 65 for the financial instruments disclosure describing the Company's exposure to price risk, credit risk, liquidity risk, and cash flow risk.

Information pertaining to the business review and future outlook can be found in the Strategic Report starting on page 12.

## Management Contracts

During the year, the Company changed its AIFM from Allianz Global Investors GmbH, UK Branch to Allianz Global Investors UK Limited ('AllianzGI UK'). AllianzGI UK is an affiliate of, and has the same ultimate parent company as, AllianzGI GmbH. AllianzGI UK is authorised and regulated by the Financial Conduct Authority with its registered office at 199 Bishopsgate, London EC2M 3TY.

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. Additionally there is a fixed fee of £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 financial year in which a performance fee was last paid. At 31 December 2023 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 to be available for offset against future underperformance but not to generate a performance fee. To the extent the Company has underperformed the benchmark, such underperformance is carried forward and must be offset by future outperformance before a performance fee can be paid. Underperformance/outperformance amounts carried forward do so indefinitely until offset.

26
DIRECTOR'S REVIEW

The performance fee accrued for as at 31 December 2023 was £nil (31 December 2022: £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 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.

The Board is satisfied that the continuing appointment of the AIFM and the Investment Manager under the terms of the Management Agreement and Tripartite Delegation Agreement is in the best interests of shareholders as a whole.

### Going Concern

The Directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements as the assets of the Company consist mainly of securities that are readily realisable and the Company's assets are significantly greater than 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 adequate financial resources to continue in operational existence for twelve months after approval of these financial statements.

The Company is subject to a continuation vote of the shareholders every five years. The last continuation vote was put to shareholders at the AGM in 2021.

### Related Party Transactions

During the financial year no transactions with related parties took place which would materially affect the financial position or the performance of the Company.

### Capital Structure

The Company's capital structure is set out in Note 10 on page 63.

### Voting Rights in the Company's shares

As at 12 March 2024, 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 | 386,685,609 | 1 | 386,685,609  |
|  Ordinary shares of 2.5p held in treasury | 42,071,071 | Nil | Nil  |
|  **Total** | **428,756,680** | **1** | **386,685,609**  |

27
ALLIANZ TECHNOLOGY TRUST PLC 
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 29 February 2024, the
latest practical date before publication of the Annual Financial Report.

|  | 31 December 2023 |  |  | 29 February 2024 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Number of |  | % of issued | Number of |  | % of issued |
| Holder |  | shares | share capital |  | shares | share capital |

Hargreaves Lansdown, stockbrokers (EO) 47,494,542 12.2 49,304,191 12.8
Interactive Investor (EO) 46,401,614 11.9 47,710,866 11.9
Rathbones 42,632,587 10.9 42,051,662 10.9
Charles Stanley 28,623,204 7.4 28,394,977 7.3
AJ Bell, stockbrokers (EO) 18,165,977 4.7 18,216,194 4.7
Evelyn Partners (Retail) 15,872,513 4.1 16,761,438 4.1
EO - Execution Only
Repurchase of Ordinary shares
At the Annual General Meeting (‘AGM’) held on 26 April 2023, 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 16,530,708 shares for holding in treasury (2022: 16,703,872).
The Board and diversity
The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented

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 LR9 Annex 2.1. The Board has chosen to align its diversity

periods. Further details on the Company’s appointment process can be found under Appointments to the Board and Director
Tenure on page 34.
As at 31 December 2023:
Number of
senior positions
on the Board
Number of Percentage (CEO, CFO, SID
Board members of the Board and Chair)
Men 2 40% N/A*
Women 3 60% N/A*
Other - - N/A*
 - - N/A*
* This column is inapplicable as the Company is externally managed and does not have executive management functions,

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, two are performed by
women and two by men.
28
DIRECTOR'S REVIEW

As at 31 December 2023:

|   | 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, including Arab | - | - | N/A*  |

* This column is inapplicable as the Company is externally managed and does not have executive management functions, specifically it does not have a CEO or CFO. The positions of Chairman of the Board and SID are attributed within the White British or other White 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 Sam Davis, all served throughout the year under review. With the exception of Humphrey van der Klugt, 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 2019. Sam Davis, who joined the Board on 1 January 2024, 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.

- Resolution 2 relates to the re-election of Tim Scholefield who was appointed on 1 December 2021 as a Director of the Company. 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 2022, who brings in-depth knowledge, expertise and experience in corporate finance and accountancy which enables her to perform an in-depth review of the Company's financial statements as the Audit & Risk Committee Chairman.
- Resolution 4 relates to the re-election of Elisabeth Scott who was appointed on 1 February 2015, who brings in-depth investment knowledge, expertise and experience of the investment management industry from her time in Hong Kong and more recently from being the Chair of the AIC.
- Resolution 5 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 6 relates to the 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.

### Directors' fees

A report on Directors' Remuneration starts on page 41.

### Directors' and Officers' Liability Insurance

Directors' and Officers' Liability Insurance cover is in place and is provided at the expense of the Company. Directors' and Officers' Deed of Indemnity information can be found on page 36.

### Conflicts of Interest

Under the Companies Act 2006 a director must avoid a situation where she/he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the Company's interests. Directors are able, if appropriate, to authorise these conflicts and potential conflicts. The Board reports annually on the Company's procedures for ensuring that its powers of authorisation of conflicts are operated effectively and that the procedures have been followed.

29
ALLIANZ TECHNOLOGY TRUST PLC 
Under the AIC Code 2019, the Directors are required to notify 2006 requirements including the payment of any dividend
the Chairman and Company Secretary of any proposed new and the allotment of shares; matters of a Stock Exchange
 or Internal Control nature such as approval of shareholder
consideration, if necessary, by the Board. The Directors are statutory documentation; performance reviews and director
required to list their current time constraints when requesting 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
that the agreed procedures have been followed in the year and share issuance policy, share price and discount/premium
under review. monitoring; the appointment or removal of the AIFM and
the Investment Manager; unquoted investment valuations;
Directors 
and limits and corporate governance matters.
As at the date of this Report, the Board consisted of six non-
executive Directors as detailed on pages 24 and 25. All
In order to enable them to discharge their responsibilities,
Directors with the exception of Sam Davis served throughout
prior to each meeting Directors are provided, in a timely
the year. Sam was appointed to the Board on 1 January 2024.
manner, with a comprehensive set of papers giving detailed

Board Committees
and performance. Representatives of the AIFM and the
For the year under review the Management Engagement Investment Manager attend each Board meeting, enabling
and the Nomination Committees were chaired by Robert 
Jeens until his retirement on 26 April 2023. Those Committees further on matters of concern. A full report is received from
 the Investment Manager at each meeting. In the light of these
appointed as Chairman of the Management Engagement reports, the Board reviews compliance with the Company’s
 stated investment objectives and, within these established
Chairman of the Nomination Committee. The Audit & Risk guidelines, the Investment Manager takes decisions as to the
Committee is chaired by Katya Thomson and Humphrey purchase and sale of individual investments.
van der Klugt was Chairman of the Remuneration
 Whistleblowing
the responsibilities of each Committee, can be obtained
As the Company has no employees it does not have a formal
from the Company Secretary and can be found on the

website www.allianztechnologytrust.com.
about improprieties for appropriate independent investigation.
The Audit & Risk Committee has, however, received and noted
Management Engagement Committee
the AIFM and Investment Manager’s policy on this matter.
The Management Engagement Committee report is on However, any matters concerning the Company may be raised
page 38. with the Chairman or Senior Independent Director.
Nomination Committee Modern Slavery Act 2015
The Nomination Committee report is on page 39. The Company does not provide goods or services in the

Remuneration Committee vehicle does not have customers. The Directors do not
The Remuneration Committee report is on page 40. therefore consider that the Company is required to make a
statement under the Modern Slavery Act 2015 in relation to
Audit & Risk Committee 
The Audit & Risk Committee Report starts on page 46.
Electronic communications
The Board and Matters Reserved for the Board 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
formal schedule of matters reserved for the decision of the
letter notifying them of the availability of the Company’s
Board and there is an agreed procedure for Directors, in the
Annual Report, Half-Year Report and any other Shareholder
furtherance of their duties, to take independent professional
documents on the Company’s website. Those that elected not

to switch to electronic means will continue to receive hard-
areas reserved for the Board include the setting of parameters
copy documents by post. In order to reduce the Company’s
for and the monitoring of investment strategy, the review of
impact on the environment we encourage shareholders,
investment performance (including performance relative
wherever possible, to register an email address and to receive
to the benchmark and to the Company’s peer group) and

30
DIRECTOR’S REVIEW
 Each of these contracts was entered into after full and proper
available postal copies where required. consideration by the Board of the quality and cost of the

Common Reporting Standard (‘CRS’) 
receives and considers regular reports from the AIFM and the
CRS is a global standard for the automatic exchange of
Investment Manager and ad hoc reports and information are
information commissioned by the Organisation for Economic
supplied to the Board as required.
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 Auditor objectivity and independence
HMRC in relation to UK resident foreign investment holders. Mazars LLP is the Auditor of the Company. The Board believes
The reporting obligation began in 2016 and is an annual that auditor objectivity and independence is safeguarded
requirement. The Registrars, Link Group, are appointed to for the following reasons: the extent of non-audit work which
 
behalf of the Company. 
Mazars LLP has provided information on its independence
Safe Custody policies and the safeguards and procedures it has developed

The Company’s listed investments are held in safe custody by
that it is independent within the meaning of all regulatory and
HSBC Bank Plc (the ‘Custodian’). Operational matters with
professional requirements and that the objectivity of the audit
the Custodian are carried out on the Company’s behalf by the
team is not impaired.
Manager in accordance with the provisions of the investment
management agreement. The Custodian is paid a variable fee
Each Director at the date of approval of this report
dependent on the number of trades transacted and location

of the securities held.
(a) in so far as the Director is aware, there is no relevant
audit information of which the Company’s auditors are
Depositary
unaware; and
HSBC Securities Services (the ‘Depositary’) acts as the
Company’s Depositary in accordance with the Alternative (b) the Director has taken all the steps he or she ought to have
Investment Fund Managers Directive (AIFMD). The taken as a Director in order to make himself/ herself aware
Depositary’s responsibilities, which are set out in the Investor of any relevant audit information and to establish that the
Disclosure Document on the Company’s website, include cash Company’s auditor is aware of that information.
monitoring; ensuring the proper segregation and safe keeping


in accordance with the provisions of section 418 of the
Custodian; and monitoring the Company’s compliance with
Companies Act 2006. Mazars LLP will stand for re-election at
investment and leverage limit requirements.
the forthcoming AGM.
Although the Depositary has delegated the safekeeping of all
assets held within the Company’s investment portfolio to the Disclosures required by FCA Listing Rule 9.8.4
Custodian, in the event of loss of those assets that constitute
This rule requires listed companies to report certain




an identical type, or the corresponding amount of money,
information is applicable to the Company in the year
unless it can demonstrate that the loss has arisen as a result
under review.
of an external event beyond its reasonable control, the
consequences of which would have been unavoidable despite
Post Balance Sheet Events

Post balance sheet events are detailed in note 16 to the

Directors’ Responsibility, Accountability and Audit
The Directors’ Statement of Responsibilities in respect of the
Annual General Meeting

The AGM will be held on Wednesday 24 April 2024 at 2.30pm.
Auditors’ Report starts on page 49. The Board has
This meeting will be held as a hybrid meeting. This means
delegated contractually to external agencies, including the
that there will be an in person meeting as well as it being
AIFM and the Investment Manager, the management of the
streamed live for those shareholders who cannot attend in
investment portfolio, the custodial services (which include
person. The formal Notice of AGM, including instructions on
the safeguarding of the assets), the day to day accounting,
how to join online, starts on page 75. The Directors consider
company secretarial and administration requirements and the
that the resolutions relating to the items of special business, as
share registration services.
detailed below, are in the best interests of shareholders as a
31
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

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 Portfolio Manager will present his review of the year and prospects for the future. Additionally, shareholders wishing to communicate directly with the Board may make contact via the Company Secretary, details of whom can be found on page 71.

The following Resolutions relating to items of special business will be proposed:

### Adoption of new Articles of Association

Resolution 11, which will be proposed as a Special Resolution, seeks shareholder approval to adopt new Articles of Association (the "New Articles") in order to update the Company's current Articles of Association (the "Existing Articles"). The proposed amendments being introduced in the New Articles primarily relate to changes in law and regulation, developments in market practice and other developments since the Existing Articles were adopted.

The following principal amendments will be made to the Company's Existing Articles through the adoption of the New Articles if Resolution 11 is approved by shareholders at the AGM:

i. updating references in the Existing Articles to certain legislation which has been amended or transposed into UK law following Brexit;
ii. clarifying that the model articles contained in The Companies (Model Articles) Regulations 2008 (SI 2008 No. 3229) do not apply to the Company;
iii. clarifying and expanding upon the Board's ability to take steps to deal with shares that are held in uncertificated form (i.e. in the CREST system) in circumstances where the Company is entitled to enforce a lien over, or sell, transfer or forfeit, any of such shares in accordance with the Articles;
iv. clarifying that the Company is permitted to purchase its own shares and to reduce its share capital, any capital redemption reserve and any share premium account in any manner permitted by, and in accordance with, the Companies Act 2006;
v. including provisions which require all Directors to retire at each AGM (and, if they wish, to offer themselves for re-election) in line with the recommended corporate governance regime in the UK, and provisions dealing with the potential situation whereby no Directors are re-elected at an AGM;
vi. expanding the provisions in the Existing Articles which allow the Board to immediately remove a Director from office;

vii. increasing the cap on the aggregate of all fees which may be paid to Directors from £250,000 per annum to £325,000 per annum. The proposed increase will provide headroom for the future. Both the Existing Articles and the New Articles allow for a higher amount to be approved from time to time by ordinary resolution of the Company;

viii. expanding the provisions in the Existing Articles which enable the Directors to use electronic, digital and audio communications to convene and conduct Board meetings, Board committee meetings and other Board business; and

ix. removing the requirement to return the net proceeds of sale of shares belonging to untraced shareholders and any associated unclaimed dividends.

Other proposed amendments which are of a minor, technical, typographical or clarifying nature have not been summarised above.

The summary above is intended only to highlight the principal amendments which are likely to be of interest to shareholders. It is not intended to be comprehensive and cannot be relied upon to identify amendments or issues which may be of interest to all shareholders. The summary is not a substitute for reviewing the full terms of the New Articles which will be available for inspection at the Company's Registered Office between the hours of 9.00am and 5.00pm (Saturdays, Sundays and public holidays excepted), and on the Company's website, www.allianztechnologytrust.com, from the date of the AGM Notice until the close of the AGM, and will also be available for inspection at the venue of the AGM from 15 minutes before and during the AGM. The New Articles will also be available for inspection on the National Storage Mechanism located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism, from the date of the AGM Notice.

### 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, Directors require specific authority from shareholders before allotting new shares (or granting rights over shares) for cash or selling shares out of treasury, without first offering them to existing shareholders in proportion to their holdings.

Resolution 12 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 per cent. of the Company's total issued Ordinary share capital as at 12 March 2024, being the latest practical date prior to publication of this document. The authority will expire on 24 July 2025 or, if earlier, at the end of the Annual General Meeting of the Company to be held in 2025, unless previously cancelled or varied by the Company in general meeting.

Resolution 13, which is being proposed as a Special Resolution, seeks to renew the Directors' authority to allot equity securities, or sell Treasury shares, for cash without

32
DIRECTOR'S REVIEW

having to offer such 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 per cent. of the Company's total issued Ordinary share capital as at 12 March 2024, being the latest practicable date prior to publication of this document. The authority will expire on 24 July 2025 or, if earlier, at the end of the Annual General Meeting of the Company to be held in 2025, 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 26 April 2023. Resolution 14 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 expenses, reflecting requirements of the Companies Act 2006 and the Listing Rules. The authority will expire on 24 July 2025 or, if earlier, at the end

of the Annual General Meeting of the Company to be held in 2025, 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 the benefits to shareholders.

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 realised capital profits of the Company (which are currently £648 million).

Approval is also being sought for two secondary authorities under resolutions 15 and 16, 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 2024*

33
ALLIANZ TECHNOLOGY TRUST PLC 
## Corporate Governance Statement
The Board recognises the importance of a strong corporate Davis was appointed a non-executive Director on 1 January
governance culture that meets the listing requirements. The 2024. A formal schedule of matters reserved for decision
Board has put in place a framework for corporate governance by the Board has been adopted. The Board has engaged
which it believes is appropriate for an investment company 
 depositary, custodial and share registration services.
shareholders, communities, regulators and other stakeholders Contractual arrangements are in place between the Company
of the Company. With a range of relevant skills and 
experience, all Directors contribute to the Board discussions been a non-executive Director of the Company for nine
and debates on corporate governance. In particular, the years as at 1 February 2024. To allow for orderly succession
Board believes in providing as much transparency for planning she will retire at the AGM in 2025, as Humphrey van
investors as is reasonably possible to ensure investors can der Klugt will be retiring at the forthcoming AGM. The Board
clearly understand the prospects of the business and enhance carefully considers the various guidelines for determining the
liquidity of its shares while also preserving an appropriate level independence of non-executive Directors, placing particular
 weight on the view that independence is evidenced by
an individual being independent of mind, character and
The Board has considered the Principles and Provisions of
judgement. All Directors are presently considered to be
the AIC Code of Corporate Governance (‘AIC Code’). The AIC
independent. All Directors retire at the AGM each year and, if
Code addresses the Principles and Provisions set out in the
appropriate, seek re-election. Each Director has signed a letter
UK Corporate Governance Code (the UK Code), as well as
of appointment to formalise the terms of their engagement

as a non-executive Director, therefore they do not have a
relevance to the Company.
service contract with the Company. Copies of the letter of
The Board considers that reporting against the Principles and engagements are available on request and at the AGM.
Provisions of the AIC Code, which has been endorsed by the
FRC, provides more relevant information to shareholders. Senior Independent Director
Humphrey van der Klugt is the Senior Independent Director
The AIC Code is available on the Company’s and AIC’s
(‘SID’). He is available to shareholders if they have concerns
websites. It includes an explanation of how the AIC Code
which contact through the normal channels of Chairman,
adapts to the Principles and Provisions set out in the UK Code
AIFM or Company Secretary have failed to resolve or for which
to make them relevant for investment companies.
such contact is inappropriate. Neeta Patel will be appointed
as SID at the conclusion of the forthcoming AGM on 24 April
Application of the Provisions and Principles
2024 when Humphrey van der Klugt retires.
The Company has complied with the Principles and Provisions
of the AIC Code during the year ended 31 December 2023.
Board Culture
Where the Principles and Provisions are related to the role
The Board adopts a culture where all parties are treated
of the chief executive, internal audit function and executive
with respect. The Directors provide mutual support combined
directors’ remuneration, the Board considers these principles
with constructive challenge. The Chairman encourages open
not relevant as the Company is an externally managed
debate to foster a supportive and co-operative approach for
Company with an entirely non-executive Board, no employees
all participants. The Board aims to be open and transparent
or internal operations.
with shareholders and their respective stakeholders. At
regular meetings the Board engages with the AIFM and the
The Board
Investment Manager to understand its culture and receives

reporting and feedback from other service providers.

so that the Company has the platform from which it can
Appointments to the Board and Director tenure
achieve its investment objective. The Board’s role is to guide
The Board regularly reviews its composition, having regard to
the overall business strategy to achieve long term success and
the Board’s structure and to the present and future needs of

the Company. The Board takes into account its diversity, the
the Company’s strategy can be found on page 12. Strategic
balance of expertise and skills brought by individual Directors,
issues and all operational matters of a material nature are
and length of service, where continuity and experience can
considered at its meetings.


that this provides for a sound base from which the interests of

investors will be served to a high standard.
34
DIRECTOR’S REVIEW
 conditions and feedback from shareholders received directly
of experience, skills, length of service and backgrounds. or from the Managers. The investment strategy is reviewed
The tenure of each Director, including the Chairman, is not regularly with the AIFM and the Investment Manager. Board
ordinarily expected to exceed nine years. However, the Board meetings include a review of investment performance and
is also of the view that length of service will not necessarily associated matters such as marketing/ investor relations,
compromise the independence or contribution of directors risk management, gearing, general administration and
of an investment trust company or, indeed, its chairman. compliance, peer group information and industry issues.

of the Board especially in times of market turbulence. All Board evaluation
Directors with the exception of Elisabeth Scott have served for
The Board evaluates its performance and considers the tenure
fewer than nine years. As noted in the Chairman’s Statement
and independence of each Director on an annual basis.
on page 5, Humphrey van der Klugt will retire at the
During 2023, an external Board evaluation was conducted by
Company’s forthcoming AGM. In order to aid Board succession
Stephenson Executive Search Ltd whereby each Director was
planning, Elisabeth Scott will remain on the Board until
independently interviewed on the workings of and individual
the AGM in 2025. The Directors’ appointments are formally
contributions to the Board, Committees and the performance

of the Chairman. The results were discussed at the Nomination
of joining the Board. Each Director will stand for re-election
Committee held in November 2023 and it was concluded that
annually at the AGM. The biographies of each Director can be
the evaluation process had been worthwhile.
found on pages 24 and 25 and the ordinary resolutions
Each Director believes that the composition of the Board and
for their election and re-election on page 75.

The Board appoints all Directors on merit and under the
and that the Board, as a whole, and its Committees
Articles of Association of the Company, the number of

Directors may be no more than ten and no less than two. A
and Committees were held in person, with some Directors
Director may be appointed by ordinary resolution. When the
attending virtually when necessary. The composition of the
Nomination Committee considers Board succession planning
Board, Committees and tenure of the Chairman are reviewed
and recommends appointments to the Board, it takes into
annually by the Nomination Committee. Further details can be
account a variety of factors. Knowledge, experience, skills,
found on page 39.
personal qualities, residency and governance credentials play
The Board is diverse in its composition and thought processes.
an important part. During the year under review, Robert Jeens
The Directors have a breadth of experience relevant to
retired from the Board and there were no new appointments.
the Company. The Directors believe that any changes to

the Board’s composition can be managed without undue
January 2024, following a recruitment process run by Fletcher
disruption. The members of the Board strive to challenge each
Jones, an external recruitment agency. He brings global
other constructively to make sure all issues are examined from
investment management expertise to the Board.

Managers properly to account on their progress on inclusion
Meetings
and diversity.
The Board is scheduled to meet at least four times a year
and between these formal meetings there is regular contact The Board recommends the election and re-election of
with the Alternative Investment Fund Manager (‘AIFM’), Directors and supporting biographies are disclosed on pages
the Investment Manager, the Company Secretary and the 24 and 25 of this annual report.
Company’s Brokers. The Directors are kept fully informed of
 Delegation of responsibilities
are relevant to the business of the Company that should be
The Board has delegated the following areas of responsibility:
brought to the attention of the Directors. The Directors also
The day-to-day administration of the Company has been
have access, where necessary in the furtherance of their duties,
delegated to Allianz Global Investors UK Limited in its capacity
to independent professional advice at the expense of the

Company. The attendance record of Directors for the year to
administration and investor relations. Tasks include preparing
31 December 2023 is set out on page 25.
the valuations, the statutory accounts, the management
accounts, presenting results and information to shareholders,
The Board considers agenda items laid out in the notice and
coordinating all corporate service providers to the Company
agenda of each meeting which are circulated to the Board in
and giving the Board general advice.
advance of the meeting as part of the Board papers. Directors
may request any agenda items to be added that they consider
Voya Investment Management Co LLC, the Investment
appropriate for Board discussion. Each Director is required
Manager has full discretion (within agreed parameters)

to make investments in accordance with the Company’s
interest prior to Board discussion. The Board constantly

considers the Company’s strategy with regard to market

35
ALLIANZ TECHNOLOGY TRUST PLC 
Company and existing portfolio as a whole, including Audit, Risk Management & Internal Controls
the sourcing of new investments, presenting results and
For the reasons previously mentioned, the Directors consider
information to shareholders.
the provisions relating to the internal audit as not relevant to
the Company.

There is an Audit & Risk Committee, which is chaired by Katya
The Company has also entered into qualifying third party
Thomson, that meets at least twice a year and the full Audit &
Deeds of Indemnity with each Director to cover any liabilities
Risk Committee Report starts on page 46.
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 2023 and up of the risk management and internal control systems for
to the date of approval of this report. The Directors are not the Company, which are designed to ensure that proper
 
incurred in connection with criminal proceedings in which information on which business decisions are made and which
the Director is convicted or required to pay any regulatory is issued for publication is reliable, and that the assets of the
 Company are safeguarded. Such a system of internal control
information can be found on page 29. is designed to manage rather than eliminate the risks of
failure to achieve the Company’s business objectives and can
Training and advice only provide reasonable and not absolute assurance against
New Directors are provided with an induction programme that material misstatement or loss.
is tailored to the particular requirements of the appointee.
The Directors, through the procedures outlined below and

further detailed in the Strategic Report and the Audit &


provides an annual seminar for investment trust non-executive
Company’s risk management and internal controls under
directors with presentation on industry and regulatory

updates. Directors are also encouraged to attend industry
statements and up to the date of approval of the Annual
and other seminars. Directors, in the furtherance of their

duties, may also seek independent professional advice at
controls in the key areas of investment strategy, technology
the expense of the Company. No Director took such advice


and liquidity risk and operational risk for extended review.
access to the advice and services of the Company Secretary,
Emerging risks are also considered by the Board.
who is responsible to the Board for ensuring that Board
procedures are followed and that applicable rules and The Directors’ Statement of Responsibilities, set out on page
regulations are complied with. The Company Secretary is also 
responsible for advising the Board through the Chairman on of the emerging and principal risks facing the Company,
all governance matters. including those that would threaten its business model, future
performance, solvency or liquidity and reputation.

The AIFM and the Investment Manager have established
Company Directors have a statutory obligation to avoid a internal control frameworks to provide reasonable assurance
situation in which they (and connected persons) have, or can 
 behalf of their clients. The AIFM and Investment Manager’s
 
in place procedures for managing any actual or potential the internal controls on an ongoing basis.

The AIFM and the Investment Manager provide the Board
interest arose during the year under review.
with regular reports on all aspects of internal control

Alternative Performance Measures
risk management and relationships with external service
In addition to providing guidance on Corporate Governance,
providers). Business risks have been analysed and recorded
the AIC provides the investment company industry with
in a Risk Matrix, which is formally reviewed by the Audit & Risk
leadership on the reporting of alternative performance
Committee at its meetings and at other times as necessary. It
measures to support a fair and balanced approach to the
is believed that an appropriate framework is in place to meet
performance of your Company. A glossary of Alternative
the requirements of the AIC Code.
Performance Measures (‘APMs’) can be found on page 69.
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.
36
DIRECTOR’S REVIEW
Relations with shareholders
During 2023, the Company had regular contact with its
institutional 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.
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

activities and performance in the year under review with a
clear link between the relevant sections of the report. The

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

12 March 2024
37
ALLIANZ TECHNOLOGY TRUST PLC 
## Report of the Management Engagement
## Committee
Role of the Committee The AIFM and the Investment Manager
The role of the Management Engagement Committee is reappointment
to review the investment management agreement and The Committee last met in November 2023 and in a
the Company’s Service Providers. The Committee monitors closed session after the presentations from the AIFM and
the performance of the Investment Manager for portfolio the Investment Manager, and it was concluded that in its
management services and the AIFM for the secretarial, opinion the continuing appointment of both the AIFM and
 the Investment Manager on the terms agreed was in the
it provides under a tripartite agreement. It also reviews the interests of shareholders as a whole and recommended this to
terms of the agreement including the level and structure of the Board.
fees payable, the length of notice period and best practice
provisions generally. All of the Committee’s responsibilities Committee evaluation
have been carried out over the course of the year
The activities of the Management Engagement Committee
under review.
were considered as part of the Board appraisal process
completed in accordance with standard governance
Composition of the Committee
arrangements as summarised on page 35. The conclusion
All the Directors are members of the Committee. Neeta Patel from the process was that the Committee was operating
was appointed as Chairman on 29 November 2023. 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 12 March 2024
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 Chairman’s Statement and 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.
A breakdown of the portfolio begins on page 10.
38
DIRECTOR’S REVIEW
## Report of the Nomination Committee
Role of the Committee Succession planning
The primary role of the Nomination Committee is to review During the year the Committee started the process for the
and make recommendations with regard to Board structure, appointment of a new non-executive Director. Fletcher Jones,
size and composition, the balance of knowledge, experience, an executive search agency, were engaged to assist with the
skill ranges and diversity and consider succession planning recruitment process. The Company and the Directors have no
and tenure policy. All of the Committee’s responsibilities have other connection with Fletcher Jones. The Committee provided
been carried out during the year under review. The Committee their criteria for the appointment. Fletcher Jones introduced a
 number of candidates to the Committee who were invited for
considered, monitored and reviewed the following matters: interview with all existing Directors. Sam Davis was appointed
to the Board on 1 January 2024.
– the structure and size of the Board and its composition
particularly in terms of succession planning and the
Performance evaluation
experience and skills of the individual Directors and diversity
During the year the Committee appointed Stephenson
across the Board as a whole;
Executive Search to undertake an externally facilitated review.
– tenure policy;
The evaluation process adopted required each Director to
– the criteria for future Board appointments and the methods
participate in individual interviews on the workings of and
of recruitment, selection and appointment;
individual contributions to the Board, Committees and the
– the recruitment of a new Director and the reappointment
performance of the Chairman. Interviews were also carried
of those Directors standing for re-election at annual
out with the representatives of the AIFM and the portfolio
general meetings;
manager. Questions included a review of the interaction
– the need for any changes in committee membership;
with the AIFM and the Investment Manager. The Senior
– the attendance and time commitment of the Directors
Independent Director led the review of the Chairman. The

results of the performance evaluation were discussed at the
other directorships;
Committee meeting held in November 2023. Any concerns
– the question of each Director’s independence prior to
were discussed openly and addressed with all Directors with
publication of the Report and Accounts; and
the AIFM present. It was agreed by all participants that the
– 

interests in accordance with the provisions of the Act.

Composition of the Committee Company as a whole. Board and diversity is summarised on
The Committee is composed of all the current Directors page 28.
and chaired by the Chairman of the Board. The terms of
reference can be found on the Company’s website www.

allianztechnologytrust.com.

12 March 2024
39
ALLIANZ TECHNOLOGY TRUST PLC 
## Report of the Remuneration Committee
Role of the Committee The level of Directors’ fees are recommended to and approved
by the Board. Directors abstain from voting on their own fees.
The primary role of the Remuneration Committee is to
Directors’ remuneration is paid quarterly or monthly in arrears
determine the remuneration policy for the Chairman and
and is paid to the individual Director; no payments have been
Directors as well as considering the need to appoint external
made to third parties on behalf of the individual.
remuneration consultations. The Committee reviews the

A detailed summary of the Chairman and Directors’
once a year.
remuneration starts on page 41.
Composition of the Committee
Committee evaluation
The Committee comprises all current Directors and is chaired
The activities of the Remuneration Committee were
by Humphrey van der Klugt. Katya Thomson will be appointed
considered as part of the Board appraisal process completed
as Chairman when Humphrey steps down as a Director of
in accordance with standard governance arrangements as
the Company at the conclusion of the forthcoming AGM. The
summarised on page 35. The conclusion from the process
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
12 March 2024
consideration 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.
40
DIRECTOR'S REVIEW

# Directors' Remuneration Implementation Report

## 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 49.

## 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 2021 and will therefore next be proposed as a binding vote at the forthcoming AGM. The Remuneration Policy Report follows on page 44 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 40.

## Annual General Meeting ('AGM') Voting Statement

At the AGM held on 26 April 2023, of the votes cast by proxy for the approval of the Remuneration Implementation Report, 145,402,594 (99.77%) were cast in favour, 341,875 (0.23%) were cast against and 99,996 shares were withheld from the vote. For the Remuneration Policy Report, which was last proposed as a binding vote at the AGM held on 29 April 2021, of the votes cast, 17,117,110* (99.65%) were cast in favour, 1,225 (0.01%) were cast as discretionary, 59,259 (0.34%) were cast against and 32,790 shares were withheld.

* A share split of 10 for 1 was undertaken in 2021.

## Annual Statement

The Chairman of the Remuneration Committee reports that the Directors' remuneration will be increased as of 1 January 2024 as set out on page 42.

## 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:

|   | 2023 £ | 2022* £ | 2021 £ | 2020 £ | 2019 £  |
| --- | --- | --- | --- | --- | --- |
|  Total Remuneration | 207,114 | 203,064 | 149,500 | 128,250 | 132,167  |
|  Total Dividends, Share Buy-backs and Distributions | 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 stand for election by shareholders at the first AGM after their appointment, and in accordance with good corporate governance 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 removed without notice and compensation will not be due on leaving office.

Directors' and Officers' Liability Insurance cover is held by the Company. The Board has granted individual indemnities to the Directors.

41
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

## Your Company's performance

The regulations require a line graph to be included in the Directors' Remuneration Report showing total shareholder return for each of the financial years over a ten year period. The graph below measures the Company's share price and net asset 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.

![img-0.jpeg](img-0.jpeg)

Source: AllianzGI / Datastream in sterling. Figures have been rebased to 100 as at 31 December 2013.

## Directors' fees

All the Directors, with the exception of Robert Jeens who retired on 26 April 2023 and Sam Davis who was appointed on 1 January 2024, served throughout the year and received the fees set out below.

In the year under review to 31 December 2023 the Directors' fees were paid at the following rates: £33,000 per annum for each Director with the Chairman of the Board receiving an extra £20,000 per annum and the Chairman of the Audit & Risk Committee an extra £8,500 and the Senior Independent Director an extra £1,500 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 2023 as well as recommendations from Stephenson Executive Search during the Board performance evaluation. 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 2024 to £35,000 per annum. The Chairman of the Board will receive £56,000 per annum. The Chairman of the Audit & Risk Committee will receive £45,500 and the Senior Independent Director will receive £37,000 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 £250,000. Updated Articles of Association are to be put to shareholders at the forthcoming meeting which will increase the aggregate maximum to £325,000. This will allow sufficient headroom for ongoing Board succession planning.

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 options, bonuses, pension benefits or other financial or non-financial incentives either in substitution for or in addition to the remuneration stated above.

42
DIRECTOR’S REVIEW
Directors’ Remuneration (audited information)
The Directors who served in the year received the following emoluments in the form of fees:

|  | Variable |  |  | Total |  | Variable |  |  | Total |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Fees |  | Fees |  |  | Fees |  | Fees |  |
|  |  | 2023 |  | 2023 |  |  | 2022 |  | 2022 |  |
| Appointed |  |  | £ |  | £ |  |  | £ |  | £ |

Robert Jeens 1 August 2013 (retired 26 April 2023) - 18,550 - 51,000
Humphrey van der Klugt 1 July 2015 - 34,500 - 41,500
Elisabeth Scott 1 February 2015 - 33,000 - 32,000
Neeta Patel 1 September 2019 - 33,000 - 32,000
 1 December 2022 (appointed Chairman 26 April 2023) - 46,564 - 32,000
Katya Thomson 18 July 2022 (appointed Audit & Risk Committee Chairman 1 January 2023) - 41,500 - 14,564
- 207,114 - 203,064
No payments of Directors’ fees were made to third parties. The fees are pro-rata.

|  |  | % change |  |  |  | % change |  |  |  | % change |  |  |  | % change |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | from |  |  |  | from |  |  |  | from |  |  |  | from |  |  |
| 2023 |  | 2022 to |  | 2022 |  | 2021 to |  | 2021 |  | 2020 to |  | 2020 |  | 2019 to |  | 2019 |  |
|  | £ |  | 2023 |  | £ |  | 2022 |  | £ |  | 2021 |  | £ |  | 2020 |  | £ |

Chairman 53,000 3 51,000 6 48,000 18 40,500 4 39,000
1
Audit & Risk Chairman 41,500 N/A
41,500 6 39,000 15 33,750 4 32,500
1
SID 34,500 N/A
Independent Director 33,000 3 32,000 6 30,000 11 27,000 4 26,000
1
Until 31 December 2022, Humphrey van der Klugt was Chairman of the Audit & Risk Committee and SID under a combined fee. Katya
Thomson was appointed Chairman of the Audit & Risk Committee with effect from 1 January 2023.
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
31 December 31 December
Appointed 2023 2022
 1 December 2021 19,250 10,800
Humphrey van der Klugt 1 July 2015 70,000 70,000
Elisabeth Scott 1 February 2015 16,500 16,500
Neeta Patel 1 September 2019 9,852 7,426
Katya Thomson 18 July 2022 25,000 8,800
Sam Davis 1 January 2024 - -
Since the year end, Neeta Patel has increased her holding to 14,989 Ordinary shares, Sam Davis has purchased 3,349 Ordinary shares and
Katya Thomson has increased her holding to 30,000 Ordinary shares. There have been no further changes to any of the Directors’ holdings
from the year end to the date of this report.


12 March 2024
43
ALLIANZ TECHNOLOGY TRUST PLC 
## Directors’ Remuneration Policy Report
In accordance with Schedule 8 of The Large and Medium sized The Board consists of non-executive Directors whose
Companies and Groups (Accounts and Reports) Regulations appointments are reviewed by the Board as a whole. None of
2008 as amended, the Company is required to put to a binding the Directors has a service contract with the Company and any
vote of shareholders, at least every three years, the Company’s Director may resign by notice in writing to the Board at any
Remuneration Policy Report (the Policy). time; there are no set notice periods and no compensation is

The Policy was last proposed to and approved by shareholders

at the AGM in 2021 and will therefore be proposed as an
Ordinary Resolution at the forthcoming AGM. When reviewing the level of remuneration consideration is
given to the time, commitment and Committee responsibilities
Directors’ Remuneration Policy of each Director. The Board also takes into account the fees
paid to directors of companies within its peer group, the
The Company’s Remuneration Policy provides that fees
increasing demands and accountability of the corporate

governance and regulatory environment, as well as the fees of

other comparable companies.

of high calibre to be recruited.
The policy is for the Chairman of the Board and of each
relevant Committee to be paid a fee which is proportionate to
Directors are remunerated solely in the form of fees payable
the additional responsibilities involved in the position.
monthly or quarterly in arrears, paid to the Director personally

It is intended that the above remuneration policy will
schemes, share option schemes or pension arrangements


subsequent years.
performance, either individually or collectively. There are no
payments of recruitment bonuses.


12 March 2024
44
DIRECTOR’S REVIEW
## Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual The Directors are responsible for the maintenance and
 
with applicable law and regulations. Company law requires 
 published on www.allianztechnologytrust.com, which is a
year. Under that law the Directors have elected to prepare website maintained by the Alternative Investment Fund
 Manager. The work undertaken by the Auditors does not
Generally Accepted Accounting Practice (United Kingdom involve consideration of the maintenance and integrity of the
 website and, accordingly, the Auditors accept no responsibility
statements are required by law to give a true and fair view 
 statements since they were initially presented on the website.
 Visitors to the website need to be aware that legislation in the
statements, the Directors are required to: United Kingdom governing the preparation and dissemination

– select suitable accounting policies and then apply
other jurisdictions.
them consistently;
– make judgements and estimates that are reasonable Neither an audit nor a review provides assurance on the
and prudent; maintenance and integrity of the website, including controls
– state whether applicable UK accounting standards have used to achieve this, and in particular whether any changes
been followed; and 
–  published. These matters are the responsibility of the Directors
unless it is inappropriate to presume that the Company will but no control procedures can provide absolute assurance in
continue in business. this area.
 
with the above requirements.
(a) the Financial Statements, prepared in accordance with
The Directors are responsible for keeping adequate applicable accounting standards, give a true and fair view
accounting records that disclose with reasonable accuracy 
 Company; and
 (b) the Strategic Report includes a fair review of the
with the Companies Act 2006. They are also responsible for development and performance of the business and the
safeguarding the assets of the Company and hence for taking position of the Company, along with a description of the
reasonable steps for the prevention and detection of fraud principal risks and uncertainties that the Company faces.
and other irregularities.

Under applicable law and regulations, the Directors are also Statements, taken as a whole are fair, balanced and
responsible for preparing a Strategic Report, a Directors’ understandable and provide the information necessary to
Report, and Corporate Governance Statement, and a assess the Company’s position and performance, business
Directors’ Remuneration Report which comply with that law model and strategy.
and those regulations.
For and on behalf of the Board

Chairman
12 March 2024
45
ALLIANZ TECHNOLOGY TRUST PLC 
## Audit & Risk Committee Report
Introduction from the Chairman
I am pleased to present my formal report to shareholders as Chairman of the Audit & Risk Committee for the year ended 31
December 2023. During the year under review, Mazars LLP were re-appointed as auditor at the Company’s Annual General
Meeting in 2023. Their independent report can be found on page 49.
Responsibility

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 Patel, and Humphrey van


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, collectively, its members

The Committee meets at least twice per year. The attendance of the Committee members is shown on page 25. The

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

available on the Company’s website www.allianztechnologytrust.com.
The principal activities carried out during the year were:
– Financial reporting


and provides the information necessary for shareholders to assess the Company’s position, performance, business model
and strategy.
– External audit
– Risk and internal control
controls and risk management processes.
– External auditor
this report.
– FRC Review
highest quality category).
46
DIRECTOR’S REVIEW
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. A NAV pricing issue arose during
the year from an external provider of fund administration services. The AIFM responded with a due diligence exercise, resulting in
enhanced controls and procedures. The Committee has received regular updates from AllianzGI UK.
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

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.

The Annual Report and Financial Statements are the responsibility of the Board and the Statement of Directors’ Responsibilities
is on page 45. The Audit & Risk Committee advises the Board on the form and content of the Annual Report and Financial

The Committee is responsible for agreeing a suitable Audit Plan for the year-end audit and production of the Annual Financial

and included:
Valuation, existence and Valuations of actively traded investments are reconciled using stock exchange
ownership of the Company’s prices provided by third party pricing vendors. The Company holds no unquoted
investments 
custodian’s records.
Recognition, completeness Income received is accounted for in line with the Company’s accounting policy (as
and occurrence of revenue set out on page 57) and is reviewed by the Committee.
Compliance with Section The Committee regularly considers the controls in place to ensure that the
1158 of the Corporation Tax regulations for ensuring investment trust status are observed at all times.
Act 2010
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 The calculation of the management and performance fees payable to AllianzGI UK
Performance Fees 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

47
ALLIANZ TECHNOLOGY TRUST PLC 
Annual Financial Report
The Committee and then the whole Board reviewed the entire Annual Financial Report and noted all the supporting information

activities and performance in the year, with a clear link between the relevant sections of the report. The Directors were then able

necessary for shareholders to assess the Company’s position, performance, business model and strategy.

The Committee is responsible for reviewing the terms of appointment of the Auditor and for monitoring the audit process

Report subsequently issued by them.
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 audit processes and evidence of partner oversight
– audit communication including details of planning
– information on relevant accounting and regulatory developments, and recommendations on corporate reporting; and
– the Committee also considered the feedback from the FRC’s Audit Quality Review team noting the rating was “Good” (no areas

Auditor tenure
There are no contractual obligations which restrict the Committee’s choice of auditor. This is Mazars LLP’s second year as the
Company’s independent auditor with Nargis Yunis appointed as audit partner. Following professional guidelines, Nargis can


external audit process.
Auditor independence
The Committee has been informed by Mazars LLP that during the period under review, there was a breach by Mazars LLP
of paragraph 2.3a of the FRC Ethical Standard as a Mazars LLP partner working in a non-audit capacity held shares in
the Company. Following detailed discussions with 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.
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

Mazars LLP will be proposed at the forthcoming AGM to be re-appointed as auditors of the Company for the year ending 31
December 2024.
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 35.

experience and skills.


12 March 2024
48
FINANCIAL STATEMENTS
## Financial Statements
## Independent Auditor’s Report to the Members
## of Allianz Technology Trust PLC
Opinion 
going concern;

Technology Trust PLC (the ‘Company’) for the year ended 31
– Obtaining an understanding of the relevant controls relating
December 2023 which comprise the Income Statement, the
to the Directors’ going concern assessment;
Balance Sheet, the Statement of Changes in Equity, and notes
– making enquiries of the Directors to understand the period

of assessment considered by the Directors, assessing and
policy information.
challenging the appropriateness of the Directors’ key
assumptions in their income and expense projections

and implication of those when assessing severe but
applied in their preparation is applicable law and United
plausible scenarios;
Kingdom Accounting Standards, including FRS 102 “The
– assessing the liquidity of the portfolio through reviewing
Financial Reporting Standard applicable in the UK and
Management assessment of how quickly the portfolio could
Republic of Ireland” (United Kingdom Generally Accepted
be liquidated if required;
Accounting Practice).
– assessing the Company’s performance to date;

– evaluating the appropriateness of the Directors’ disclosures

– give a true and fair view of the state of the Company’s
viability statement.

then ended;

– have been properly prepared in accordance United
any material uncertainties relating to events or conditions that,
Kingdom Generally Accepted Accounting Practice; and

– have been prepared in accordance with the requirements of
Company’s ability to continue as a going concern for a period
the Companies Act 2006.

are authorised for issue.
Basis for opinion
Our responsibilities and the responsibilities of the Directors
We conducted our audit in accordance with International
with respect to going concern are described in the relevant
Standards on Auditing (UK) (ISAs (UK)) and applicable
sections of this report.
law. Our responsibilities under those standards are further
described in the “Auditor’s responsibilities for the audit of In relation to Allianz Technology Trust PLC’s reporting on how
 it has applied the UK Corporate Governance Code, we have
independent of the Company in accordance with the ethical nothing material to add or draw attention to in relation to the
 
statements in the UK, including the FRC’s Ethical Standard as the Director’s considered it appropriate to adopt the going
applied to listed entities and public interest entities, and we concern basis of accounting.

with these requirements. We believe that the audit evidence Key audit matters

Key audit matters are those matters that, in our professional
basis for our opinion.


Conclusions relating to going concern 
 
the Directors’ use of the going concern basis of accounting in 
 
the engagement team. These matters were addressed in the
Our audit procedures to evaluate the Directors’ assessment of

the Company's ability to continue to adopt the going concern
and in forming our opinion thereon, and we do not provide a
basis of accounting included but were not limited to:
separate opinion on these matters.
Undertaking an initial assessment at the planning stage
of the audit to identify events or conditions that may cast
49
ALLIANZ TECHNOLOGY TRUST PLC 
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.

Completion Report.
Key Audit Matter How our scope addressed this matter
Valuation, existence and ownership of the investment Our audit procedures included, but were not limited to:
portfolio
– understanding Management’s process to record and

value investments through discussions with Management

and examination of control reports for the third-party

service organisation;
Investments held as of 31 December 2023 were valued at – for all investments in the portfolio, agreeing investment
£1.3bn (2022: £898.9m), these are measured in accordance holdings to HSBC Bank Plc’s (“Custodian / Depositary”),
United Kingdom Accounting Standards, and the Statement 
of Recommended Practice issued by the Association of order to obtain comfort over existence and ownership;
Investment Companies. The investment portfolio solely – for all investments in the portfolio, independently
comprises level one investments. comparing the market prices to a reputable third
party pricing source and recalculating the investment
Investments make up 98% (2022: 96%) of net assets by
valuations as at the year-end;
value and are considered to be the key driver for the
– for all investments in the portfolio, assessing the
Company’s performance. The investments are made
frequency of trading to ensuring appropriateness of fair



– 
are measured initially and subsequently at fair value which
statements and ensure that the methodology applied
is based on their quoted bid prices at the close of business
is in accordance with United Kingdom Accounting
on the year-end date. There is a risk that investment
Standards and the Statement of Recommended Practice
recorded might not exist or might not be owned by the
issued by the Association of Investment Companies.
Company. Although the investments are valued at quoted
bid prices, there is a risk that errors in valuation can have a 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 2023
of investments as a key audit matter as it had the greatest

of resources.
Our application of materiality and an overview of the scope of our audit

These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and




| Overall materiality | £13,187,750 |
| --- | --- |
| How we determined it | 1% of net assets |
| Rationale for |  |
| benchmark applied | it is 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.
50
FINANCIAL STATEMENTS
Performance Performance materiality is set to reduce to an appropriately low level the probability that the
materiality 

On the basis of our risk assessments and together with our assessment of the overall
control environment, we set performance materiality at £7,912,650 which represents 60% of
overall materiality.
Reporting threshold 
our audit above £395,633 as well as misstatements below that amount that, in our view,
warranted reporting for qualitative reasons.


or error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the


statements as a whole. We used the outputs of our risk assessment, our understanding of the Company, its environment, controls,

statement line items.
Other information


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

materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to

have performed, we 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.
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:
– 

legal requirements;
– 
share capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Guidance and Transparency Rules

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.
51
ALLIANZ TECHNOLOGY TRUST PLC 
Matters on which we are required to report by Responsibilities of Directors
exception As explained more fully in the Directors’ responsibilities
In light of the knowledge and understanding of the Company statement set out on page 45, the Directors are responsible
and their environment obtained in the course of the audit, we 
 
internal control as the Directors determine is necessary to
– strategic report or the Directors’ report; or

– information about internal control and risk management
from material misstatement, whether due to fraud or error.

about share capital structures, given in compliance with 
rules 7.2.5 and 7.2.6 of the FCA Rules. responsible for assessing the Company’s ability to continue
– We have nothing to report in respect of the following as a going concern, disclosing, as applicable, matters related
matters in relation to which the Companies Act 2006 to going concern and using the going concern basis of
requires us to report to you if, in our opinion: accounting unless the Directors either intend to liquidate
– adequate accounting records have not been kept by the the Company or to cease operations, or have no realistic
Company, or returns adequate for our audit have not been alternative but to do so.
received from branches not visited by us; or
–  Auditor’s responsibilities for the audit of the
Directors’ remuneration report to be audited are not in 
agreement with the accounting records and returns; or
Our objectives are to obtain reasonable assurance about
– 

law are not made; or
material misstatement, whether due to fraud or error,
– we have not received all the information and explanations
and to issue an auditor’s report that includes our opinion.
we require for our audit; or
Reasonable assurance is a high level of assurance but is
– a corporate governance statement has not been prepared
not a guarantee that an audit conducted in accordance
by the Company.
with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
Corporate Governance Statement error and are considered material if, individually or in the
The Listing Rules require us to review the Directors’ statement 
in relation to going concern, longer-term viability and that the economic decisions of users taken on the basis of these
part of the Corporate Governance Statement relating to 
the Company’s compliance with the provisions of the UK
The extent to which our procedures are capable of detecting

irregularities, including fraud is detailed below.
Based on the work undertaken as part of our audit, we
Irregularities, including fraud, are instances of non-compliance
have concluded that each of the following elements of the
with laws and regulations. We design procedures in line
Corporate Governance Statement is materially consistent with
with our responsibilities, outlined above, to detect material

misstatements in respect of irregularities, including fraud.
the audit:
Based on our understanding of the Company and their
– Directors’ statement with regards the appropriateness of
industry, we considered that non-compliance with the
adopting the going concern basis of accounting and any



– Directors’ explanation as to its assessment of the entity’s
Act/GDPR, Money Laundering Regulations 2007 and Money
prospects, the period this assessment covers and why the
Laundering (Amendment) regulations 2012, The Alternative
period is appropriate, set out on page 14;
Investment Fund Managers Directive (AIFMD), Financial
– Directors’ statement on fair, balanced and understandable,
services and markets act 2000.
set out on page 45;
–  To help us identify instances of non-compliance with these
assessment of the emerging and principal risks, set out on laws and regulations, and in identifying and assessing the risks
page 14; of material misstatement in respect to non-compliance, our
–  procedures included, but were not limited to:

– Gaining an understanding of the legal and regulatory
control systems, set out on page 14; and;
framework applicable to the Company, the industry in
– The section describing the work of the audit committee, set
which they operate, and the structure of the Company,
out on page 46.
and considering the risk of acts by the Company which
were contrary to the applicable laws and regulations,
including fraud;
52
FINANCIAL STATEMENTS
– Inquiring of the Directors, management and, where Other matters which we are required to address
appropriate, those charged with governance, as to whether
Following the recommendation of the audit committee, we
the Company is in compliance with laws and regulations,
were appointed by the Audit Committee on 13 July 2022
and discussing their policies and procedures regarding

compliance with laws and regulations;
December 2022 and reappointed by the Members at the
– Reviewing any correspondence with relevant licensing or

regulatory authorities including the FCA;
The period of total uninterrupted engagement is two
– Reviewing minutes of Directors’ meetings in the year; and
years, covering the years ended 31 December 2022 to 31
– Discussing amongst the engagement team the laws
December 2023.
and regulations listed above, and remaining alert to any
The non-audit services prohibited by the FRC’s Ethical
indications of non-compliance.
Standard were not provided to the Company and we remain
We also considered those laws and regulations that have a
independent of the Company in conducting our audit.

During the period under review, there was a breach by Mazars
such as the Listing Rules, HMRC Investment Trust rules, the
LLP of paragraph 2.3a of the FRC Ethical Standard as a
UK Corporate Governance Code, the AIC code of Corporate
Mazars LLP partner working in a non-audit capacity held
Governance, the Companies Act 2006 and UK tax legislation.
shares in Allianz Technology Trust plc. Our assessment, which
In addition, we evaluated the Directors’ and management’s
has been shared and agreed with the Directors, is that it was a
incentives and opportunities for fraudulent manipulation of
technical breach and does not impact our independence since

the respective partner is not considered a covered person as
override of controls, and determined that the principal risks

related to posting manual journal entries to manipulate
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
estimates, in particular in relation to the investment portfolio,
controls in place to prevent such breaches happening in
revenue recognition (which we pinpointed to the accuracy,
the future.

Our audit opinion is consistent with our additional report to the
transactions).
audit committee.
Our procedures in relation to fraud included but were not
limited to:
Use of the audit report
– Making enquiries of the Directors and management on This report is made solely to the Company’s members as
whether they had knowledge of any actual, suspected or a body in accordance with Chapter 3 of Part 16 of the
alleged fraud; Companies Act 2006. Our audit work has been undertaken so
– Gaining an understanding of the internal controls that we might state to the Company’s members those matters
established to mitigate risks related to fraud; we are required to state to them in an auditor’s report and for
– Discussing amongst the engagement team the risks of fraud; no other purpose. To the fullest extent permitted by law, we
– Addressing the risks of fraud through management override do not accept or assume responsibility to anyone other than
of controls by performing journal entry testing; the Company and the Company’s members as a body for our
audit work, for this report, or for the opinions we have formed.
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. 


12 March 2024
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.
53
ALLIANZ TECHNOLOGY TRUST PLC 
## Income Statement
for the year ended 31 December 2023

|  |  | 2023 | 2023 |  | 2023 |  | 2022 | 2022 |  | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Revenue |  | Capital | Total Return |  | Revenue |  | Capital | Total Return |  |
| Notes |  | £’000s | £’000s |  | £’000s |  | £’000s | £’000s |  | £’000s |

Gains (losses) on investments held at fair value
7 - 424,802 424,802 - (501,617) (501,617)

Exchange (losses) gains on currency balances (46) (1,122) (1,168) 227 9,307 9,534
Income 1 5,372 - 5,372 6,683 - 6,683
Investment management fee and performance fee 2 (6,866) - (6,866) (6,795) - (6,795)
Administration expenses 3 (1,003) - (1,003) (1,098) - (1,098)
 (2,543) 423,680 421,137 (983) (492,310) (493,293)
Taxation 4 (937) - (937) (868) - (868)

(3,480) 423,680 420,200 (1,851) (492,310) (494,161)
Ordinary shareholders
Earnings (loss) per Ordinary share (basic and diluted) 6 (0.88p) 106.71p 105.83p (0.45p) (118.62p) (119.07p)
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.

Income. The Company does not have any other Comprehensive Income.
The notes on pages 57 to 68 form an integral part of these Financial Statements.
54
FINANCIAL STATEMENTS

# Balance Sheet

at 31 December 2023

|   | Notes | 2023 £'000s | 2022 £'000s  |
| --- | --- | --- | --- |
|  **Non current assets**  |   |   |   |
|  Investments held at fair value through profit or loss | 7 | 1,286,786 | 898,937  |
|  **Current assets**  |   |   |   |
|  Other receivables | 9 | 690 | 838  |
|  Cash and cash equivalents | 9 | 34,292 | 41,695  |
|   |  | **34,982** | **42,533**  |
|  **Current liabilities**  |   |   |   |
|  Other payables | 9 | (2,993) | (2,522)  |
|  **Net current assets** |  | **31,989** | **40,011**  |
|  **Total net assets** |  | **1,318,775** | **938,948**  |
|  **Capital and reserves**  |   |   |   |
|  Called up share capital | 10 | 10,719 | 10,719  |
|  Share premium account | 11 | 334,191 | 334,191  |
|  Capital redemption reserve | 11 | 1,021 | 1,021  |
|  Capital reserve | 11 | 1,010,278 | 626,971  |
|  Revenue reserve | 11 | (37,434) | (33,954)  |
|  **Shareholders' funds - equity** | 12 | **1,318,775** | **938,948**  |
|  **Net asset value per Ordinary share** | 12 | **338.2p** | **231.0p**  |

The financial statements of Allianz Technology Trust PLC, company number 3117355, were approved and authorised for issue by the Board of Directors on 12 March 2024 and signed on its behalf by:

Tim Scholefield  
Chairman  
12 March 2024

The notes on pages 57 to 68 form an integral part of these Financial Statements.

55
ALLIANZ TECHNOLOGY TRUST PLC 
## Statement of Changes in Equity
for the year ended 31 December 2023

| Called up |  |  | Share |  | Capital |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Share | Premium |  | Redemption |  | Capital | Revenue |  |
|  | Capital | Account |  |  | Reserve | Reserve | Reserve | Total |
|  | £’000s |  | £’000s |  | £’000s | £’000s | £’000s | £’000s |

Net assets at 1 January 2022 10,719 334,191 1,021 1,158,544 (32,103) 1,472,372
Revenue loss - - - - (1,851) (1,851)
Shares repurchased into treasury during the year - - - (39,263) - (39,263)
Capital loss - - - (492,310) - (492,310)
Net assets at 31 December 2022 10,719 334,191 1,021 626,971 (33,954) 938,948
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)
 - - - 423,680 - 423,680
Net assets at 31 December 2023 10,719 334,191 1,021 1,010,278 (37,434) 1,318,775
The notes on pages 57 to 68 form an integral part of these Financial Statements.
56
FINANCIAL STATEMENTS
## Notes to the Financial Statements
for the year ended 31 December 2023
Summary of Accounting Policies
for the year ended 31 December 2023
 – have been prepared on the Where the Company has elected to receive its dividends
basis of the accounting policies set out below. 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
accordance with The Companies Act 2006, FRS 102 and
amount of the cash dividend is recognised in capital.
with the Statement of Recommended Practice ‘Financial
Statements of Investment Trust Companies and Venture Deposit interest receivable is accounted for on an
Capital Trusts’ (SORP) issued by the Association of accruals basis.
Investment Companies (AIC) in July 2022.
 

expenses – The investment management fee is calculated
trust company and in accordance with guidance issued

by the AIC, supplementary information which analyses
and is charged in full to revenue as permitted by the SORP.
the Income Statement between items of a revenue and
Performance fees are charged in full to capital, as they
capital nature has been presented alongside the Income
are directly attributable to the capital performance of the
Statement. In accordance with the Company’s status as
investments. Other administrative expenses are charged
a UK investment company under section 833 and 834
in full to revenue. All expenses are recognised on an
of the Companies Act 2006, net capital returns may be
accruals basis.
distributed by way of dividend.
4 Valuation – The Company’s business is investing in
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
assets are publicly traded equity investments which are


The accounting policies adopted in preparing the current FRS 102 Section 11: ‘Basic Financial Instruments’ and
 Section 12: ‘Other Financial Instruments’.
previous years.

The Directors believe that it is appropriate to continue to initially recognised at fair value. After initial recognition,
 these continue to be measured at fair value, which for
statements as the assets of the Company consist mainly quoted investments is either the bid price or the last traded
 price depending on the convention of the exchange
exceed liabilities. The Directors have considered the on which the investment is listed. Gains or losses on
Company’s investment objective and capital structure. investments are recognised in the capital column of the
The Directors have also considered the risks and 
consequences of the geopolitical and macro-economic are recognised on the trade date, being the date which the
events on the operational aspects of the Company and Company commits to purchase or sell the assets.

5 Taxation – Where expenses are allocated between capital
resources to continue in operational existence and meet
and revenue, any tax relief obtained in respect of those
its objectives for twelve months after the approval of the
expenses is allocated between capital and revenue on the

marginal basis.
2 Revenue – Dividends received on equity shares are
Deferred taxation is recognised in respect of all timing
accounted for on an ex-dividend basis. UK dividends are

shown net of tax credits and foreign dividends are grossed
balance sheet date, where transactions or events that
up at the appropriate rate of withholding tax.
result in an obligation to pay more tax or a right to pay
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. 
57
ALLIANZ TECHNOLOGY TRUST PLC 
A deferred tax asset is recognised when it is more likely Estimates and underlying assumptions are reviewed on
than not that the asset will be recoverable. Deferred tax an ongoing basis. Revisions to accounting estimates are
is measured on a non-discounted basis at the rate of recognised in the period in which the estimate is revised
corporation tax that is expected to apply when the timing 
 
current and future periods.
6 Foreign currency – In accordance with FRS 102 Section

30: ‘Foreign Currency Translation’, the Company is required
or assumptions made during the year. The investment
to nominate a functional currency, being the currency
portfolio currently consists of listed investments and
in which the Company predominately operates. The


valuing those securities.
the primary economic environment in which the
Company operates, the predominant currency in which
 – The Company has one operating
its shareholders operate and the currency in which its
segment, being that of an investment trust investing
expenses are generally paid.
principally in equity securities on a worldwide basis, with
Transactions in foreign currencies are translated into the aim of achieving long term capital growth.
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.
 – Proceeds received
from the sale of shares held in treasury are treated as

Companies Act 2006. Proceeds equivalent to the original
cost, calculated by applying a weighted average price,

available for distribution; proceeds in excess of the 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.
 – 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 relevant.

58
FINANCIAL STATEMENTS
1. Income
2023 2022
£’000s £’000s
Income from investments*
Equity income from UK investments - 293
Equity income from overseas investments 4,865 5,886
4,865 6,179
Other income
Deposit interest 507 504
507 504
Total income 5,372 6,683
* All equity income is derived from listed investments.
2. Investment Management Fee

|  | 2023 | 2023 | 2023 |  | 2022 | 2022 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  | Capital | Total | Revenue |  | Capital | Total |
|  | £’000s | £’000s | £’000s |  | £’000s | £’000s | £’000s |

Investment management fee 6,866 - 6,866 6,795 - 6,795
Allianz Global Investors UK Ltd is appointed as AIFM, providing company secretarial, administrative and sales and marketing
services, 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% for any market capitalisation over £1 billion.

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

point, 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 (2022: 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



The performance fee accrued for as at 31 December 2023 was £nil (31 December 2022: £nil).
The Investment Manager’s fee is charged 100% to Revenue and the performance fee is charged 100% to Capital.
59
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

### 3. Administration expenses

|   | 2023 £'000s | 2022 £'000s  |
| --- | --- | --- |
|  **Auditors' remuneration** |  |   |
|  Fee payable to the Company's auditor for the audit of the Company's annual accounts | 48 | 47  |
|  VAT on auditor's remuneration | 10 | 10  |
|   | **58** | **57**  |
|  Directors' fees^{1} | 207 | 203  |
|  Employer national insurance contributions | 23 | 16  |
|  Marketing costs^{2} | 245 | 295  |
|  Depository fees | 58 | 59  |
|  Custodian fees | 55 | 65  |
|  Registrars' fees | 136 | 130  |
|  Professional & advisory fees | 116 | 98  |
|  Stock exchange fees | 52 | 59  |
|  Legal fees | 4 | 25  |
|  Printing and postage | 48 | 49  |
|  FCA fees | 37 | 36  |
|  AIC fees | 21 | 21  |
|  Other administrative expenses | 61 | 106  |
|  VAT recovered | (118) | (121)  |
|   | **1,003** | **1,098**  |

The above expenses include value added tax where applicable.

$^{1}$ Directors' fees are set out in the Directors' Remuneration Implementation Report on page 41.

$^{2}$ The marketing budget takes into account both the marketing activity carried out by the AIFM and other third party service providers.

60
FINANCIAL STATEMENTS
4. Taxation

|  | 2023 | 2023 | 2023 |  | 2022 | 2022 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  | Capital | Total | Revenue |  | Capital | Total |
|  | £’000s | £’000s | £’000s |  | £’000s | £’000s | £’000s |

Overseas taxation 937 - 937 868 - 868
Total tax 937 - 937 868 - 868
Reconciliation of tax charge
 (2,543) 423,680 421,137 (983) (492,310) (493,293)
 (598) 99,649 99,051 (187) (93,539) (93,726)
Reconciling factors
Non taxable income (1,135) - (1,135) (1,186) - (1,186)
Non taxable capital (gains) losses - (99,913) (99,913) - 95,307 95,307
Gains (losses) on foreign currencies - 264 264 - (1,768) (1,768)
Excess of allowable expenses over taxable income 1,733 - 1,733 1,373 - 1,373
 937 - 937 868 - 868
Total tax 937 - 937 868 - 868
The Company’s taxable income is exceeded by its tax allowable expenses. As at 31st December 2023, the Company had
accumulated surplus expenses of £121.5m (2022: £89.4m).
At 31 December 2023 the Company has not recognised a deferred tax asset of £30.4m (2022: £22.4m) in respect of accumulated
expenses based on a prospective corporation tax rate of 25% (2022: 25%). The increase in the standard rate of corporation tax


this asset.

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).

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

61
ALLIANZ TECHNOLOGY TRUST PLC 
6. Earnings per Ordinary share

|  | 2023 | 2023 | 2023 |  | 2022 | 2022 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  | Capital | Total | Revenue |  | Capital | Total |
|  | £’000s | £’000s | £’000s |  | £’000s | £’000s | £’000s |

Earnings (loss) after taxation attributable to
(3,480) 423,680 420,200 (1,851) (492,310) (494,161)
Ordinary shareholders
Earnings (loss) per Ordinary share (0.88p) 106.71p 105.83p (0.45p) (118.62p) (119.07p)
2023 2022
No. of Shares No. of Shares
Weighted average number of Ordinary shares in issue for the earnings per Ordinary share calculations above 397,030,186 415,019,252
Basic and diluted earnings per share are the same as the Company has no dilutive instruments.

2023 2022
Gains (losses) on investments £’000s £’000s
Opening book cost 920,805 1,020,260
Opening investments holding (losses) gains (21,868) 407,876
Opening market value 898,937 1,428,136
Additions at cost 987,092 944,166
Disposals proceeds received (1,024,045) (971,748)
Gains (losses) on investments 424,802 (501,617)
Market value of investments held at 31 December 1,286,786 898,937
Closing book cost 932,068 920,805
Closing investments holding gains (losses) 354,718 (21,868)
Closing market value 1,286,786 898,937
Gains (losses) on investments 424,802 (501,617)
The Company received £1,024.0m (2022: £971.7m) from investments sold in the year. The book cost of these investments when
they were purchased was £975.8m (2022: £1,043.6m).
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 £193,000 (2022: £207,000) and transaction costs on sales
amounted to £235,000 (2022: £419,000).
8. Investments in subsidiaries or other companies
As at 31 December 2023 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.
62
FINANCIAL STATEMENTS

## 9. Other receivables, cash and cash equivalents and other payables

|   | 2023 £'000s | 2022 £'000s  |
| --- | --- | --- |
|  **Other receivables**  |   |   |
|  Accrued income | 621 | 787  |
|  Other receivables | 69 | 51  |
|   | **690** | **838**  |
|  **Cash and cash equivalents**  |   |   |
|  Cash at bank | **34,292** | **41,695**  |
|  **Other payables**  |   |   |
|  Other payables | 2,993 | 2,522  |
|   | **2,993** | **2,522**  |

The carrying amount of other receivables, cash and cash equivalents and other payables, each approximate their fair value.

## 10. Called up Share Capital

|   | 2023 £'000s | 2022 £'000s  |
| --- | --- | --- |
|  **Allotted and fully paid**  |   |   |
|  **428,756,680 Ordinary shares of 2.5p (2022: 428,756,680)*** | **10,719** | **10,719**  |

* Inclusive of 38,799,670 (2022: 22,268,962) 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 (2022: £nil) were issued from the block listing facility and 16,530,708 Ordinary shares were repurchased to be held in treasury (2022: 16,703,872). During the year no Ordinary shares were reissued from treasury (2022: £nil). Proceeds from share issuances were £nil (2022: £nil) net of issuance costs of £nil (2022: £nil). Since the year end a further 3,271,401 shares have been bought back up to and including 12 March 2024.

|   | 2023 Number | 2023 £'000s | 2022 Number | 2022 £'000s  |
| --- | --- | --- | --- | --- |
|  **Allotted 2.5p Ordinary shares**  |   |   |   |   |
|  Brought forward | 406,487,718 | 10,162 | 423,191,590 | 10,580  |
|  Shares repurchased to treasury | (16,530,708) | (413) | (16,703,872) | (418)  |
|  **Carried forward** | **389,957,010** | **9,749** | **406,487,718** | **10,162**  |
|   |  |  | **2023 Number** | **2022 Number**  |
|  **Treasury shares:**  |   |   |   |   |
|  Brought forward |  |  | 22,268,962 | 5,565,090  |
|  Shares repurchased to treasury |  |  | 16,530,708 | 16,703,872  |
|  **Carried forward** |  |  | **38,799,670** | **22,268,962**  |
|  **Total Ordinary shares in issue and in treasury at the end of the year** |  |  | **428,756,680** | **428,756,680**  |

63
ALLIANZ TECHNOLOGY TRUST PLC 
11. Reserves
Capital Reserve

|  | Share |  | Capital | Gains (losses) |  |  | Investment |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Premium |  | Redemption |  |  | on sales of |  |  | holding | Revenue |
| Account |  |  | Reserve |  | investments |  | gains (losses) |  | Reserve |
|  | £’000s |  | £’000s |  |  | £’000s |  | £’000s | £’000s |

Balance at 31 December 2022 334,191 1,021 647,662 (20,691) (33,954)
Gains on sales of investments - - 401,342 - -
Foreign currency losses - - (1,122) - -
Net movement in investment holding gains - - - 23,460 -
Transfer on disposal of investments - - (353,127) 353,127 -
Shares repurchased to treasury during the year - - (40,373) - -
Retained loss for the year - - - - (3,480)
Balance at 31 December 2023 334,191 1,021 654,382 355,896 (37,434)
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.

total amount received is allocated here. For the sale of shares held in treasury any excess in proceeds above the original cost is
credited to the Share Premium Account. 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.

the 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.

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
2023 2022
Ordinary shares of 2.5p 338.2p 231.0p
NAV attributable
2023 2022
£’000s £’000s
Ordinary shares of 2.5p 1,318,775 938,948
The Net Asset Value per share is based on 389,957,010 Ordinary shares in issue at the year end (2022: 406,487,718
Ordinary shares).
64
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.

currency risk 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


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 2023 and 31 December
2022 was as follows:
2023 2022
£’000s £’000s
 1,286,786 898,937
The following illustrates the sensitivity of the net return and the net assets to an increase or decrease of 20% (2022: 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.

|  | 2023 |  | 2023 |  | 2022 |  | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 20% increase |  | 20% decrease |  | 20% increase |  | 20% decrease |  |
| in fair value |  | in fair value |  | in fair value |  | in fair value |  |
|  | £’000s |  | £’000s |  | £’000s |  | £’000s |

Revenue earnings
Investment management fees (1,287) 1,287 (899) 1,079
Capital earnings
Gains (losses) on investments at fair value 257,357 (257,357) 179,787 (179,787)
Change in net return 256,070 (256,070) 178,888 (178,708)
Management of market price risk
The Directors meet regularly to evaluate the risks associated with the investment portfolio. Dedicated fund managers have the
responsibility for monitoring the existing portfolio selection in accordance with the Company’s investment objective and seek to

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 (2022: £nil).
(ii) Foreign currency risk

exchange rates.
65
ALLIANZ TECHNOLOGY TRUST PLC 
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.


and its receipt.
The table below summarises in sterling terms the foreign currency risk exposure:

|  | 2023 |  |  | 2023 |  |  | 2023 |  | 2022 |  |  | 2022 |  |  | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Other net assets |  |  | Total currency |  |  |  |  | Other net assets |  |  | Total currency |  |  |
| Investments |  |  | (liabilities) |  |  | exposure |  | Investments |  |  | (liabilities) |  |  | exposure |  |
|  | £’000s |  |  | £’000s |  |  | £’000s |  | £’000s |  |  | £’000s |  |  | £’000s |

Sterling - (2,812) (2,812) 7,838 (1,766) 6,072
US Dollar 1,254,931 34,211 1,289,142 871,080 41,281 912,361
Other currency exposure 31,855 590 32,445 20,019 496 20,515
Total 1,286,786 31,989 1,318,775 898,937 40,011 938,948
Management of foreign currency risk
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.

|  | 2023 |  | 2023 |  | 2022 |  | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 20% decrease in |  | 20% increase in |  | 20% decrease in |  | 20% increase in |  |
| sterling against |  | sterling against |  | sterling against |  | sterling against |  |
| foreign currencies |  | foreign currencies |  | foreign currencies |  | foreign currencies |  |
|  | £’000s |  | £’000s |  | £’000s |  | £’000s |

US Dollar 322,286 (214,857) 228,090 (152,060)
Other currency exposure 8,111 (5,407) 5,129 (3,419)
Change in net return and net assets 330,397 (220,264) 233,219 (155,479)
(iii) Interest rate risk

Interest rate exposure

changes in interest rates.

|  | 2023 |  |  | 2023 | 2023 |  | 2023 | 2022 |  | 2022 | 2022 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Fixed |  | Floating |  |  |  |  | Fixed | Floating |  |  |  |
|  | rate |  |  | rate | Nil |  |  | rate |  | rate | Nil |  |
|  | interest |  | interest |  | interest |  | Total | interest | interest |  | interest | Total |
|  | £’000s |  |  | £’000s | £’000s |  | £’000s | £’000s | £’000s |  | £’000s | £’000s |
| Financial assets |  | - 34,292 1,286,786 1,321,078 - 41,695 898,937 940,632 |  |  |  |  |  |  |  |  |  |  |
| Financial liabilities |  | - - - - - - - - |  |  |  |  |  |  |  |  |  |  |
|  |  | - 34,292 1,286,786 1,321,078 - 41,695 898,937 940,632 |  |  |  |  |  |  |  |  |  |  |
| Short-term receivables (payables) |  |  |  |  |  |  | (2,303) (1,684) |  |  |  |  |  |
| Net assets per balance sheet |  |  |  |  |  | 1,318,775 938,948 |  |  |  |  |  |  |

As at 31 December 2023, the interest rates received on cash balances or paid on bank overdrafts, was 2.75% and 6.25% per
annum respectively (2022: 1.9% and 2022: 4.5% per annum).
66
FINANCIAL STATEMENTS
Management of interest rate risk


balances for other than brief periods of time and therefore there is minimal exposure to interest rate risk.
(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.



|  | Three |  | Between | Between |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | months | three months |  | one and | More than |  |  |
|  | or less | and one year |  |  |  |  | Total |
| 2023 | £’000s |  | £’000s | £’000s |  | £’000s | £’000s |

Other payables - within one year
Other payables 2,993 - - - 2,993
2,993 - - - 2,993

|  | Three |  | Between | Between |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | months | three months |  | one and | More than |  |  |
|  | or less | and one year |  |  |  |  | Total |
| 2022 | £’000s |  | £’000s | £’000s |  | £’000s | £’000s |

Other payables - within one year
Other payables 2,522 - - - 2,522
2,522 - - - 2,522
Management of liquidity risk


the 31 December 2023, the Company had no committed borrowing facility (2022: £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

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:
2023 2022
£’000s £’000s
Other receivables:
Accrued income 621 787
Other receivables 69 51
Cash and cash equivalents 34,292 41,695
34,982 42,533
67
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

# **Fair values of financial assets and financial liabilities**

Investments are designated as held at fair value through profit or loss in accordance with FRS 102 sections 11 and 12.

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.

As at 31 December 2023, the financial assets at fair value through profit and loss are categorised as follows:

|   | 2023 £'000s | 2022 £'000s  |
| --- | --- | --- |
|  Level 1 | 1,286,786 | 898,937  |
|  Level 2 | - | -  |
|  Level 3 | - | -  |
|   | **1,286,786** | **898,937**  |

# **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 2023 was as per the equity shareholders' funds in the Balance Sheet on page 55.

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 prospects of the Company's performance. Capital management also involves reviewing the difference between the net asset 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 59. The existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore, under FRS102 Section 33: 'Related Party Disclosures', the Investment Manager is 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 60. There are no other identifiable related parties at 31 December 2023, and as of 12 March 2024.

# **16. Post Balance Sheet events**

Since the year end a further 3,271,401 shares have been bought back for a total cash consideration of £10.6m. As at 12 March 2024 there were 428,756,680 shares in issue (including 42,071,071 shares in treasury).

68
INVESTOR INFORMATION

# Glossary of UK GAAP Performance Measures and Alternative Performance Measures

## 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 2023, the NAV was £1,318.8m (2022: £938.9m) and the NAV per share was 338.2p (2022: 231.0p).

**Earnings per Ordinary share** is the profit after taxation, divided by the weighted average number of shares in issue for the period. For the year ended 31 December 2023 earnings per Ordinary share was (0.88p) (2022: (0.45p)), calculated by taking the loss after tax of £3.5m (2022: loss of £1.9m), divided by the weighted average shares in issue of 397,030,186 (2022: 415,019,252).

## 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 charges** are operating expenses, excluding one off costs, incurred in the running of the Company, whether charged to revenue or capital, but excluding financing costs and performance fees. These are expressed as a percentage of the average net asset value during the year and this is calculated in accordance with guidance issued by the Association of Investment Companies (see page 6).

|   | 2023 £'000s | 2022 £'000s  |
| --- | --- | --- |
|  Management fee | 6,866 | 6,795  |
|  Administration expenses | 1,003 | 1,098  |
|  **Total expenses (A)** | **7,869** | **7,893**  |
|  **Average net asset value with debt at market value (B)** | **1,130,050** | **1,127,222**  |
|  **Ongoing charge (A/B)** | **0.70%** | **0.70%**  |

The ongoing charge differs from the ongoing charge in the Company's KID, which is calculated in accordance with the PRIIPs regulations and includes finance costs and performance fees.

The ongoing charge including the performance fee payable of £nil (2022: £nil) is 0.70% (2022: 0.70%).

69
ALLIANZ TECHNOLOGY TRUST PLC 
## Glossary of Terms
AIC Code of Corporate Governance AIC Code
Allianz Global Investors GmbH AllianzGI
Allianz Global Investors UK Limited AllianzGI UK
Allianz Technology Trust PLC The Company
Alternative Investment Fund Manager AIFM
Alternative Performance Measures APMs
Annual Financial Report AFR
Annual General Meeting AGM
Association of Investment Companies AIC
Corporate Social Responsibility CSR
Disclosure and Transparency Rules DTR
Dow Jones World Technology Index (sterling adjusted, total return) The Benchmark
Emissions, Environmental and Ethical EEE
Environmental, Social, Governance ESG
Federal Reserve Fed
Financial Conduct Authority FCA
HSBC Bank The Custodian
HSBC Security Services The Depositary
Key Performance Indicators KPIs
Link Group as Registrars Link
Net Asset Value NAV
Ongoing Charges Figure OCF
Senior Independent Director SID
 State Street
Task Force on Climate-related Financial Disclosures TCFD
UK Code of Corporate Governance The UK Code
Voya Investment Management Co LLC Voya IM
70
INVESTOR INFORMATION
## Investor Information

| Alternative Investment Fund Manager (AIFM) | Financial calendar |
| --- | --- |
| Allianz Global Investors UK Limited | Full year results announced and Annual Financial Report |
| 199 Bishopsgate, London, EC2M 3TY | published in March. |
| Telephone: +44 (0)20 3246 7000 | Annual General Meeting held in April. |

Half year results announced and Half-Yearly Financial Report
Head of Investment Trusts - AllianzGI UK
published to shareholders in August.
Stephanie Carbonneil
The year end is 31 December.
Email: stephanie.carbonneil@allianzgi.com
How to invest

Information is available from Allianz Global Investors either
Kelly Nice
via Investor Services on 0800 389 4696 or on the Company’s
Email: kelly.nice@allianzgi.com
website: www.allianztechnologytrust.com.
199 Bishopsgate, London, EC2M 3TY
A list of providers can be found on the Company’s
Telephone: 020 3246 7405
website www.allianztechnologytrust.com/how-to-invest
Investment Manager
Market and portfolio Information
Voya Investment Management Co. LLC
The Company’s Ordinary shares are listed on the London
555 Mission Street, Suite 1600
Stock Exchange under the code ATT. The market price
San Francisco, CA 94105
range, gross yield and net asset value (NAV) are shown
Telephone: +1 415 954 4500
daily in the Financial Times and The Daily Telegraph
Represented by Mike Seidenberg
under the headings ‘Investment Trusts’ and ‘Investment
Companies’, respectively. The NAV of the Ordinary shares
Registered number
is calculated daily and published on the London Stock
3117355
Exchange Regulatory News Service. The geographical
spread of investments and ten largest holdings are published
Bankers and Custodian
monthly on the London Stock Exchange Regulatory News
HSBC Bank plc, 8 Canada Square, London, E14 5HQ Service. They are also available from the Manager’s Investor
Services Helpline on 0800 389 4696 or via the Company’s
Depositary website: www.allianztechnologytrust.com.
HSBC Security Services, 8 Canada Square, London, E14 5HQ
Share price
Independent auditors The share price quoted in the London Stock Exchange
Mazars LLP, 30 Old Bailey, London, EC4M 7AU 
Ordinary Share.
Registrars
Website
Link Group, Central Square, 29 Wellington Street, Leeds,
LS1 4DL. Further information about Allianz Technology Trust
PLC, including monthly factsheets, daily share price
Stockbrokers and performance, is available on the Company’s
website: www.allianztechnologytrust.com

Bridge House, 25 Dowgate Hill, London, EC4R 2GA
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
SEDOL: BNG2M15
including fact sheets and a monthly statistical service. Copies
ISIN: GB00BNG2M159
of these publications can be obtained from the AIC, 9th Floor,
BLOOMBERG: ATT
24 Chiswell Street, London, EC1Y 4YY, or at www.theaic.co.uk.
EPIC: ATT
AIC Category: Technology and Technology Innovation.
GIIN: YSYR74.99999.SL.826
LEI: 549300OMDPMJU23SSH75
71
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

## Shareholder enquiries – Link Group

In the event of queries regarding their holdings of shares, lost certificates, dividend payments, registered details, etc., shareholders should contact the registrars on 0371 664 0300. Lines are open 9.00am to 5.30pm (UK time) Monday to Friday. Calls to this number are charged at local rates, calls from outside the UK are charged at applicable international rates. Different charges may apply to calls made from mobile telephones and calls may be recorded and monitored randomly for security and training purposes. Email: shareholderenquiries@linkgroup.co.uk. Website: www.linkgroup.com

Changes of name and address must be notified to the Registrar in writing. Any general enquiries about the Company should be directed to the Company Secretary, Allianz Technology Trust PLC, 199 Bishopsgate, London, EC2M 3TY. Telephone: 020 3246 7405.

## Share dealing services

Link Group operate an online and telephone dealing facility for UK resident shareholders with share certificates. Stamp duty and commission may also be payable on transactions.

For further information on these services please contact: www.linksharedeal.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 rates. Different charges may apply to 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 registrars' LinkVote+ Shareholder App. Further details on voting via the LinkVote+ App, online through the registrars' Share Portal, or by post using the personalised proxy card

provided, are contained within the Notice of Meeting Notes starting on page 77.

## CREST Proxy Voting

Shares held in uncertificated form (i.e., in CREST) may be voted through the CREST Proxy Voting Service in accordance with the procedures set out in the CREST manual. Voting via the Proximity platform is also available to institutional shareholders. Further details are contained within the Notice of Meeting Notes starting on page 77.

## 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 Intermediary Identification Number (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 substitutes which came into effect on 1 January 2014. Accordingly, its shares can be recommended by IFAs to retail investors in accordance with the FCA's rules in relation to nonmainstream 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 investors with sufficient information to make informed decisions regarding their investments, including the opportunity to attend Company General Meetings.

## Warning to Shareholders

We are aware that some shareholders may have received unsolicited telephone calls or correspondence concerning investment matters. These are typically from overseas based organisations who target UK shareholders offering to sell them, what often turn out to be, worthless or high risk shares in US or UK investments or encourage them to dispose of UK shares. They can be extremely persistent and persuasive. Shareholders are therefore advised to be very wary of any unsolicited advice or offers.

Please note that it is most unlikely that either the Company or the Company's Registrar, Link Group, would make unsolicited telephone calls to shareholders. Any such calls would only ever relate to official documentation already circulated to shareholders and never in respect of investment 'advice'.

If you are in any doubt about the veracity of an unsolicited telephone call, please call the Company Secretary on +44 (0)800 389 4696 or the Registrar on +44 (0) 371 664 0300.

72
INVESTOR INFORMATION

# Investor Information (unaudited)

## 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 59).

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 AllianzGI UK in the past financial year divided into fixed and variable components. It is also broken down by material risk takers, members of management/senior management function ('SMF') holders without control function, members of management/SMF with control function and other risk takers.

Number of employees: 290

|   | All employees | thereof material risk takers | thereof board members/SMF holders without control function | thereof board members/SMF holders with control function | thereof other material risk takers  |
| --- | --- | --- | --- | --- | --- |
|  Fixed remuneration | 21,487,405 | 2,160,697 | 1,444,946 | 176,167 | 539,584  |
|  Variable remuneration | 17,371,547 | 4,130,354 | 2,883,067 | 76,245 | 1,171,042  |
|  **Total remuneration** | **38,858,952** | **6,291,051** | **4,328,013** | **252,412** | **1,710,626**  |

*Note: Operational start of AllianzGI UK Ltd on 30 May 2023, therefore only partial year is shown.*

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

The primary components of monetary remuneration are the basic salary, which typically reflects the scope, responsibilities and 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 therefore vary every year. In this respect, the allocation of specific amounts to particular employees will depend on the performance of the employee and their departments during the period under review. Variable remuneration includes an annual

73
ALLIANZ TECHNOLOGY TRUST PLC 
 Risk takers
the case of employees whose variable remuneration exceeds 
a certain threshold, a substantial portion of the annual takers: members of management/ Senior Management
variable remuneration is deferred for a period of three years. Function holders without control function, members of
The deferred portions increase in line with the level of the management/ Senior Management Function holders with
variable remuneration. Half of the deferred amount is linked to control function and other risk takers.
the performance of AllianzGI UK, and the other half is invested
Risk avoidance
in the funds managed by AllianzGI UK. The amounts ultimately
AllianzGI UK has comprehensive risk reporting in place,
distributed depend on the company’s business performance
which covers both current and future risks of our business
or the performance of shares in certain investment funds over
activities. Risks which exceed the organisation’s risk appetite
several years. In addition, the deferred remuneration elements
are presented to the global remuneration committee, which
may be withheld under the terms of the plan.
will decide, if necessary, on the adjustments to the total
Performance evaluation remuneration pool. Individual variable compensation may
The level of pay awarded to employees is linked to both also be reduced or withheld in full if employees violate our
quantitative and qualitative performance indicators. For compliance policies or take excessive risks on behalf of
 AllianzGI UK.
in achieving our clients’ investment goals, quantitative
Annual review and material changes to the
indicators are geared towards sustainable investment
remuneration system
performance. For portfolio managers in particular, the
The board of AllianzGI UK approved the remuneration
quantitative element is aligned with the benchmark of the
policy which had been implemented in accordance with the
client portfolios they manage or with the client’s expected
remuneration regulations.
return, measured over a period of one year and three
years. For client-facing employees, goals also include
AIFM Pre-Investment Disclosures
client satisfaction, which is measured independently. The
The AIFMD requires that potential investors are provided
remuneration of employees in controlling functions is not

directly linked to the business performance of individual
an informed decision. An ‘AIFMD: Information Document’ is
departments monitored by the controlling function.
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
investors decision. There have been no material changes
to the information disclosed within the ‘AIFMD: Information
Document’ since publication.
74
INVESTOR INFORMATION

# Notice of Meeting

**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 Grocers' Hall, Princes Street, London, EC2R 8AD on Wednesday 24 April 2024 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 79.

## AGM Voting

Shareholders are encouraged to vote by proxy. Detail of how to vote, either electronically, by proxy form or through CREST or Proximity, can be found on pages 77 to 79.

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

To consider and, if thought fit, to pass the following resolutions as Ordinary Resolutions:

1. To receive and adopt the Company's Annual Report and Financial Statements for the financial year ended 31 December 2023, together with the Reports of the Directors and the Independent Auditors' report thereon.
2. To re-elect Tim Scholefield as a Director of the Company.
3. To re-elect Katya Thomson as a Director of the Company.
4. To re-elect Elisabeth Scott as a Director of the Company.
5. To re-elect Neeta Patel as a Director of the Company.
6. To elect Sam Davis as a Director of the Company.
7. To re-appoint Mazars LLP as Independent Auditor of the Company to hold office until the conclusion of the 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 approve the Directors' Remuneration Policy Report.
10. To receive and approve the Director's Remuneration Implementation Report for the financial year ended 31 December 2023.

## Special Business

To consider and, if thought fit, pass the following resolutions of which 12 and 15 will be proposed as Ordinary Resolutions and 11, 13, 14 and 16 will be proposed as Special Resolutions:

### Resolution 11 – Articles of Association

That, the Articles of Association produced to the meeting and signed by the chairman of the meeting for the purposes of identification be approved and adopted as the Articles of Association of the Company in substitution for, and to the exclusion of, the existing Articles of Association with effect from the conclusion of the meeting.

### Resolution 12 – 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 2024) 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 make an offer or enter into an agreement which would or 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 offer or agreement as if such authority had not expired.

### Resolution 13 – Disapplication of pre-emption rights

That, subject to the passing of resolution 12 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

75
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

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 may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer or agreement as if the power 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 2024).

# Resolution 14 – 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 per cent. 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 Stock Exchange of an Ordinary share over the five 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 15 – 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 2024) 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 make an offer or enter into an agreement which would or 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 offer or agreement as if such authority had not expired.

# Resolution 16 – 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 15 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 13 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 may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer or agreement as if the power conferred hereby had not expired; and

76
INVESTOR INFORMATION
(b) shall be limited to the allotment of equity securities or the 5. A vote withheld is not a vote in law, which means that the
sale of Treasury shares up to an aggregate nominal value vote will not be counted in the calculation of votes for
of £1,071,891 (42,875,668 Ordinary shares) (representing or against the resolution. If no voting indication is given,
10% of the Company’s total issued share capital as at 12 your proxy will vote or abstain from voting at his or her
March 2024). discretion. Your proxy will vote (or abstain from voting) as

By order of the Board
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 22 April 2024 through any one of the |
| 12 March 2024 | following methods: |

i) by post, courier or by hand (during normal business
hours only) to the Company’s registrar at PXS 1, Link
Notes to the Notice of Meeting Group, Central Square, 29 Wellington Street, Leeds,
LS1 4DL;
The following notes explain your general rights as a
ii) electronically via Proxymity or through the website of
shareholder and your right to attend and vote at this Annual
the Company’s registrar at www.signalshares.com;
General Meeting (the ‘Meeting’) or to appoint someone else to
iii) via LinkVote+ (see note 8); or
vote on your behalf.
iv) in the case of shares held through CREST, via the
1. To be entitled to attend and vote at the Meeting (and for
CREST system (see notes below)
the purpose of the determination by the Company of the
7. If you return more than one proxy appointment, either
number of votes they may cast), shareholders must be
by paper or electronic communication, the appointment
registered in the Register of Members of the Company
received last by the Registrar before the latest time for the
at close of trading on 22 April 2024. Changes to the
receipt of proxies will take precedence. You are advised to
Register of Members after the relevant deadline shall be
read the terms and conditions of use carefully. Electronic
disregarded in determining the rights of any person to
communication facilities are open to all shareholders and
attend and vote at the Meeting.
those who use them will not be disadvantaged.
2. Shareholders, or their proxies, intending to attend the
8. LinkVote+ is a free app for smartphone and tablet
Meeting in person are requested, if possible, to arrive

at the Meeting venue at least 30 minutes prior to the
shareholders the option to submit a proxy appointment
commencement of the Meeting at 2.30pm (UK time)
quickly and easily online, as well as real-time access
on 24 April 2024 so that their shareholding may be
to their shareholding records. The app is available to
checked against the Company’s Register of Members and
download on both the Apple App Store and Google
attendances recorded.
Play. QR codes to facilitate this are shown below. Your
3. Shareholders are entitled to appoint another person as
vote must be lodged by 2.30pm on 22 April 2024 in order
a proxy to exercise all or part of their rights to attend
to be considered valid or, if the meeting is adjourned,
and to speak and vote on their behalf at the Meeting. A
by the time which is 48 hours before the time of the
shareholder may appoint more than one proxy in relation
adjourned meeting.
to the Meeting provided that each proxy is appointed to
Apple App Store GooglePlay

or 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 71.
4. In the case of joint holders, where more than one of
9. The return of a completed form of proxy, electronic proxy
the joint holders purports to appoint a proxy, only the
appointment, any CREST Proxy Instruction or appointing
appointment submitted by the most senior holder will be
a proxy via Proxymity will not prevent a shareholder from
accepted. Seniority is determined by the order in which
attending the Meeting and voting in person if he/she
the names of the joint holders appear in the Company’s
wishes to do so.
Register of Members in respect of the joint holding (the

10. CREST members who wish to appoint a proxy or proxies
77
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2023

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 & International Limited's specifications and must contain the 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 22 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.

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 out in Regulation 35(5)(a) of the Uncertificated Securities 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 22 April 2024 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 11 March 2024, (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 386,685,609 Ordinary shares, carrying one vote each. As at 12 March 2024 the Company held 42,071,071 Ordinary shares in treasury (representing 9.8 % 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 2024 are 386,685,609.

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 relating to: (i) the audit of the Company's financial 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 Company ceasing to hold office since the previous meeting at which annual financial statements and reports were 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 relevant financial year includes any statement that the 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 for the Meeting or involve the disclosure of confidential 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 during normal business hours at the registered office of the Company on any business day from the date of this Notice

78
INVESTOR INFORMATION

until the time of the Meeting and may also be inspected at the Meeting venue, as specified in this Notice, from 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 per cent, 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.
21. The full terms of the proposed amendments to the Company's articles of association are available at the Company's Registered offices at 199 Bishopsgate, London EC2M 3TY between the hours of 9.00am and 5.00pm (Saturdays, Sundays and public holidays excepted) and on the Company's website, www.allianztechnologytrust.com, from the date of the AGM Notice until the close of the AGM, and will also be available for inspection at the venue of the AGM from 15 minutes before and during the AGM. The New Articles will also be available for inspection on the National Storage Mechanism located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism, from the date of the AGM Notice.

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

# 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

You will need to visit https://webcast.openbriefing.com/att-24agm/, 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.

Your IVC can be found on your share certificate, or Signal Shares users (www.signalshares.com) will find this under 'Manage your account' when logged in to the Signal Shares portal. You can also obtain this by contacting Link Group, 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 Link Group 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 Link Group, 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.

79
ALLIANZ TECHNOLOGY TRUST PLC 
80
OVERVIEW
3
ALLIANZ TECHNOLOGY TRUST PLC 
Allianz Technology Trust PLC
199 Bishopsgate
London
EC2M 3TY
+44 (0)203 246 7000
www.allianztechnologytrust.com
4