ALLIANZ TECHNOLOGY TRUST PLC  ## Allianz Technology ## Trust PLC ## Annual Financial Report, 31 December 2024 Image generated by ChatGPT’s DALL-E 3 AI ## Key Information Investment Objective Allianz Technology Trust PLC (‘the Company’) invests principally Risk diversification in the equity securities of quoted technology companies on a The Company aims to diversify risk and no holding in the portfolio worldwide basis with the aim of achieving long-term capital growth will comprise more than 15% of the Company’s assets at the time in excess of the Dow Jones World Technology Index (sterling of acquisition. The Company aims to diversify the portfolio across a adjusted, total return) (the ‘benchmark’). range of technology sub-sectors. Gearing Investment Policy In normal market conditions gearing will not exceed 10% of fi net assets but may increase to 20%. The Company’s Articles of portfolio of companies that use technology in an innovative way Association limit borrowing to one quarter of its called up share to gain competitive advantage. Particular emphasis is placed on capital and reserves. As at 31 December 2024 there was no companies that are addressing major growth trends with innovation borrowing facility in place. that replaces existing technology or radically changes products and services or the way in which they are supplied to customers. Liquidity In normal market conditions the liquidity of the portfolio, that is What constitutes a technology stock the proportion of the Company’s net assets held in cash or cash Technology has become a vast and diverse sector. It encompasses equivalents, will not exceed 15% of net assets but may be increased those companies that sell technology solutions – from cloud storage to a maximum of 30% of net assets. to component manufacturers to software developers – but also those for whom technology is an intrinsic part of their business – for Derivatives example, the car makers or ecommerce groups using technology The Company may use derivatives for investment purposes within to gain a competitive advantage. In short, technology stocks may guidelines set down by the Board. sit across multiple sectors, including healthcare, industrials or Foreign currency fi The Company’s current policy is not to hedge foreign currency. As technology becomes ever more pervasive, the lines between fi Benchmark blurred. Even where companies aren’t selling technology, technology One of the ways in which the Company measures its performance may be intrinsic to their success as a company. More companies are is in relation to its benchmark, which is an index made up of some becoming technology companies as disruptive innovation brings of the world’s leading technology companies. The benchmark used change and displaces incumbent market leaders. The challenge is to is the Dow Jones World Technology Index (sterling adjusted, total understand not only current technologies, but also future trends and return). The Company’s strategy is to have a concentrated portfolio ff which is benchmark aware rather than benchmark driven. The fi Asset allocation allocation to high growth, mid cap companies which are considered Voya Investment Management Co LLC (the Investment Manager) to be the emerging leaders in the technology sector. The lead fi fi invest in the most attractive technology shares on a global basis. ff The lead portfolio manager aims to identify the leading companies opportunity for outperformance over the long term. 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  IFC Key Information ##  2 Financial Highlights 3 Chairman’s Statement ##  6 Financial Summary ##  Investment Manager’s Review ## information on the technology 7 Portfolio Managers’ Report ## sector to an online format. 10 Investment Portfolio | Strategic Report | Readership of hard copy AFRs has declined | | --- | --- | | 12 Strategic Report | and the large majority of shareholders | | 17 Section 172 Report | and other interested parties only access | | 20 Environmental, Social, Governance (ESG) | AFRs online. | and Stewardship – the Company’s Report We believe in making as much information 22 Voya Investment Management’s as possible available in an electronic format Environmental, Social and Governance – with the web-based Annual Financial (ESG) Policy Report containing enhanced content. Director’s Review Please do have a look at this year’s deeper dive into the technology sector at 24 Directors tinyurl.com/attafr24 or by using your tablet 26 Directors’ Report or smartphone camera to scan the QR code: 32 Corporate Governance Statement 36 Report of the Management Engagement Committee 37 Report of the Nomination Committee 38 Report of the Remuneration Committee 39 Directors’ Remuneration Implementation Report 42 Directors’ Remuneration Policy Report 43 Statement of Directors’ Responsibilities 44 Audit & Risk Committee Report Financial Statements 47 Independent Auditor’s Report to the Members of Allianz Technology Trust PLC 52 Income Statement 53 Balance Sheet 54 Statement of Changes in Equity 55 Notes to the Financial Statements Investor Information 67 Glossary of Terms 68 Investor Information 72 Notice of Meeting 1 ALLIANZ TECHNOLOGY TRUST PLC  ## Financial Highlights  Net Asset Value (NAV) per NAV per Ordinary share (p) Shareholders’ funds (£m) 458.6 Ordinary share 1,747 347.9 338.2 1,472 291.3 1,319 1,229 231.0 939 ## +35.6 % 2024 458.6p 2023 338.2p 2020 20222021 2023 2024 2024 20232020 20222021 Ordinary share price Ordinary share price (p) Premium (discount) of Ordinary share price to NAV per share (%) 419.0 352.5 | | | | | 2.0 | 1.3 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 297.0 | | 303.5 | | | | | | | +38.1% | | 210.0 | | 2020 | | 20222021 | 2023 | 2024 | 2024 419.0p 2023 303.5p (9.1) (8.6) 20232020 20222021 2024 (10.3) 1 Benchmark Performance against benchmark NAV versus benchmark (%) 76.1 850 46.4 48.2 35.6 35.8 41.7 28.2 19.4 ## +35.8% 20232020 20222021 2024 2024 3,688.0 2023 2,715.0 (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). 850 Peer group of Morningstar Global Technology Sector Equity. Comparative figures for 2020 have been restated following the sub-division of 25p Ordinary shares into ten Ordinary shares of 2.5p each on 4 May 2021. 1 10 years to 31 December 2024. Rebased to 100 at 1 December 2014. Source: AllianzGI/Datastream. The Alternative Performance Measures (APMs) can be found on page 66. 50 2 OVERVIEW ## Chairman’s Statement Tim Scholefield Welcome Backdrop netted investors around 20% for the year (source: FTSE World Index (total return)). Welcome to this report on Allianz That technology intertwines all our lives However, the Company’s benchmark fi is indisputable and 2024 showed some index would have brought you over year ending 31 December 2024. In incredible and sometimes disturbing 35% and of course, the dominance of recent times global macroeconomic examples of this. AI continues to the sector is such that a big part of the dominate headlines – there is no doubt and geopolitical shocks have seemed return from the global indices came from that this is an amazing technology with commonplace and so it was something technology companies. the potential to have a huge impact of a relief that 2024 passed without on society. However, we are in frontier So, what are some of the underlying major global upset. 2024 was, however, territory and ultimate long-term winners drivers of performance? The notable for the numerous elections in the AI race may not yet even exist. fi across the globe. In the UK the general Apple, Microsoft, Meta, Nvidia and Tesla) fi What is certain is that technology is between them returned around 60% – a Labour government since 2010 and in most often the ‘edge’ and that means continued dominance at a headline the US, Donald Trump returned to the a consistency of demand for products, level, although delving down there was a White House for a second term. The services and ongoing innovation. It is mix of extraordinary and more lacklustre macroeconomic environment was on the that which keeps the sector so dazzlingly returns. There were further strong returns alive, along with an ecosystem of whole supportive, in particular central seen from a wider range of technology incomprehensibly talented inventors, ff companies this year and in terms of scientists, engineers and entrepreneurs fl our own performance this meant that who work tirelessly towards the next backdrop equity markets did manage to our Investment Manager was able to generation of technology. This whilst generate good returns with technology keep pace with our benchmark index most of us are simply trying to absorb companies continuing to lead the pack. without necessarily having to hold index the changes already in front of us! weights in the largest companies. For A detailed look at economies, rates details of the key stocks that either aided ff Performance or held back our relative performance, | Manager’s Report on page 7 and I | Technology was once again a leader of | please do read the details outlined | | --- | --- | --- | | recommend you read that for its detail | stock market returns. Yes, global markets | in the Portfolio Manager’s Report on | | and nuance. | progressed strongly and would have | page 8. | ##  ##  ##  ##  ##  3 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  ## ff ##  ##  | I am pleased to report that shareholders | encouraging to see the discount narrow | ff | | --- | --- | --- | | saw a second successive year of strong | from 10.3% at the start of the year to | process was unchanged. We remain | | returns. The Company’s Net Asset Value | 8.6% at year end, nevertheless the Board | fi | | (NAV) total return was 35.6%, while | is very aware that the discount could be | the knitting’ and executing our long | | a narrowing in the discount to NAV | a source of frustration to shareholders. | established and successful investment | | resulted in a higher share price total | | approach provides a compelling basis | 2024 marks a third successive year return of 38.1%. The NAV return was for achieving long-term capital growth in which ATT has been at a discount, marginally behind the 35.8% return of for shareholders. in contrast to the prior three years in our benchmark, the Dow Jones World which we typically traded at a premium Third, we continued with our activities Technology Index (sterling adjusted, to NAV. I have previously commented to promote the Company and the total return). Keeping pace with the that the Board’s view is that the attractive investment opportunity benchmark without resorting to holding discount in recent times is the result of provided by the technology sector. index weights in the largest companies broad macroeconomic and structural Long-term demand generation is our is a ‘win’ in our view as it means we have fi favoured strategy in the face of a reticent broadly matched that performance concerns; this remains our view. market. Our promotional activities will without exposing shareholders to ff excessive concentration risk. We will We have reached this conclusion by we will continue to make creative use not lose sight of the important part examining the pattern of discounts ff that risk management plays in the across the whole investment trust sector shareholder base. ATT has an enviable active portfolio management ‘equation’ as well as those of our competitors. track record which has been recognised and our focus on extracting value fi fi for shareholders from a wider, more discounts seen in the past three years ff fi has its roots in the tighter monetary twelve months will help grow demand of companies than simply the mega- conditions which followed the global for our shares. capitalisation stocks remains key for ATT. fl An example of this came in late January also worth keeping in mind that the UK Artificial Intelligence (AI) fl equity market has for some time now AI continues to be a headline theme relating to the AI application DeepSeek remained ‘cheap’ by global standards. within our portfolio. There is no doubt sent the price of many AI related stocks All that said, what is the Board’s of the transformative power of this markedly lower on 27th – in particular technology and the tremendous response to the persistent discount? Our Nvidia lost almost half-a-trillion USD opportunities for those companies focus is on three areas. First, we continue market capitalisation and went from the that are successful in developing or to use the powers available to us to buy world’s most valuable company to third implementing AI. That said, AI’s frenetic back shares. Our policy in respect of on that day alone with a near 20% fall. development brings its own risks. Picking buying back shares remains unchanged. Being active means that we did not hold the winners in the AI race is challenging. We would consider buying back shares an index weight in the stock (roughly We are becoming more and more aware where the discount is consistently over 3.5% below). In the following days the of AI’s potential ‘dark side’, its scope to 7% and we judge it appropriate to do so stock recovered the majority of the fall as be misused whether it be in creating given the prevailing market backdrop. investors digested the situation. ‘deep fakes’, plagiarism or cyber-attacks. fi As in previous years we have not Moreover, the AI race is global in nature an aggregate 9,015,787 shares at an ff proposed a dividend for the year ended average discount of 11.3% and total cost transnational regulatory standards are 31 December 2024. It is common for fi close at hand. technology companies not to pay a year, up to 12 March 2025 we have dividend, moreover the yields of those repurchased a further 2,729,344 shares In this context ATT’s focus is on balancing that do are typically small by comparison at an average discount of 10.3% and the opportunities and the risks. For the with non-technology companies. total cost of £11.5m. At the forthcoming Investment Manager this translates into | | AGM, the Board will once again seek | a strong focus on companies that are | | --- | --- | --- | | Discount | authority to buy back up to 14.99% of the | making money from the technology | | The Company traded at an average | shares in issue. Any buy back of shares | now (many aren’t), as well as those | | discount of 10.4% over the period | will only take place where we believe it | most likely to mature into that position. | | (low of 3.8% and high of 14.8%). It was | fi | Our investment team carefully assesses | 4 OVERVIEW risk on a stock-by-stock, ‘bottom-up’ and her part in its considerable growth of the meeting. For those unable to basis when considering new additions over that time. attend either physically or virtually, a to the portfolio and in their monitoring recording of the AGM will be posted Although outside of the reporting of existing holdings. For the Board, to the Company’s website as soon as period, we are pleased to announce the fl practicable after the event. appointment of Lucy Costa Duarte as on governance. Consequentially we a non-executive Director on 1 January The Board looks forward to welcoming have met with external subject matter 2025. Lucy also joined the Audit and shareholders to this year’s event. ff Risk, Management Engagement, to strengthen regulation surrounding Remuneration and Nomination Outlook the use of AI. In my view, our focus on Committees. Lucy brings a wealth ffi governance, risk management and the of marketing and investor relations the macroeconomic direction of travel ff experience, and we are therefore for the year ahead. What is probably previously discussed are distinctive delighted that she has joined the Board. not in doubt is that shocks to the system features of our actively-managed and associated volatility continue to be investment trust structure. Annual General Meeting fi (AGM) arrangements the early weeks of the new Trump The costs of running ff This year’s AGM will be held on 23 your Company wars are causing unease. April 2025 at 2.30pm. The full Notice of Your Board has maintained its close Meeting can be found on page 72. That said there is no doubt that attention to the costs of running the Full details of the special business to be change within the technology sector Company. The Company’s Ongoing considered at the AGM can be found on will continue at pace. Our job is more Charges Figure (OCF), which is pages 30 to 31. nuanced though – decoding how this calculated by dividing ongoing will translate into business growth and As with 2024, the AGM will be a hybrid operating expenses by the average NAV, fi meeting, meaning shareholders can has fallen to 0.64% (2023: 0.70%). I am ultimately into their share prices. The either attend physically or online. We pleased to report that the Company has technology sector can be prone to the strongly encourage all shareholders the lowest OCF within its AIC peer group wildest swings in sentiment based on to submit their votes by the deadline (Technology & Technology Innovation). fl of 17 April 2025 as detailed in the companies at the forefront of growth The OCF excludes any performance fee Notice of Meeting on page 72. Those undoubtedly deserve to trade on higher due to the Investment Manager. The shareholders attending virtually will multiples, we are seeing more instances performance fee is subject to various be able to view the AGM and submit in which valuations have become performance conditions which were questions electronically. overextended. Against this background not met in 2024 and as a consequence If you are an ATT shareholder through a sense of balance is needed. We truly no performance fee was earned. The ff believe in the long-term potential of various performance conditions are set to vote, then we encourage you to take the sector, however in the short term it out in detail in the Directors’ Report on advantage of those arrangements to feels there could be an increasing risk of page 26. cast your votes and thus have your say market corrections and setbacks along in the running of your Company. It is also the way. Board matters possible for you to attend the AGM: all At ATT we remain focused on the task In 2024 the Board visited our Investment you need to do is to request a ‘Letter of at hand: creating a portfolio which we Manager in California. This is a key Representation’ or click ‘Attend meeting’ believe has the strongest potential for part of our governance programme on the voting options page. We also growth over the long term, for those which we aim to undertake once every commend and support the Association shareholders who entrust us with two years. We completed a deep-dive ff their money. analysis of the investment process, further improve the enfranchisement of portfolio and the investment team as retail shareholders who hold their shares part of our regular due diligence. We through an investment platform or Tim Scholefield also met with a sample of our portfolio other nominee service, with their newly Chairman companies which are located in the area launched “My share, my vote” campaign, 12 March 2025 and these meetings certainly reinforced targeting a change in company law. the Board’s view that the technology You can view details of this campaign at sector has tremendous potential for long www.theaic.co.uk/my-share-my-vote and term growth. follow instructions on how to cast your vote via platforms at www.theaic.co.uk/ As previously reported, at the conclusion how-to-vote-your-shares. of the 2025 AGM Elisabeth Scott will step | down from the Board, having served | The Board encourages shareholders | | --- | --- | | since 2015. We thank Elisabeth for her | to attend the AGM if possible. A | | fi | presentation by the lead portfolio | | development over the past ten years | manager will be made at the start | 5 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## Financial Summary | | As at | | As at | | --- | --- | --- | --- | | 31 December | | 31 December | | | | 2024 | | 2023 % change | Net Asset Value per Ordinary Share 458.6p  +35.6 Ordinary Share Price 419.0p  +38.1 Discount of Ordinary Share Price to Net Asset Value 8.6% 10.30% Dow Jones World Technology Index (sterling adjusted, total return) 3,688.0 2,715.0 +35.8 Shareholders' Funds £1,747m £1,319m +32.5 | | For the | | For the | | --- | --- | --- | --- | | year ended | | year ended | | | 31 December | | 31 December | | | | 2024 | | 2023 | Net Revenue Return per Ordinary Share (1.12p) (0.88p) 1 Ongoing charges 0.64% 0.70% 2 Five year performance summary As at 31 December 2024 2023 2022 2021 2020 Shareholders' Funds £1,747m  £939m £1,472m £1,229m Net Asset Value per Ordinary Share 458.6p  231.0p 347.9p 291.3p Ordinary Share Price 419.0p  210.0p 352.5p 297.0p Dow Jones World Technology Index (sterling adjusted, total return) 3,688.0  1,832.2 2,489.3 1,941.1 (Discount) premium of Ordinary Share Price to Net Asset Value (8.6%) (10.3%) (9.1%) 1.3% 2.0%   fi   fi 6 ## Investment Manager’s Review INVESTMENT MANAGER’S REVIEW ##  Mike Seidenberg | What has been the economic | it was “at or near the point at which it | high of almost $2,800 an ounce in late | | --- | --- | --- | | backdrop in 2024? | would be appropriate to slow the pace | October. Demand was supported by | | | of policy easing”. | central bank buying. | At the start of 2024, a raft of major fi Japan was the only major country to How have stock markets fi fi the end, most elections passed without performed over the year? exiting its below-zero interest rate fi It was a strong year for global equity policy. By the end of the year, there were of a new policy agenda in the United markets in 2024, with the MSCI World fl States are not yet clear and could be Index gaining 19.2% over the year, after the US, and bond markets began to pare a disruptive force in the year ahead. rising 24.4% in 2023. Markets were fi Fragile geopolitics has undoubtedly supported by the fading risk of a US rate cuts in the year ahead. remained a source of instability, but for recession and the turn in interest rate the most part, the economic backdrop policy. Stock markets were also given Have there been any notable has been stable. a boost in November with a victory for trends across currency and the Republican party in the US elections. commodities markets? The International Monetary Fund (IMF) Investors are anticipating that a blend estimates global economic growth at The US dollar appreciated for the of tax cuts and regulation will boost 3.2% for 2024, just 0.1% lower than 2023 fi corporate earnings in the years ahead. economy continued to show resilience in and forecasts 3.3% for 2025. Economic the face of higher rates. As recessionary At a sector level, excitement around AI activity has been helped by an easing fears mounted in the summer, the dollar fi fl weakened, before rebounding as these Seven’ (Amazon, Alphabet, Apple, ffi fears appeared overblown. Donald Microsoft, Meta, Nvidia and Tesla), across the world to cut interest rates. Trump’s victory and the Fed’s more which delivered a return of over 60%. Supply chain pressures have eased, cautious stance on future interest rate Nevertheless, there were nuances fi cuts provided a further boost, with the within this. Nvidia, for example, sustained. At the same time, megatrends Dollar Index, a measure of the currency’s comprehensively outpaced its peers, fi strength against its major trading after delivering strong earnings through supported corporate spending. partners, hitting a two-year high. While the year. Elsewhere, it was also a strong the Japanese yen weakened against year for consumer discretionary and What has been happening to the dollar, it appreciated against the fi interest rates? fl and healthcare were the weakest sectors fi on interest rate policy between the in the MSCI All Countries World Index. cut rates, with the European Central two economies. | Bank swiftly following in June. The US | | Towards the end of the year there were | | --- | --- | --- | | fi | Commodity prices were mixed. Rising | signs of a broadening out of market | | September, surprising the markets with a | geopolitical tensions in the Middle East | leadership. The Russell 2000, for | | | pushed oil prices higher in the early part | example, which focuses on small and | 0.5% reduction: it cited growing concerns of the year, with Brent crude nearing $90 medium sized US companies, rallied over the health of the US labour market. a barrel, compared to just under $80 in the immediate aftermath of Donald This was followed by two 0.25% cuts in at the start of the year. However, prices Trump’s election victory, with investors November and December. However, later eased back towards $70 a barrel hoping his policy agenda would at its last meeting of the year, the Fed given abundant supply. In contrast, gold support smaller, more domestically warned it would slow the pace of rate prices soared, reaching a fresh record focused companies. cuts in 2025, with the minutes suggesting 7 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 | Has AI continued to advance? | It was an astonishing year for | idiosyncratic areas, rather than from any | | --- | --- | --- | | Yes, there has been progress in AI- | the Bitcoin price, which rose | major themes. However, IT services was | | powered tools and applications | over 100% in 2024. Are there | ffi | | impacting chips, software, hardware, and | opportunities in blockchain | the year. | | other technology industries. Generative | and cryptocurrencies? | | It is also worth noting that concentration fi Certainly, both have the potential to in the top 10 stocks has increased over fi disrupt a number of industries and the past three years. The dominance of spike in interest, with a notable increase fi fi in job postings and investments. The provides a decentralised and secure narrow technology market has seen us capabilities of large language models method to record transactions, which use a larger amount of capital to invest expanded, processing larger amounts of can enhance transparency, reduce fraud in some of the mega caps. This was done data across multiple media such as text, ffi to preserve performance, knowing that images and video. ff as the market broadens out, we will use fi capital from these larger positions and Where else have you peer-to-peer transactions without the redeploy it into new names among large seen growth? need for intermediaries. and mid cap companies. Cybersecurity remains a crucial sector. 2024 saw a range of new How has the Company What were the major stock threats emerging, including the rise performed over the year? highlights over the year? of AI-powered attacks. AI was used The Company’s NAV rose by 35.6% for Palantir Technologies provided the for automated phishing, malware the year to 31 December 2024. This largest relative contribution to the generation and sophisticated social was marginally behind its benchmark, portfolio over the year. It was a new engineering campaigns. Security teams the Dow Jones World Technology buy in August. We liked the company’s fifi Index (sterling adjusted, total return), leadership position in big data and in the driven tools to detect anomalies and which rose by 35.8%. Once again, the fi automate responses. The adoption of fi products and services. Shares rallied on Zero Trust Architecture and the focus on their dominance in the index made the continued momentum for AI-related cloud security were also notable trends. | | ffi | applications as well as news that it | | --- | --- | --- | | Cloud computing has been a long- | our shareholders to excessively large | would be added to the S&P 500 Index. | | running theme in the portfolio. Cloud | positions in potentially volatile stocks. | This should increase liquidity in the stock. | | computing provides seamless access to | We typically hold below index weights | We continue to hold it, with the shift in IT | | servers, networks, storage, development | in these stocks to avoid concentration | spending towards AI showing few signs | | tools and applications via the internet. | risk in the portfolio. Nevertheless, the AI | of weakness. | | fi | trend remains a strong one. These mega- | | Microsoft was the one weak spot among investments in equipment, training and themes do not come around very often, fi infrastructure maintenance, cloud service and when one emerges, we believe in fi providers assume these responsibilities. sticking with it. versus the benchmark – 8.2% against This allows companies to ‘right size’ The semiconductor sector was an 14.6%. The group remains a world leader technology infrastructure to business important contributor to overall returns. in software, cloud storage and security needs rather than going through costly While Nvidia saw strong gains, it did not solutions, and an undoubted pioneer investment cycles. The migration to contribute to relative returns because we in AI. However, its earnings statement cloud computing continued to grow, had a below benchmark weight (10% was accompanied by lower forward with 65% of technology decision-makers versus 12%) due to risk management guidance amid capacity constraints anticipating an increase in cloud constraints. More important for relative and moderating growth, and as a spending over the next year. | | returns were our weights in companies | result we currently intend to maintain a | | --- | --- | --- | | We would also highlight the Internet of | such as Taiwan Semiconductor | structural underweight. | | Things (IoT) and 5G. The IoT connects | Manufacturing Company (TSMC) and | | fiIntel devices and systems, enabling them Broadcom, which returned 95.4% and Corp. We had an underweight position in to communicate and share data. This 114.2% respectively. TSMC is not in our this legacy chip maker and then exited it connectivity is used in homes, cities benchmark, and we had almost double in full at the start of February. Its shares and industries, delivering smarter, the index weighting in Broadcom. were hit by weaker-than-expected ffi The largest sector contribution came earnings and a lacklustre forecast. The agriculture, for example, to monitor from our holding in software companies. company has lagged behind several climate patterns and adapt fertiliser or We had an overweight position in the of its chip-making rivals in terms of fi portfolio (relative to the benchmark), revenue and innovation. The departure of wireless technology, provides the and our stock picking approach was of the company’s CEO created further high-speed connectivity needed to strong. Holding an underweight position uncertainty toward the end of the year. support the massive data exchange and (relative to the benchmark) in hardware We keep an eye on the stock, but other real-time communication required by companies also contributed to relative chip makers have better exposure to AI IoT devices. returns. Weakness has tended to come in and other leading technologies. In our 8 INVESTMENT MANAGER’S REVIEW view, once a company is behind in the continue to hold shares given the predictable policies which provide clarity ffi company’s strong leadership position. ff catch up. the spending environment. Infrastructure software solutions maker | Recent new holdings have included | Snowflake was another detractor from | There may be more volatility in the | | --- | --- | --- | | Marvell Technology, a developer | performance over the year. The shares | semiconductor sector in the year ahead | | and producer of semiconductor and | were lower following a disappointing | as a result of geopolitical tensions, policy | | related technology across security and | sales forecast. The company is facing | shifts and supply chain disruptions. | | networking platforms, secure data | greater competition in its core data | ff | | processing and storage solutions. It is | warehouse market business. Investors | national security concerns may conspire | | making important strides in improving | were also worried about the news that | to create a bumpy ride for the sector | | the design of its chips and is attracting | the company’s CEO was stepping down | in 2025. However, this volatility also | | interest from the hyperscalers. | from the role. We reduced our exposure | presents opportunities. AI-driven data | | | to the stock during the year in favour of | centre spending is strong and supply- | Point-of-sale, cloud-based restaurant companies with better earnings visibility. constrained in key areas, while cyclical management software maker Toast semiconductor companies (including is another recent buy as the company What are you looking forward to personal computers, handsets and made some interesting product in 2025? industrial companies) with limited AI developments. Social networking exposure are navigating an inventory AI is creating a new wave of technology platform Reddit was another buy in correction, and there is the potential for innovation every bit as exciting the latter half of the year, plus Paypal, a recovery later in the year. as the Internet. AI has the power where a revamped management team to reshape the global economy, and new product platform are helping it The momentum from key growth trends changing the way companies gain market share. such as AI and digitalisation, coupled operate. This year promises even more with a more favourable regulatory Another purchase of note was Atlassian groundbreaking AI developments, plus environment and a boost in merger Corp, a designer and developer of favourable regulatory changes and and acquisition activity, should support an enterprise software platform for rapid digitalisation. the technology sector in the year project management, collaboration ahead. Looking even further ahead, In 2025, we expect AI spending to shift and support services. It continues to exciting developments in areas such as from infrastructure development to see a strong pipeline of growth, with quantum computing, augmented reality, include more software and services as product upgrades and migrations to its fi the use cases for AI emerge and expand. cloud business. exploration are on the horizon. However, ffi this needs to be tempered with the risks gains, spark innovation and create Where were the weak spots for around geopolitics and supply chains new business models. For example, the Company? and highlights the need for disciplined autonomous systems such as self-driving Our largest detractor was MongoDB, risk management. cars, drones, and robotics have the a document database provider which power to revolutionise transportation, Our focus is on building the portfolio allows the storage of structured or logistics, national security, medical from a bottom-up perspective with a unstructured data. This makes the treatment and factory production. macro overview. Technology is a key development of applications more enabler across almost every industry, agile. However, its shares dropped In cybersecurity, AI is becoming a and we will continue to seek out stocks after it issued a weaker-than-expected powerful tool to detect anomalies, ffi outlook. This combined with some predict threats and automate responses long term share price growth. overall weakness in the software sector. to attacks. In advertising technology, The company’s more cautious stance AI is delivering personalised consumer fl experiences, optimising advertising Mike Seidenberg of IT spending among clients and some spending and creating dynamic Lead Portfolio Manager near-term sale execution challenges. advertising campaigns that are faster, Voya Investment Management Co LLC We trimmed our exposure to the stock ffi 12 March 2025 during the period. The year ahead is likely to see both Zscaler also had a tough year. The headwinds and tailwinds as the new group is a leader in security-as-a-service US administration policies could be ff more unpredictable than previous platform. While earnings were strong, administrations. On the one hand, the market had hoped for more and the we are likely to see more merger and company could not sustain its valuation. acquisition activity as interest rates trend The retirement of the company’s CFO downward and the US welcomes a more created uncertainty around expectations relaxed regulatory environment and and customer acquisition slowed. We companies are gearing up for strategic view this as a case of expectations acquisitions to fuel growth and expand running ahead of the earnings and market share. Conversely, businesses like 9 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##   Full portfolio list | | | | | | Valuation | | | % of | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | # | | # | | | | | | | Investment Sector | | Sub Sector | | Country | | £000 | Portfolio | | Semiconductors & NVIDIA Semiconductors United States 179,627 10.5 Semiconductor Equipment | | Technology, Hardware Storage | Technology, Hardware Storage | | | --- | --- | --- | --- | | Apple | | | United States 157,276 9.2 | | | & Peripherals | & Peripherals | | Microsoft Software Systems Software United States 134,622 7.8 Meta Platforms Interactive Media & Services Interactive Media & Services United States 129,855 7.6 Semiconductors & Broadcom Semiconductors United States 95,680 5.6 Semiconductor Equipment Alphabet Interactive Media & Services Interactive Media & Services United States 85,854 5.0 Amazon.com Broadline Retail Broadline Retail United States 58,283 3.4 Semiconductors & Taiwan Semiconductor Semiconductors Taiwan 57,723 3.4 Semiconductor Equipment ServiceNow Software Systems Software United States 55,297 3.2 Palantir Technologies Software Application Software United States 44,063 2.6 Top Ten Investments 998,280 58.3 CrowdStrike Software Systems Software United States 40,344 2.4 Cyberark Software Software Systems Software Israel 39,843 2.3 Spotify Technology Entertainment Movies & Entertainment Luxembourg 34,908 2.0 Internet Services & fl IT Services United States 33,958 2.0 Infrastructure fl Entertainment Movies & Entertainment United States 32,485 1.9 Datadog Software Application Software United States 29,897 1.7 Atlassian Software Application Software United States 27,907 1.6 Arista Networks Communications Equipment Communications Equipment United States 27,800 1.6 HubSpot Software Application Software United States 27,772 1.6 SAP SE ADR Software Application Software Germany 26,471 1.5 Top Twenty Investments 1,319,665 76.9 10 INVESTMENT MANAGER’S REVIEW | | | | | | Valuation | | | % of | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | # | | # | | | | | | | Investment Sector | | Sub Sector | | Country | | £000 | Portfolio | | Klaviyo Software Application Software United States 26,133 1.5 Internet Services & fl IT Services United States 25,414 1.5 Infrastructure Electronic Equipment Amphenol Electronic Components United States 25,313 1.5 Instruments & Components Zscaler Software Systems Software United States 24,340 1.4 Reddit Interactive Media & Services Interactive Media & Services United States 23,697 1.4 Dynatrace Software Application Software United States 22,348 1.3 Palo Alto Networks Software Systems Software United States 21,546 1.3 Semiconductors & Micron Technology Semiconductors United States 20,361 1.2 Semiconductor Equipment Transaction & Payment PayPal Holdings Financial Services United States 17,449 1.0 Processing Oracle Software Systems Software United States 17,167 1.0 Top Thirty Investments 1,543,433 90.0 Semiconductors & Marvell Technology Semiconductors United States 16,706 1.0 Semiconductor Equipment Semiconductors & Monolithic Power Systems Semiconductors United States 16,515 1.0 Semiconductor Equipment Transaction & Payment Toast Financial Services United States 15,762 0.9 Processing Semiconductors & Applied Materials Semiconductor Equipment United States 14,573 0.8 Semiconductor Equipment Monday.com Software Systems Software Israel 14,254 0.8 EPAM Systems IT Services IT Consulting & Other Services United States 13,259 0.8 Semiconductors & KLA Semiconductor Equipment United States 11,213 0.7 Semiconductor Equipment Samsara Software Application Software United States 10,577 0.6 AppLovin Software Application Software United States 10,428 0.6 | | Semiconductors & | Semiconductor Materials & | | | --- | --- | --- | --- | | Lam Research | | | United States 10,097 0.6 | | | Semiconductor Equipment | Equipment | | Top Forty Investments 1,676,817 97.8 Transaction & Payment Fiserv Financial Services United States 10,027 0.6 Processing | | Electronic Equipment | Electronic Manufacturing | | | --- | --- | --- | --- | | Celestica | | | Canada 9,326 0.5 | | | Instruments & Components | Services | | Internet Services & MongoDB IT Services United States 8,327 0.5 Infrastructure Elastic NV Software Application Software Netherlands 6,791 0.4 Cadence Design Software Application Software United States 4,255 0.2 Total Investments 1,715,543 100.0 # GICS Industry classifications 11 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 # 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 the Ordinary shares are listed on the Main Market of the London Stock Exchange. Investment trusts are collective investment vehicles constituted as closed ended public limited companies. The Company is managed by a Board of non-executive Directors and the Company's day-to-day functions are carried out by the following main third party services providers: - AllianzGI UK as AIFM - Voya as Investment Manager - HSBC as Custodian and Depositary - MUFG Corporate Markets as Registrar - State Street providing middle office and fund accounting services (appointed by Voya and AllianzGI UK respectively). The Company is subject to the UK Listing Rules, Prospectus Regulation Rules and Disclosure Guidance and Transparency Rules published by the Financial Conduct Authority (FCA). Regulatory and portfolio information is announced via the regulatory news service on a daily, monthly and other periodic basis thereby assisting current and potential investors to make informed investment decisions. Additional portfolio information, technology commentary and corporate information is available on the Company's website www.allianztechnologytrust.com. ## Performance The investment portfolio at the year end is set out on pages 10 and 11 and a summary of the top twenty holdings can be found on the website version of the Annual Financial Report. In the year ended 31 December 2024, the Company's total return on net asset value per share was +35.6% (2023: +46.4%), underperforming the Dow Jones World Technology Index (sterling adjusted, total return) by 0.2 percentage points. Further details on the performance of the Company, future trends and factors that may impact future performance of the Company are included within the Chairman's Statement and the Investment Manager's Review. ## Monitoring performance – Key Performance Indicators The Board assesses performance in meeting the Company's objective and assessing the longer term viability of the Company against the following Key Performance Indicators (KPIs): The table below compares the Company's performance to the main technology indices. Although the Company underperformed the benchmark over 1 and 3 years, it outperformed over 5 and 10 years. The Company has outperformed the MSCI World Technology Index over 1 year but underperformed over 3, 5 and 10 years: | % Change | 1 year | 3 years | 5 years | 10 years | | --- | --- | --- | --- | --- | | ATT NAV per share | 35.6 | 31.8 | 177.4 | 666.2 | | Dow Jones World Technology Index (sterling adjusted, total return)* | 35.8 | 48.2 | 169.2 | 604.2 | | MSCI World Technology Index (total return) | 35.5 | 53.5 | 181.9 | 685.4 | | Russell MidCap Technology Index | 25.5 | 22.1 | 99.6 | 465.8 | Source: AllianzGI/Datastream in GBP as at 31 December 2024. * Company's reference benchmark. 12 STRATEGIC REPORT The table below provides a comparison with the broader UK and world equity indices which many investors will use when reviewing the performance of their individual investments. | % Change | 1 year | 3 years | 5 years | 10 years | | --- | --- | --- | --- | --- | | ATT NAV per share | 35.6 | 31.8 | 177.41 | 666.2 | | FTSE All Share Index (total return) | 9.5 | 18.5 | 26.5 | 81.9 | | FTSE World Index (total return) | 20.1 | 30.6 | 79.8 | 227.9 | Source: AllianzGI/Datastream in GBP as at 31 December 2024 The Board continues to pay close attention to the Company's performance position against the wider universe of open ended funds, closed ended funds and exchange traded funds. The Company's strong performance versus the other funds within the Morningstar Global Technology Sector – Equity (Morningstar) category is noted in the table below: | | 1 year | 3 years | 5 years | 10 years | | --- | --- | --- | --- | --- | | Peer Group Ranking vs Morningstar | 16/192 | 36/155 | 10/120 | 2/56 | The Board regularly reviews stock and attribution analysis to determine the contribution to relative and absolute performance of the portfolio of the top and bottom stocks. The top contributors to and detractors from the Company's Net Asset Value total return over the year ended 31 December 2024, relative to the benchmark index*, were as follows: #### Top ten contributors relative to the benchmark | | | Active contribution GBP (%) | | --- | --- | --- | | Palantir Technologies | Overweight | 1.87 | | Microsoft | Underweight | 1.38 | | Intel | Underweight | 0.95 | | Samsung Electronics | Underweight | 0.92 | | Broadcom | Overweight | 0.68 | | Arista Networks | Overweight | 0.60 | | Adobe | Underweight | 0.59 | | Netflix | Overweight | 0.54 | | ServiceNow | Overweight | 0.43 | | CyberArk Software | Overweight | 0.38 | | | | **8.33** | #### Top ten detractors relative to the benchmark | | | Active contribution GBP (%) | | --- | --- | --- | | MongoDB | Overweight | (1.78) | | Zscaler | Overweight | (1.09) | | Shopify | Overweight | (0.95) | | Snowflake | Overweight | (0.94) | | Lam Research | Overweight | (0.88) | | Monolithic Power Systems | Overweight | (0.75) | | Pinterest | Overweight | (0.54) | | Elastic NV | Overweight | (0.54) | | ASML | Underweight | (0.51) | | JFrog | Overweight | (0.51) | | | | **(8.49)** | Source: Allianz Global Investors. 31 Dec 2023 – 31 Dec 2024. * Relative to Dow Jones World Technology Index. Figures may not add due to rounding. #### Share Buy backs and Share Issues The Directors continually monitor the level of premium or discount of the share price to the NAV per share. Over the year to 31 December 2024, the mid-market price of the Company's shares increased by 38.1% (2023: increased by 44.5%), with a discount at the year end of 8.6% (2023: 10.3%). The Board carefully considers the parameters which should apply to both the issuance and the buy back of shares from the market and will only proceed when the action is in the best interests of shareholders. Where there is market volatility the Board will also consider buying back shares when the discount is consistently over 7% and it judges it to be appropriate to do so given the prevailing market backdrop. The Board will only issue new shares at a premium to NAV. The Company bought back 9,015,787 shares in 2024 at a discount to NAV (2023: 16,530,708). There were 47,815,457 shares held in treasury at the year end (2023: 38,799,670 shares). No new shares were issued in 2024 (2023: nil) #### Results and Dividends An overview of the Company's results is shown in the Financial Highlights on page 2. The revenue reserve remains substantially in deficit, and no dividend is proposed in respect of the year ended 31 December 2024 (2023: nil). 13 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 Future development platforms rather than via a traditional – The principal risks faced by the stockbroker. Approximately 37% Company as outlined below. The future development of the Company (2023: 35%) of the Company’s shares is dependent on the success of the The Board is fully aware that the world are now held by investors on these Company’s investment strategy against of technology is constantly evolving and platforms. Many platform providers the background of the economic growing and could potentially look very ff environment and market evolution and fffi pension products as well as the facility the future attractiveness of the Company on the results of the formal assessment, to invest on a regular monthly basis. as an investment vehicle compared through regular updates from the AIFM Competition amongst platform providers with long-term savings markets. The and the Investment Manager, the Board is intense therefore investing online Chairman gives his view on the outlook believes it is reasonable to expect that ff in his statement which starts on page the Company will continue in operation Company’s shares. 3 and the lead portfolio manager and meet its liabilities for the period of discusses his view of the Company’s fi | portfolio and the outlook in his report | Board diversity | | | --- | --- | --- | | which starts on page 7. The Board | At 31 December 2024, there were | Investment Controls and Monitoring | | fi | two male Directors and three female | The Board in conjunction with the AIFM | | least once per year at which time it | Directors. Further information on Board | and the Investment Manager has put in | | considers the position of the Company | Diversity can be found in the Directors’ | place a schedule of investment controls | | and the strategy for the year ahead | Report on page 27. | and restrictions within which investment | | and beyond, making recommendations | | decisions are made. These controls | | for change where appropriate. The last | | include limits on the size and type of | Risk Report fi investment and are monitored on a Viability Statement September 2024. constant basis. They are formally signed In accordance with the Corporate ff Governance provisions the Company Manager every month and are reviewed Marketing the Company’s is required to make a forward-looking by the Board at every meeting. Investment Strategy (longer-term) Viability Statement. The Company continues to operate a Principal and Emerging Risks and In order to do this the Board has targeted and coordinated marketing Uncertainties considered the appetite for a technology programme in order to raise awareness fi investment trust against the current of its investment strategy. During Board are set out in the table on page market backdrop, and has formally 2024 both virtual and in-person 15, together with information about the assessed the prospects for the Company communication tools have been used. actions taken to mitigate these risks. A fi This programme targets potential more detailed version of this table in fi investors as well as communicating the form of a Risk Map and Controls is appropriate and is in line with the latest developments to its document is reviewed in full and fi existing shareholders. updated by the Audit & Risk Committee next continuation vote will be put to shareholders at the AGM in 2026. In and Board at least twice per year. The programme is aimed at both order to assess the prospects for the Individual risks, including emerging risks professional and retail investors and Company the Board has considered: and threats to reputation, are considered aims to create ongoing and sustained by the Board in further detail depending demand for the Company’s shares. The – The investment objective and strategy on the market situation and a high- retail audience includes those investors taking into account recent, past and level review of all known risks faced by who delegate their investment decisions potential performance against both the Company is considered at every fi the benchmark, other indices of note Board meeting. The principal risks and increasing numbers who are researching and peers; uncertainties faced by the Company and making their own investment – fi relate to the nature of its objectives and decisions. The programme comprises which does not currently utilise strategy as an investment company and advertising and other promotional gearing in any form but does maintain the operations of its third party service activity as well as communicating with a portfolio of, in the main, non-income providers. fi bearing investments; press, since positive coverage of the – The liquidity of the portfolio and the Company’s specialist investment strategy ability to liquidate the portfolio on the fl failure of a continuation vote; programme’s success has been boosted – The macro economic conditions and by the number of performance awards geopolitical events; won by the Company over recent years – The ever increasing level of technology and has been instrumental in generating adopted by both individuals and demand from retail investors which is, corporations alike; fi – The inherent risks in such technology Company’s shareholders. Increasingly both in terms of speed of investors are choosing to buy and sell advancement; and stocks and shares via online trading 14 STRATEGIC REPORT Change in risk during Description Mitigation the year Investment strategy and performance risk The Board has established a schedule of investment ff controls which is monitored monthly and reviewed the Investment Manager’s inappropriate allocation at each Board meeting. The Investment Manager of funds to particular sub-sectors of the technology has responsibility for sectoral weighting and for market and/or to the selection of individual stocks individual stock picking, having taken due account that fail to perform satisfactorily, leading to poor of Investment Objectives and Controls that are investment performance in absolute terms and/or agreed with the Board from time to time and against the benchmark. regularly reviewed. These seek, inter alia, to ensure fifi is appropriate. 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 Board AI, can place competitive pressures on established meeting. At such meetings, the Investment Manager companies and business models, and technology reports on major developments and changes in stocks may experience greater price volatility than technology market sectors and also highlights securities in some slower changing market sectors. issues relating to individual securities. The Board has continued to review the risks and opportunities presented by AI via discussion with subject matter experts and discussion with the Investment Manager fi Cyber risk The 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 ff monitor stock market movements and may consider by a general decline in the valuation of listed hedging, gearing or other strategies to respond securities and/or adverse market sentiment towards to particular market conditions. The AIFM and the the technology sector in particular. Although the Investment Manager maintain regular contact fi with shareholders to discuss performance and company size, sub-sector and geography, its principal expectations and to convey the belief of the Board focus is on companies with high growth potential and the Investment Manager that superior returns in the mid-size ranges of capitalisation. The shares can be generated from investment in carefully of these companies may be perceived as being at selected companies that are well managed, the higher end of the risk spectrum, leading to a fi lack of interest in the Company’s shares in some the technology market where disruptive change is market conditions. The Company’s portfolio may be occurring. ff The Board, the AIFM and the Investment Manager Higher interest rates have had an adverse impact on would monitor the progress of the unexpected events growth stocks. very closely and initiate appropriate responses Market sentiment may quickly deteriorate in the where possible. ff macro-economic environment. 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 US Board does not currently seek to hedge this foreign Dollars, whilst its accounts are maintained in Sterling. currency risk. ff performance of the Investment Portfolio and create a risk for shareholders. 15 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 Change in risk during Description Mitigation the year Financial and liquidity risk Financial and liquidity reports are provided to and fi considered by the Board on a regular basis. place to manage these risks are disclosed in detail in Note 13 beginning on page 62. Operational risk The Board receives regular reports from the AIFM, The Company may be impacted by disruption to or the Investment Manager and third parties on the failure of the systems and processes utilised by internal controls highlighting areas of exception, the AIFM and the Investment Manager or other third including reports on monitoring visits carried out party service providers. This encompasses disruption by the Depositary on behalf of the Company. The or failure caused by cybercrime, fraud and errors Board has further considered the risk of cyber-attacks and covers dealing, trade processing, administrative and fraud and has received reports and assurance fi regarding the controls in place and details of whistleblowing procedures. Key individual risk Succession plans are in place for the Board. The ff lead portfolio manager is supported by Erik Swords, a consequence of loss of key individuals e.g. the lead portfolio manager, and an experienced team of portfolio manager. technology investors. Cover is available for core members of the relevant teams of the AIFM. Emerging Risk – Artificial General Intelligence The Board will continue to monitor the portfolio The Board plays close attention to the development with detailed analysis of AI related holdings from fi the Investment Manager. Changes to, and the was recently noted to us in a third-party presentation implementation of new regulations, laws and as moving at “light speed”. Within this there is the governance of AI will be monitored by the Board as potential for emerging risk from technologies both the landscape develops. The Board will also monitor envisioned and not envisioned, but not yet realised. its third party service providers in respect of the fi controls and regulation of AI. (AGI) – the theoretical intelligence of a machine that possesses the ability to understand or learn any intellectual task that a human being can. Risks of such technology include unintended consequences, geopolitical and economic disruption and imbalance, security risks, and existential risk to human beings in the most extreme scenarios. Whilst this might appear fi untestable emergence of such capability is real and we believe must be considered as part of our risk control framework alongside other more routine risks, as the Company naturally invests in companies undertaking AI operations, as well as having (as all entities do) third-party suppliers who are utilising greater levels of AI tools to aid their business provision over time. fifi accounting, legal and regulatory requirements, and with corporate governance and shareholder relations issues which could have an impact on reputation and market rating. Management of the services provided and the internal controls procedures of the third party providers is monitored and reported on by the AIFM to the Board. These risks are all formally reviewed by the Board twice each year and at such other times as deemed necessary. Details of the Company’s compliance with corporate governance best practice, including information on relations with shareholders, are set out in the Corporate Governance Statement within the Directors’ Report beginning on page 32. The Board’s review of the risks faced by the Company also includes an assessment of the residual risks after mitigating action has been taken. 16 STRATEGIC REPORT ### Section 172 Report ##  As an investment company with no employees, the Company’s primary stakeholders are its shareholders and other stakeholders including its service providers and the companies in which it invests. The Board’s strategy is facilitated by interacting with a wide range of stakeholders through meetings, seminars, presentations and publications and through contacts made via the Company’s suppliers and intermediaries. Engagement is both in person and virtually. Engagement with the Company’s stakeholders enables fifi 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. The Board provides an online Annual Financial Report via the Turtl platform to provide both regulatory and enhanced reporting to shareholders. Monthly factsheets are published on the Company’s website. 17 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 Stakeholders Why we engage How we engage and what we do The outcomes Voya Investment The Board works with The Board has a tripartite 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 management services. services. The Board meets with advice and guidance for a Manager representatives of the Investment reasonable cost. Following Manager throughout the year the annual review of the with the lead portfolio manager Investment Manager the providing regular updates at Board has concluded that the Board meetings and upon request ongoing appointment of the by the Board. The Board formally Investment Manager is in the reviews the performance and shareholders’ best interests. remuneration of the Investment Manager at least annually. During the year the Board travelled to California to meet with representatives of the Investment Manager across a number of business functions. 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 services as well as expertise of AllianzGI UK to develop advice and guidance for a AIFM in sales and marketing. strategy for the Company, reasonable cost. Following including a sales and marketing the annual review of the AIFM plan which was adopted during the Board has concluded that the year, to promote the Company the ongoing appointment fi of the AIFM is in the raise its rating. The Board formally shareholders’ best interests. reviews the performance and remuneration of the AIFM at least annually. 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. The trip believes in good stewardship. including discussions on to California allowed the Environmental, Social and Board to hear directly from Governance matters and the portfolio companies exercises its votes at all company in respect of their own meetings. During the year the businesses and matters Board travelled to California ff to meet with the investment management team and a range of portfolio companies. Corporate The Board, the AIFM and the The brokers are kept updated The Company is an brokers Investment Manager work on the strategy of the Company attractive investment and with the corporate brokers, so that they can publish relevant there is liquidity in the including their research and research information and talk Company’s shares. sales teams to provide access to potential investors. The sales to the market and liquidity in team receives regular contact and the Company’s shares. helps the Company to participate in exchange volume and provide liquidity for investors. 18 STRATEGIC REPORT Stakeholders Why we engage How we engage and what we do The outcomes 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 fi company are known to an the Company, its strategies press and media activity. We can increasingly wider audience. and performance can measure the success of this activity reach a wide audience of by monitoring website hits and potential investors through new investment in the Company press articles and online on retail platforms. media coverage. Distribution To reach a wider audience The wealth managers together The Board receives detailed partnerships of investors the Company with our distribution partners fi fi 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 MUFG ff controls are given formally to Corporate Markets as from all these service providers, the Company twice yearly but Registrar to provide specialist there is a rolling programme of day-to-day contact with the services to the Company. due diligence visits to suppliers of investment trust team ensures third party services by AllianzGI that any issues are quickly UK’s investment trust team to fi ensure that the Company is and that remedial action can receiving good quality services take place. fi internal controls. 19 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  ##  ###  ### fi ###  ### of the Company. The Investment Manager’s approach to ESG is set out on pages in unhelpful share structures. Of course, the more a company 22 to 23. The Investment Manager is a signatory to the matures, the less of a potential problem this usually becomes. United Nations Principles for Responsible Investment. Stewardship Although as an investment trust, the Company has no direct The Board has delegated the exercise of proxy voting social or community responsibilities, the Board shares the powers on its behalf to discharge its responsibilities in Investment Manager’s view that it is in the shareholders’ respect of investments to the Investment Manager to ensure interests to be aware of and consider environmental, social and that the portfolio managers can engage in the decision governance factors, when selecting and retaining investments. making process. In addition, Voya has a due diligence approach to ensure any retained company or entity providing services to the Company The Voya IM ESG and Proxy Voting Policies have been in its normal course of business has an acceptable approach reviewed by the Board and it believes that the Company’s to ESG factors and as such does not inadvertently support any delegated voting powers are being properly executed. Voya negative factors. IM uses Institutional Shareholder Services Inc. (ISS) as its Proxy Advisory Firm to assist in managing its proxy voting Details of the Company’s policy on socially responsible responsibilities. ISS is an independent proxy voting adviser investment are set out below. fi related services. How ESG fits into technology For technology, the individual elements of ESG have varying UK Sustainability Disclosure Requirements outcomes. The Financial Conduct Authority (FCA) has introduced The ‘E’ (Environmental) is generally a high scoring factor. Many a sustainability disclosure requirements and investment technology companies are facilitating the move towards a labels regime (SDR) to address concerns about misleading cleaner, less carbon-intensive future. Electric vehicles are an environmental claims. The Company and AIFM have obvious example of this. This is not to say the entire sector is considered and undertaken a review of the requirements of the without issue and, indeed, new natural resource demands are regulations. The Company does not have a label under SDR. emerging as technology expands. We see in general though that companies are aware and consider this factor high in their Corporate Social Responsibility (CSR), Community priorities. Regulators too have a keen eye. and Employee Responsibilities, Emissions, The ‘S’ (Social) is split in its outcomes. On the one hand, as Environmental and Ethical Policy (EEE) a source of quality employment, the result is often positive. The Company’s investment activities and day to day On the other hand, governments, regulators and the public management are delegated to the Investment Manager, AIFM at large have questioned the impact of some technologies, and other third parties. As an investment trust, the Company such as social media. The sheer size and control of some of has no direct social, community, employee or environmental fi impact, though the Board maintains appropriate oversight has whether technology might exacerbate social inequality of such factors in relation to contracted service providers. Its through the inability of poorer socio-demographic groups to principal responsibility to shareholders is to ensure that the be able to access the same tools as those with more income. investment portfolio is properly managed and invested. Again, regulators have a sharp focus on this topic. In light of the nature of the Company’s business there are no Finally, the ‘G’ (Governance) can be the most complicated associated human rights issues, and the Company does not factor. Many technology companies by their very nature are have a human rights policy. The Board has noted the AIFM and relatively new and at an early stage of development. This can Investment Manager’s report on greenhouse gas emissions on fl its own operations and the views of the Investment Manager shareholders and founders, both in strategy and sometimes on CSR and EEE which it adheres to in engaging with the underlying investee companies and in exercising its delegated 20 STRATEGIC REPORT responsibilities in voting. The Investment Manager engages Criminal Finances Act 2017 with the Company’s underlying investee companies in relation The Company has a commitment to zero tolerance towards the to their corporate governance practices and in developing their criminal facilitation of tax evasion. policies on social, community and environmental matters. Taskforce on Climate Related Financial Disclosures The Company’s primary objective is to invest principally in the equity securities of quoted technology companies on a (TCFD) and Global Greenhouse Gas Emissions worldwide basis with the aim of achieving long-term capital AllianzGI UK produces a product level TCFD report for growth. Whilst the Board believes that the Company would be the Company. This can be found on the Company’s fi website www.allianztechnologytrust.com. decisions were based solely on CSR and EEE considerations, The Company does not maintain premises, hold any physical we are supportive of an investment management process assets or operations and does not have any employees. that considers all elements of wider ESG risk in the context Consequently, the Company has no greenhouse gas emissions of risk/reward, like all other risks considered by the to report from its operations, nor does it have responsibility for Investment Manager. any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors’ Reports) Regulations Modern Slavery Act 2015 2013. For the same reason as set out above, the Company The Company does not provide goods or services in the normal considers itself to be a low energy user under the Streamlined fi Energy and Carbon Reporting regulations and therefore is not does not have customers. The Directors do not therefore required to disclose energy and carbon information. consider that the Company is required to make a statement The Strategic Report has been approved by the Board and under the Modern Slavery Act 2015 in relation to slavery or signed on its behalf by: ffi Bribery Act 2010 Tim Scholefield The Board has a zero tolerance policy in relation to bribery Chairman and corruption in its business processes and activities and has 12 March 2025 received assurance via internal controls reporting from the Company’s main third party service providers that adequate safeguards are in place to protect against any such potentially illegal behaviour by employees or agents. ### Proxy Voting 1 January to 31 December 2024 During the year there were 44 shareholder meetings for companies in the portfolio and the Investment Manager voted on the Company's behalf at all meetings. This represents a total of 487 resolutions. Source: VoyaIM. Company meeting voting record Total vote distribution Number of meetings voted Votes for: 79% 100% in line with management Votes against: 15% recommendation: 13 Votes withheld: 6% Number of meetings with at least one vote against, withheld or abstained: 31 21 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  ##  ###  ###  ###  ###  We recognize the importance ESG ESG integration Stewardship – Active Ownership considerations play in maintaining our We believe that ESG factors can impact and engagement culture, performing thorough investment fi Philosophy analysis, and meeting our clients’ of investments. Incorporating ESG Voya IM’s long-term perspective favors investment objectives. We believe that factors into the investment process is sound investment principles aligned with the incorporation of ESG information, underpinned by the belief that it will the priorities of our clients. Accordingly, fi improve the resilience of the portfolio our active ownership activities are investment factors, leads to better- over the long term by generating more designed to protect and enhance the informed investment decision-making stable, sustainable long-term returns. We economic value of the companies in and a more holistic assessment of long- fi which we invest on our clients’ behalf. term investment risks and opportunities. systematic consideration of ESG factors, We do this through exercising our when relevant and material, alongside As part of our investment process, we voting rights at shareholder meetings, traditional factors, into our investment consider material factors, which may engaging with companies in which decisions and engage with issuers include ESG criteria, with the goal we have invested, and collaborating as part of our commitment to active of meeting our clients’ investment with other stakeholders to encourage ownership. ff companies to drive value and long-term range of solutions that allow for client fi sustainability. customization according to their fi Voya IM believes that on-going sustainability preferences. fi discussions with senior management the long-term performance outlook of a Our ESG Investment Program has been and board members of companies are company and the value of its securities. designed to help clients meet their essential to understand the businesses Depending on the situation, as part of investment objectives and enable them in which we have invested and to our assessment of a company’s value, to invest across a spectrum of returns, promote best practices and long-term fi risk and ESG objectives. As part of this sustainability. Therefore, communication we may consider information about ff between our investment teams and many factors, including, among others, the Active Ownership (AO) team is – Integrate ESG factors into investment those that are considered ESG, such as critical to ensuring our engagements decisions, as relevant and material exposure to regulation or litigation, labor with companies address all relevant – ff relations, human rights, product quality ESG concerns. Engagements focused and capabilities in response to and safety, reputation, governance on ESG matters are led by the AO client demand practices, executive compensation, team and may also include portfolio – Perform stewardship activities board oversight, reporting and managers. In addition, members of our including active engagement and disclosure, community relations, energy investment teams engage with company proxy voting to drive value and costs and climate impact. management to address a range of long-term sustainability In general, we focus on those ESG factors fundamental questions and concerns, – Consider climate change related data ff which may include issues that can be throughout our ESG program value and performance of a company fi – Oversee and manage ESG activities and its securities over time. Furthermore, through a strong governance structure To that end, Voya IM has developed our experienced analysts and portfolio engagement guidelines to describe our managers have a deep understanding engagement philosophy, objectives, of the nuances of their asset class and priorities, methodology, tracking, fi and escalation. These guidelines are we attempt to take into account the designed to help companies understand material factors that contribute to the AO team’s engagement goals and making informed investment decisions. 22 STRATEGIC REPORT expectations, thereby fostering mutually Climate change productive dialogue. We believe that climate change is a fi Engagements not aggressively addressed through The AO team aspires to improve ff the long-term sustainability of the expect the global average temperature companies in which Voya IM invests by will increase by a dangerously promoting ESG best practices through high degree and radically alter our our proxy voting and engagement ecosystems. The direct and indirect activities as well as collaborative ff discussions with other institutional the economy, capital markets and shareholders. Therefore, the purpose of fi all engagements conducted by the AO Given this view, we integrate climate team is to have a constructive dialogue change into the Voya IM’s ESG between the company and the AO investment framework, which helps team. Our goal is to understand how the guide our assessment of portfolios’ company is addressing its ESG risks and exposures to climate and other opportunities, better understand each ESG risks and opportunities. Among other’s views and objectives, develop environmental considerations, climate fi change represents the most important both parties, and encourage enhanced theme for many sectors. Although the disclosure utilizing generally accepted magnitude of importance varies, it is a reporting frameworks such as TCFD, consideration for all companies given SASB, EEO-1, GRI, etc. our expectation that decarbonization Additionally, Voya IM investment teams will be a central macro driver going may engage with the companies forward. However, climate change in which they invest. The AO and and its potential impact on asset value investment teams have access to are complex and uncertain. For these a shared application to record key reasons, Voya IM integrates data, as issues during their engagements and available, related to carbon emissions, assess the company’s ability to address fi fi of environmental impact and climate investment teams are able to escalate change vulnerability with the intent of any concerns they may have with a understanding a company’s physical risk company to the AO and ESG Research (i.e., future damage caused by climate teams. related disasters) and transition risks (i.e., ff Proxy Voting to a low-carbon global economy). We fi also consider the opportunities on which in the best interest of our clients. companies may be able to capitalize. To this end, Voya IM considers many ff factors, including ESG factors, which at discerning climate change’s probable may impact the investment risk and impact on securities’ risk and return fi fi As such, the Voya IM Proxy Voting and insights can be used to build and Procedures and Guidelines were manage investment solutions that developed to summarize Voya IM’s fi philosophy on various issues of concern objectives. Implementation varies, to shareholders and provide a general but these products generally seek to indication of how Voya IM may vote its promote climate change mitigation clients’ portfolio securities regarding or adaptation alongside generating these issues in order to maximize fi shareholder value and mitigate risks. note, as part of our normal investment processes, Voya IM does not exclude ff or favor investments strictly based alignment to client ESG values by using on climate-related metrics unless the a client’s custom voting policy or using a portfolio is expressly designed with such fi an objective or clients direct us to do so. Voya Investment Management Co LLC 23 ## Director’s Review ALLIANZ TECHNOLOGY TRUST PLC  ##  Tim Scholefield Ekaterina (Katya) Thomson Elisabeth Scott Independent Non-Executive Independent Non-Executive Independent Non-Executive Director. Chairman of the Board and Director. Chairman of the Director. Member of the Audit & Nomination Committee. Member Audit & Risk Committee and Risk Committee, the Nomination of the Remuneration Committee Remuneration Committee. Member Committee, Remuneration and Management Engagement of the Nomination Committee Committee and the Management Committee. and Management Engagement Engagement Committee. Committee. | Tim joined the Board on 1 December | | Elisabeth joined the Board on 1 February | | --- | --- | --- | | 2021 and was appointed Chairman | Katya joined the Board on 18 July 2022 | 2015. She is chair of India Capital | | on 26 April 2024. He is a non-executive | and has over 25 years of experience | Growth Fund plc and of JPMorgan | | director of abrdn UK Smaller Growth | fi | Global Emerging Markets Income Trust | | Companies plc and Jupiter Unit Trust | business development in both executive | plc and has been a non-executive | | Managers Ltd. He is also Chairman | and non-executive roles. She has held | director of investment companies since | | of Invesco Bond Income Plus Limited. | fi | 2011. She was chair of the Association | | He has over thirty years’ experience in | Lazard, ABN Amro and Thomas Cook. | of Investment Companies from January | | investment management and was, until | Over the past seven years, Katya has | 2021 until January 2024. Elisabeth | | 2014, Head of Equities at Baring Asset | developed in-depth expertise in the UK | worked in the Hong Kong asset | | Management. Prior to Baring, he was | closed-ended funds sector, serving on | management industry from 1992 to | | Head of International Equities at Scottish | four investment trust boards, including | 2008, latterly as managing director and | | Widows Investment Partnership Limited. | AVI Japan Opportunity Trust plc and | country head of Schroder Investment | | | Henderson EuroTrust plc. Katya is a | Management (Hong Kong) Limited and | | | Chartered Accountant and a member of | she chaired the Hong Kong Investment | | | the ICAEW. | Funds Association from 2005 to 2007. | 24 DIRECTOR’S REVIEW Neeta Patel CBE Simon (Sam) Davis Lucy Costa Duarte Independent Non-Executive Independent Non-Executive Independent Non-Executive Director. Chairman of the Director. Member of the Audit & Director. Member of the Audit & Management Engagement Risk Committee, the Nomination Risk Committee, the Nomination Committee and Senior Independent Committee, Remuneration Committee, Remuneration Director. Member of the Audit & Committee and the Management Committee and the Management Risk Committee, the Nomination Engagement Committee. Engagement Committee. Committee and the Remuneration Sam joined the Board on 1 January Lucy joined the Board on 1 January 2025. Committee. | | 2024. He is a non-executive director of | She is a specialist in marketing strategy | | --- | --- | --- | | Neeta Joined the Board on 1 September | ff | and investor relations in the investment | | 2019. She is a non-executive director | Schroder Oriental Income Fund Limited. | trust sector. Formerly a director at | | of Albion Venture Capital Trust plc | Sam studied Japanese at Oxford before | Citigroup, heading the emerging | | and European Opportunities Trust plc. | joining Morgan Grenfell & Co. Ltd, | markets ECM team in London, she left | | She is also a board adviser at several | fi | Citigroup in 2007 and took a career | | technology startups. She was previously | both London and Tokyo. He moved to | break. Since 2016, she has been running | | CEO at the Centre for Entrepreneurs and | Morgan Grenfell Asset Management in | the marketing and investor relations | | an entrepreneur mentor-in-residence | 1996 to work with a Tokyo-based team. | functions of International Biotechnology | | at London Business School, a board | In 2000 he joined Putnam Investments | Trust plc in a part time capacity, initially | | adviser at Tech London Advocates and | fi | at SV Health Investors and more recently | | a member of the advisory board at City | where, over his 19 year tenure, he | at Schroders following the trust’s move | | University Ventures. | managed Asian, European and broad | to Schroders in 2023. She holds a BA | | | international equity portfolios. As | (Hons) in Modern Languages from the | She was awarded a CBE in the Queen’s Putnam’s co-head of equities he oversaw University of Durham. honours list in October 2020 for services a global investment team and was CEO to entrepreneurship and technology. Lucy is a non-executive director of MIGO of Putnam Investments Ltd, the group’s Opportunities Trust plc and Fidelity Asian UK regulated entity. Values plc. The table below sets out the number of formal Board and Committee meetings held during the year ending 31 December 2024 and the number attended by each Director. In addition to the scheduled Board and Committee meetings, Directors attended ad hoc meetings to consider matters as and when required. All Directors attended the Annual General Meeting of the Company. None of the Directors has a service contract with the Company. The terms of their appointment are detailed in a letter sent to them when they join the Board. These letters are available for inspection on request to the Company Secretary. Meeting attendance by the Directors during the year ending 31 December 2024 was as follows: Management Audit & Risk Nomination Remuneration Engagement Strategy Board Committee Committee Committee Committee Meeting Number of meetings in the year 4 2 3 1 1 1 1 fi 4 2 3 1 1 1 2 Humphrey van der Klugt 2 1 1 N/A N/A N/A Katya Thomson 4 2 3 1 1 1 Neeta Patel 4 2 3 1 1 1 Elisabeth Scott 4 2 3 1 1 1 Sam Davis 4 2 3 1 1 1 1 Tim Scholefield is not a member of the Audit & Risk Committee but may attend by invitation. 2 Retired from the Board on 24 April 2024. 25 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  | The Directors present their Report and | valuation, the net assets attributable to | relevant Performance Period is greater | | --- | --- | --- | | the audited Financial Statements for | each Ordinary share amounted to 458.6p | than the NAV per share at the end of the | | the year ended 31 December 2024. | at 31 December 2024 (2023: 338.2p). | fi | | Information pertaining to the business | During the year, the Company did not | fee was last paid. At 31 December | | review including the outlook and future | enter into any derivative contracts and | 2024 this ‘high water mark’ (HWM) | | development is included in the Strategic | therefore there were no outstanding | was 297.2p per share. In the event the | | Report, starting on page 12 and | contracts as at 31 December 2024. See | HWM is not reached in any year, any | | within the Chairman’s Statement starting | fi | outperformance shall instead be carried | | on page 3. | instruments disclosure describing the | forward to future periods to be applied | | | Company’s exposure to price risk, credit | as detailed below. Any performance | | Principal Activity and status | fl | fee payable is capped at 1.75% of the | average daily NAV of the Company The Company was incorporated on Information pertaining to the business over the period. For this purpose, the 18 October 1995 and its Ordinary review and future outlook can be found NAV is calculated after deduction of the shares were listed on the London Stock in the Strategic Report starting on associated performance fee payable. Exchange on 4 December 1995. The page 12. Company is registered as a public limited Any outperformance in excess of the cap company in England under company Management Contracts (or where the HWM has not been met) number 3117355. The Company is an shall be carried forward to future years The Company has a tripartite Delegation investment company within the meaning ff Agreement with AllianzGI UK and Voya of section 833 of the Companies Act 2006 underperformance but not to generate for portfolio management services. and carries on business as an investment a performance fee. To the extent the AllianzGI UK is the AIFM, providing trust. The Company is a member of the Company has underperformed the company secretarial, administrative Association of Investment Companies. benchmark, such underperformance and sales and marketing services, and The Company is an approved investment ff portfolio management services are trust under sections 1158 and 1159 of by future outperformance before provided by Voya. The management the Corporation Taxes Act 2010 and a performance fee can be paid. agreement provides for a base fee of Part 2 Chapter 1 of Statutory Instrument Underperformance/outperformance 0.8% per annum payable quarterly in 2011/2999. This approval relates to amounts carried forward do so arrears and calculated on the average accounting periods commencing on or fiff value of the market capitalisation after 1 December 2012. The Directors of the Company at the last business are of the opinion, under advice, that The performance fee accrued for as day of each month in the relevant the Company has continued to conduct at 31 December 2024 was £nil (31 quarter. The base fee reduces to 0.6% ff December 2023: £nil). for any market capitalisation between approval. As an investment trust pursuant The investment management fee £400m and £1 billion, and 0.5% for any to section 1158 of the Corporation Tax (payable to AllianzGI UK) is charged market capitalisation over £1 billion. Act 2010, the Financial Conduct Authority 100% to revenue and the performance fi (FCA) rules in relation to non-mainstream fee (payable to Voya) is charged 100% £55,000 per annum to cover AllianzGI investment products do not apply to to capital. UK’s administration costs. the Company. In each year, in accordance with the Continuing appointment Investment Objective tripartite management contract, of the AIFM and the The Company invests principally in the the Investment Manager is entitled Investment Manager equity securities of quoted technology to a performance fee subject to During the year, in accordance with the companies on a worldwide basis with various performance conditions. The UK Listing Rules published by the FCA, the aim of achieving long-term capital performance fee entitlement is equal the Board reviewed the performance of growth in excess of the Dow Jones World to 10.0% of the outperformance of the the AIFM and the Investment Manager. Technology Index (sterling adjusted, adjusted NAV per share total return The review considered the Company’s total return) (the Benchmark). Full details as compared to the benchmark index, investment performance over both the can be found inside the front cover. the Dow Jones World Technology short and longer terms, together with the Index (sterling adjusted, total return). quality and adequacy of other services Any underperformance brought Investment funds provided. The Board also reviewed the forward from previous years is taken The market value of the Company’s appropriateness of the terms of the into account in the calculation of the investments at 31 December 2024 was Management Agreement and tripartite performance fee. | £1,716m (2023: £1,287m) with gains of | | Delegation Agreement, in particular | | --- | --- | --- | | £666m (2023: gains of £355m) over book | A performance fee is only payable where | the length of notice period and the | | cost. Taking these investments at this | the NAV per share at the end of the | management fee structure. | 26 DIRECTOR’S REVIEW fi Management Agreement and Tripartite Delegation Agreement is in the best interests of shareholders as a whole. Going Concern fi fi its liabilities. The Directors have considered the Company’s investment objective and capital structure. The Directors have also considered the risks and consequences of the geopolitical and macro-economic events on the operational aspects of the Company and this has been assessed in the Viability Statement on page 14. The Directors believe that the Company has fifi fi shareholders at the AGM in 2026. Related Party Transactions fifffi performance of the Company. Capital Structure The Company’s capital structure is set out in Note 10 on page 60. Voting Rights in the Company’s shares As at 12 March 2025, Allianz Technology Trust PLC’s capital consisted of: Number of Voting rights Total Share class shares issued per share voting rights Ordinary shares of 2.5p in issue 378,211,879 1 378,211,879 Ordinary shares of 2.5p held in treasury 50,544,801 Nil Nil Total 428,756,680 1 378,211,879 Interests in the Company’s Share Capital The Company was aware of the following substantial interests in the voting rights of the Company as at 28 February 2025, the latest practical date before publication of the Annual Financial Report. | | | | 31 December 2024 | | | | 28 February 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Number of | | | % of issued | Number of | | | % of issued | | Holder | | shares | | share capital | | shares | | share capital | Interactive Investor (EO) 48,613,093 12.8 48,414,661 12.8 Hargreaves Lansdown, stockbrokers (EO) 47,706,820 12.5 47,162,708 12.4 Rathbones 38,944,999 10.2 38,574,757 10.2 Charles Stanley 28,293,569 7.4 28,163,168 7.4 Evelyn Partners (Retail) 19,796,549 5.2 20,465,873 5.4 AJ Bell, stockbrokers (EO) 18,199,848 4.8 17,996,951 4.8 EO - Execution Only Repurchase of Ordinary shares At the Annual General Meeting (AGM) held on 26 April 2024, authority was granted for the repurchase of up to 64,270,626 Ordinary shares of 2.5p each, representing 14.99% of the issued share capital at the time. The Board has in place a discretionary discount protection mechanism, described in the Chairman’s Statement and in the Strategic Report. In the year under review the Company bought back 9,015,787 shares for holding in treasury (2023: 16,530,708). The Board and diversity The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented fi prepared for each appointment. The following tables set out the prescribed format for information a company must include in its Annual Financial Report in accordance with the requirements of UK Listing Rules 6.6.6. The Board has chosen to align its diversity 27 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 fi periods. Further details on the Company’s appointment process can be found under Appointments to the Board and Director Tenure on page 32. As at 31 December 2024: Number of 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* fi - - N/A* * This column is inapplicable as the Company is externally managed and does not have executive management functions, fi considers that chairing the permanent sub-committees that is the Audit & Risk Committee, Nomination Committee, Remuneration Committee and Management Engagement Committee are all senior positions. Of these senior roles, three are performed by women and one by a man. As at 31 December 2024: Number of senior positions on the Board Number of Percentage (CEO, CFO, SID Board members of the Board and Chair) White British or other White (including minority-white groups) 4 80% N/A* Mixed/Multiple Ethnic Groups - - N/A* Asian/Asian British 1 20% N/A* Black/African/Caribbean/Black British - - N/A* Other ethnic group - - N/A* * This column is inapplicable as the Company is externally managed and does not have executive management functions, fi White prescribed category above. The position of SID is attributed within the Asian/Asian British prescribed category above. However, the Company considers that chairing the permanent sub-committees that is the Audit & Risk Committee, Nomination Committee, Remuneration Committee and Management Engagement Committee are all senior positions. Of these senior roles, three are attributed within the White British or other White and one within the Asian/Asian British prescribed categories above. Directors election and re-elections The Directors of the Company, with the exception of Lucy Costa Duarte, all served throughout the year under review. With the exception of Elisabeth Scott, who will retire at the AGM, all Directors will stand for election or re-election by the shareholders at the AGM in accordance with the AIC Code of Corporate Governance (AIC Code). Lucy Costa Duarte, who joined the Board on 1 January 2025, will stand for election at the AGM. The biographies of the Directors are set out on pages 24 and 25. The skills and experience each Director brings to the Board for the long-term sustainable success of the Company are set out below. The attendance record of each Director at meetings of the Board through the year is shown on page 25. – fi Tim brings a wealth of investment knowledge, expertise and experience in investment management, particularly in equities. – Resolution 3 relates to the re-election of Katya Thomson, who was appointed on 18 July 2023, who brings in-depth knowledge, fi fi – Resolution 4 relates to the re-election of Neeta Patel who was appointed on 1 September 2020 as a Director of the Company. Neeta brings a wealth of knowledge from the technology sector. – Resolution 5 relates to the re-election of Sam Davis who was appointed on 1 January 2024 as a Director of the Company. Sam brings in-depth global investment management experience and expertise. – Resolution 6 relates to the election of Lucy Costa Duarte who was appointed on 1 January 2025 as a Director of the Company. Lucy brings expertise in marketing strategy and investor relations in the investment trust sector. 28 DIRECTOR’S REVIEW Directors’ fees Secretary and can be found on the In order to enable them to discharge website www.allianztechnologytrust. their responsibilities, prior to each A report on Directors’ Remuneration com. meeting Directors are provided, in a starts on page 39. timely manner, with a comprehensive set Management of papers giving detailed information Directors’ and Officers’ Engagement Committee on the Company’s transactions, Liability Insurance fi The Management Engagement ffi Representatives of the AIFM and the Committee report is on page 36. cover is in place and is provided at the Investment Manager attend each expense of the Company. Directors’ and Board meeting, enabling the Directors ffi Nomination Committee fifi can be found on page 34. The Nomination Committee report is on or to probe further on matters of page 37. concern. A full report is received from Conflicts of Interest the Investment Manager at each Under the Companies Act 2006 a Remuneration Committee meeting. In the light of these reports, director must avoid a situation where The Remuneration Committee report is the Board reviews compliance with the she/he has, or can have, a direct on page 38. Company’s stated investment objectives fl and, within these established guidelines, fl Audit & Risk Committee the Investment Manager takes Company’s interests. Directors are able, if The Audit & Risk Committee Report decisions as to the purchase and sale of fl starts on page 44. individual investments. fl reports annually on the Company’s The Board and Matters Reserved Whistleblowing procedures for ensuring that its powers for the Board As the Company has no employees fl ffi it does not have a formal policy ff ff fi been followed. | | ff | of any concerns about improprieties for | | --- | --- | --- | | Under the AIC Code, the Directors are | a formal schedule of matters reserved | appropriate independent investigation. | | required to notify the Chairman and | for the decision of the Board and there | The Audit & Risk Committee has, | | Company Secretary of any proposed | is an agreed procedure for Directors, | however, received and noted the AIFM | | fl | in the furtherance of their duties, | and Investment Manager’s policy on | | fl | to take independent professional | this matter. However, any matters | | necessary, by the Board. The Directors | advice if necessary at the Company’s | concerning the Company may be | | are required to list their current time | fi | raised with the Chairman or Senior | | constraints when requesting prior | for the Board include the setting of | Independent Director. | | approval of a new appointment. The | parameters for and the monitoring | | | fi | of investment strategy, the review of | Modern Slavery Act 2015 | | ff | investment performance (including | | The Company does not provide goods and that the agreed procedures have performance relative to the benchmark or services in the normal course of been followed in the year under review. and to the Company’s peer group) fi fi vehicle does not have customers. The Directors of statutory Companies Act 2006 Directors do not therefore consider that requirements including the payment As at the date of this Report, the Board the Company is required to make a of any dividend and the allotment of consisted of six non-executive Directors statement under the Modern Slavery shares; matters of a Stock Exchange or as detailed on pages 24 and 25. Act 2015 in relation to slavery or Internal Control nature such as approval All Directors with the exception of Lucy ffi of shareholder statutory documentation; Costa Duarte served throughout the performance reviews and director year. Lucy was appointed to the Board Electronic communications independence; and, in particular on 1 January 2025. The Company has enabled electronic matters of a strategic or management communications whereby shareholders nature, such as the Company’s long Board Committees may opt to receive documents term objectives, commercial and For the year under review the electronically. Shareholders who opted corporate strategy, share buy-back Nomination Committee was chaired for this receive either an email, where an and share issuance policy, share price fi email address has been registered, or and discount/premium monitoring; the Engagement Committee was Chaired by letter notifying them of the availability appointment or removal of the AIFM Neeta Patel. The Audit & Risk Committee of the Company’s Annual Report, Half- and the Investment Manager; unquoted and Remuneration Committee are Year Report and any other Shareholder investment valuations; consideration chaired by Katya Thomson. The full documents on the Company’s website. fi fi Those that elected not to switch to requirements and limits and corporate the responsibilities of each Committee, electronic means will continue to receive governance matters. can be obtained from the Company hard-copy documents by post. In 29 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 order to reduce the Company’s impact fi Each Director at the date of approval of on the environment we encourage instruments under AIFMD, the Depositary fi shareholders, wherever possible, to will be obliged to return to the Company (a) in so far as the Director is aware, register an email address and to receive fi there is no relevant audit information fi or the corresponding amount of money, of which the Company’s auditor is however continue to make available unless it can demonstrate that the loss unaware; and postal copies where required. has arisen as a result of an external event beyond its reasonable control, the (b) the Director has taken all the steps Common Reporting consequences of which would have been he or she ought to have taken as a Standard (CRS) unavoidable despite all reasonable Director in order to make himself/herself ff aware of any relevant audit information CRS is a global standard for the and to establish that the Company’s automatic exchange of information Directors’ Responsibility, auditor is aware of that information. commissioned by the Organisation for Economic Cooperation and Accountability and Audit fi Development and incorporated into UK The Directors’ Statement of be interpreted in accordance with law by the International Tax Compliance fi the provisions of section 418 of the Regulations 2015. CRS requires the statements is set out on page 43. Companies Act 2006. Forvis Mazars Company to provide certain additional The Independent Auditor’s Report LLP will stand for re-election at the details to HMRC in relation to UK starts on page 47. The Board has forthcoming AGM. resident foreign investment holders. The delegated contractually to external reporting obligation began in 2016 and agencies, including the AIFM and the Disclosures required by FCA is an annual requirement. The Registrar, Investment Manager, the management Listing Rule 6.6.1 MUFG Corporate Markets, is appointed of the investment portfolio, the This rule requires listed companies to fi custodial services (which include the report certain information in a single the reports with HMRC on behalf of safeguarding of the assets), the day to fi the Company. day accounting, company secretarial fifi and administration requirements and the none of the prescribed information is Safe Custody share registration services. applicable to the Company in the year The Company’s listed investments are Each of these contracts was entered into under review. held in safe custody by HSBC Bank Plc after full and proper consideration by (the ‘Custodian’). Operational matters the Board of the quality and cost of the Post Balance Sheet Events with the Custodian are carried out on ff Post balance sheet events are detailed the Company’s behalf by the Manager systems in operation insofar as they fi in accordance with the provisions of the ff investment management agreement. The Board receives and considers Annual General Meeting The Custodian is paid a variable regular reports from the AIFM and the The AGM will be held on Wednesday fee dependent on the number of Investment Manager and ad hoc reports 23 April 2025 at 2.30pm. This meeting trades transacted and location of the and information are supplied to the will be held as a hybrid meeting. This securities held. Board as required. means that there will be an in person meeting as well as it being streamed Depositary Auditor objectivity live for those shareholders who cannot HSBC Securities Services (the and independence attend in person. The formal Notice of ‘Depositary’) acts as the Company’s Forvis Mazars LLP is the Auditor of the AGM, including instructions on how to Depositary in accordance with the Company. The Board believes that join online, starts on page 72. The Alternative Investment Fund Managers auditor objectivity and independence is Directors consider that the resolutions Directive (AIFMD). The Depositary’s safeguarded for the following reasons: relating to the items of special business, responsibilities, which are set out in the extent of non-audit work which may as detailed below, are in the best the Investor Disclosure Document be carried out by Forvis Mazars LLP is interests of shareholders as a whole. on the Company’s website, include fl Accordingly, the Directors unanimously cash monitoring; ensuring the proper fi recommend to the shareholders that segregation and safe keeping of Forvis Mazars LLP has provided they vote in favour of the resolutions to fi information on its independence policies be proposed at the forthcoming AGM, as that are held by the Custodian; and and the safeguards and procedures it they intend to do in respect of their own monitoring the Company’s compliance has developed to counter perceived holdings of Ordinary shares. with investment and leverage limit fi requirements. The Board welcomes all shareholders that it is independent within the meaning to the AGM at which the lead portfolio Although the Depositary has delegated of all regulatory and professional manager will present his review of the safekeeping of all assets held within requirements and that the objectivity of the year and prospects for the future. the Company’s investment portfolio to the audit team is not impaired. Additionally, shareholders wishing to the Custodian, in the event of loss of communicate directly with the Board 30 DIRECTOR’S REVIEW | may make contact via the Company | in the market as they arise and/or | Approval is also being sought for two | | --- | --- | --- | | Secretary, details of whom can be found | to seek to manage demand for the | secondary authorities under resolutions | | on page 68. | Company’s shares and the premium | 13 and 14, to allot new shares, to | | | to NAV per share at which they trade, | sell shares held as Treasury shares, | The following Resolutions relating and only if they believe it would be in disapplying pre-emption rights. to items of special business will the best interests of the Company’s be proposed: By order of the Board existing shareholders to do so. Under no Authority to allot new shares and circumstances would the Directors issue sell shares from treasury on a non shares or sell Treasury shares at a price Kelly Nice pre-emptive basis which would result in a dilution of the Company Secretary By law, Directors are not permitted NAV per Ordinary share. 12 March 2025 to allot new shares (or to grant rights Authority for the Company to over shares) unless authorised to purchase its own shares do so by shareholders. In addition, A resolution authorising the Directors fi to make market purchases of up to from shareholders before allotting 14.99% of the Company’s Ordinary new shares (or granting rights over shares was passed at the AGM of the shares) for cash or selling shares out of Company on 24 April 2024. Resolution fiff 12 will authorise the renewal of such existing shareholders in proportion to authority enabling the Company their holdings. to purchase in the market up to a | Resolution 10 seeks to renew the | maximum of 64,270,626 Ordinary shares | | --- | --- | | Directors’ authority to allot shares up to | (equivalent to approximately 14.99% | | a maximum aggregate nominal amount | of the Company’s issued share capital) | | of £1,071,891 (42,875,668 Ordinary | either for cancellation or for holding | | shares), representing approximately | in treasury and sets out the minimum | | 10% of the Company’s total issued | and maximum prices at which Ordinary | | Ordinary share capital as at 12 March | shares may be purchased exclusive of | | 2025, being the latest practicable date | fl | | prior to publication of this document. | the Companies Act 2006 and the UK | | The authority will expire on 23 July 2026 | Listing Rules. The authority will expire | | or, if earlier, at the end of the Annual | on 23 July 2026 or, if earlier, at the end | | General Meeting of the Company | of the Annual General Meeting of the | | to be held in 2026, unless previously | Company to be held in 2026, unless | | cancelled or varied by the Company in | previously cancelled or varied by the | | general meeting. | Company in general meeting. | | Resolution 11, which is being proposed | The Board believes that such purchases | | as a Special Resolution, seeks to renew | in the market at appropriate times | | the Directors’ authority to allot equity | and prices may be a suitable method | | securities, or sell Treasury shares, for | of enhancing shareholder value. The | | ff | Company would make either a single | | shares to existing shareholders pro- | purchase or a series of purchases, when | | rata to their existing holdings, up to a | market conditions are suitable and | | maximum aggregate nominal amount | within guidelines set from time to time | | of £1,071,891 (42,875,668 Ordinary | by the Board, with the aim of maximising | | shares), representing approximately | fi | 10% of the Company’s total issued The Board believes that the Company’s Ordinary share capital as at 12 March ability to purchase its own shares may 2025, being the latest practicable date assist liquidity in the market. Additionally, prior to publication of this document. where purchases are made at prices The authority will expire on 23 July 2026 below the prevailing NAV per share, this or, if earlier, at the end of the Annual enhances the NAV for the remaining General Meeting of the Company shareholders. It is therefore intended that to be held in 2026, unless previously purchases will only be made at prices cancelled or varied by the Company in below the prevailing NAV per share, with general meeting. the purchases to be funded from the The Directors do not currently intend fi to allot new shares or sell shares from (which are currently £776 million). treasury under these authorities other than to take advantage of opportunities 31 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  The Board recognises the importance of Application of the Provisions her length of service on the Board, a strong corporate governance culture and Principles the Directors are unanimously agreed that meets the listing requirements. The that Elisabeth Scott continues to be The Company has complied with Board has put in place a framework independent. All Directors retire at the the Principles and Provisions of the for corporate governance which AGM each year and, if appropriate, seek AIC Code during the year ended 31 it believes is appropriate for an re-election. Each Director has signed December 2024. The AIC Code is investment company in line with the a letter of appointment to formalise available on the AIC website (www. best practices in relation to matters the terms of their engagement as a theaic.co.uk). It includes an explanation ff non-executive Director, therefore they of how the AIC Code adapts the regulators and other stakeholders of do not have a service contract with Principles and Provisions set out in the the Company. With a range of relevant the Company. Copies of the letters of UK Code to make them relevant for skills and experience, all Directors engagement are available on request investment companies. contribute to the Board discussions and at the AGM. and debates on corporate governance. The Board In particular, the Board believes in Senior Independent Director The Directors are responsible for the providing as much transparency for Neeta Patel is the Senior Independent ff investors as is reasonably possible to Director (SID). She is available to ffff ensure investors can clearly understand shareholders if they have concerns which leadership so that the Company has the the prospects of the business and contact through the normal channels of platform from which it can achieve its enhance liquidity of its shares while Chairman, AIFM or Company Secretary investment objective. The Board’s role also preserving an appropriate level of has failed to resolve or for which such is to guide the overall business strategy fi contact is inappropriate. to achieve long term success and value The Board has considered the Principles fi description of the Company’s strategy Board Culture and Provisions of the AIC Code of | Corporate Governance (‘AIC Code’). The | can be found on page 12. Strategic | The Board adopts a culture where | | --- | --- | --- | | AIC Code addresses the Principles and | issues and all operational matters of | all parties are treated with respect. | | Provisions set out in the UK Corporate | a material nature are considered at | The Directors provide mutual support | | Governance Code (the UK Code), as well | its meetings. | combined with constructive challenge. | | as setting out additional Provisions on | | The Chairman encourages open debate | At 31 December 2024, the Board fi to foster a supportive and co-operative fi the Company. approach for all participants. The fi Board aims to be open and transparent The Board considers that reporting Lucy Costa Duarte was appointed a with shareholders and their respective against the Principles and Provisions of non-executive Director on 1 January stakeholders. At regular meetings the the AIC Code, which has been endorsed 2025. A formal schedule of matters Board engages with the AIFM and the by the FRC, provides more relevant reserved for decision by the Board has Investment Manager to understand information to shareholders. The AIC been adopted. The Board has engaged its culture and receives reporting and Code is available on the Company’s and fi feedback from other service providers. AIC’s websites. management, secretarial, depositary, custodial and share registration services. Appointments to the Board and Contractual arrangements are in place Director tenure fi The Board regularly reviews its The Board notes that Elisabeth Scott composition, having regard to the has been a non-executive Director of Board’s structure and to the present the Company for over nine years, and as and future needs of the Company. The previously stated, she will be retiring at Board takes into account its diversity, the the forthcoming AGM. balance of expertise and skills brought The Board carefully considers the by individual Directors, and length of various guidelines for determining service, where continuity and experience the independence of non-executive fi Directors, placing particular weight on of the Board and believes that this the view that independence is evidenced provides for a sound base from which by an individual being independent the interests of investors will be served to of mind, character and judgement. a high standard. All Directors are presently considered to be independent. Notwithstanding 32 DIRECTOR’S REVIEW fi Meetings Each Director believes that the having a diverse range of experience, composition of the Board and its The Board is scheduled to meet at skills, length of service and backgrounds. fl least four times a year and between The tenure of each Director, including and experience, and that the Board, as these formal meetings there is regular the Chairman, is not ordinarily expected a whole, and its Committees functioned contact with the AIFM, the Investment to exceed nine years. However, the ff Manager, the Company Secretary and Board is also of the view that length of of the Board and Committees were the Company’s Brokers. The Directors service will not necessarily compromise held in person.. The composition of the are kept fully informed of investment the independence or contribution of Board, Committees and tenure of the fi directors of an investment trust company Chairman are reviewed annually by the that are relevant to the business of the or, indeed, its chairman. Continuity and Nomination Committee. Further details Company that should be brought to the fi can be found on page 37. attention of the Directors. The Directors the strength of the Board especially in also have access, where necessary The Board is diverse in its composition times of market turbulence. All Directors in the furtherance of their duties, to and thought processes. The Directors with the exception of Elisabeth Scott independent professional advice at have a breadth of experience relevant have served for fewer than nine years. the expense of the Company. The to the Company. The Directors believe As previously announced and reported attendance record of Directors for the that any changes to the Board’s in the Chairman’s Statement on page year to 31 December 2024 is set out on composition can be managed without 5, having served on the Board for page 25. undue disruption. The members of the ten years, Elisabeth Scott will retire at Board strive to challenge each other The Board considers agenda items laid the Company’s forthcoming AGM. The constructively to make sure all issues are out in the notice and agenda of each Directors’ appointments are formally ff meeting which are circulated to the fi Board holds the AIFM and Investment Board in advance of the meeting as following their date of joining the Board. Managers properly to account on their part of the Board papers. Directors may Each Director will stand for re-election progress on inclusion and diversity. request any agenda items to be added annually at the AGM. The biographies that they consider appropriate for Board of each Director can be found on The Board recommends the election and discussion. Each Director is required pages 24 and 25 and the ordinary re-election of Directors and supporting to inform the Board of any potential resolutions for their election and re- biographies are disclosed on pages 24 fl election on page 72. and 25 of this annual report. Board discussion. The Board constantly The Board appoints all Directors on merit considers the Company’s strategy Delegation of responsibilities and under the Articles of Association of with regard to market conditions and The Board has delegated the following the Company, the number of Directors feedback from shareholders received areas of responsibility: The day-to-day may be no more than ten and no less directly or from the Managers. The administration of the Company has been than two. A Director may be appointed investment strategy is reviewed regularly delegated to Allianz Global Investors by ordinary resolution. When the with the AIFM and the Investment UK Limited in its capacity as Company Nomination Committee considers Board Manager. Board meetings include a Secretary and Administrator, along with succession planning and recommends review of investment performance and fi appointments to the Board, it takes into associated matters such as marketing/ relations. Tasks include preparing the account a variety of factors. Knowledge, investor relations, risk management, valuations, the statutory accounts, the experience, skills, personal qualities, gearing, general administration and management accounts, presenting residency and governance credentials compliance, peer group information and results and information to shareholders, play an important part. industry issues. coordinating all corporate service During the year under review, Humphrey providers to the Company and giving the van der Klugt retired from the Board Board evaluation Board general advice. and Sam Davis was appointed to the The Board evaluates its performance Voya Investment Management Co ff and considers the tenure and LLC, the Investment Manager has full following a recruitment process run by independence of each Director on discretion (within agreed parameters) to Fletcher Jones, an external recruitment an annual basis. During 2024, an make investments in accordance with the agency. Lucy Costa Duarte was internally facilitated Board evaluation Company’s Investment Policy. Among the ff was conducted whereby each Director fi 1 January 2025, following a recruitment assessed the workings of and individual fi process run by Sapphire Partners, an contributions to the Board, Committees, of the Company and existing portfolio external recruitment agency. the performance of the Chairman and as a whole, including the sourcing of the AIFM and Investment Manager. The new investments, presenting results and Chairman and SID also held individual information to shareholders. discussions with each Director. The results were discussed at the Nomination Committee held in November 2024 and it was concluded that the evaluation process had been worthwhile. 33 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 Directors’ and Officers’ Deed of Alternative The Directors’ Statement of Indemnity Performance Measures Responsibilities, set out on page 43, fi The Company has also entered into In addition to providing guidance on a robust assessment of the emerging qualifying third party Deeds of Indemnity Corporate Governance, the AIC provides and principal risks facing the Company, with each Director to cover any liabilities the investment company industry including those that would threaten its that may arise to a third party, other with leadership on the reporting of business model, future performance, than the Company, for negligence, alternative performance measures to solvency or liquidity and reputation. default or breach of trust or duty. The support a fair and balanced approach Deeds were in force during the year to to the performance of your Company. The AIFM and the Investment Manager 31 December 2024 and up to the date of A glossary of Alternative Performance have established internal control approval of this report. The Directors are Measures (APMs) can be found on frameworks to provide reasonable fi page 66. ff to the Company or costs incurred in the internal controls operated on connection with criminal proceedings Audit, Risk Management & behalf of their clients. The AIFM and in which the Director is convicted or Internal Controls Investment Manager’s compliance required to pay any regulatory or For the reasons previously mentioned, and risk departments assess the fiffi the Directors consider the provisions ff Liabilities insurance information can be relating to the internal audit as not an ongoing basis. found on page 29. relevant to the Company. The AIFM and the Investment Manager There is an Audit & Risk Committee, provide the Board with regular reports Training and advice which is chaired by Katya Thomson, that on all aspects of internal control New Directors are provided with an meets at least twice a year and the full fi induction programme that is tailored Audit & Risk Committee Report starts on compliance control, risk management to the particular requirements of the page 44. and relationships with external service fi providers). Business risks have been are provided on changes in regulatory The Directors are responsible for analysed and recorded in a Risk Matrix, ff ff which is formally reviewed by the Audit Directors are encouraged to attend risk management and internal control & Risk Committee at its meetings and at industry and other seminars. Directors, in systems for the Company, which other times as necessary. It is believed the furtherance of their duties, may also are designed to ensure that proper that an appropriate framework is in seek independent professional advice at accounting records are maintained, place to meet the requirements of the the expense of the Company. No Director fi AIC Code. fi which business decisions are made under review. All Directors have access to and which is issued for publication The Investment Manager, at least on the advice and services of the Company is reliable, and that the assets of the a quarterly basis, reports to the Board Secretary, who is responsible to the Board Company are safeguarded. Such a on the market and on the investment for ensuring that Board procedures system of internal control is designed performance of the Company’s portfolio. are followed and that applicable rules to manage rather than eliminate the Further information is contained and regulations are complied with. The risks of failure to achieve the Company’s in the Chairman’s Statement, the Company Secretary is also responsible business objectives and can only provide Directors’ Report and the Investment for advising the Board through the reasonable and not absolute assurance Manager’s Review. Chairman on all governance matters. against material misstatement or loss. Relations with shareholders The Directors, through the procedures Conflicts of Interest During 2024, the Company had regular outlined below and further detailed Company Directors have a statutory contact with its shareholders in person in the Strategic Report and the Audit obligation to avoid a situation in which and virtually through the AIFM and the & Risk Committee Report, have kept they (and connected persons) have, or Investment Manager. The Chairman met ff can have, a direct or indirect interest that with a number of shareholders following management and internal controls flfl his appointment as Chairman. The under review throughout the year the interests of the Company. The Board AGM will be held as a hybrid meeting fi has in place procedures for managing and will allow shareholders to ask the and up to the date of approval of the fl Board questions. Annual Financial Report. The Board has interest as set out on page 29. No fi fl the key areas of investment strategy, under review. technology sector risk, cyber risk, fi liquidity risk and operational risk for extended review. Emerging risks are also considered by the Board. 34 DIRECTOR’S REVIEW The Board and the Annual Report The Board is responsible for reviewing the entire annual report and has noted the supporting information received and the recommendations of the Audit & Risk Committee. The Board has considered whether the annual report fl the Company and its activities and performance in the year under review with a clear link between the relevant sections of the report. The Board was fi report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy. By order of the Board Kelly Nice Company Secretary 12 March 2025 35 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  ## Committee | Role of the Committee | Manager evaluation process | The AIFM and the Investment | | --- | --- | --- | | The role of the Management | During the year under review, the | Manager reappointment | | Engagement Committee is to | Committee met once to consider | The Committee last met in December | | review the investment management | the relationship, and the services | 2024 and in a closed session after | | agreement and the Company’s Service | provided by both the AIFM and the | the presentations from the AIFM | | Providers. The Committee monitors | Investment Manager prior to making its | and the Investment Manager, it was | | the performance of the Investment | recommendation to the Board on the | concluded that in its opinion the | | Manager for portfolio management | retention of the AIFM and the Investment | continuing appointment of both the | | services and the AIFM for the secretarial, | Manager being in the best interests of | AIFM and the Investment Manager on | | fi | the shareholders. | the terms agreed was in the interests | | support services that it provides under | | of shareholders as a whole and | The Committee reviewed the a tripartite agreement. It also reviews recommended this to the Board. performance fee arrangements to the terms of the agreement including ensure they were still appropriate for the the level and structure of fees payable, Committee evaluation size of the Company. the length of notice period and best The activities of the Management practice provisions generally. All of the The Committee reviewed the split of Engagement Committee were Committee’s responsibilities have been responsibilities under the tripartite considered as part of the Board carried out over the course of the year agreement, details of which are noted in appraisal process completed in under review. the Directors Report on page 26. accordance with standard governance arrangements as summarised on page The performance of the AIFM and the Composition of the Committee 33. The conclusion from the process Investment Manager is considered at All the Directors are members of the was that the Committee was operating every Board meeting with a formal Committee and it is Chaired by Neeta ff evaluation by the Committee each Patel. The terms of reference can be membership and skills. year. For the purpose of its ongoing found on the Company’s website www. monitoring, the Board receives detailed allianztechnologytrust.com reports and views from the Investment Neeta Patel Manager on the investment policy Management Engagement Committee and strategies, asset allocation, Chairman stock selection, attributions, portfolio 12 March 2025 characteristics and risk. The Board also assesses the Investment Manager’s performance against the investment controls set by the Board. During the year the Board visited the Investment Manager in California, meeting with various representatives of their business units as well as the investment team. A breakdown of the portfolio begins on page 10. 36 DIRECTOR’S REVIEW ## Report of the Nomination Committee Role of the Committee Composition of the Committee Performance evaluation The primary role of the Nomination The Committee is composed of all During the year the Committee Committee is to review and make the current Directors and chaired undertook an internally facilitated recommendations with regard to Board by the Chairman of the Board. The review. The evaluation process structure, size and composition, the terms of reference can be found adopted required the completion of balance of knowledge, experience, on the Company’s website www. a questionnaire and each Director to skill ranges and diversity and consider allianztechnologytrust.com. participate in individual discussions with succession planning and tenure policy. the Chairman and SID on the workings All of the Committee’s responsibilities Succession planning of and individual contributions to the have been carried out during the year Board, Committees, performance of During the year the Committee started under review. The Committee met on the Chairman. Questions included a the process for the appointment of a three occasions during the year and review of the interaction with the AIFM new non-executive Director. Sapphire fi and the Investment Manager. The Partners, an executive search agency, reviewed the following matters: Senior Independent Director led the were engaged to assist with the review of the Chairman. The results recruitment process. The Company – the structure and size of the Board of the performance evaluation were and the Directors have no other and its composition particularly in discussed at the Committee meeting connection with Sapphire Partners. The terms of succession planning and the held in December 2024. Any concerns Committee provided their criteria for experience and skills of the individual were discussed openly and addressed the appointment. Sapphire Partners Directors and diversity across the with all Directors with the AIFM present. introduced a number of candidates to Board as a whole; It was agreed by all participants that the the Committee who were invited for – tenure policy; ff interview with existing Directors. Lucy – the criteria for future Board fi Costa Duarte was appointed to the appointments and the methods fi Board on 1 January 2025. of recruitment, selection Company as a whole. Board diversity is and appointment; summarised on page 27. – the recruitment of a new Director and the reappointment of those Directors standing for re-election at annual Tim Scholefield general meetings; Nomination Committee Chairman – the need for any changes in 12 March 2025 committee membership; – the attendance and time commitment fi duties, including the extent of their other directorships; – the question of each Director’s independence prior to publication of the Report and Accounts in line with the requirements of the AIC Code; and – the authorisation of each Director’s fl accordance with the provisions of the Act. 37 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## Report of the Remuneration Committee | Role of the Committee | Consideration of | Committee evaluation | | --- | --- | --- | | The primary role of the Remuneration | Directors’ Remuneration | The activities of the Remuneration | | Committee is to determine the | The Committee reviews Directors’ | Committee were considered as part of | | remuneration policy for the Chairman | remuneration taking into consideration | the Board appraisal process completed | | and Directors as well as considering the | the Company’s Remuneration Policy, | in accordance with standard governance | | need to appoint external remuneration | a selection of peer comparisons, other | arrangements as summarised on | | consultations. The Committee reviews | market information and the Trust | page 33. The conclusion from the | | ff | Associates Fee Review. The policy is to | process was that the Committee was | | policy and strategy at least once a year. | review Directors’ fee rates from time to | ff | time, but reviews will not necessarily Composition of the Committee result in a change to the rates. Any Katya Thomson The Committee comprises all current feedback received from shareholders Remuneration Committee Chairman Directors and is chaired by Katya is also taken into account when setting 12 March 2025 Thomson. The terms of reference can be remuneration levels. found on the Company’s website www. The level of Directors’ fees are allianztechnologytrust.com. recommended to and approved by the Board. Directors abstain from voting on their own fees. Directors’ remuneration is paid monthly in arrears and is paid to the individual Director; no payments have been made to third parties on behalf of the individual. A detailed summary of the Chairman and Directors’ remuneration starts on page 39. 38 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 47. ## Remuneration Policy Report The Remuneration Policy of the Company is required to be put to a binding vote of shareholders at least once every three years; the policy was last proposed to and approved by shareholders at the AGM in 2024 and will therefore next be proposed as a binding vote at the AGM in 2027. The Remuneration Policy Report follows on page 42 and is available on the Company's website www.allianztechnologytrust.com. ## Remuneration Committee A detailed description of the Committee's role and members can be found on page 38. ## Annual General Meeting (AGM) Voting Statement At the AGM held on 24 April 2024, of the votes cast by proxy for the approval of the Remuneration Implementation Report, 133,378,288 (99.75%) were cast in favour, 333,959 (0.25%) were cast against and 219,220 shares were withheld from the vote. For the Remuneration Policy Report, which was proposed as a binding vote, of the votes cast, 133,373,037 (99.75%) were cast in favour, 338,125 (0.25%) were cast against and 220,306 shares were withheld. ## Annual Statement The Chairman of the Remuneration Committee reports that the Directors' remuneration will be increased as of 1 January 2025 as set out on page 40. ## Relative importance of spend on pay The following disclosure is a statutory requirement. The Directors, however, do not consider that the comparison of Directors' remuneration with distributions made by the Company is a meaningful measure of the Company's overall performance. The table below sets out the total level of remuneration compared to the share buy-backs, dividends and distributions made in the year: | | 2024 £ | 2023 £ | 2022* £ | 2021 £ | 2020 £ | | --- | --- | --- | --- | --- | --- | | Total Remuneration | 219,727 | 207,114 | 203,064 | 149,500 | 128,250 | | Total Dividends, Share Buy-backs and Distributions | 31,974,000 | 40,373,000 | 39,263,000 | 16,772,000 | - | * Number of permanent Directors increased from 4 to 5. ## Letters of Appointment It is the Board's policy that Directors do not have service contracts. Instead each Director has received a letter setting out the terms of their appointment under which they provide their services to the Company. In accordance with the Articles any new Directors will 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. 39 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## 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 2014. ## Directors' fees All the Directors, with the exception of Humphrey van der Klugt who retired on 24 April 2024 and Lucy Costa Duarte who was appointed on 1 January 2025, served throughout the year and received the fees set out below. In the year under review to 31 December 2024 the Directors' fees were paid at the following rates: £35,000 per annum for each Director with the Chairman of the Board receiving an extra £21,000 per annum, the Chairman of the Audit & Risk Committee an extra £10,500 and the Senior Independent Director an extra £2,000 per annum. A review of Directors' fees is conducted annually by the Remuneration Committee, taking into consideration the increasing demands and accountability of the corporate governance and regulatory environment, as well as the fees of other comparable investment companies. No external remuneration consultant was used, however the Committee reviewed the Trust Associates Investment Company Non-Executive Directors' Fee Review 2024. Having considered carefully the information provided and to remain competitive for future recruitment, the following increases were agreed. The Directors' fees will be increased as of 1 January 2025 to £38,000 per annum. The Chairman of the Board will receive £61,000 per annum. The Chairman of the Audit & Risk Committee will receive £49,500 and the Senior Independent Director will receive £40,000 per annum. In accordance with the Company's Articles of Association, the aggregate maximum limit for fees that may be paid to the Directors per annum is £325,000. These fees exclude any employers' national insurance contributions, if applicable. Directors are authorised to claim reasonable expenses from the Company in relation to the performance of their duties. However, the policy is to only claim ad hoc expenses which would not ordinarily include general travel to and from meetings held in London. No Director is entitled to receive share options, bonuses, pension benefits or other financial or non-financial incentives either in substitution for or in addition to the remuneration stated above. 40 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 | | | | | 2024 | | 2024 | | | 2023 | | 2023 | | | Appointed | | | £ | | £ | | | £ | | £ | Humphrey van der Klugt 1 July 2015 (retired 24 April 2024) - 11,811 - 34,500 Elisabeth Scott 1 February 2015 - 35,000 - 33,000 Neeta Patel 1 September 2019 - 36,416 - 33,000 fi 1 December 2022 - 56,000 - 46,564 Katya Thomson 18 July 2022 - 45,500 - 41,500 Sam Davis 1 January 2024 - 35,000 - - - 219,727 - 207,114 No payments of Directors’ fees were made to third parties. The fees are pro-rata. Annual Percentage Change | | | % change | | | | % change | | | | % change | | | | % change | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024 | | 2023 to | | 2023 | | 2022 to | | 2022 | | 2021 to | | 2021 | | | 2020 to | 2020 | | | | £ | | 2024 | | £ | | 2023 | | £ | | 2022 | | £ | | 2021 | | £ | Chairman 56,000 5.6 53,000 3 51,000 6 48,000 18 40,500 1 Audit & Risk Chairman 45,500 9.6 41,500 N/A 41,500 6 39,000 15 33,750 1 SID 37,000 6.5 34,500 N/A Independent Director 35,000 6 33,000 3 32,000 6 30,000 11 27,000 1 Until 31 December 2022, Chairman of the Audit & Risk Committee and SID were a combined fee. Directors’ Interests (audited information) The Directors are not required to hold any shares in the Company; however, pursuant to Article 19 of the EU Market Abuse Regulations the Directors’ Interests in the share capital of the Company are shown in the table below. Ordinary shares of 2.5p each 31 December 31 December Appointed 2024 2023 fi 1 December 2021 19,250 19,250 Elisabeth Scott 1 February 2015 16,500 16,500 Neeta Patel 1 September 2019 14,989 9,852 Katya Thomson 18 July 2022 30,000 25,000 Sam Davis 1 January 2024 9,028 - Lucy Costa Duarte 1 January 2025 - - Since the year end, Lucy Costa Duarte has purchased 7,180 Ordinary shares. There have been no further changes to any of the Directors’ holdings from the year end to the date of this report. Katya Thomson Remuneration Committee Chairman 12 March 2025 41 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  In accordance with Schedule 8 of The Directors’ Remuneration Policy When reviewing the level of Large and Medium sized Companies remuneration consideration is given to The Company’s Remuneration Policy and Groups (Accounts and Reports) the time, commitment and Committee provides that fees payable to the Regulations 2008 as amended, the responsibilities of each Director. The fl Company is required to put to a binding Board also takes into account the ff vote of shareholders, at least every three fees paid to directors of companies and the responsibilities borne by the years, the Company’s Remuneration within its peer group, the increasing ffi Policy Report (‘the Policy’). demands and accountability of the enable candidates of high calibre to corporate governance and regulatory be recruited. The Policy was last proposed to and environment, as well as the fees of other approved by shareholders at the AGM Directors are remunerated solely in the comparable companies. in 2024 and will therefore be proposed form of fees payable monthly in arrears, as an Ordinary Resolution at the AGM The policy is for the Chairman of the paid to the Director personally or to a in 2027. Board, Audit & Risk Committee and fi Senior Independent Director to be paid term incentive schemes, share option a fee which is proportionate to the schemes or pension arrangements and fi fi involved in the position. to the Directors’ performance, either individually or collectively. There are no It is intended that the above payments of recruitment bonuses. Remuneration Policy will continue to fi The Board consists of non-executive and subsequent years. Directors whose appointments are reviewed by the Board as a whole. None of the Directors has a service contract Katya Thomson with the Company and any Director may Remuneration Committee Chairman resign by notice in writing to the Board at 12 March 2025 any time; there are no set notice periods and no compensation is payable to a ffi ffi and there are no employees. 42 DIRECTOR’S REVIEW ##  | The Directors are responsible for | The Directors are responsible for keeping | Neither an audit nor a review provides | | --- | --- | --- | | preparing the Annual Financial | adequate accounting records that | assurance on the maintenance and | | fi | disclose with reasonable accuracy at | integrity of the website, including | | accordance with applicable law and | fi | controls used to achieve this, and | | regulations. Company law requires the | Company and enable them to ensure | in particular whether any changes | | fi | fi | fi | | fi | with the Companies Act 2006. They | fi | | the Directors have elected to prepare the | are also responsible for safeguarding | matters are the responsibility of the | | fi | the assets of the Company and hence | Directors but no control procedures can | | United Kingdom Generally Accepted | for taking reasonable steps for the | provide absolute assurance in this area. | | Accounting Practice (United Kingdom | prevention and detection of fraud and | | fi Accounting Standards and applicable other irregularities. their knowledge that: fi Under applicable law and regulations, required by law to give a true and (a) the Financial Statements, prepared the Directors are also responsible ff in accordance with applicable for preparing a Strategic Report, a Company and of the total return of the accounting standards, give a true Directors’ Report, and Corporate Company for that year. In preparing and fair view of the assets, liabilities, Governance Statement, and a Directors’ fi fi Remuneration Report which comply with are required to: Company; and that law and those regulations. (b) the Strategic Report includes a fair – select suitable accounting policies and The Directors are responsible for the review of the development and then apply them consistently; maintenance and integrity of the performance of the business and – make judgements and estimates that fi the position of the Company, along are reasonable and prudent; included on the Company’s website. with a description of the principal – state whether applicable UK fi risks and uncertainties that the accounting standards have been on www.allianztechnologytrust.com, Company faces. followed; and which is a website maintained by the – fi fi Alternative Investment Fund Manager. the going concern basis, unless it is Report and Financial Statements, The work undertaken by the Auditor inappropriate to presume that the taken as a whole are fair, balanced does not involve consideration of Company will continue in business. and understandable and provide the the maintenance and integrity of the information necessary to assess the fi website and, accordingly, the Auditor Company’s position and performance, fi accepts no responsibility for any business model and strategy. above requirements. changes that may have occurred to fi For and on behalf of the Board were initially presented on the website. Visitors to the website need to be | aware that legislation in the United | Tim Scholefield | | --- | --- | | Kingdom governing the preparation | Chairman | | fi | 12 March 2025 | ff other jurisdictions. 43 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  During the year under review, Forvis to the Board on the main items discussed Mazars LLP were re-appointed as at the meeting. auditor at the Company’s Annual General Meeting in 2024. Their Role and responsibilities of the independent report can be found on Audit & Risk Committee page 47. The Committee’s authority and duties fi Responsibility which were reviewed during the year, The primary responsibilities of the and are available on the Company’s Committee are to ensure the integrity website www.allianztechnologytrust. fi com. and the appropriateness of the risk The principal activities carried out during ##  management processes and internal the year were: controls. The report details how we carry ## my formal report out this role. – Financial reporting: we considered ##  fi Composition and meetings including the implications of any ## Chairman of the The members of the Committee accounting standards and regulatory throughout the year were myself as fi ##  Chairman, Elisabeth Scott, Neeta issues and the appropriateness of ##  the accounting policies adopted. fi Chairman of the Board, is not a member fi ##  | of the Committee but attends meetings | that, taken as a whole, the Annual | | --- | --- | | by invitation. The Committee believes | Financial Report is fair, balanced | | that it is in the best interests of the | and understandable and provides | | Company for the Chairman of the Board | the information necessary for | | to attend the Committee meetings. All | shareholders to assess the Company’s | | the members of the Committee are | position, performance, business model | | independent Non-Executive Directors, | and strategy. | | and their skills and experience are | – External audit: we considered the | | set out on pages 24 and 25. The | scope of the external audit plan and | | Board reviews the composition of | fi | | the Committee and it considers that, | work. | | ffi | – Risk and internal control: we | | fi | considered the key risks facing the | | sector experience to fully discharge | Company and the adequacy and | | their responsibilities. | ff | and risk management processes. The Committee meets at least twice per – External auditor: we considered the year. The attendance of the Committee ff members is shown on page 25. The of the external auditor, as detailed Committee invites the external auditor, later in this report. a representative of the Depositary, fi Internal Audit and compliance and risk functions and the Internal Controls Investment Manager’s compliance The Committee continues to believe function to attend and report to the that the Company does not require an Committee on relevant matters. As part internal audit function as it delegates of the year end process I, as Chairman its day-to-day operations to third of the Committee, attended additional parties from whom it receives internal meetings with representatives of the control reports. Reports from third AIFM and the external auditor. In party auditors on the internal controls addition, during the year, the Committee maintained on behalf of the Company also met privately with the external by the AIFM, Investment Manager and auditor to give them an opportunity to by other providers of administrative and raise any issues without management custodian services to AllianzGI UK or present. After each Committee meeting directly to the Company were reviewed the Chairman of the Committee reports during the year. 44 DIRECTOR’S REVIEW Risk Management The Board has ultimate responsibility for the management of the risks associated with the Company. The Committee assists the Board by undertaking a formal assessment of risks and reporting to the Board as appropriate. The Committee has reviewed its approach to risk management and the reporting of such to the Board and has concluded that the processes in place are adequate and provide a robust assessment of risk associated with the Company. The Committee reviews in detail at least twice per year the full Risk Matrix and Controls schedule and makes appropriate recommendations to the Board which may include adding or removing risks for consideration, monitoring and reviewing the fi continues to assess the high-level risks. The Audit & Risk Committee also reviews the annual Internal Controls documents provided by key third party service providers and reports as necessary to the Board. Further details of the key risks associated with the Company are detailed within the Strategic Report. Significant areas of risk and focus considered by the Audit & Risk Committee during the year The Annual Report and Financial Statements are the responsibility of the Board and the Statement of Directors’ Responsibilities is on page 43. The Audit & Risk Committee advises the Board on the form and content of the Annual Report and Financial fi The Committee is responsible for agreeing a suitable Audit Plan for the year-end audit and production of the Annual Financial fi and included: Valuation, existence and 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 fi 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 55) 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 Act regulations for ensuring investment trust status are observed at all times. 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 fi Annual Financial Report The Committee and then the whole Board reviewed the entire Annual Financial Report and noted all the supporting information fl activities and performance in the year, with a clear link between the relevant sections of the report. The Directors were then able fi necessary for shareholders to assess the Company’s position, performance, business model and strategy. Auditor effectiveness The Committee is responsible for reviewing the terms of appointment of the Auditor and for monitoring the audit process including fffi subsequently issued by them. 45 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 As part of the review of the auditor, the Auditor independence Committee evaluation members of the Committee and those As reported last year, the Committee The activities of the Audit & Risk representatives of the Manager involved was informed by Forvis Mazars LLP Committee were considered as part of in the audit process reviewed and that during the period under review, the Board appraisal process completed considered a number of areas including: there was a breach by Forvis Mazars in accordance with standard governance LLP of paragraph 2.3a of the FRC arrangements as summarised on – the reputation and standing of the Ethical Standard as a Forvis Mazars page 33. fi LLP partner working in a non-audit – the audit processes and evidence of The conclusion from the process was that capacity held shares in the Company. partner oversight; ff Following detailed discussions with – audit communication including details with the right balance of membership, Forvis Mazars LLP and receipt of of planning; and experience and skills. reassurance with respect to ongoing – information on relevant accounting controls enhancements, the Committee and regulatory developments, has concluded that this was a technical and recommendations on Katya Thomson breach and does not impact the Auditor corporate reporting. Audit & Risk Committee Chairman independence. Forvis Mazars LLP did 12 March 2025 Auditor tenure not provide any non-audit services to There are no contractual obligations the Company in this or the previous which restrict the Committee’s choice of accounting year. auditor. This is Forvis Mazars LLP’s third The Committee also took into account year as the Company’s independent the competitiveness of their fees and auditor with Nargis Yunis appointed as obtained feedback from the AIFM audit partner. Following professional regarding the performance of the audit guidelines, Nargis can serve for up to fi fi the independence and performance of the auditor is considered by the Audit of the Auditor. Forvis Mazars LLP will & Risk Committee each year, taking be proposed at the forthcoming AGM into account relevant guidance and to be re-appointed as auditors of best practice and considering their the Company for the year ending 31 ff December 2025. the external audit process. 46 FINANCIAL STATEMENTS ## Financial Statements ##  ## Allianz Technology Trust PLC Opinion Conclusions relating to going concern fi fi Technology Trust PLC (the ‘Company’) for the year ended 31 the Directors’ use of the going concern basis of accounting in December 2024 which comprise the Income Statement, the fi Balance Sheet, the Statement of Changes in Equity, and notes Our audit procedures to evaluate the Directors’ assessment of fi the Company’s ability to continue to adopt the going concern policy information. basis of accounting included but were not limited to: fi – Undertaking an initial assessment at the planning stage applied in their preparation is applicable law and United of the audit to identify events or conditions that may cast Kingdom Accounting Standards, including FRS 102 “The fi Financial Reporting Standard applicable in the UK and going concern; Republic of Ireland” (United Kingdom Generally Accepted – Obtaining an understanding of the relevant controls relating Accounting Practice). to the Directors’ going concern assessment; fi – making enquiries of the Directors to understand the period of assessment considered by the Directors, assessing and – ff challenging the appropriateness of the Directors’ key fi assumptions in their income and expense projections and ended; implication of those when assessing severe but plausible – have been properly prepared in accordance with United scenarios; Kingdom Generally Accepted Accounting Practice; and – assessing the liquidity of the portfolio through reviewing the – have been prepared in accordance with the requirements of Directors’ assessment of how quickly the portfolio could be the Companies Act 2006. liquidated if required; – assessing the Company’s performance to date; Basis for opinion – evaluating the appropriateness of the Directors’ disclosures We conducted our audit in accordance with International fi Standards on Auditing (UK) (ISAs (UK)) and applicable law. viability statement. Our responsibilities under those standards are further fi described in the “Auditor’s responsibilities for the audit of any material uncertainties relating to events or conditions that, fi fi independent of the Company in accordance with the ethical Company’s ability to continue as a going concern for a period fi fi statements in the UK, including the FRC’s Ethical Standard as are authorised for issue. applied to listed entities and public interest entities, and we Our responsibilities and the responsibilities of the Directors with fi respect to going concern are described in the relevant sections with these requirements. We believe that the audit evidence we of this report. ffi for our opinion. In relation to Allianz Technology Trust PLC’s reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the fi the Directors considered it appropriate to adopt the going concern basis of accounting. 47 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 Key audit matters fifi fi fiff fffi statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We summarise below the key audit matter in forming our opinion above, together with an overview of the principal audit procedures performed to address this matter and our key observations arising from those procedures. fi Completion Report. Key Audit Matter How our scope addressed this matter Valuation, existence and ownership of the Valuations of actively traded investments are reconciled using investment portfolio stock exchange prices provided by third party pricing vendors. The Company holds no unquoted investments. Ownership of listed (as described on page 45 in the Report of fi the Audit and Risk Committee and as per the accounting policy set out on page 55). Our audit procedures included, but were not limited to: Investments held as of 31 December 2024 were – understanding Management’s process to record and valued at £1.7bn (2023: 1.3bn), these are measured value investments through discussions with Management in accordance United Kingdom Accounting and examination of control reports for the third-party Standards, and the Statement of Recommended service organisation; Practice issued by the Association of Investment – performing walkthroughs to evaluate the design and Companies. The investment portfolio solely implementation of controls; comprises of level one investments. – for all investments in the portfolio, agreeing investment holdings to HSBC Bank Plc’s (‘Custodian / Depositary’), independently Investments make up 98% (2023:98%) of net assets fi by value and are considered to be the key driver for obtain comfort over existence and ownership; the Company’s performance. The investments are – for all investments in the portfolio, independently comparing fi the market prices to a reputable third-party pricing source and upon initial recognition as held at fair value recalculating the investment valuations as at the year-end; fi – for all investments in the portfolio, assessing the frequency of and subsequently at fair value which is based on fi their quoted bid prices at the close of business on and the year-end date. There is a risk that investments – fi recorded might not exist or might not be owned statements and ensure that the methodology applied is in by the Company. Although the investments are accordance with United Kingdom Accounting Standards and the valued at quoted bid prices, there is a risk that errors Statement of Recommended Practice issued by the Association of fi Investment Companies. numbers presented. Our observations fi We have no matters to communicate with regards to the valuation, ownership of investments as a key audit matter as it existence and ownership of the investment portfolio held as at 31 ff December 2024. and allocation of resources. 48 FINANCIAL STATEMENTS Our application of materiality and an overview of the scope of our audit fl These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of fiff fi d on our professional judgement, we determined materiality for fi Overall materiality £ 17,468,540 (2023: £13,187,750) How we determined it 1% of net assets (2023: 1% of net assets) Rationale for fifi benchmark applied considered to be the main focus of the shareholders. Whilst valuation processes for these investments are not considered to be complex, there is a risk that errors in valuation could cause a material misstatement. 1% has been chosen as it is a generally accepted auditing practice for investment trust audits and the Company is a public interest entity. Performance Performance materiality is set to reduce to an appropriately low level the probability that the materiality fi fi On the basis of our risk assessments and together with our assessment of the overall control environment, we set performance materiality at £12,227,978 (2023: £7,912,650) which represents 70% (2023: 60%) of overall materiality Reporting threshold fi audit above £524,056 (2023: £395,633) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. fi fi error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the Directors fi ffifi statements as a whole. We used the outputs of our risk assessment, our understanding of the Company, its environment, controls, ffifi statement line items. Other information fi fi not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially fi misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether fi conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 49 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, the part of the Directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: - the information given in the strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements and those reports have been prepared in accordance with applicable legal requirements; - the information about internal control and risk management systems in relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority (the FCA Rules), is consistent with the financial statements and has been prepared in accordance with applicable legal requirements; and - information about the Company's corporate governance code and practices and about its administrative, management and supervisory bodies and their committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules. ## Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and their environment obtained in the course of the audit, we have not identified material misstatements in the: - strategic report or the Directors' report; or - information about internal control and risk management systems in relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 of the FCA Rules. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or - the Company's financial statements and the part of the Directors' remuneration report to be audited are not in agreement with the accounting records and returns; or - certain disclosures of Directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - a corporate governance statement has not been prepared by the Company. ## Corporate governance statement The UK Listing Rules require us to review the Directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company's compliance with the provisions of the UK Corporate Governance Statement specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements, or our knowledge obtained during the audit: - Directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified, set out on page 27; - Directors' explanation as to its assessment of the entity's prospects, the period this assessment covers and why the period is appropriate, set out on page 14; - Directors' statement on fair, balanced and understandable, set out on page 43; - Board's confirmation that it has carried out a robust assessment of the emerging and principal risks, set out on page 14; - The section of the annual financial report that describes the review of effectiveness of risk management and internal control systems, set out on page 14; and; - The section describing the work of the Audit Committee, set out on page 44. ## Responsibilities of Directors As explained more fully in the Directors' responsibilities statement set out on page 43, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. ## Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and their industry, we considered that non-compliance with the following 50 FINANCIAL STATEMENTS ff these may involve collusion, forgery, intentional omissions, fi misrepresentations or the override of internal controls. GDPR, Money Laundering Regulations 2007 and Money ff Laundering (Amendment) regulations 2012, The Alternative on our audit are discussed in the “Key audit matters” section of Investment Fund Managers Directive (AIFMD), Financial this report. Services and Markets Act 2000. A further description of our responsibilities is available on To help us identify instances of non-compliance with these the Financial Reporting Council’s website at www.frc.org.uk/ laws and regulations, and in identifying and assessing the risks auditorsresponsibilities. This description forms part of our of material misstatement in respect to non-compliance, our auditor’s report. procedures included, but were not limited to: – Gaining an understanding of the legal and regulatory Other matters which we are required to address framework applicable to the Company, the industry in Following the recommendation of the Audit Committee, we which they operate, and the structure of the Company, and were appointed by the Audit Committee on 13 July 2022 considering the risk of acts by the Company which were fi contrary to the applicable laws and regulations, including December 2022 and reappointed by the Members at the fraud; fi – Inquiring of the Directors, management and, where The period of total uninterrupted engagement is three years, appropriate, those charged with governance, as to whether covering the years ended 31 December 2022 to 31 December the Company is in compliance with laws and regulations, 2024. and discussing their policies and procedures regarding The non-audit services prohibited by the FRC’s Ethical compliance with laws and regulations; Standard were not provided to the Company and we remain – Reviewing any correspondence with relevant licensing or independent of the Company in conducting our audit. regulatory authorities including the FCA; – Reviewing minutes of Directors’ meetings in the year and up As reported last year, during the period under review, there fi was a breach by Forvis Mazars LLP of paragraph 2.3a of the – Discussing amongst the engagement team the laws FRC Ethical Standard as a Forvis Mazars LLP partner working and regulations listed above, and remaining alert to any in a non-audit capacity held shares in Allianz Technology Trust indications of non-compliance. PLC. Our assessment, which has been shared and agreed with the Directors, is that it was a technical breach and does not We also considered those laws and regulations that have a impact our independence since the respective partner is not fffi fi such as the UK Listing Rules, HMRC Investment Trust rules, the Standards. The investment was disposed of immediately when UK Corporate Governance Code, the AIC Code of Corporate it was discovered. We therefore concluded that we remain Governance, the Companies Act 2006 and UK tax legislation. independent of the Company in conducting our audit. We In addition, we evaluated the Directors’ and management’s continue to monitor and reassess controls in place to prevent incentives and opportunities for fraudulent manipulation of such breaches happening in the future. fi Our audit opinion is consistent with our additional report to the override of controls, and determined that the principal risks Audit Committee. related to posting manual journal entries to manipulate fi Use of the audit report fi estimates, in particular in relation to the investment portfolio, This report is made solely to the Company’s members as revenue recognition (which we pinpointed to the accuracy, a body in accordance with Chapter 3 of Part 16 of the fffiff Companies Act 2006. Our audit work has been undertaken so unusual transactions. that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for Our procedures in relation to fraud included but were not no other purpose. To the fullest extent permitted by law, we do limited to: not accept or assume responsibility to anyone other than the – Making enquiries of the Directors and management on Company and the Company’s members as a body for our audit whether they had knowledge of any actual, suspected or work, for this report, or for the opinions we have formed. alleged fraud; – Gaining an understanding of the internal controls established to mitigate risks related to fraud; Nargis Shaheen Yunis (Senior Statutory Auditor) – Discussing amongst the engagement team the risks of fraud; for and on behalf of Forvis Mazars LLP – Addressing the risks of fraud through management override Chartered Accountants and Statutory Auditor of controls by performing journal entry testing. 30 Old Bailey, London EC4M 7AU The primary responsibility for the prevention and detection of 12 March 2025 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 51 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## Income Statement  | | | 2024 | 2024 | | 2024 | | 2023 | 2023 | | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Revenue | | Capital | Total Return | | Revenue | | Capital | Total Return | | | Notes | | £’000s | £’000s | | £’000s | | £’000s | £’000s | | £’000s | Gains on investments held at fair value through 7 - 462,854 462,854 - 424,802 424,802 fi Exchange gains (losses) on currency balances (8) 1,521 1,513 (46) (1,122) (1,168) Income 1 6,571 - 6,571 5,372 - 5,372 Investment management fee and performance fee 2 (8,816) - (8,816) (6,866) - (6,866) Administration expenses 3 (1,165) - (1,165) (1,003) - (1,003) Profit (loss) before finance costs and taxation (3,418) 464,375 460,957 (2,543) 423,680 421,137 Taxation 4 (891) - (891) (937) - (937) Profit (loss) on ordinary activities attributable to (4,309) 464,375 460,066 (3,480) 423,680 420,200 Ordinary shareholders Earnings (loss) per Ordinary share (basic and diluted) 6 (1.12p) 120.68p 119.56p (0.88p) 106.71p 105.83p The total return column of this statement is the income statement of the Company. The supplementary revenue and capital columns are both prepared under the guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. fi Income. The Company does not have any other Comprehensive Income. The notes on pages 55 to 65 form an integral part of these Financial Statements. 52 FINANCIAL STATEMENTS # Balance Sheet at 31 December 2024 | | Notes | 2024 £'000s | 2023 £'000s | | --- | --- | --- | --- | | **Non current assets** | | | | | Investments held at fair value through profit or loss | 7 | 1,715,543 | 1,286,786 | | **Current assets** | | | | | Other receivables | 9 | 511 | 690 | | Cash and cash equivalents | 9 | 33,763 | 34,292 | | | | **34,274** | **34,982** | | **Current liabilities** | | | | | Other payables | 9 | (2,950) | (2,993) | | **Net current assets** | | **31,324** | **31,989** | | **Total net assets** | | **1,746,867** | **1,318,775** | | **Capital and reserves** | | | | | Called up share capital | 10 | 10,719 | 10,719 | | Share premium account | 11 | 334,191 | 334,191 | | Capital redemption reserve | 11 | 1,021 | 1,021 | | Capital reserve | 11 | 1,442,679 | 1,010,278 | | Revenue reserve | 11 | (41,743) | (37,434) | | **Shareholders' funds - equity** | 12 | **1,746,867** | **1,318,775** | | **Net asset value per Ordinary share** | 12 | **458.6p** | **338.2p** | 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 2025 and signed on its behalf by: Tim Scholefield Chairman 12 March 2025 The notes on pages 55 to 65 form an integral part of these Financial Statements. 53 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## Statement of Changes in Equity  | 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 2023 10,719 334,191 1,021 626,971 (33,954) 938,948 Revenue loss - - - - (3,480) (3,480) Shares repurchased into treasury during the year - - - (40,373) - (40,373) fi - - - 423,680 - 423,680 Net assets at 31 December 2023 10,719 334,191 1,021 1,010,278 (37,434) 1,318,775 Net assets at 1 January 2024 10,719 334,191 1,021 1,010,278 (37,434) 1,318,775 Revenue loss - - - - (4,309) (4,309) Shares repurchased into treasury during the year - - - (31,974) - (31,974) fi - - - 464,375 - 464,375 Net assets at 31 December 2024 10,719 334,191 1,021 1,442,679 (41,743) 1,746,867 The notes on pages 55 to 65 form an integral part of these Financial Statements. 54 FINANCIAL STATEMENTS ## Notes to the Financial Statements  Summary of Accounting Policies  1 The financial statements – have been prepared on the Deposit interest receivable is accounted for on an basis of the accounting policies set out below. accruals basis. fi 3 Investment management fees and administrative accordance with The Companies Act 2006, FRS 102 and expenses – The investment management fee is calculated with the Statement of Recommended Practice ‘Financial fi Statements of Investment Trust Companies and Venture and is charged in full to revenue as permitted by the Capital Trusts’ (SORP) issued by the Association of SORP. Performance fees are charged in full to capital, as Investment Companies (AIC) in July 2022. they are directly attributable to the capital performance fl of the investments. Other administrative expenses are company and in accordance with guidance issued by the charged in full to revenue. All expenses are recognised on AIC, supplementary information which analyses the Income an accruals basis. Statement between items of a revenue and capital nature has been presented alongside the Income Statement. In 4 Valuation – The Company’s business is investing in accordance with the Company’s status as a UK investment fifi company under section 833 and 834 of the Companies fi Act 2006, net capital returns may be distributed by way of assets are publicly traded equity investments which are dividend. fi The requirements within FRS 102 section 7.1A have been FRS 102 Section 11: ‘Basic Financial Instruments’ and met to qualify for the exemption to prepare a Cash Flow Section 12: ‘Other Financial Instruments’. Statement. Therefore the Cash Flow Statement has not fi fi initially recognised at fair value. After initial recognition, The accounting policies adopted in preparing the current these continue to be measured at fair value, which for fi quoted investments is either the bid price or the last traded previous years. price depending on the convention of the exchange The Directors believe that it is appropriate to continue to on which the investment is listed. Gains or losses on fi investments are recognised in the capital column of the statements as the assets of the Company consist mainly fi fi are recognised on the trade date, being the date which the exceed liabilities. The Directors have considered the Company commits to purchase or sell the assets. Company’s investment objective and capital structure. 5 Taxation – Where expenses are allocated between The Directors have also considered the risks and capital and revenue, any tax relief obtained in respect of consequences of the geopolitical and macro-economic those expenses is allocated between capital and revenue events on the operational aspects of the Company and fi on the marginal basis. resources to continue in operational existence and meet Deferred taxation is recognised in respect of all timing its objectives for twelve months after the approval of the ff fi balance sheet date, where transactions or events that result in an obligation to pay more tax or a right to pay less tax in 2 Revenue – Dividends received on equity shares are ffff accounted for on an ex-dividend basis. UK dividends fi are shown net of tax credits and foreign dividends are fi grossed up at the appropriate rate of withholding tax. A deferred tax asset is recognised when it is more likely Special dividends are recognised on an ex-dividend basis than not that the asset will be recoverable. Deferred tax and treated as a capital or revenue item depending on the is measured on a non-discounted basis at the rate of facts and circumstances of each dividend. corporation tax that is expected to apply when the timing Where the Company has elected to receive its dividends ff in the form of additional shares rather than in cash, the 6 Foreign currency – In accordance with FRS 102 Section equivalent of the cash dividend is recognised as revenue. 30: ‘Foreign Currency Translation’, the Company is Any excess in the value of the shares received over the required to nominate a functional currency, being the amount of the cash dividend is recognised in capital. 55 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 currency in which the Company predominately operates. 9 Shares issued – Share capital is increased by the nominal The functional and reporting currency is sterling, value of shares issued. The proceeds in excess of the fl nominal value of shares net of expenses are allocated to Company operates, the predominant currency in which the Share Premium Account. its shareholders operate and the currency in which its 10 Significant judgements, estimates and assumptions – In expenses are generally paid. the application of the Company’s accounting policies, Transactions in foreign currencies are translated into which are described above, the Directors are required sterling at the rates of exchange ruling on the date of the to make judgements, estimates and assumptions about transaction. Assets and liabilities are translated into sterling the carrying amounts of assets and liabilities that are at the rates of exchange ruling at the balance sheet date. not readily apparent from other sources. These estimates Gains and losses thereon are recognised in the revenue or and associated assumptions are based on historical capital column of the income statement, dependant on the experience and other factors that are considered to be nature of the gain or loss. Gains and losses on investments arising from a change in exchange rate are taken to the ff capital reserves. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 7 Shares repurchased for cancellation and holding in recognised in the period in which the estimate is revised treasury – For shares repurchased for cancellation, Share ff Capital is reduced by the nominal value of the shares ff repurchased, and the Capital Redemption Reserve is current and future periods. correspondingly increased in accordance with Section fi 733 of the Companies Act 2006. The full cost of the or assumptions made during the year. The investment repurchase is charged to the Capital Reserve. portfolio currently consists of listed investments and For shares repurchased for holding in treasury, the full cost fi is charged to the Capital Reserve. valuing those securities. 8 Shares sold (re-issued) from treasury – Proceeds received 11 Operating segments – The Company has one operating from the sale of shares held in treasury are treated as segment, being that of an investment trust investing fi principally in equity securities on a worldwide basis, with Companies Act 2006. Proceeds equivalent to the original the aim of achieving long term capital growth. cost, calculated by applying a weighted average price, are credited to the Capital Reserve to replenish the fi original cost are credited to the Share Premium Account. 56 FINANCIAL STATEMENTS ### 1. Income 2024 2023 £’000s £’000s Income from investments* Equity income from overseas investments 5,630 4,865 5,630 4,865 Other income Deposit interest 941 507 941 507 Total income 6,571 5,372 * All equity income is derived from listed investments. ### 2. Investment Management Fee | | 2024 | | 2024 | 2024 | | 2023 | 2023 | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | | Capital | | Total | Revenue | | Capital | Total | | | £’000s | £’000s | | £’000s | | £’000s | £’000s | £’000s | Investment management fee 8,816 - 8,816 6,866 - 6,866 Allianz Global Investors UK Ltd is appointed as AIFM and performance management services are provided by Voya Investment Management Co LLC. The management agreement provides for a base fee of 0.8% per annum payable quarterly in arrears and calculated on the average value of the market capitalisation of the Company at the last business day of each month in the relevant quarter. The base fee reduces to 0.6% for any market capitalisation between £400m and £1 billion, and 0.5% fi administration costs. In each year, in accordance with the management contract, the Investment Manager is entitled to a performance fee subject to various performance conditions. For years beginning on or after 1 January 2022, the performance fee entitlement is equal to 10.0% (1 December 2013 to 31 December 2021: 12.5%) of the outperformance of the adjusted NAV per share total return as compared to the benchmark index, the Dow Jones World Technology Index (sterling adjusted, total return). Any underperformance brought forward from previous years is taken into account in the calculation of the performance fee. A performance fee is only payable where the NAV per share at the end of the relevant Performance Period is greater than the fi mark (HWM) was 297.2p per share. In the event the HWM is not reached in any year, any outperformance shall instead be carried forward to future periods to be applied as detailed below. Any performance fee payable is capped at 1.75% of the average daily NAV of the Company over the period (2023: 1.75% of year-end NAV). For this purpose, the NAV is calculated after deduction of the associated performance fee payable. Any outperformance in excess of the cap (or where the HWM has not been met) shall be carried forward to future years to be ff ff fiff The performance fee accrued for as at 31 December 2024 was £nil (31 December 2023: £nil). The Investment Manager’s fee is charged 100% to Revenue and the performance fee is charged 100% to Capital. 57 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ### 3. Administration expenses 2024 2023 £’000s £’000s Auditor’s remuneration Fee payable to the Company's auditor for the audit of the Company's annual accounts 50 48 VAT on auditor's remuneration 10 10 60 58 1 Directors' fees 220 207 Employer national insurance contributions 22 23 2 Marketing costs 371 245 Depositary fees 65 58 Custodian fees 60 55 Registrar’s fees 103 136 Professional & advisory fees 95 116 Stock exchange fees 67 52 Legal fees 16 4 Printing and postage 54 48 FCA fees 45 37 AIC fees 22 21 Other administrative expenses 83 61 VAT recovered (118) (118) 1,165 1,003 The above expenses include value added tax where applicable. 1 Directors’ fees are set out in the Directors’ Remuneration Implementation Report on page 39. 2 The marketing budget takes into account both the marketing activity carried out by the AIFM and other third party service providers. ### 4. Taxation | | 2024 | | 2024 | 2024 | | 2023 | 2023 | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | | Capital | | Total | Revenue | | Capital | Total | | | £’000s | £’000s | | £’000s | | £’000s | £’000s | £’000s | Overseas taxation 891 - 891 937 - 937 Total tax 891 - 891 937 - 937 Reconciliation of tax charge fi (3,418) 464,375 460,957 (2,543) 423,680 421,137 Tax on profit (loss) at 25% (2023: 23.52%) (855) 116,094 115,239 (598) 99,649 99,051 Reconciling factors Non taxable income (1,405) - (1,405) (1,135) - (1,135) Non taxable capital losses - (115,714) (115,714) - (99,913) (99,913) (Losses) gains on foreign currencies - (380) (380) - 264 264 Excess of allowable expenses over taxable income 2,260 - 2,260 1,733 - 1,733 ff 891 - 891 937 - 937 Total tax 891 - 891 937 - 937 The Company’s taxable income is exceeded by its tax allowable expenses. As at 31st December 2024, the Company had accumulated surplus expenses of £130.6m (2023: £121.5m). 58 FINANCIAL STATEMENTS At 31 December 2024 the Company has not recognised a deferred tax asset of £32.6m (2023: £30.4m) in respect of accumulated expenses based on a prospective corporation tax rate of 25% (2023: 25%). Provided the Company continues to maintain its current fifi fi for accounting periods commencing on or after 1 December 2012, subject to the Company continuing to meet the eligibility conditions at Section 1158 Corporation Tax Act 2010 and the ongoing requirements for approved companies in Chapter 3 of Part 2 Investment Trust (Approved Company) Tax Regulations 2011 (Statutory Instrument 2011/2999). ff eligibility conditions. The Company has not therefore provided tax on any capital gains and losses arising on the disposal of investments. ### 5. Dividends on Ordinary shares fi ### 6. Earnings per Ordinary share | | 2024 | | 2024 | 2024 | | 2023 | 2023 | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | | Capital | | Total | Revenue | | Capital | Total | | | £’000s | £’000s | | £’000s | | £’000s | £’000s | £’000s | Earnings (loss) after taxation attributable to (4,309) 464,375 460,066 (3,480) 423,680 420,200 Ordinary shareholders Earnings (loss) per Ordinary share (1.12p) 120.68p 119.56p (0.88p) 106.71p 105.83p 2024 2023 No. of Shares No. of Shares Weighted average number of Ordinary shares in issue for the earnings per Ordinary share calculations above 384,793,143 397,030,186 Basic and diluted earnings per share are the same as the Company has no dilutive instruments. ### 7. Investments held at fair value through profit or loss 2024 2023 Gains on investments £’000s £’000s Opening book cost 932,068 920,805 Opening investments holding gains (losses) 354,718 (21,868) Opening market value 1,286,786 898,937 Additions at cost 794,238 987,092 Disposals proceeds received (828,335) (1,024,045) Gains on Investments 462,854 424,802 Market value of investments held at 31 December 1,715,543 1,286,786 Closing book cost 1,049,917 932,068 Closing investments holding gains 665,626 354,718 Closing market value 1,715,543 1,286,786 Gains on Investments 462,854 424,802 The Company received £828.3m (2023: £1,024.0m) from investments sold in the year. The book cost of these investments when they were purchased was £676.4m (2023: £975.8m). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. Transaction costs and stamp duty on purchases amounted to £147,000 (2023: £193,000) and transaction costs on sales amounted to £214,000 (2023: £235,000). 59 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ## 8. Investments in subsidiaries or other companies As at 31 December 2024 the Company held no investments in subsidiaries, nor did it hold more than 10% of the share capital of any other company or have any holdings in an investee undertaking which comprises 3% or more of any class of capital. ## 9. Other receivables, cash and cash equivalents and other payables | | 2024 £'000s | 2023 £'000s | | --- | --- | --- | | **Other receivables** | | | | Accrued income | 446 | 621 | | Other receivables | 65 | 69 | | | **511** | **690** | | **Cash and cash equivalents** | | | | Cash at bank | **33,763** | **34,292** | | **Other payables** | | | | Other payables | 2,950 | 2,993 | | | **2,950** | **2,993** | The carrying amount of other receivables, cash and cash equivalents and other payables, each approximate their fair value. ## 10. Called up Share Capital | | 2024 £'000s | 2023 £'000s | | --- | --- | --- | | **Allotted and fully paid** | | | | **428,756,680 Ordinary shares of 2.5p (2023: 428,756,680)*** | **10,719** | **10,719** | * Inclusive of 47,815,457 (2023: 38,799,670) Ordinary shares held in treasury for reissuance into the market or cancellation at a future date. Shares held in treasury are non-voting and not eligible for receipt of dividend. During the year no Ordinary Shares (2023: Enil) were issued from the block listing facility and 9,015,787 Ordinary shares repurchased to be held in treasury (2023: 16,530,708). During the year no Ordinary shares were reissued from treasury (2023: Enil). Proceeds from share issuances were Enil (2023: Enil) net of issuance costs of Enil (2023: Enil). Since the year end a further 2,729,344 shares have been bought back up to and including 12 March 2025. | | 2024 Number | 2024 £'000s | 2023 Number | 2023 £'000s | | --- | --- | --- | --- | --- | | **Allotted 2.5p Ordinary shares** | | | | | | Brought forward | 389,957,010 | 9,749 | 406,487,718 | 10,162 | | Shares repurchased to treasury | (9,015,787) | (225) | (16,530,708) | (413) | | **Carried forward** | **380,941,223** | **9,524** | **389,957,010** | **9,749** | | | | | **2024 Number** | **2023 Number** | | **Treasury shares:** | | | | | | Brought forward | | | 38,799,670 | 22,268,962 | | Shares repurchased to treasury | | | 9,015,787 | 16,530,708 | | **Carried forward** | | | **47,815,457** | **38,799,670** | | **Total Ordinary shares in issue and in treasury at the end of the year** | | | **428,756,680** | **428,756,680** | 60 FINANCIAL STATEMENTS ### 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 2023 334,191 1,021 654,382 355,896 (37,434) Gains on sales of investments - - 505,073 - - Foreign currency gains - - 1,521 - - Net movement in investment holding gains - - - (42,219) - Transfer on disposal of investments - - (353,127) 353,127 - Shares repurchased to treasury during the year - - (31,974) - - Retained loss for the year - - - - (4,309) Balance at 31 December 2024 334,191 1,021 775,875 666,804 (41,743) The Institute of Chartered Accountants in England and Wales in its technical guidance TECH 02/17 states that investment holding gains arising out of a change in fair value of assets may be recognised as gains on sales of investments provided they can be readily converted into cash. Securities listed on a stock exchange are generally regarded as being readily convertible into cash and hence investment holding gains in respect of such securities may be regarded as realised under Company Law. ff amount received is allocated here. It is not distributable by way of a dividend and cannot be used to repurchase shares. The Capital Redemption Reserve represents the nominal value of shares repurchased and cancelled. It is not distributable by way of a dividend and cannot be used to repurchase shares. fl Capital column of the Income Statement. It can be used for share repurchases for holding in treasury. It is also distributable by way of a dividend. fl ### 12. Net Asset Value (NAV) per share The Net Asset Value per share (which equates to the net asset value attributable to each Ordinary share in issue at the year end calculated in accordance with the Articles of Association) was as follows: NAV per share attributable 2024 2023 Ordinary shares of 2.5p 458.6p 338.2p NAV attributable 2024 2023 £’000s £’000s Ordinary shares of 2.5p 1,746,867 1,318,775 The Net Asset Value per share is based on 380,941,223 Ordinary Shares in issue at the year end (2023: 389,957,010 Ordinary Shares). 61 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ### 13. Financial risk management policies and procedures The Company invests in equities and other investments in accordance with its Investment Policy as stated on the inside front cover. In pursuing its investment objective, the Company is exposed to certain inherent risks that could result in a reduction either in the Company’s net return or in its net assets. fi and interest rate risk), liquidity risk and credit risk. The Directors determine the objectives and agree policies for managing each of these risks, as set out below. The Investment Manager, in close co-operation with the Directors, implements the Company’s risk management policies. These policies have remained substantially unchanged during the current and preceding year. (a) Market risk The Investment Manager assesses the exposure to market risk when making each investment decision, and monitors the risk on the investment portfolio on an ongoing basis. Market risk comprises market price risk, foreign currency risk and interest rate risk. (i) Market price risk fi ff portfolio is shown on pages 10 and 11. Market price risk sensitivity The value of the Company’s listed equities, which were exposed to market price risk as at 31 December 2024 and 31 December 2023 was as follows: 2024 2023 £’000s £’000s Listed equity investments held at fair value through profit or loss 1,715,543 1,286,786 The following illustrates the sensitivity of the net return and the net assets to an increase or decrease of 20% (2023: 20%) in the fair values of the Company’s listed investments. This level of change is considered to be reasonably possible based on observation of market conditions in the year. The sensitivity analysis is based on the impact of a change to the value of the Company’s listed equity investments at each balance sheet date and the consequent impact on the investment management fees for the period, with all other variables held constant. | | 2024 | | 2024 | | 2023 | | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 (1,716) 1,716 (1,287) 1,287 Capital earnings Gains (losses) on investments at fair value 343,109 (343,109) 257,357 (257,357) Change in net return 341,393 (341,393) 256,070 (256,070) Management of market price risk The Directors meet regularly to evaluate the risks associated with the investment portfolio. Dedicated portfolio managers have the responsibility for monitoring the existing portfolio selection in accordance with the Company’s investment objective and seek to fi The Board can authorise the Investment Manager to use options in order to protect the portfolio against high market volatility. Where options are employed, the market value of such options can be volatile but the maximum realised loss on any contract is limited to the original investment cost. No options were taken out in the current year (2023: £nil). (ii) Foreign currency risk fifl exchange rates. 62 FINANCIAL STATEMENTS Management of foreign currency risk Transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the date of the transaction. Foreign currency assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. It is the Company’s policy not to hedge foreign currency exposure. fi fi its receipt. The table below summarises in sterling terms the foreign currency risk exposure: | | 2024 | | | 2024 | | | 2024 | | 2023 | | | 2023 | | | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Other net assets | | | Total currency | | | | | Other net assets | | | Total currency | | | | Investments | | | (liabilities) | | | exposure | | Investments | | | (liabilities) | | | exposure | | | | £’000s | | | £’000s | | | £’000s | | £’000s | | | £’000s | | | £’000s | Sterling - (2,698) (2,698) - (2,812) (2,812) US Dollar 1,715,543 33,579 1,749,122 1,254,931 34,211 1,289,142 Other currency exposure - 443 443 31,855 590 32,445 Total 1,715,543 31,324 1,746,867 1,286,786 31,989 1,318,775 Foreign currency risk sensitivity The following table details the Company’s sensitivity to a 20% increase and decrease in sterling against the relevant foreign currencies and the resultant impact that any such increase or decrease would have on the net return and net assets. The sensitivity analysis includes all foreign currency denominated items and adjusts their translation at the period end for a 20% change in foreign currency rates. | | 2024 | | 2024 | | 2023 | | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 437,281 (291,520) 322,286 (214,857) Other currency exposure 111 (74) 8,111 (5,407) Change in net return and net assets 437,392 (291,594) 330,397 (220,264) (iii) Interest rate risk fifl Interest rate exposure fififf changes in interest rates. | | | 2024 | | | 2024 | 2024 | | 2024 | 2023 | | 2023 | 2023 | 2023 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 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 | | | - 33,763 1,715,543 1,749,306 - 34,292 1,286,786 1,321,078 | | | | | | | | | | | | Financial liabilities | | | - - - - - - - - | | | | | | | | | | | | Net financial assets | | | - 33,763 1,715,543 1,749,306 - 34,292 1,286,786 1,321,078 | | | | | | | | | | | | Short-term receivables (payables) | | | | | | | | (2,439) (2,303) | | | | | | | Net assets per balance sheet | | | | | | | 1,746,867 1,318,775 | | | | | | | As at 31 December 2024, the interest rates received on cash balances or paid on bank overdrafts, was 2.55% and 5.75% per annum respectively (2023: 2.75% and 6.25% per annum). Management of interest rate risk ff fi balances for other than brief periods of time and therefore there is minimal exposure to interest rate risk. 63 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 (b) Liquidity risk Liquidity risk relates to the capacity to meet liabilities as they fall due and is dependent on the liquidity of the underlying assets. Maturity of financial liabilities flfi | | Three | | Between | Between | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | months | three months | | one and | More than | | | | | or less | and one year | | five years | five years | | Total | | 2024 | £’000s | | £’000s | £’000s | | £’000s | £’000s | Other payables - within one year Other payables 2,950 - - - 2,950 2,950 - - - 2,950 | | Three | | Between | Between | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | months | three months | | one and | More than | | | | | or less | and one year | | five years | five years | | Total | | 2023 | £’000s | | £’000s | £’000s | | £’000s | £’000s | Other payables - within one year Other payables 2,993 - - - 2,993 2,993 - - - 2,993 Management of liquidity risk fi fl 31 December 2024, the Company had no committed borrowing facility (2023: £nil). (c) Credit risk Credit risk is the risk of default by a counterparty in discharging its obligations under transactions that could result in the Company ff Management of credit risk Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Company through its decision to transact with counterparties of high credit quality. The Company only buys and sells investments through brokers which are considered to be approved counterparties, thus minimising the risk of default during settlement. Normally trades are settled by payment of cash against delivery. The credit ratings of brokers are reviewed quarterly by the Investment Manager. The Company is also exposed to credit risk through the use of banks for its cash position. Bankruptcy or insolvency of banks may cause the Company’s rights with respect to cash held by banks to be delayed or limited. The Company’s cash balances are held with HSBC, rated Aa3 by Moody’s rating agency. The Directors believe the counterparties the Company has chosen to transact with are of high credit quality, therefore the Company has minimal exposure to credit risk. The table below summarises the credit risk exposure of the Company as at 31 December: 2024 2023 £’000s £’000s Other receivables: Accrued income 446 621 Other receivables 65 69 Cash and cash equivalents 33,763 34,292 34,274 34,982 64 FINANCIAL STATEMENTS ### 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 2024, the financial assets held at fair value through profit and loss are categorised as follows: | | 2024 £'000s | 2023 £'000s | | --- | --- | --- | | Level 1 | 1,715,543 | 1,286,786 | | Level 2 | - | - | | Level 3 | - | - | | | **1,715,543** | **1,286,786** | ### 14. Capital management policies and procedures The Company's objective is to provide long-term capital growth through investing principally in the equity securities of quoted technology companies on a worldwide basis. The Company's capital at 31 December 2024 was as per the equity shareholders' funds in the Balance Sheet on page 53. The Board, with the assistance of the Investment Manager, monitors and reviews the broad structure of the Company's capital on an ongoing basis, including the level of gearing, taking into account the Investment Manager's view on the market and the future 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 57. 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 58. There are no other identifiable related parties at 31 December 2024, and as of 12 March 2025. ### 16. Post Balance Sheet events Since the year end a further 2,729,344 Ordinary shares have been bought back for a total cash consideration of £11.5m. As at 12 March 2025 there were 428,756,680 Ordinary shares in issue (including 50,544,801 Ordinary shares in treasury). 65 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 # 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 2024, the NAV was £1,746.9m (2023: £1,318.8m) and the NAV per share was 458.6p (2023: 338.2p). **Earnings per Ordinary 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 2024 net revenue return per Ordinary share was (1.12p) (2023: (0.88p)), calculated by taking the loss after tax of £4.3m (2023: loss of £3.5m), divided by the weighted average shares in issue of 384,793,143 (2023: 397,030,186). ## Alternative Performance Measures (APMs) **Discount** or **Premium** is the amount by which the stock market price per Ordinary share is lower (discount) or higher (premium) than the Net Asset Value, or NAV, per Ordinary share. The discount/premium is normally expressed as a percentage of the NAV per Ordinary share (see pages 2 and 6). **Ongoing 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). | | 2024 £'000s | 2023 £'000s | | --- | --- | --- | | Management fee | 8,816 | 6,866 | | Administration expenses | 1,165 | 1,003 | | **Total expenses (A)** | **9,981** | **7,869** | | **Average net asset value with debt at market value (B)** | **1,552,889** | **1,130,050** | | **Ongoing charge (A/B)** | **0.64%** | **0.70%** | The ongoing charge including the performance fee payable of £nil (2023: £nil) is 0.64% (2023: 0.70%). 66 INVESTOR INFORMATION ##   AIC Code  AllianzGI  AllianzGI UK Allianz Technology Trust PLC The Company/ATT  AIFM  APMs Annual Financial Report AFR  AGM  AIC  CSR  DTR  The Benchmark  EEE  ESG  Fed  FCA  The Custodian  The Depositary  KPIs  MUFG  NAV Ongoing Charges Figure OCF  SID ffi State Street  TCFD  The UK Code  Voya IM/Investment Manager 67 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  | Alternative Investment Fund | Registrar | Market and portfolio Information | | --- | --- | --- | | Manager (AIFM) | MUFG Corporate Markets | The Company’s Ordinary shares are | | Allianz Global Investors UK Limited | Central Square | listed on the London Stock Exchange | | 199 Bishopsgate | 29 Wellington Street | under the code ATT. The market price | | London | Leeds | range, gross yield and net asset value | | EC2M 3TY | LS1 4DL | (NAV) are shown daily in the Financial | | Telephone: +44 (0)20 3246 7000 | | Times and The Daily Telegraph under | | Head of Investment Trusts, AllianzGI UK: | Stockbrokers | the headings ‘Investment Trusts’ and | | Stephanie Carbonneil, email: | | ‘Investment Companies’, respectively. The | fl stephanie.carbonneil@allianzgi.com NAV of the Ordinary shares is calculated Riverbank House daily and published on the London Stock 2 Swan Lane Company Secretary and Exchange Regulatory News Service. The London Registered Office geographical spread of investments EC4R 3GA and ten largest holdings are published Kelly Nice and Kirsten Salt, email: monthly on the London Stock Exchange investment-trusts@allianzgi.com Identifiers Regulatory News Service. They are also SEDOL: BNG2M15 199 Bishopsgate available from the Manager’s Investor ISIN: GB00BNG2M159 London Services Helpline on 0800 389 4696 BLOOMBERG: ATT EC2M 3TY or via the Company’s website: www. EPIC: ATT Telephone: 0800 389 4696 allianztechnologytrust.com. GIIN: YSYR74.99999.SL.826 LEI: 549300OMDPMJU23SSH75 Investment Manager Share price Voya Investment Management Co. LLC The share price quoted in the London Financial calendar 2999 Oak Road ffi Full year results announced and Annual Walnut Creek 31 December 2024 was 419.0p per Financial Report published in March. CA 94597 Ordinary share. Annual General Meeting held in April. Telephone: +1 415 954 4500 Half year results announced and Half- Lead Portfolio Manager: Mike Website Yearly Financial Report published to Seidenberg Further information about Allianz shareholders in August. Portfolio Manager: Erik Swords Technology Trust PLC, including The year end is 31 December. monthly factsheets, daily share Registered number price and performance, is available How to invest 3117355 on the Company’s website: www. Information is available from Allianz allianztechnologytrust.com Global Investors either via Investor Bankers and Custodian Services on 0800 389 4696 or on HSBC Bank plc, Association of Investment the Company’s website: www. 8 Canada Square Companies (AIC) allianztechnologytrust.com. London The Company is a member of the AIC, E14 5HQ A list of providers can be found the trade body of the investment trust on the Company’s website www. industry, which provides a range of Depositary allianztechnologytrust.com/how-to- literature including factsheets and a invest | HSBC Security Services | monthly statistical service. Copies of | | --- | --- | | 8 Canada Square | these publications can be obtained from | | London | the AIC, 9th Floor, 24 Chiswell Street, | | E14 5HQ | London, EC1Y 4YY, or at www.theaic. | co.uk. AIC Category: Technology and Independent Auditor Technology Innovation. Forvis Mazars LLP 30 Old Bailey London EC4M 7AU 68 INVESTOR INFORMATION | Shareholder enquiries | Shareholder Proxy Voting | Non-Mainstream Pooled | | --- | --- | --- | | In the event of queries regarding their | Shareholders may submit their proxy | Investments | | fi | electronically using the Share Portal | The Company is an investment trust | | dividend payments, registered details, | service at www.signalshares.com. Or via | and therefore its shares are not subject | | etc., shareholders should contact the | the Registrar’s LinkVote+ Shareholder | to the Financial Conduct Authority’s | | Registrar on 0371 664 0300. Lines | App. Further details on voting via the | (FCA) rules relating to the restrictions | | are open 9.00 a.m. to 5.30 p.m. (UK | LinkVote+ App, online through the | on the retail distribution of unregulated | | time) Monday to Friday. Calls to the | Registrar’s Share Portal, or by post using | collective investment schemes and close | | helpline number from outside the UK | the personalised proxy card provided, | ff | | are charged at applicable international | are contained within the Notice of | 1 January 2014. Accordingly, its shares | | ff | Meeting Notes starting on page 73. | can be recommended by IFAs to retail | | calls made from mobile telephones | | investors in accordance with the FCA’s | | and calls may be recorded and | CREST Proxy Voting | rules in relation to non-mainstream | | monitored randomly for security and | | investment products. | fi training purposes. CREST) may be voted through the CREST Proxy Voting Service in accordance with Nominee companies Changes of name and address must be the procedures set out in the CREST In order to allow investors holding their fi manual. Voting via the Proxymity shares within a nominee company to general enquiries about the Company platform is also available to institutional receive shareholder communications, should be directed to the Company shareholders. Further details are the Company undertakes to provide Secretary, Allianz Technology Trust PLC, contained within the Notice of Meeting multiple copies of such documents 199 Bishopsgate, London, EC2M 3TY. Notes starting on page 73. to the registered nominee company Telephone: 0800 389 4696. where prior notice has been given. FATCA The Company encourages nominee Share dealing services The Company is registered with the companies to provide the underlying MUFG Corporate Markets operate an Internal Revenue Service (IRS) as a ffi online and telephone dealing facility Foreign Financial Institution for the make informed decisions regarding their for UK resident shareholders with share purposes of the Foreign Tax Compliance investments, including the opportunity to fi Act (FATCA). The Company’s Global attend Company General Meetings. may also be payable on transactions. fi For further information on these services (GIIN) is YSYR74.99999.SL.826 please contact www.eu.mpms.mufg. com for online dealing or 0371 664 0445 for telephone dealing. Lines are open 8.00am to 4.30pm Monday to Friday. Calls to this number are charged at local rates, calls from outside the UK are charged at applicable international ff calls made from mobile telephones and calls may be recorded and monitored randomly for security and training purposes. Warning to Shareholders  ff   ff  ffi    69 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 ##  Alternative Investment Fund Manager and Depositary Allianz Global Investors UK Limited (‘AllianzGI UK’) is designated the Alternative Investment Fund Manager (AIFM). AllianzGI UK is authorised to act as an AIFM and to conduct its activities by the Financial Conduct Authority (FCA) in accordance with AIFMD and FCA requirements. The management fee and the notice period are unchanged in the restated management and administration agreement (details in Note 2 on page 57). The Company appointed HSBC Bank PLC as its Depositary and Custodian in accordance with AIFMD under an agreement between the Company, AllianzGI UK and HSBC. Depositary fees are charged in addition to custody fees and are calculated on the basis of net assets. Leverage and Risk Policies under AIFMD The Company may borrow cash and employ leverage which may include the use of derivatives in accordance with the stated investment policy and the underlying investment guidelines set by the Board for the Investment Manager from time to time. It is acknowledged that the use of leverage may expose the Company to greater risk as volatility levels, in particular within derivative contracts, can be high. The use of leverage is therefore carefully considered prior to exposure. The AIFMD requires each element of leverage and its exposure to be expressed as a ratio of the Company’s NAV. The Company does not currently employ gearing and does not currently invest in derivatives. Remuneration Disclosure of the AIFM The following table shows that total amount of remuneration granted to the employees of Allianz Global Investors UK Ltd fifi management/ Senior Management Function holders and other risk takers.  thereof thereof thereof Material Board Members/ Other Material All employees Risk Takers SMF Risk Takers  38,208,950 3,773,014 3,773,014 N/A  35,897,533 8,614,518 8,614,518 N/A Total compensation 74,106,484 12,387,532 12,387,532 N/A Note: All Material Risk Takers are performing a Senior Management Function. The information on employee remuneration does not include remuneration paid by delegated managers to their employees. AllianzGI UK does not pay remuneration to employees of delegated companies directly from the fund. Setting the remuneration AllianzGI UK is subject to certain requirements applicable to investment management companies with regard to structuring the remuneration system. The board of directors of AllianzGI UK has set up a remuneration committee. It has the overall responsibility for overseeing the implementation of the remuneration policy and practices. Working in close cooperation with control functions as well as with external advisers and in conjunction with the management, the human resources department has developed AllianzGI UK’s remuneration policy. The remuneration committee ensures that on a regular basis the implementation of the remuneration policy is subject to a central and independent internal review. Remuneration structure fl experience required in a particular role, and an annual variable remuneration. The total amount of the variable remuneration payable throughout AllianzGI UK depends on the performance of the business and on the company’s risk position and will fi performance of the employee and their departments during the period under review. Variable remuneration includes an annual fi certain threshold, a substantial portion of the annual variable remuneration is deferred for a period of three years. The deferred portions increase in line with the level of the variable remuneration. Half of the deferred amount is linked to the performance of AllianzGI UK, and the other half is invested in the funds managed by AllianzGI UK. The amounts ultimately distributed depend on the company’s business performance or the performance of shares in certain investment funds over several years. In addition, the deferred remuneration elements may be withheld under the terms of the plan. Certain employees are also eligible for a Carried fi performance year. 70 INVESTOR INFORMATION Performance evaluation Risk takers Annual review and material The level of pay awarded to employees The following groups of employees changes to the remuneration system is linked to both quantitative and fi The board of AllianzGI UK approved the qualitative performance indicators. For of management/Senior Management remuneration policy which had been investment managers, whose decisions Function holders and other risk takers. implemented in accordance with the ff remuneration regulations. Risk avoidance clients’ investment goals, quantitative AllianzGI UK has comprehensive indicators are geared towards AIFM Pre-Investment Disclosures risk reporting in place, which covers sustainable investment performance. The AIFMD requires that potential both current and future risks of our For portfolio managers in particular, the ffi business activities. Risks which exceed quantitative element is aligned with the pre-investment information in order to the organisation’s risk appetite are benchmark of the client portfolios they make an informed decision. An ‘AIFMD: presented to the global remuneration manage or with the client’s expected Information Document’ is available in committee, which will decide, if return, measured over a period of the Literature Library on the Company’s necessary, on the adjustments to the one year and three years. For client- website at www.allianztechnologytrust. total remuneration pool. Individual facing employees, goals also include com which provides information on variable compensation may also be client satisfaction, which is measured investment objective, strategy, policies reduced or withheld in full if employees independently. The remuneration of and other pertinent information which violate our compliance policies or take employees in controlling functions may have an impact on a potential excessive risks on behalf of AllianzGI UK. is not directly linked to the business investor’s decision. There have been no performance of individual departments material changes to the information monitored by the controlling function. disclosed within the ‘AIFMD: Information Document’ since publication. 71 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 # 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 Stationers' Hall, Ave Maria Lane, London, EC4M 7DD on Wednesday 23 April 2025 at 2.30pm for the following purposes: The AGM will be held in person and voting will be conducted on a poll. However, shareholders will be able to view and listen to a live webcast of the AGM and submit questions to the meeting electronically. Those attending virtually will not be able to vote for the purposes of the business transacted at the AGM and are therefore encouraged to vote ahead of the meeting. Instructions on how to join the meeting virtually are contained on page 76. ## AGM Voting Shareholders are encouraged to vote by proxy. Detail of how to vote, either electronically, by proxy form or through CREST or Proximity, can be found on pages 73 to 76. The results of the AGM will be announced via the London Stock Exchange and placed on the Company's website as soon as practicable after the conclusion of the AGM. ## Ordinary Business 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 2024, together with the Reports of the Directors and the Independent Auditor's 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 Neeta Patel as a Director of the Company. 5. To re-elect Sam Davis as a Director of the Company. 6. To elect Lucy Costa Duarte as a Director of the Company. 7. To re-appoint Forvis Mazars LLP as Independent Auditor 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 receive and approve the Director's Remuneration Implementation Report for the financial year ended 31 December 2024. ## Special Business To consider and, if thought fit, pass the following resolutions of which 10 and 13 will be proposed as Ordinary Resolutions and 11, 12 and 14 will be proposed as Special Resolutions: ### Resolution 10 – Allotment of shares That, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the 'Act') to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for, or to convert any security into, shares in the Company (together being 'relevant securities') provided that such authority shall be limited to the allotment of shares and the grant of rights in respect of shares with an aggregate nominal value of up to £1,071,891 (42,875,668 Ordinary shares) (representing 10% of the Company's total issued share capital as at 12 March 2025) such authority to expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, save that the Company may at any time prior to the expiry of this authority 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 11 – Disapplication of pre-emption rights That, subject to the passing of resolution 10 above, and in substitution for any existing power but without prejudice to the exercise of any such power prior to the date hereof, the Directors of the Company be and they are hereby generally empowered, pursuant to sections 570 and 573 of the Companies Act 2006 (the 'Act') to allot equity securities (within the meaning of section 560(1) of the Act) for cash either pursuant to the authority given by resolution 10 above or by way of the sale of Treasury shares wholly for cash as if section 561(1) of the Act did not apply to any such allotment or sale, provided that this power: (a) expires at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, save that the Company 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 2025). 72 INVESTOR INFORMATION ### Resolution 12 – Authority to buy back shares That, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Company be and is hereby generally and unconditionally authorised, pursuant to and in accordance with Section 701 of the Companies Act 2006 (the 'Act'), to make market purchases (within the meaning of Section 693(4) of the Act) of fully paid Ordinary shares of 2.5p each in the capital of the Company ('Ordinary shares'), provided that: - (a) the maximum aggregate number of Ordinary shares hereby authorised to be purchased is 64,270,626 or, if less, the number representing approximately 14.99% of the issued Ordinary share capital of the Company on the date on which this resolution is passed; - (b) the minimum price (excluding expenses) which may be paid for an Ordinary share is 2.5p; - (c) the maximum price (excluding expenses) which may be paid for each Ordinary share purchased pursuant to this authority shall not be more than the higher of: - (i) 5% above the average closing price on the London 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 13 – Allotment of shares – Second authority for the Directors' to allot new shares of the Company. That, in addition to the authority sought under resolution 10 and in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the 'Act') to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for, or to convert any security into, shares in the Company (together being 'relevant securities') provided that such authority shall be limited to the allotment of shares and the grant of rights in respect of shares with an aggregate nominal value of up to £1,071,891 (42,875,668 Ordinary shares) (representing 10% of the Company's total issued share capital as at 12 March 2025) such authority to expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, save that the Company may at any time prior to the expiry of this authority 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 14 – Disapplication of pre-emption rights – Second authority for the renewal of the authority to allot up to 10% of the Ordinary shares of the Company for cash without first offering them to existing shareholders. That, subject to the passing of resolution 13 above, and in substitution for any existing power but without prejudice to the exercise of any such power prior to the date hereof, the Directors of the Company be and they are hereby generally empowered, pursuant to sections 570 and 573 of the Companies Act 2006 (the 'Act') to allot equity securities (within the meaning of section 560(1) of the Act) for cash either pursuant to the authority given by resolution 11 above or by way of the sale of Treasury shares wholly for cash as if section 561(1) of the Act did not apply to any such allotment or sale, provided that this power: - (a) expires at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, save that the Company 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 2025). By order of the Board Kelly Nice, Company Secretary 199 Bishopsgate, London, EC2M 3TY 12 March 2025 ### Notes to the Notice of Meeting The following notes explain your general rights as a shareholder and your right to attend and vote at this Annual General Meeting (the 'Meeting') or to appoint someone else to vote on your behalf. 1. To be entitled to attend and vote at the Meeting (and for the purpose of the determination by the Company of the number of votes they may cast), shareholders must be registered in the Register of Members of the Company at close of trading on 17 April 2025. Changes to the Register of Members after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the Meeting. 2. Shareholders, or their proxies, intending to attend the Meeting in person are requested, if possible, to arrive at the Meeting venue at least 30 minutes prior to the commencement of the Meeting at 2.30pm (UK time) on 23 April 2025 so that their shareholding may be 73 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 checked against the Company’s Register of Members and 8. VOTE+ is a free app for smartphone and tablet provided attendances recorded. by MUFG Corporate Markets (the company’s registrar). ff 3. Shareholders are entitled to appoint another person as appointment quickly and easily online, as well as real-time a proxy to exercise all or part of their rights to attend access to their shareholding records. The app is available and to speak and vote on their behalf at the Meeting. A to download on both the Apple App Store and Google shareholder may appoint more than one proxy in relation Play. QR codes to facilitate this are shown below. Your vote to the Meeting provided that each proxy is appointed to must be lodged by 2.30pm on 17 April 2025 in order to be ff considered valid or, if the Meeting is adjourned, by the time Ordinary shares held by that shareholder. A proxy need not which is 48 hours before the time of the adjourned meeting. be a shareholder of the Company. A form of proxy which may be used to make such appointment and give proxy Apple App Store GooglePlay instructions accompanies this Notice. If you do not have a form of proxy and believe that you should have one, or if you require additional forms, please contact the Company’s registrar whose details are provided in Note 6 below and on page 68. 4. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company’s 9. The return of a completed form of proxy, electronic proxy fi appointment, any CREST Proxy Instruction or appointing named being the most senior). a proxy via Proxymity will not prevent a shareholder from attending the Meeting and voting in person if he/she 5. A vote withheld is not a vote in law, which means that the wishes to do so. vote will not be counted in the calculation of votes for or against the resolution. If no voting indication is given, 10. CREST members who wish to appoint a proxy or proxies your proxy will vote or abstain from voting at his or her through the CREST electronic proxy appointment service discretion. Your proxy will vote (or abstain from voting) as may do so for the Meeting (and any adjournment of the fi Meeting) by using the procedures described in the CREST put before the Meeting. Manual (available from www.euroclear.com). CREST Personal Members or other CREST sponsored members, 6. To be valid, any form of proxy or other instrument and those CREST members who have appointed a voting appointing a proxy, must be returned by no later service provider(s), should refer to their CREST sponsor than 2.30pm on 17 April 2025 through any one of the or voting service provider(s), who will be able to take the following methods: appropriate action on their behalf. i) by post, courier or by hand (during normal business hours only) to the Company’s registrar at MUFG 11. In order for a proxy appointment or instruction made Corporate Markets, PXS 1, Central Square, 29 by means of CREST to be valid, the appropriate CREST Wellington Street, Leeds, LS1 4DL; message (a ‘CREST Proxy Instruction’) must be properly ii) electronically via the website of the Company’s registrar authenticated in accordance with Euroclear UK & at www.signalshares.com; fi iii) via LinkVote+ (see note 8); information required for such instructions, as described in iv) in the case of shares held through CREST, via the CREST the CREST Manual. The message must be transmitted so system (see notes below); or as to be received by the issuer’s agent (ID RA10) by 2.30pm v) in the case of institutional investors, via the Proxymity on 17 April 2024. For this purpose, the time of receipt will be platform (see notes below). taken to mean the time (as determined by the timestamp applied to the message by the CREST application host) 7. If you return more than one proxy appointment, either from which the issuer’s agent is able to retrieve the by paper or electronic communication, the appointment message by enquiry to CREST in the manner prescribed by received last by the Registrar before the latest time for the CREST. After this time, any change of instructions to proxies receipt of proxies will take precedence. You are advised to appointed through CREST should be communicated to the read the terms and conditions of use carefully. Electronic appointee through other means. communication facilities are open to all shareholders and those who use them will not be disadvantaged. 74 INVESTOR INFORMATION 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 17 April 2025 in order to be considered valid or, if the Meeting is adjourned, by the time which is 48 hours before the time of the adjourned Meeting. Before you can appoint a proxy via this process you will need to have agreed to Proxymity's associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. An electronic proxy appointment via the Proxymity platform may be revoked completely by sending an authenticated message via the platform instructing the removal of your proxy vote. 14. Any corporation which is a shareholder can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a shareholder provided that no more than one corporate representative exercises powers in relation to the same shares. 15. As at 12 March 2025, (being the latest practicable business day prior to the publication of this Notice), the Company's Ordinary issued share capital excluding Treasury shares consists of 378,211,879 Ordinary shares, carrying one vote each. As at 12 March 2025 the Company held 50,544,801 Ordinary shares in treasury (representing 11.7% of the total issued Ordinary share capital of the Company (excluding Treasury shares)). Therefore, the total voting rights in the Company as at 12 March 2025 are 378,211,879. 16. Under section 527 of the Companies Act 2006 (the 'Act'), shareholders meeting the threshold requirements set out in that section have the right to require the Company to publish on a website a statement setting out any matter 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 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% or more of the total voting rights in the Company who appoints a person other than the Chairman as his or her proxy must ensure that both he or she and such third party comply with their respective disclosure obligation under the Disclosure Guidance and Transparency Rules. A copy of this Notice, and other information required by Section 311A of the Companies Act 2006, can be found on the Company's website at www.allianztechnologytrust.com 75 ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 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 fi 25agm/, using your smartphone, tablet or computer. You will then be prompted to enter your unique 11 digit Investor Code (IVC) including any leading zeros and ‘PIN’. Your PIN is the last 4 digits of your IVC. This will authenticate you as a shareholder. fi fi ‘Manage your account’ when logged in to the Signal Shares portal. You can also obtain this by contacting MUFG Corporate Markets, our Registrar, by calling +44 (0) 371 277 1020.* Access to the AGM will be available from 30 minutes before the start of the event, although you will not be able to submit questions until you are logged in. If you wish to appoint someone to attend the virtual meeting on your behalf, please contact MUFG Corporate Markets on +44 (0) 371 277 1020* in order to obtain their IVC and PIN. It is suggested that you do this as soon as possible and at least 48 hours (excluding non-business days) before the meeting. If your shares are held within a nominee and you wish to attend the electronic meeting, you will need to contact your nominee as soon as possible. Your nominee will need to present a corporate letter of representation to MUFG Corporate Markets, our registrar, as soon as possible and at least 72 hours (excluding non-business days) before the meeting, in order that they can obtain for you your unique IVC and PIN to enable you to attend the electronic meeting. * Lines are open from 9.00 a.m. to 5.30 p.m. Monday to Friday, calls are charged at the standard geographic rate and will vary by provider. Calls outside the UK will be charged at the applicable international rate. 76 OVERVIEW 6 ALLIANZ TECHNOLOGY TRUST PLC  ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2024 Allianz Technology Trust PLC 199 Bishopsgate London EC2M 3TY +44 (0)203 246 7000 www.allianztechnologytrust.com www.linkedin.com/company/allianz-technology-trust-plc 1