Annual Financial Report, 31 December 2025
Allianz Technology Trust PLC
At the heart of the technology ecosystem
Investment Objective
Allianz Technology Trust PLC (‘the Company’) invests principally
in the equity securities of quoted technology companies on a
worldwide basis with the aim of achieving long-term capital growth
in excess of the Dow Jones World Technology Index (sterling
adjusted, total return) (the ‘benchmark’).
Investment Policy
The investment policy of the Company is to invest in a diversified
portfolio of companies that use technology in an innovative way
to gain competitive advantage. Particular emphasis is placed on
companies that are addressing major growth trends with innovation
that replaces existing technology or radically changes products and
services or the way in which they are supplied to customers.
What constitutes a technology stock
Technology has become a vast and diverse sector. It encompasses
those companies that sell technology solutions – from cloud storage
to component manufacturers to software developers – but also
those for whom technology is an intrinsic part of their business – for
example, the car makers or ecommerce groups using technology
to gain a competitive advantage. In short, technology stocks may
sit across multiple sectors, including healthcare, industrials or
financial services.
As technology becomes ever more pervasive, the lines between
technology companies and significant adopters are increasingly
blurred. Even where companies aren’t selling technology, technology
may be intrinsic to their success as a company. More companies are
becoming technology companies as disruptive innovation brings
change and displaces incumbent market leaders. The challenge is to
understand not only current technologies, but also future trends and
the likely effects.
Asset allocation
Voya Investment Management Co. LLC (the Investment Manager)
does not target specific country or regional weightings and aims to
invest in the most attractive technology shares on a global basis.
The lead portfolio manager aims to identify the leading companies
in emerging technology growth sub-sectors. The investment
team seeks to find opportunities principally in mid and large cap
technology shares.
Risk diversification
The Company aims to diversify risk and no holding in the portfolio
will comprise more than 15% of the Company’s assets at the time
of acquisition. The Company aims to diversify the portfolio across a
range of technology sub-sectors.
Gearing
In normal market conditions gearing will not exceed 10% of
net assets but may increase to 20%. The Company’s Articles of
Association limit borrowing to one quarter of its called up share
capital and reserves. As at 31 December 2025 there was no
borrowing facility in place.
Liquidity
In normal market conditions the liquidity of the portfolio, that is
the proportion of the Company’s net assets held in cash or cash
equivalents, will not exceed 15% of net assets but may be increased
to a maximum of 30% of net assets.
Derivatives
The Company may use derivatives for investment purposes within
guidelines set down by the Board.
Foreign currency
The Company’s current policy is not to hedge foreign currency.
Benchmark
One of the ways in which the Company measures its performance
is in relation to its benchmark, which is an index made up of some
of the world’s leading technology companies. The benchmark used
is the Dow Jones World Technology Index (sterling adjusted, total
return). The Company’s strategy is to have a concentrated portfolio
which is benchmark aware rather than benchmark driven. The
Company has tended to have a significantly higher than benchmark
allocation to high growth, mid cap companies which are considered
to be the emerging leaders in the technology sector. The lead
portfolio manager believes that the successful identification of these
companies relatively early on in their growth stages offers the best
opportunity for outperformance over the long term.
Key Information
Overview
IFC Key Information
2 Financial Highlights
3 Chairman’s Statement
6 Financial Summary
Investment Manager’s Review
7 Portfolio Manager’s Report
10 Investment Portfolio
Strategic Report
12 Strategic Report
17 Section 172 Report
20 Environmental, Social, Governance (ESG)
and Stewardship – the Company’s Report
22 Responsible Investment Policy
Directors’ Review
24 Directors
26 Directors’ Report
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
66 Glossary of UK GAAP Performance Measures
and Alternative Performance Measures
67 Glossary of Terms
68 Investor Information
72 Notice of Meeting
Annual Financial Report
Contents
Please do have a look at this year’s
deeper dive into the technology sector
in our online Annual Financial Report.
Readership of hard copy Annual Financial Reports has declined
and the large majority of shareholders and other interested
parties prefer to access them online. The board endeavours to
make as much information as possible available in our digital
format, including video presentations from both our Chairman and
Portfolio Manager; essays on topical themes in technology; and a
closer look at the largest investments in our portfolio.
Please visit
tinyurl.com/ATTafr25
or use your tablet or smartphone camera
to scan the QR code.
The AIC publishes annual ISA Millionaire research on those investment
companies that would have made investors more than £1 million if
they had invested the full ISA allowance in the same company every
year from 1999. Allianz Technology Trust is pleased to be ranked 1st in
the 2026 list and would have made an investor £3,652,929.
Allianz Technology Trust was named ‘Investment Company of the
Year’ in the ‘Technology’ category at the Investment Week awards in
November 2025.
1
OVERVIEW
Net Asset Value (NAV) per
Ordinary share
+24.7%
2025 571.7p
2024 458.6p
NAV per Ordinary share (p) Shareholders’ funds (£m)
Performance against sector
average
1
Benchmark
+20.0%
2025 4,425.3
2024 3,688.0
Performance against benchmark
1
Premium (discount) of Ordinary
share price to NAV per share (%)
Ordinary share price
+25.8%
2025 527.0p
2024 419.0p
Ordinary share price (p)
NAV versus benchmark (%)
Financial Highlights
As at 31 December for each respective year
Key for charts:
Allianz Technology Trust – Net Asset Value – undiluted.
Dow Jones World Technology Index (sterling adjusted, total return).
Morningstar EAA Fund Sector Equity Technology peer group.
1
10 years to 31 December 2025. Rebased to 100 at 1 December 2015.
Source: AllianzGI/Datastream.
The Alternative Performance Measures (APMs) can be found on page 66.
2025 2025
571.7
2,029
950
50
2025
527.0
2025
(7.8)
950
50
24.7
20.0
2024
458.6
2023
338.2
20222021
231.0
347.9
2024
1,747
202320222021
1,319
939
1,472
2024
419.0
202320222021
303.5
210.0
352.5
2024
(8.6)
2023
(10.3)
20222021
1.3
(9.1)
35.6
35.8
19.4
(33.6)
28.2
(26.4)
46.4
48.2
20252024202320222021
2
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Chairman’s Statement
Tim Scholefield
Our outperformance came from holding higher
weights in companies such as Micron Technology,
Lam Research, Celestica, Robinhood Markets
and Amphenol.
3
OVERVIEW
A good year, despite the
geopolitical backdrop
2025 saw its fair share of volatility
resulting from the febrile global
geopolitical backdrop and sporadic
bouts of nervousness surrounding the
valuations of the listed technology
companies the Trust invests in.
Nonetheless, it has been a positive year
for us, and one that I am happy to be
reporting on.
Performance
I am pleased to report that ATT has
once again delivered a strong positive
absolute return in its Net Asset Value
of +24.7%. Our benchmark index, the
Dow Jones World Technology Index,
rose +20.0%, so in relative terms this
represents an extremely strong 4.7
percentage point outperformance for
the Trust. As the discount also narrowed
slightly over the year, the share price
total return for shareholders was
marginally higher at +25.8%.
Regarding drivers, it is interesting
to note the strong impact of our
differentiated strategy – not holding
the benchmark equivalent weights
in the very largest companies and
instead looking for opportunities
further down the market capitalisation
spectrum. This year we can no longer
say the benchmark was wholly driven
by ‘Mag 7’ exceptionalism, though those
companies still featured. Nvidia and
Alphabet were the largest contributors
to the benchmark’s performance, with
Microsoft third and Meta rounding
out the top ten contributors. Apple
however was lacklustre, yielding a barely
positive return. Our outperformance
came from holding higher weights in
companies such as Micron Technology,
Lam Research, Celestica, Robinhood
Markets and Amphenol. We hold
well over benchmark weights in the
former two which respectively focus on
computer memory and semiconductor
manufacturing equipment production.
The last three – involved in high-tech
electronics manufacturing, electronic
trading and specialist interconnectors
– are not part of our benchmark but
are highly exposed to strong secular
technology growth themes.
Of the Magnificent 7 companies in the
benchmark, the maths can become
interesting. As noted, Nvidia was the
largest contributor to the benchmark
return, its winning contribution the
result of a dominant 14%-plus index
weight and its respectable 30% return.
We maintained slightly less than a 10%
weight during the year. In contrast,
Micron Technologies returned around
+216% but only constitutes around 0.6%
of the index (we owned a 2.5% position
on average).
In longer ‘compound’ performance
terms, 2025’s +24.7% return comes on
the back of 2024’s +35.6 % and 2023’s
+46.4%, a solid +106.7% return over the
past three financial years, representing a
+2.7 percentage point outperformance
of the benchmark index over that
time. Of course, those with a longer
memory will point out 2022’s -33.6%. The
point I make is twofold – the volatility
associated with the tech sector can be
painful, but the rewards when they do
come have also been substantial. This is
the balance one has to remember when
investing in tech.
Discount and buybacks
Given these impressive returns, it can
be difficult to rationalise the persistent
discount to Net Asset Value in the price
at which the Company’s shares have
been trading. The wider environment for
investment trusts may have a bearing
– overall levels of discounts across all
trusts remain generally elevated when
compared to history. For tech companies
a degree of caution over the sector’s
short term prospects following a period
of very strong performance may also
4
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
have provided a headwind in 2025. We
hope that shareholders will remember
that our Investment Manager’s primary
focus is to extract the best returns over
the long term from this tremendously
exciting sector while reducing exposure
to risk, which should help investors worry
less about short term newsflow and
focus more on their investment returns
compounding over time.
Beyond sales and marketing efforts
to encourage demand, the other
mechanism by which the Board can
exert some influence on the discount is
by buying back the Company’s shares.
The Board’s policy in respect of buybacks
is unchanged. We would consider
buying back shares when the discount
is consistently over 7% and we judge it
appropriate to do so given the prevailing
market backdrop. Over the year to 31
December 2025, a total of 26,088,876
shares were bought back, for an
aggregate value of £124,993,000. The
Company traded at an average discount
of 9.8% over the period. We ended
2024 at a discount of 8.6% and were
pleased to end 2025 at a slightly lower
discount of 7.8%. Since the end of the
financial year and up to 11 March 2026
the Company bought back a further
4,025,723 shares for an aggregate value
of £21,364,000.
It may be easy to suppose that buybacks
should be used to initiate a ‘zero
discount policy’ as some investment
trusts have chosen to do. We view
them differently, as a tool to help
reduce discount volatility. Moving too
far beyond this however risks overly
interfering with the permanent capital
pool that the Investment Manager
works with – a key benefit of investment
trusts over open-ended vehicles over the
long term. We believe that a balanced
approach with that long term view on
shareholder value is the right one to
take. To that end, at the forthcoming
AGM, the Board will once again seek
authority to buy back up to 14.99% of the
shares in issue.
Investment Company of the
Year Awards
I’m delighted to report that the
strong three-year performance noted
above, along with recognition of our
differentiated strategy and ongoing
drive for consistent shareholder returns,
was once again recognised by ATT being
named ‘2025 Investment Company of
the Year’ in the ‘Technology’ category at
Investment Week’s prestigious awards in
November 2025.
The geopolitical backdrop
For much of 2025 there was considerable
uncertainty. The macroeconomic
environment was generally supportive
and the year started with some positivity
remaining from the inauguration of
President Trump on the basis that he
had been fairly pro-business in his first
term. The ‘mic-drop’ moment came on 2
April with ‘Liberation Day’, when tariffs
on imported goods were proposed
against most countries outside of the US.
Markets reacted strongly. Tech was by no
means immune, with multi-jurisdictional
supply chains woven into the very fabric
of the industry. However, the nervousness
was short lived.
US politics hasn’t been the only driver
of geopolitical pressure. War still rages
in Ukraine. Israel and Palestine moved
towards peace but it remains fragile.
Against this background though, as a
key enabler of modern life, demand for
technology continues to accelerate and
technology companies have carried
on innovating, growing and ultimately
justifying their valuations.
The benefits of a
differentiated approach
With the dominance of the largest
tech companies over recent periods,
it has been seemingly ‘easy’ to
achieve performance with lower-cost
investment vehicles, like passive funds
and ETFs. But that misses the point.
ATT has an approach of focusing
lower down the capitalisation scale,
in the mid- and large-cap segments.
Over time, despite mega-cap tech
stocks having dominated, ATT’s
differentiated approach has provided
strong compound outperformance
versus the index from its actively
managed portfolio.
Risk (particularly concentration risk)
can be somewhat esoteric, especially
when those very large stocks do not
suffer any apparent issues – but the
point is sound. Our approach is to
provide shareholders with a diversified
portfolio where risks are spread and
not excessively concentrated in a small
number of dominant holdings. We
therefore avoid the concentration risk
that results from a passive approach to
portfolio construction which slavishly
replicates index weightings. Moreover,
sudden or excessive falls in company
share prices can create attractive entry
points for bottom-up active investors
with a longer term investment horizon
– a case of opportunity emerging out of
market overreaction.
The mechanism to mitigate
concentration risk as far as possible
(while looking at the smaller up-and-
coming companies) is a key element
we provide for shareholders. We feel
ATT’s record of active fund management
speaks for itself and demonstrates
both the benefits of our differentiated
approach and the advantages of an
investment team located in the San
Francisco Bay Area.
Why San Francisco, the Bay Area, Silicon
Valley? Our Lead Portfolio Manager,
Mike Seidenberg, believes there is
something special about a ‘whites of the
eyes’ conversation, and not just a video
call. The advantage lies in the physicality
of the access – he values the chance
to see the office, some elements of
operations and access to line managers
as well as senior management – as
it gives him a better feel for how an
organisation is truly operating. Being
able to experience, and therefore assess,
the corporate culture at first hand is a
significant advantage. Our manager,
having come from industry himself,
really values that insight. On top of
that, the unique scale of the Bay Area
ecosystem allows the investment team to
assimilate new tech themes and identify
beneficiaries rapidly and effectively.
AI and beyond
My statement doesn’t need a lengthy
section dedicated to AI. We have
covered the topic in detail previously,
and Mike Seidenberg gives more of his
team’s own thoughts on the topic in the
report on pages 7 to 9. Suffice it
to say that there has been no material
challenge to the narrative around AI – it
is truly transformational, not just within
the tech sector, but for pretty much
everyone and everything. It is speed of
adoption, ethics and monetisation which
are valid areas of debate. Parallels are
often drawn to the rise of the internet –
the companies leading the charge at the
time weren’t necessarily the longer-term
winners and that could be the same with
5
OVERVIEW
AI. The skill for investors will be making
money from this incredible trend while
maintaining a balanced perspective on
risk. Your Investment Manager’s focus
is not to get carried away on the back
of market groupthink, but to look for
opportunities with genuine appreciation
potential for our shareholders.
So, what comes after AI?
Although the technology has been
around for some time, we now seem to
be closer than ever to the emergence
of quantum computing as a practical
technology. Where conventional
computers process information using
bits, quantum computers use qubits,
which can hold both "on" and "off"
states simultaneously. This property
allows them to explore multiple solution
pathways in parallel, making them
extraordinarily powerful for solving
problems involving quantum physics,
such as molecular interactions. This
capability is already attracting serious
attention from leading pharmaceutical
companies, though the opportunity
extends well beyond pharmaceuticals,
into materials science and other fields.
While fully functioning quantum
computers could still be some time away,
the pace of innovation is rapid.
Another technology which is not new
but penetrating ever quicker into
mature applications is blockchain.
While the technology has attracted
investor attention for some time
through cryptocurrency speculation,
the more significant opportunity lies
in its emerging role as core enterprise
infrastructure. After years of pilot
projects, blockchain has reached a
maturity level where it is now being
deployed for specific, high-value
business problems – particularly those
involving multiple parties who need to
share data without fully ‘trusting’ each
other. Stablecoins are transforming
cross-border payments, asset managers
are beginning to ‘tokenise’ treasury
products, Walmart is tracking products
on blockchain, and Maersk and
Citibank have automated trade finance
guarantees using smart contracts.
The costs of running
your Company
Your Board has maintained close
attention to the costs of running the
Company to ensure they are competitive.
The Company’s Ongoing Charges Figure
(OCF) has fallen marginally to 0.62%
(2024: 0.64%). I am pleased to report
that the Company continues to have the
lowest OCF within its AIC peer group
(Technology & Technology Innovation).
The OCF excludes any performance
fee due to the Investment Manager.
Despite outperforming the index
in the year there remains brought
forward underperformance to offset.
As a consequence no performance fee
was earned. The board reviewed the
performance fee calculation in the year,
and considering the increased size of
the Company, negotiated a reduction
in the percentage performance fee cap
from 1.75% to 1.25% of the average
Net Asset Value. This took effect from 1
January 2026.
Continuation vote
In accordance with our Articles of
Association, shareholders will be asked
to vote on the continuation of the Trust
at this year's AGM. In view of ATT’s
excellent long-term performance record
and our confidence in the Investment
Manager to be able to maintain a
portfolio giving differentiated exposure
to transformative technologies well
into the future, the Board strongly
encourages you to vote in favour of
the resolution.
Annual General Meeting
(AGM) arrangements
This year’s AGM will be held on 23 April
2026 at 2.30pm. As with previous years,
the AGM will be a hybrid meeting,
meaning shareholders can either
attend physically or online. We strongly
encourage all shareholders to submit
their votes by the deadline of 21 April
2026. Those shareholders attending
virtually will be able to view the AGM
and submit questions electronically.
The Board encourages shareholders
to attend the AGM if possible. A
presentation by the lead portfolio
manager will be made at the start of the
meeting. For those unable to attend, a
recording of the AGM will be posted to
the Company’s website. The Board looks
forward to welcoming shareholders to
this year’s event.
Outlook
One thing is certain – we are very likely
to see ongoing volatility. Firstly, it is likely
within the sector as investors continue
to get over-excited and then over-
fearful in turn. An AI ‘Bubble’ has been
called multiple times this past year, and
the market has reacted accordingly.
There are two camps emerging – those
that believe we are seeing valuations
starting to overheat, and those that see
enough evidence of AI-driven revenue
or margin improvement to validate
higher valuations today. You can read
our Investment Manager’s detailed
view later in this report, but suffice it to
say here that while the onward path is
unlikely to be monotonically upward,
with times of investor retreat very likely,
Mike and his team do not view the
current scenario as bubble territory.
Volatility will also likely be driven from
outside the sector by an increasingly
fraught geopolitical environment. A new
world order appears to be emerging,
and disagreements and posturing are
becoming increasingly uncomfortable,
and could spill into wider global conflict
with profound market implications.
Any volatility can be both good and
bad for investors. Certainly, it never
feels comfortable while experiencing it
live – but for the seasoned, dedicated
and attuned investor, therein lies
opportunity. One of the key skills of our
Investment Manager is to navigate the
complexity of the macro environment
as it melds itself with the day-to-day
business of tech firms. Your Trust provides
a vehicle to give access to this exciting
sector, while providing the reassurance
of a highly experienced, investment
management team.
Tech firms will carry on innovating,
growing and selling products and
services and demand for those
products and services will continue to
grow. The signals remain strong for
improving revenue growth and the
macroeconomic environment looks like
it should be supportive. We will continue
to ensure the Trust follows its primary
objective of generating long-term
returns for shareholders from skilful
selection of individual businesses in this
tremendously exciting sector.
Tim Scholefield
Chairman
13 March 2026
Financial Summary
As at
31 December
2025
As at
31 December
2024 % change
Net Asset Value per Ordinary Share 571.7p 458.6p +24.7
Ordinary Share Price 527.0p 419.0p +25.8
Discount of Ordinary Share Price to Net Asset Value (7.8%) (8.6%)
Dow Jones World Technology Index (sterling adjusted, total return) 4,425.3 3,688.0 +20.0
Shareholders' Funds £2,029m £1,747m +16.1
For the
year ended
31 December
2025
For the
year ended
31 December
2024
Net Revenue Return per Ordinary Share (1.11p) (1.12p)
Ongoing charges
1
0.62% 0.64%
Five year performance summary
2
As at 31 December 2025 2024 2023 2022 2021
Net Asset Value per Ordinary Share 571.7p 458.6p 338.2p 231.0p 347.9p
Ordinary Share Price 527.0p 419.0p 303.5p 210.0p 352.5p
(Discount) premium of Ordinary Share Price to Net Asset Value (7.8%) (8.6%) (10.3%) (9.1%) 1.3%
Dow Jones World Technology Index (sterling adjusted, total return) 4,425.3 3,688.0 2,715.0 1,832.2 2,489.3
Shareholders' Funds £2,029m £1,747m £1,319m £939m £1,472m
1
As defined in the APMs on page 66.
2
Comparative figures have been restated following the sub-division of 25p Ordinary shares into ten Ordinary shares of 2.5p each on 4 May 2021.
6
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Portfolio Manager’s Report
How did the technology sector
perform in 2025?
Overall, it has been another strong
year for technology. Our benchmark,
the DJ World Technology index, rose
20.0% and the Company delivered
24.7%. Our returns came from a range
of sectors, as technology leadership
broadened out from the dominant US
mega-caps. We saw particular strength
in semiconductors and some hardware
names, while the growth of artificial
intelligence remained a strong and
persistent theme.
Nevertheless, this positive result
disguised plenty of intra-year volatility.
The year definitely had some gut
wrenching moments, which seems to be
a feature of most years! For example,
‘Liberation Day’ caused a severe sell-
off across global stock markets. The
announcement of tariffs made for an
unpredictable period for the technology
sector. Many technology companies
have large global franchises and were
therefore on the front line for the tariff
impact. It took time for deals to be struck
and for share prices to recover.
As long-term investors with the goal of
owning strong technology franchises
in all types of markets, we have
built a diversified, resilient portfolio
which we hope will weather these
short-term storms.
Over many cycles, we have learnt that
‘doing nothing’ is often the best course
of action, and the Liberation Day sell-
off was no different, when only minor
changes to the portfolio were made.
These are noisy times and we need to
be careful not to respond to every White
House announcement. In some cases,
we added to our favourite positions
when we saw prices of these companies
retreat and actively engaged with
management in order to understand any
potential implications for their business.
Our proximity to many of the companies
in Silicon Valley allowed us to meet
with a number of companies during a
tumultuous period for the stocks. We
found that, in many cases, the outlook
for companies hadn’t changed.
There have been growing
fears of a ‘bubble’ in Artificial
Intelligence (AI). Are
you worried?
AI is the most important sectoral theme
to emerge in the last few years and it is
a significant focus for the Company. We
are always striving to make good risk/
reward decisions for our shareholders,
and to do that we have a clear
framework around valuation. For every
company, we analyse long-term growth
rate, profitability and potential.
Comparisons have been made with the
dotcom boom. In our view, the biggest
difference is that in the dotcom boom
there were a lot of weak businesses
that didn’t solve difficult problems. In
contrast, many AI companies are solving
large, real world problems. Equally,
while the first-movers on the internet
didn’t necessarily stay the distance,
the hyperscalers have built far greater
dominance over the AI ecosystem
and have longevity. As with every
technological revolution, not all will
make it, which is why active, disciplined
management is so important.
Public market valuations remain
high, but – for the most part – are not
excessive and not nearly as high as at
the peak of the dotcom euphoria. We
do see signs of exuberance in some of
the private equity valuations and are
watching capital spending carefully.
Companies recognise that it could be
an existential threat if they get AI wrong
– they risk becoming obsolete. This
could prompt some potential capital
misallocation, but a rigorous bottom-up
approach ensures that we can avoid
any excesses.
Mike Seidenberg
Public market valuations remain high, but – for the
most part – are not excessive and not nearly as high
as at the peak of the Dotcom euphoria.
7
INVESTMENT MANAGER’S REVIEW
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
What happened to technology
company earnings during
the year?
Earnings have exceeded expectations
for many technology companies,
particularly those associated with AI.
This has created a high bar and investors
have been ruthless where companies
have disappointed. In general,
companies such as Alphabet have been
on the right side, while companies such
as Meta and Microsoft have struggled
to impress.
Nevertheless, it is worth noting that
technology continues to contribute a
substantial share of S&P 500 earnings –
as much as two-thirds for 2025. Earnings
strength has broadened out beyond the
hyperscalers and into the AI ecosystem
and this has been an increasing area of
interest for the Company.
The Company has around one-
third in semiconductors. Why has
this been an area of interest?
ATT aims to offer investors a diversified
technology portfolio. Our goal is to
look at the entire ecosystem and find
compelling investments across a wide
spectrum of companies. In previous
secular themes, we attempted to
uncover investment opportunities which
sit behind the obvious theme leaders,
such as the companies supplying the
infrastructure to the AI leaders, and
our goal is the same here. This resulted
in a robust investment pool in the
semiconductor ecosystem.
The semiconductor sector made up
around a third of the portfolio (32.5%)
over the year, and delivered an average
return of 45.6%. The names we chose
within that sector, including Micron,
Broadcom and Advanced Micro Devices
(AMD), were important for overall
returns and we outpaced the benchmark
in the semiconductor sector. Micron
contributed more than any other single
stock to our performance over the year.
Elsewhere within the AI ecosystem,
we have invested in groups such
as Celestica, which is a product
manufacturing and supply chain services
group that is benefiting from the growth
of data centres. We are also invested in
Amphenol, which makes the connectors
that go inside data centres and is seeing
strong growth in demand. Memory was
also an important area in 2025 as supply
shortages hit, with LAM Research a
significant contributor over the year.
New ideas added to the portfolio
in 2025?
Robinhood is an interesting new idea in
the portfolio, contributing 1 percentage
point to relative performance in 2025.
The trading platform is widely used
among younger generations for their
long-term savings. Its strategy is highly
differentiated and uses elements of
‘gamification’ and’ nudge theory’ to
encourage savings and investment.
Young people have a different way of
thinking about their savings and expect
to be able to manage them in a different
way. Robinhood has tapped into that
market very well and built a loyal
customer base.
Has the Magnificent Seven
relinquished its grip on
market leadership?
It was a more complex year for the
Magnificent Seven companies, with
real concerns over the level of spending
and whether they would see returns on
their commitments. Microsoft, Meta,
Alphabet and Amazon are expected to
spend a combined $350 billion this year.
Investors increasingly need evidence
that those commitments are paying off.
In 2025, Alphabet convinced investors
that its capital allocation was proving
effective, while the jury was out for Meta
and Apple.
Nvidia’s share price was very strong
for much of the year and its earnings
managed to outpace even the high
expectations set for it by analysts. Its
third quarter results showed revenues
growing at 62% year on year. All the
data on AI spending continues to
support strong growth for Nvidia and
we are comfortable with our position in
the stock.
The strong performance of the mega
caps had been a headwind for active
technology strategies such as ours. In a
diversified, actively managed portfolio,
it would not be prudent to hold Nvidia
at index weight or above. And so, even
though it is our largest holding, Nvidia
did not deliver outperformance versus
our benchmark. We prefer to look for
large and mid cap stocks where we
believe we can add more value. The
mega cap headwind became a tailwind
in 2025, as investors recognised that
there is a range of options to invest
in AI growth and started to turn their
attention elsewhere.
Did your market cap positioning
help relative performance over
the year?
Yes. The portfolio held 47.5% in the
mega caps (i.e. those companies worth
more than $1 trillion). This was around
12% below the benchmark and this
underweight contributed to performance
over the year. Our weighting in mid-
caps, at around 5% of the portfolio, was
a strong contributor, particularly AMD,
Amphenol and CrowdStrike.
Palantir was another significant
contributor to returns in
2025. What drove share price
performance there?
Palantir sat at the intersection between
two major trends in 2025: defence
and AI. Defence was a popular sector
as European powers committed to
raising defence spending, both in
support of Ukraine and in response
to the US backing away from its prior
defence commitments. The MSCI World
Aerospace and Defence sector rose
Technology continues to contribute a significant
share of S&P 500 earnings – as much as two-thirds
for 2025. Earnings strength has broadened out
beyond the hyperscalers and into the AI ecosystem.
8
52.5% over the year, more than double
the return of the MSCI World.
Palantir is also at the forefront of AI. It
has the most demonstrable real-time
AI deployment. Its customers are large
government agencies, who use Palantir
products for a variety of use cases.
Palantir is moving into the corporate
realm and focusing on building its
enterprise presence, which should be
fruitful. They have some of the brightest
and best software engineers and have
done a phenomenal job of growing their
business with year-on-year sales growing
at over 55% in 2025.
Did higher defence spending also
boost cybersecurity?
Cybersecurity is a crucial area
of spending for companies and
governments. The adversaries have
become so good and so sophisticated.
In 2025, we saw production disrupted
at Japanese beer maker Asahi and
at UK car group Jaguar Land Rover.
They were among a whole host of
companies, businesses and governments
to experience attacks. Cybersecurity’s
relevance extends beyond defence
spending and is more about the world
we’re living in – a digital world requires
spending on cybersecurity.
Companies in the sector had a
reasonable year, with CyberArk and
CrowdStrike marginally ahead of the
benchmark. We had a 7 percentage
point overweight at the start of the year,
reducing to 5 percentage point by the
end. We still find this segment a good
hunting ground for ideas.
Software was a more difficult
area in 2025. Why was that?
Software is still an important part of
the portfolio, at 25.8%. However, it had
a tough year. The S&P 500 Software
Index was down over 2025, falling
1% , which was a significant relative
underperformance compared to the rest
of the technology sector.
The fear is that many software names
will be taken out by AI, with IT buyers
looking to AI agents to perform tasks
currently performed by software. Shares
in companies such as Salesforce,
ServiceNow and Adobe have
all struggled.
We believe it will remain a difficult area.
Semiconductors are growing at 30%+,
which makes an allocation to software,
where growth rates are a more anaemic
10-12%, hard to justify. The market
tends to reward technology companies
for growth.
Nevertheless, there is a question over
whether they have gotten too cheap
– the decrease in value has been
extraordinary. We are finding some
interesting opportunities. MongoDB,
for example, has been hit hard over the
year. It is a good example of a company
that hasn’t been able to prove to
investors that it is part of the deployment
of AI workloads, but we see value
there. Elsewhere, we continue to look at
software companies in detail, visit their
premises and pore over the data. We
need to be sure that not owning them at
these valuations is the right position.
As Asian vendors pick up more
of the AI supply chain and
China expands its technology
ecosystem, are you seeing more
opportunities outside the US?
While the companies we hold draw
revenues from across the world, they
tend to be listed in the US and have their
centre of operations there. It is true that
some of the excitement in technology
this year has come from outside the
US. Investors have started to wake up
to the broader AI ecosystem, much of
which is located outside the US. We have
participated through companies such
as TSMC, where we had a 4.3% average
weighting over the year. Some of the
Korean memory companies have also
been strong, but we have participated
through Micron.
Ultimately, we are based in the US,
at the heart of Silicon Valley. The US
technology ecosystem is unparalleled,
and it is still home to significant global
innovation. We want to leverage our
strengths for the benefit our investors.
How optimistic are you looking
in 2026?
We are cautiously optimistic. We
continue to see good opportunities
for technology to be a bigger part of
people’s lives. This has been a recurring
theme since the first day I started
working for the Company. We balance
this with a nuanced understanding on
the spending environment.
Innovation continues to support growth
for technology companies, particularly
around AI. These technology shifts come
once every 12-15 years and when they
occur, they tend to be very powerful.
People will always worry about a
bubble, but when a secular change
emerges, it tends to create significant
value over the cycle. It is our job to
uncover this value and to look beyond
the obvious opportunities to other parts
of the market.
2026 has potential to be a robust
year for IPOs with a number of high-
profile companies waiting in the wings.
Obviously, a number of factors need to
line up to execute these IPOs and we
look forward to learning more about
these exciting businesses.
We are alert to the risks of over-
valuation, portfolio concentration and
also the risks emerging from a volatile
macroeconomic backdrop. We are
constantly testing our hypotheses and
striving to understand the risk and
reward for every company.
For the time being companies appear
to be weathering the macroeconomic
volatility well. It has not been a great
environment, but in the aftermath of
the pandemic, companies underspent
on technology and there is still pent-up
demand. We expect that companies will
need to show value in order for purchase
orders to increase but this usually allows
the leaders to take market share and for
also-rans to fade away.
It is important not to let macroeconomic
or geopolitical factors become a
distraction. There is always noise, and
even more so in recent years. Our stock
selection has to be governed by our
deep dive on the stocks, rather than
by the latest missive from the White
House. Occasionally, macroeconomic
factors will change the business model,
but not as often as markets imagine. It
is important to remember technology
remains at the forefront of creating
differentiation for many companies
across numerous vertical markets and
thus our long-term enthusiasm endures.
Mike Seidenberg
Lead Portfolio Manager
Voya Investment Management Co. LLC
13 March 2026
9
INVESTMENT MANAGER’S REVIEW
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Investment Sector
1
Sub Sector
1
Country
2
Valuation
£000
% of
Portfolio
NVIDIA Semiconductors & Semiconductor Equipment Semiconductors United States 209,907 10.5
Alphabet Interactive Media & Services Interactive Media & Services United States 191,099 9.5
Microsoft Software Systems Software United States 163,681 8.2
Apple Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 146,299 7.3
Broadcom Semiconductors & Semiconductor Equipment Semiconductors United States 145,895 7.3
Taiwan Semiconductor Semiconductors & Semiconductor Equipment Semiconductors Taiwan 112,039 5.6
Micron Technology Semiconductors & Semiconductor Equipment Semiconductors United States 93,991 4.7
Lam Research Semiconductors & Semiconductor Equipment Semiconductor Materials & Equipment United States 73,328 3.6
Meta Platforms Interactive Media & Services Interactive Media & Services United States 60,307 3.0
KLA Semiconductors & Semiconductor Equipment Semiconductor Equipment United States 53,183 2.6
Top Ten Investments 1,249,729 62.3
Monolithic Power Systems Semiconductors & Semiconductor Equipment Semiconductors United States 50,897 2.5
Amphenol Electronic Equipment Instruments & Components Electronic Components United States 46,792 2.3
Snowflake IT Services Internet Services & Infrastructure United States 41,718 2.1
MongoDB IT Services Internet Services & Infrastructure United States 37,778 1.9
Shopify IT Services Internet Services & Infrastructure Canada 35,451 1.8
Advanced Micro Devices Semiconductors & Semiconductor Equipment Semiconductors United States 34,569 1.7
Analog Devices Semiconductors & Semiconductor Equipment Semiconductors United States 29,797 1.5
Arista Networks Communications Equipment Communications Equipment United States 29,169 1.5
CrowdStrike Software Systems Software United States 27,319 1.4
Cloudflare IT Services Internet Services & Infrastructure United States 26,626 1.3
Top Twenty Investments 1,609,845 80.3
Western Digital Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 23,993 1.2
Celestica Electronic Equipment Instruments & Components Electronic Manufacturing Services Canada 23,389 1.2
Robinhood Markets Capital Markets Investment Banking & Brokerage United States 22,559 1.1
Tencent Interactive Media & Services Interactive Media & Services Cayman Islands 21,814 1.1
Alibaba Broadline Retail Broadline Retail Cayman Islands 19,974 1.0
Palantir Technologies Software Application Software United States 18,831 0.9
Samsara Software Application Software United States 18,289 0.9
ServiceNow Software Systems Software United States 17,666 0.9
Palo Alto Networks Software Systems Software United States 17,654 0.9
Rubrik Software Systems Software United States 17,220 0.9
Top Thirty Investments 1,811,234 90.4
Investment Portfolio
at 31 December 2025
Full portfolio list
10
Investment Sector
1
Sub Sector
1
Country
2
Valuation
£000
% of
Portfolio
Zscaler Software Systems Software United States 16,281 0.8
Spotify Technology Entertainment Movies & Entertainment Luxembourg 15,259 0.8
Klaviyo Software Application Software United States 14,903 0.7
Datadog Software Application Software United States 14,467 0.7
Seagate Technology Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals Ireland 14,178 0.7
Sandisk Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 14,064 0.7
Elastic NV Software Application Software Netherlands 12,982 0.6
Lumentum Communications Equipment Communications Equipment United States 12,382 0.6
Coherent Electronic Equipment Instruments & Components
Electronic Equipment Instruments & Components
United States 12,102 0.6
Rocket Lab Aerospace & Defence Aerospace & Defence United States 10,594 0.5
Top Forty Investments 1,948,446 97.1
Reddit Interactive Media & Services Interactive Media & Services United States 10,173 0.5
CyberArk Software Systems Software Israel 9,018 0.4
Bloom Energy Electrical Equipment Electrical Equipment United States 8,444 0.4
Okta IT Services Internet Services & Infrastructure United States 7,381 0.4
Sailpoint Software Application Software United States 7,109 0.4
Oracle Software Systems Software United States 6,420 0.3
Coinbase Capital Markets Financial Exchanges & Data United States 5,598 0.3
IonQ Technology, Hardware Storage & Peripherals Technology, Hardware Storage & Peripherals United States 4,008 0.2
Figma Software Software United States 24 0.0
Total Investments 2,006,621 100.0
1
GICS industry classifications.
2
Country of incorporation.
11
INVESTMENT MANAGER’S REVIEW
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
– V
oya IM as Investment Manager
– HSBC as Custodian and Depositary
– MUF
G Corporate Markets as Registrar
– State Street providing middle office and fund accounting services (appointed by Voya IM 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 in the website version of the Annual Financial Report. In the year ended 31 December 2025, the Company’s total return on
net asset value per share was +24.7% (2024: +35.6%), outperforming the Dow Jones World Technology Index (sterling adjusted,
total return) by 4.7 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. The Company outperformed the
benchmark over 1, 3 and 10 years. The Company also outperformed the MSCI World Technology Index over 1, 3 and 10 years but
underperformed both indices over 5 years:
% change 1 year 3 years 5 years 10 years
ATT NAV per share 24.7 147.5 96.4 738.5
Dow Jones World Technology Index (sterling adjusted, total return)* 20.0 141.5 128.0 679.3
MSCI World Technology Index (total return) 15.2 126.3 132.3 712.8
Russell MidCap Technology Index 12.8 88.0 58.7 512.6
Source: AllianzGI/Datastream in GBP as at 31 December 2025.
* Company’s reference benchmark.
12
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
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
Company NAV per share 24.7 147.5 96.4 738.5
FTSE All Share Index (total return) 24.0 46.5 73.9 123.4
FTSE World Index (total return) 15.0 61.8 83.3 261.3
Source: AllianzGI/Datastream in GBP as at 31 December 2025.
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 30/193 18/173 24/130 4/62
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 2025, relative to the benchmark index*, were as follows:
Top ten contributors relative to the benchmark Top ten detractors relative to the benchmark
Active
contribution GBP
(percentage point)
Active
contribution GBP
(percentage point)
Micron Technology Overweight 2.55 Atlassian Overweight (0.92)
Lam Research Overweight 1.17 Samsung Underweight (0.81)
Robinhood Markets Overweight 1.00 Alphabet Underweight (0.73)
Amphenol Overweight 0.99 Klaviyo Overweight (0.65)
Celestica Overweight 0.97 SK hynix Underweight (0.64)
Cloudflare Overweight 0.96 Amazon.com Overweight (0.63)
Apple Underweight 0.93 Reddit Overweight (0.58)
Palantir Technologies. Overweight 0.71 Microchip Technology Overweight (0.48)
Western Digital Overweight 0.62 NVIDIA Underweight (0.42)
CrowdStrike Overweight 0.55 Oracle Underweight (0.41)
10.45 (6.27)
Source: Allianz Global Investors. 31 December 2024 – 31 December 2025.
* 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 2025, the mid-market price of the Company’s Ordinary shares increased by 25.8% (2024: increased by 38.1%), with a
discount at the year end of 7.8% (2024: 8.6%).
The Board carefully considers the parameters which should apply to both the issuance and the buy back of Ordinary 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 Ordinary 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 Ordinary shares at a premium to NAV.
The Company bought back 26,088,876 Ordinary shares in 2025 at a discount to NAV (2024: 9,015,787). There were 73,904,333
Ordinary shares held in treasury at the year end (2024: 47,815,457 Ordinary shares). No new Ordinary shares were issued in 2025
(2024: nil).
Results and Dividends
An overview of the Company’s results is shown in the Financial Highlights on page 2. Earnings per share are (1.11p) (2024:
(1.12p). The revenue reserve remains substantially in deficit, and no dividend is proposed in respect of the year ended 31
December 2025 (2024: nil).
13
STRATEGIC REPORT
Future development
The future development of the Company
is dependent on the success of the
Company’s investment strategy against
the background of the economic
environment and market evolution and
the future attractiveness of the Company
as an investment vehicle compared
with long-term savings markets. The
Chairman gives his view on the outlook
in his statement which starts on page
3 and the lead portfolio manager
discusses his view of the Company’s
portfolio and the outlook in his report
which starts on page 7. The Board
holds a strategy specific meeting at
least once per year at which time it
considers the position of the Company
and the strategy for the year ahead
and beyond, making recommendations
for change where appropriate. The last
strategy specific meeting was held on 30
September 2025.
Marketing the Company’s
Investment Strategy
The Company continues to operate a
targeted and coordinated marketing
programme in order to raise awareness
of its investment strategy. During
2026 both virtual and in-person
communication methods have been
used. This programme targets potential
investors as well as communicating
the latest developments to its
existing shareholders.
The programme is aimed at both
professional and retail investors and
aims to create ongoing and sustained
demand for the Company’s shares. The
retail audience includes those investors
who delegate their investment decisions
to financial advisers as well as the ever-
increasing numbers who are researching
and making their own investment
decisions. The programme comprises
multimedia content such as videos,
podcasts and written pieces, advertising,
and other promotional activity. We also
communicate regularly with journalists
across a range of publications, since
positive coverage of the Company’s
specialist investment strategy can
be highly influential. The marketing
programme’s success has been boosted
by the number of performance awards
won by the Company over recent years
and has been instrumental in generating
demand from retail investors which is,
of course, to the benefit of all of the
Company’s shareholders. Increasingly
investors are choosing to buy and sell
stocks and shares via online trading
platforms. Approximately 35% of the
Company’s shares are now held by
investors on these platforms. Many
platform providers offer Individual
Savings Account and pension products
as well as the facility to invest on a
regular monthly basis. Competition
amongst platform providers is
intense, therefore investing online can
be a cost-effective way to buy the
Company’s shares.
Board diversity
At 31 December 2025, there were
two male Directors and three female
Directors. Further information on Board
Diversity can be found in the Directors’
Report on page 28.
Risk Report
Viability Statement
In accordance with the Corporate
Governance provisions the Company
is required to make a forward-looking
(longer-term) Viability Statement.
In order to do this the Board has
considered the appetite for a technology
investment trust against the current
market backdrop, and has formally
assessed the prospects for the Company
over a period of five years. The Board
believes that the period of five years
is appropriate and is in line with
the five year continuation vote. The
next continuation vote will be put to
shareholders at the AGM in 2026. In
order to assess the prospects for the
Company the Board has considered:
– The investment objective and strategy
taking into account recent, past and
potential performance against both
the benchmark, other indices of note
and peers;
– The financial position of the Company,
which does not currently utilise
gearing in any form but does maintain
a portfolio of, in the main, non-income
bearing investments;
– The liquidity of the portfolio and the
ability to liquidate the portfolio on the
failure of a continuation vote;
– The macro economic conditions and
geopolitical events;
– The ever increasing level of technology
adopted by both individuals and
corporations alike;
– The inherent risks in such technology
both in terms of speed of
advancement; and
– The principal risks faced by the
Company as outlined below.
The Board is fully aware that the world
of technology is constantly evolving and
growing and could potentially look very
different in five years. However, based
on the results of the formal assessment,
through regular updates from the AIFM
and the Investment Manager, the Board
believes it is reasonable to expect that
the Company will continue in operation
and meet its liabilities for the period of
five years under this review.
Investment Controls and Monitoring
The Board in conjunction with the AIFM
and the Investment Manager has put in
place a schedule of investment controls
and restrictions within which investment
decisions are made. These controls
include limits on the size and type of
investment and are monitored on a
constant basis. They are formally signed
off by the AIFM and the Investment
Manager every month and are reviewed
by the Board at every meeting.
Principal and Emerging Risks and
Uncertainties
The principal risks identified by the
Board are set out in the table on page
15, together with information about the
actions taken to mitigate these risks. A
more detailed version of this table in
the form of a Risk Map and Controls
document is reviewed in full and
updated by the Audit & Risk Committee
and Board at least twice per year.
Individual risks, including emerging risks
and threats to reputation, are considered
by the Board in further detail depending
on the market situation and a high-
level review of all known risks faced by
the Company is considered at every
Board meeting. The principal risks and
uncertainties faced by the Company
relate to the nature of its objectives and
strategy as an investment company
and the operations of its third party
service providers.
14
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Description Mitigation
Change in
risk during
the year
Investment strategy and performance risk
The Company’s NAV may be adversely affected by
the Investment Manager’s inappropriate allocation
of funds to particular sub-sectors of the technology
market and/or to the selection of individual stocks
that fail to perform satisfactorily, leading to poor
investment performance in absolute terms and/or
against the benchmark.
The Board has established a schedule of investment
controls which is monitored monthly and reviewed
at each Board meeting. The Investment Manager
has responsibility for sectoral weighting and for
individual stock picking, having taken due account
of Investment Objectives and Controls that are
agreed with the Board from time to time and
regularly reviewed. These seek, inter alia, to ensure
that the portfolio is diversified and that its risk profile
is appropriate.
Technology sector risk
The technology sector is characterised by rapid
change. New and disruptive technologies, including
AI, can place competitive pressures on established
companies and business models, and technology
stocks may experience greater price volatility than
securities in some slower changing market sectors.
The Board reviews investment performance,
including a detailed attribution analysis comparing
performance against the benchmark, at each Board
meeting. At such meetings, the Investment Manager
reports on major developments and changes in
technology market sectors and also highlights
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
at each Board meeting.
Cyber risk
The Company may be at risk of cyber attacks which
may result in the loss of sensitive information or
disruption to the business.
The operations of the Company are carried out by
third party service providers. All service providers
report to the Board on operational issues including
cyber risks and the controls in place to capture
potential attacks. See Operational Risk below.
Market risk
The Company’s NAV may be adversely affected
by a general decline in the valuation of listed
securities and/or adverse market sentiment towards
the technology sector in particular. Although the
Company has a portfolio that is diversified by
company size, sub-sector and geography, its principal
focus is on companies with high growth potential in
the mid-size ranges of capitalisation. The shares of
these companies may be perceived as being at the
higher end of the risk spectrum, leading to a lack
of interest in the Company’s shares in some market
conditions. The Company’s portfolio may be affected
by changes to central banks’ interest rates. Higher
interest rates have typically had an adverse impact
on growth stocks.
Market sentiment may quickly deteriorate in the
face of geopolitical events and effects on the
macro-economic environment.
The Board, the AIFM and the Investment Manager
would monitor the progress of any unexpected
events and may consider hedging, gearing or
other strategies to respond to particular market
conditions. The AIFM and the Investment Manager
maintain regular contact with shareholders to discuss
performance and expectations and to convey the
belief of the Board and the Investment Manager that
superior returns can be generated from investment in
carefully selected companies that are well managed,
financially strong and focused on those segments
of the technology market where disruptive change
is occurring.
The Board, the AIFM and the Investment Manager
would monitor the progress of the unexpected events
very closely and initiate appropriate responses
where possible.
Currency risk
A high proportion of the Company’s assets is likely
to be held in securities that are denominated in US
Dollars, whilst its accounts are maintained in Sterling.
Movements in foreign exchange rates affect the
performance of the Investment Portfolio and create a
risk for shareholders.
The Board monitors currency movements and
determines hedging policies as appropriate. The
Board does not currently seek to hedge this foreign
currency risk.
15
STRATEGIC REPORT
Description Mitigation
Change in
risk during
the year
Financial and liquidity risk
The financial risks to the Company and the controls in
place to manage these risks are disclosed in detail in
Note 13 beginning on page 62.
Financial and liquidity reports are provided to and
considered by the Board on a regular basis.
Operational risk
The Company may be impacted by disruption to or
the failure of the systems and processes utilised by
the AIFM and the Investment Manager or other third
party service providers. This encompasses disruption
or failure caused by cybercrime, fraud and errors
and covers dealing, trade processing, administrative
services, financial and other operational functions.
The Board receives regular reports from the AIFM,
the Investment Manager and third parties on
internal controls highlighting areas of exception,
including reports on monitoring visits carried out
by the Depositary on behalf of the Company. The
Board has further considered the risk of cyber-attacks
and fraud and has received reports and assurance
regarding the controls in place and details of
whistleblowing procedures.
Key individual risk
The Company could suffer disruption to operations as
a consequence of loss of key individuals e.g. the lead
portfolio manager.
Succession plans are in place for the Board. The
lead portfolio manager is supported by Erik Swords,
portfolio manager, and an experienced team of
technology investors. Cover is available for core
members of the relevant teams of the AIFM.
Emerging Risk – Artificial General Intelligence
Artificial General Intelligence (AGI) could introduce
unintended consequences, geopolitical and
economic disruption, security vulnerabilities and, in
extreme scenarios, existential risk.
The Board will continue to monitor AI evolution
through discussions with the Investment Manager
and industry experts. Changes to, and the
implementation of new regulations, laws and
governance of AI will be monitored by the Board as
the landscape develops. The Board will also monitor
its third party service providers in respect of the
controls and regulation of AI.
In addition to the specific principal risks identified in the table above, general risks are also present relating to compliance with
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’ Review 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Section 172 Report
Engagement with Key Stakeholders
As an investment company with no employees, the Company’s primary stakeholders are its shareholders and other stakeholders
including its service providers and the companies in which it invests. The Board’s strategy is facilitated by interacting with a wide
range of stakeholders through meetings, seminars, presentations and publications and through contacts made via the Company’s
suppliers and intermediaries. Engagement is both in person and virtually. Engagement with the Company’s stakeholders enables
the Company to fulfil its strategies and to promote the success of the Company for the benefit of the shareholders as a whole. The
Board strives for an open, constructive and pro-active culture in its engagements as it seeks to meet the Company’s investment
objectives. Set out below are examples of the ways in which the Company has interacted with key stakeholders in line with section
172 of the Companies Act 2006 whereby the Directors have a statutory duty to promote the success of the Company.
Stakeholders Why we engage How we engage and what we do The outcomes
Shareholders
The Board places
great importance on
communication with
shareholders and
understanding their views.
Shareholders receive relevant
information to enable them
to evaluate whether their
investment aims are aligned
with the strategy and objective
of the Company.
The Board communicates with
shareholders through the annual
report and half-yearly report,
meets with shareholders at the
AGM and provides a forum for
interaction. There is a portfolio
management presentation and
Q&As. The AGM is hybrid which
enables shareholders to attend
in person to meet the Board and
investment manager or to join by
a weblink and put questions to the
meeting online.
The investment managers and
the investment trust team have
regular meetings with shareholders
and their representatives and
shareholders’ views are reported to
the Board.
In addition to these meetings,
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.
Shareholders make informed
decisions about their
investments. Shareholder
correspondence is forwarded
directly to the Board.
17
STRATEGIC REPORT
Stakeholders Why we engage How we engage and what we do The outcomes
Voya Investment
Management –
the Investment
Manager
The Board works with
the Investment Manager
who provides portfolio
management services.
The Board has a tripartite
agreement for the provision
of portfolio management
services. The Board meets with
representatives of the Investment
Manager throughout the year
with the lead portfolio manager
providing regular updates at
Board meetings and upon request
by the Board. The Board formally
reviews the performance and
remuneration of the Investment
Manager at least annually.
The Company is well
managed and receives
appropriate and timely
advice and guidance for a
reasonable cost. Following
the annual review of the
Investment Manager the
Board has concluded that the
ongoing appointment of the
Investment Manager is in the
shareholders’ best interests.
Allianz Global
Investors UK
Limited – the
AIFM
The Board works with
the AIFM who provides
accounting and secretarial
services as well as expertise
in sales and marketing.
In addition to the reporting at
regular Board meetings, the
Board meets with representatives
of AllianzGI UK to develop
strategy for the Company,
including a sales and marketing
plan which was adopted during
the year, to promote the Company
and raise its profile which helps
raise its rating. The Board formally
reviews the performance and
remuneration of the AIFM at
least annually.
The Company is well
managed and receives
appropriate and timely
advice and guidance for a
reasonable cost. Following
the annual review of the AIFM
the Board has concluded that
the ongoing appointment
of the AIFM is in the
shareholders’ best interests.
Portfolio
companies
The Board approves the
Investment Manager’s active,
stock picking approach and
believes in good stewardship.
On the Company’s behalf the
Investment Manager engages
with investee companies, including
discussions on Environmental,
Social and Governance matters
and exercises its votes at all
company meetings.
The Investment Manager
actively votes at portfolio
company meetings.
Corporate
brokers
The Board, the AIFM and the
Investment Manager work
with the corporate brokers,
including their research and
sales teams to provide access
to the market and liquidity in
the Company’s shares.
The brokers are kept updated
on the strategy of the Company
so that they can publish relevant
research information and talk
to potential investors. The sales
team receives regular contact and
helps the Company to participate
in exchange volume and provide
liquidity for investors.
The Company is an
attractive investment and
there is liquidity in the
Company’s shares.
Media
partnerships
The Company works with
public relations advisers to
ensure information about
the Company, its strategies
and performance can
reach a wide audience of
potential investors through
press articles and online
media coverage.
Regular communication with
public relations partners to raise
the Company’s profile through
press and media activity. We can
measure the success of this activity
by monitoring website hits and
new investment in the Company
on retail platforms.
The Company’s name and its
attributes as an investment
company are known to an
increasingly wider audience.
18
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Stakeholders Why we engage How we engage and what we do The outcomes
Distribution
partnerships
To reach a wider audience
of investors the Company
works with firms providing
access to platforms and
wealth managers.
The wealth managers together
with our distribution partners
arrange presentations about
the Company at roadshows and
conferences to reach investors
through share trading platforms
and wealth managers.
The Board receives detailed
feedback to confirm
that there is wide and
growing interest in the
Company’s shares.
AIC
The Association of Investment
Companies looks after the
interests of investment trusts
and provides information to
the market.
The Company is a member of
the AIC and has also supported
lobbying activities.
Information about
the Company is
disseminated widely.
Other service
providers
The Board has appointed
HSBC as Depositary and
Custodian and MUFG
Corporate Markets as
Registrar to provide specialist
services to the Company.
In addition to regular contact
and assurance testing that sound
and effective controls are in place
from all these service providers,
there is a rolling programme of
due diligence visits to suppliers of
third party services by AllianzGI
UK’s investment trust team to
ensure that the Company is
receiving good quality services
with robust and fit for purpose
internal controls.
Assurances from direct service
providers on their internal
controls are given formally to
the Company twice yearly but
day-to-day contact with the
investment trust team ensures
that any issues are quickly
identified and acted upon
and that remedial action can
take place.
19
STRATEGIC REPORT
Environmental, Social, Governance (ESG)
and Stewardship – the Company’s Report
The Investment Manager’s approach to
ESG is set out on pages 22 to 23.
The Investment Manager is a signatory
to the United Nations Principles for
Responsible Investment.
Although, as an investment trust,
the Company has no direct social or
community responsibilities, the Board
shares the Investment Manager’s view
that it is in the shareholders’ interests to
be aware of and consider environmental,
social and governance factors, when
selecting and retaining investments.
Details of the Company’s policy on
socially responsible investment are set
out below.
How ESG fits into technology
For technology, the individual elements
of ESG have varying outcomes.
The ‘E’ (Environmental) is generally a
high scoring factor. Many technology
companies are facilitating the move
towards a cleaner, less carbon-intensive
future. Electric vehicles are an obvious
example of this. This is not to say the
entire sector is without issue and, indeed,
new natural resource demands are
emerging as technology expands. We
see in general though that companies
are aware and consider this factor high
in their priorities. Regulators too have a
keen eye.
The ‘S’ (Social) is split in its outcomes.
On the one hand, as a source of quality
employment, the result is often positive.
On the other hand, governments,
regulators and the public at large
have questioned the impact of some
technologies, such as social media. The
sheer size and control of some of the
‘mega’ sized technology firms has been
questioned, as has whether technology
might exacerbate social inequality
through the inability of poorer socio-
demographic groups to be able to
access the same tools as those with more
income. Again, regulators have a sharp
focus on this topic.
Finally, the ‘G’ (Governance) can be
the most complicated factor. Many
technology companies by their very
nature are relatively new and at an
early stage of development. This can
manifest itself in terms of conflicting
priorities between minority shareholders
and founders, both in strategy and
sometimes in unhelpful share structures.
Of course, the more a company matures,
the less of a potential problem this
usually becomes.
Stewardship
The Board has delegated the exercise
of proxy voting powers on its behalf to
discharge its responsibilities in respect
of investments to the Investment
Manager to ensure that the portfolio
managers can engage in the decision
making process.
The Voya IM ESG and Proxy Voting
Policies have been reviewed by
the Board and it believes that the
Company’s delegated voting powers
are being properly executed. Voya IM
uses Institutional Shareholder Services
Inc. (ISS) as its Proxy Advisory Firm to
assist in managing its proxy voting
responsibilities. ISS is an independent
proxy voting adviser that specialises
in providing a variety of fiduciary-level
proxy related services.
UK Sustainability
Disclosure Requirements
The Financial Conduct Authority (FCA)
has introduced a sustainability disclosure
requirements and investment labels
regime (SDR) to address concerns
about misleading environmental
claims. The Company and AIFM have
considered and undertaken a review
of the requirements of the regulations.
The Company does not have a label
under SDR.
The Board takes ESG considerations very seriously and, as such, intends to make clear how
various aspects are considered, both through our fiduciary responsibility as a Board, but
also in our oversight of our Investment Manager’s process, with investment being the sole
business of the Company.
20
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Corporate Social Responsibility
(CSR), Community and Employee
Responsibilities, Emissions,
Environmental and Ethical
Policy (EEE)
The Company’s investment activities
and day to day management are
delegated to the Investment Manager,
AIFM and other third parties. As an
investment trust, the Company has no
direct social, community, employee or
environmental impact, though the Board
maintains appropriate oversight of such
factors in relation to contracted service
providers. Its principal responsibility
to shareholders is to ensure that
the investment portfolio is properly
managed and invested.
In light of the nature of the Company’s
business there are no associated human
rights issues, and the Company does not
have a human rights policy. The Board
has noted the AIFM and Investment
Manager’s report on greenhouse gas
emissions on its own operations and
the views of the Investment Manager
on CSR and EEE which it adheres
to in engaging with the underlying
investee companies and in exercising
its delegated responsibilities in voting.
The Investment Manager engages with
the Company’s underlying investee
companies in relation to their corporate
governance practices and in developing
their policies on social, community and
environmental matters.
The Company’s primary objective is to
invest principally in the equity securities
of quoted technology companies on
a worldwide basis with the aim of
achieving long-term capital growth.
Whilst the Board believes that the
Company would be in breach of its
fiduciary duties to shareholders if
investment decisions were based
solely on CSR and EEE considerations,
we are supportive of an investment
management process that considers
all elements of wider ESG risk in the
context of risk/reward, like all other risks
considered by the Investment Manager.
Modern Slavery Act 2015
The Company does not provide goods
or services in the normal course of
business, and as a financial investment
vehicle does not have customers. The
Directors do not therefore consider that
the Company is required to make a
statement under the Modern Slavery
Act 2015 in relation to slavery or
human trafficking.
Bribery Act 2010
The Board has a zero tolerance policy in
relation to bribery and corruption in its
business processes and activities and has
received assurance via internal controls
reporting from the 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.
Criminal Finances Act 2017
The Company has a commitment to
zero tolerance towards the criminal
facilitation of tax evasion.
Taskforce on Climate Related
Financial Disclosures (TCFD) and
Global Greenhouse Gas Emissions
AllianzGI UK produces a product level
TCFD report for the Company. This can
be found on the Company’s website
www.allianztechnologytrust.com.
The Company does not maintain
premises, hold any physical assets or
operations and does not have any
employees. Consequently, the Company
has no greenhouse gas emissions to
report from its operations, nor does
it have responsibility for any other
emissions producing sources under the
Companies Act 2006 (Strategic Report
and Directors’ Reports) Regulations
2013. For the same reason as set
out above, the Company considers
itself to be a low energy user under
the Streamlined Energy and Carbon
Reporting regulations and therefore
is not required to disclose energy and
carbon information.
The Strategic Report has been approved
by the Board and signed on its behalf by:
Tim Scholefield
Chairman
13 March 2026
21
STRATEGIC REPORT
Responsible Investment Policy
To meet our clients’ objectives, we
undertake rigorous and holistic
investment analysis across a range of
asset classes and offer a breadth of
solutions and capabilities that allow
clients to customize their investments
according to their preferences.
As fiduciaries, we have a duty to act
in the best long-term interests of our
clients. As one means to meeting that
commitment, we became a signatory
to the United Nations Principles for
Responsible Investment (UN PRI)
in 2017. In accordance with UN PRI
principles, we incorporate financially
material environmental, social, and
governance (ESG) issues into our
investment analysis and stewardship
practices, with the intention of improving
our long-term investment decision-
making. We believe that ESG issues can
affect the performance of investments
over time, although the relevance to
specific companies, sectors, asset classes,
and regions may vary. In the “Data and
Themes” section of this policy, we define
some of the most material topics we
consider under the umbrella of ESG.
Governance
Voya IM’s Responsible Investment
Committee acts as a governing body,
providing oversight of our responsible
investment strategy, and fostering
continuous improvement of our
research, solutions, and capabilities. The
committee is chaired by our Head of
Responsible Investment and Thematic
Research, who reports to our Chief
Investment Officer, and its membership
spans our Active Ownership, legal,
compliance, and risk teams, among
others. The Voya IM Responsible
Investment Committee is tasked with
managing our Voya IM Responsible
Investment Policy, including our
related memberships and affiliations,
overseeing certain disclosures about
our responsible investment program,
raising awareness of evolving risks and
changing regulations, and fostering a
unified response to such developments
across our platform. Our proxy voting
activities are overseen by our Voya
IM Proxy Committee that meets
quarterly and is chaired by our Head of
Active Ownership.
The Responsible Investment and
Thematic Research team acts as a
center of expertise to help guide
investment teams in their incorporation
of responsible investment principles.
The team’s scope of responsibility spans
three major areas: ESG Research, Active
Ownership, and Thematic Research.
ESG Research is focused on curating
data and developing insights, both
from a top-down and bottom-up
perspective, to support the investment
teams’ ESG integration and responsible
investment approaches. Our ESG
Research capabilities include ESG
scoring techniques, as well as both
quantitative and qualitative assessments
of material ESG topics. Meanwhile, the
Active Ownership team leads Voya IM’s
proxy voting and corporate engagement
processes. Finally, our Thematic Research
capabilities are focused on providing
insights about long-term trends and
themes impacting our investments
across asset classes. Thematic Research
encompasses a broad range of themes
including sustainability, emerging
technologies, demographic shifts, and
macro and geopolitical developments
shaping our societies.
Supported by our Governance
Committee and the Responsible
Investment and Thematic Research
team, Voya IM’s investment teams are
responsible for integrating responsible
investment practices into their
investment approach in accordance
with client mandates. Through this
collaborative structure, we aim to ensure
that responsible investment practices
are thoughtfully embedded across our
investment process.
Integration of Environmental,
Social and Governance data
and information
As fiduciaries, when selecting securities,
we incorporate relevant financial and
non-financial factors into our analysis of
the long-term performance outlook of a
company and the value of its securities.
The incorporation of ESG factors into
the investment process is underpinned
by the belief that it will improve the
resilience of the portfolio by reducing
risk and generating more stable returns.
We define ESG integration as the
consideration of relevant and financially
material ESG factors, alongside
traditional factors, in our investment
decision-making process.
As part of our assessment of a
company’s value, prospects, and
financial condition, the ESG integrated
portfolios consider information about
many factors, including those that
fit under the ESG umbrella. This may
include exposure to regulation or
litigation, labor relations, human
rights, product quality and safety,
reputation, governance practices,
executive compensation, board
oversight, reporting and disclosure,
community relations, energy costs and
climate impact.
Our investment teams have a deep
understanding of the nuances of their
asset classes and specific portfolio
considerations. They make informed
investment decisions by focusing on
those factors that are likely to have
a material effect on the value and
performance of an issuer and its
securities over time. As an example,
the mismanagement of governance
issues, employee relations or toxic waste
could result in increased expenses or
reputational damage that may impact
the valuation of a company’s securities.
The purpose of our ESG integration is to
reduce such risks.
At Voya Investment Management (Voya IM), we strive to exceed our clients’ expectations for
service and investment results.
22
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Portfolio managers at Voya IM have
access to multiple tools and data
sources to support ESG integration,
including third-party data, Voya IM’s ESG
materiality assessment and scorecard,
and quantitative research signals. Note
that relevance and availability vary by
asset class. The Responsible Investment
and Thematic Research team, as well
as other fundamental and quantitative
research teams, also support the
portfolio managers with information and
research on themes, sectors and specific
investments. This could also include
information gathered in dialogues with
investee companies performed by the
Active Ownership team.
Stewardship – Active Ownership
& Engagement
Voya IM’s long-term perspective favors
sound investment principles aligned with
the priorities of our clients. Accordingly,
our active ownership activities are
designed to protect and enhance the
economic value of the companies in
which we invest on behalf of our clients.
We do this through engaging with
issuers of securities in which we have
invested and exercising our voting rights
at shareholder meetings.
Engagements
Ongoing discussions with senior
management and board members
of companies are essential to
understanding the companies in which
we are invested and to promote best
practices and long-term success. We
believe that engagements should be
highly relevant to our investment process
and provide valuable insights to the
issuers with whom we engage.
Through our discussions, we may make
issuers aware of how our concerns
factor into our investment decisions,
understand their efforts to address
these concerns, and discuss industry
best practices. Engagements focused
on ESG matters are led by the Active
Ownership team and may also include
members of our investment teams.
Such dialogues are likely to enrich our
investment analysis while at the same
time provide useful insights to issuers
into how they compare generally to
industry peers and how markets perceive
their ESG initiatives.
Voya IM has developed engagement
guidelines to outline the Active
Ownership team’s engagement
objectives, prioritization, methodology,
tracking, and escalation processes.
They are designed to help companies
understand our engagement goals
and expectations, fostering mutually
productive dialogue.
Additionally, Voya IM investment teams
may engage directly with the companies
in which they invest. The investment
teams can escalate any concerns
they may have with a company to the
Responsible Investment and Thematic
Research team for further investigation
or dialogue.
Proxy Voting
Voya IM views proxy voting as an
important component of fulfilling our
fiduciary responsibilities to clients. When
delegated authority to vote proxies on
behalf of client portfolios, we exercise
that responsibility with the objective of
acting in our clients’ best interests. We
consider proxy voting to be a key tool for
advancing long-term shareholder value
and managing investment-related risks.
Our Proxy Policy outlines Voya IM’s
approach to voting proxies in a manner
that supports the long-term economic
value of the underlying securities. To this
end, Voya IM considers many factors,
including ESG factors, which may
impact the investment risk and return
profiles of our clients’ investments. As
such, the Voya IM Proxy Policy was
developed to summarize Voya IM’s view
on issues of concern to shareholders
and provide a general indication of how
Voya IM may vote its clients’ portfolio
securities regarding these issues in order
to maximize shareholder value and
mitigate risks.
Voya Investment Management Co. LLC
Proxy Voting 1 January to 31 December 2025
During the year there were 49 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 531 resolutions. Source: VoyaIM.
Company meeting voting record
Number of meetings voted
100% in line with management
recommendation: 19
Number of meetings with at least
one vote against, withheld or
abstained: 34
Total vote distribution
Votes for: 75%
Votes against: 15%
Votes withheld: 10%
23
STRATEGIC REPORT
Directors
Tim Scholefield
Independent Non-Executive
Director. Chairman of the Board and
Nomination Committee. Member
of the Remuneration Committee
and Management Engagement
Committee.
Tim joined the Board on 1 December
2021 and was appointed Chairman
on 26 April 2024. He is a non-executive
director of Aberdeen UK Smaller Growth
Companies plc and Jupiter Unit Trust
Managers Ltd. He is also Chairman
of Invesco Bond Income Plus Limited.
He has over thirty years’ experience in
investment management and was, until
2014, Head of Equities at Baring Asset
Management. Prior to Baring, he was
Head of International Equities at Scottish
Widows Investment Partnership Limited.
Ekaterina (Katya) Thomson
Independent Non-Executive
Director. Chairman of the
Audit & Risk Committee and
Remuneration Committee. Member
of the Nomination Committee
and Management Engagement
Committee.
Katya joined the Board on 18 July 2022
and has over 30 years of experience in
corporate finance, strategy and business
development in both executive and
non-executive roles. She has held senior
positions in corporate finance at Lazard,
ABN Amro and Thomas Cook. Over the
past nine years, Katya has developed in-
depth expertise in the UK closed-ended
funds sector, having previously served on
four investment trust boards.
Katya is a Chartered Accountant and a
member of the ICAEW.
Neeta Patel CBE
Independent Non-Executive
Director. Chairman of the
Management Engagement
Committee and Senior Independent
Director. Member of the Audit &
Risk Committee, the Nomination
Committee and the Remuneration
Committee.
Neeta Joined the Board on 1 September
2019. She is a non-executive director
of Maven Renovar VCT Plc, European
Opportunities Trust plc and Pembroke
VCT PLC. She is also a board adviser
at several technology startups. She
was previously CEO at the Centre for
Entrepreneurs and an entrepreneur
mentor-in-residence at London
Business School, a board adviser
at Tech London Advocates and a
member of the advisory board at City
University Ventures.
She was awarded a CBE in the Queen’s
honours list in October 2020 for services
to entrepreneurship and technology.
24
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Simon (Sam) Davis
Independent Non-Executive
Director. Member of the Audit &
Risk Committee, the Nomination
Committee, Remuneration
Committee and the Management
Engagement Committee.
Sam joined the Board on 1 January
2024. He is Chairman of The Baillie
Gifford Japan Trust PLC and a non-
executive director of Schroder Oriental
Income Fund Limited. Sam joined
Morgan Grenfell & Co. Ltd in 1988,
working initially in corporate finance in
both London and Tokyo. He moved to
Morgan Grenfell Asset Management in
1996 to work with a Tokyo-based team.
In 2000 he joined Putnam Investments
first in Boston, MA and then in London
where, over his 19 year tenure, he
managed Asian, European and broad
international equity portfolios. As
Putnam’s co-head of equities he oversaw
a global investment team and was CEO
of Putnam Investments Ltd, the group’s
UK regulated entity.
Lucy Costa Duarte
Independent Non-Executive
Director. Member of the Audit &
Risk Committee, the Nomination
Committee, Remuneration
Committee and the Management
Engagement Committee.
Lucy joined the Board on 1 January 2025.
She is a specialist in marketing strategy
and investor relations in the investment
trust sector. Formerly a director at
Citigroup, heading the emerging
markets ECM team in London, she left
Citigroup in 2007 and took a career
break. Since 2016, she has been running
the marketing and investor relations
functions of International Biotechnology
Trust plc in a part time capacity, initially
at SV Health Investors and more recently
at Schroders following the trust’s move
to Schroders in 2023.
Lucy is a non-executive director of MIGO
Opportunities Trust plc and Fidelity Asian
Values plc.
The table below sets out the number
of formal Board and Committee
meetings held during the year ended
31 December 2025 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 ended 31
December 2025 was as follows:
Board
Audit & Risk
Committee
Nomination
Committee
Remuneration
Committee
Management
Engagement
Committee
Strategy
Meeting
Number of meetings in the year 4 2 3 1 1 1
Tim Scholefield
1
4 2 3 1 1 1
Katya Thomson 4 2 3 1 1 1
Neeta Patel 4 2 3 1 1 1
Sam Davis 4 2 3 1 1 1
Lucy Costa Duarte
2
4 2 3 1 1 1
Elisabeth Scott
3
2 1 - - - -
1
Tim Scholefield is not a member of the Audit & Risk Committee but may attend by invitation.
2
Appointed to the Board on 1 January 2025.
3
Retired from the Board on 23 April 2025.
25
DIRECTORS’ REVIEW
Directors’ Report
The Directors present their Report and
the audited Financial Statements for
the year ended 31 December 2025.
Information pertaining to the business
review including the outlook and future
development is included in the Strategic
Report, starting on page 12 and
within the Chairman’s Statement starting
on page 3.
Principal activity and status
The Company was incorporated on
18 October 1995 and its Ordinary
shares were listed on the London Stock
Exchange on 4 December 1995. The
Company is registered as a public
limited company in England under
company number 3117355. The
Company is an investment company
within the meaning of section 833 of
the Companies Act 2006 and carries
on business as an investment trust.
The Company is a member of the
Association of Investment Companies.
The Company is an approved investment
trust under sections 1158 and 1159 of
the Corporation Taxes Act 2010 and
Part 2 Chapter 1 of Statutory Instrument
2011/2999. This approval relates to
accounting periods commencing on or
after 1 December 2012. The Directors
are of the opinion, under advice,
that the Company has continued to
conduct its affairs so as to be able to
retain such approval. As an investment
trust pursuant to section 1158 of the
Corporation Tax Act 2010, the Financial
Conduct Authority (FCA) rules in relation
to non-mainstream investment products
do not apply to the Company.
Investment Objective
The Company invests principally in the
equity securities of quoted technology
companies on a worldwide basis with
the aim of achieving long-term capital
growth in excess of the Dow Jones World
Technology Index (sterling adjusted,
total return) (the Benchmark). Full details
can be found inside the front cover.
Investment funds
The market value of the Company’s
investments at 31 December 2025 was
£2,007m (2024: £1,716m) with gains
of £850m (2024: gains of £666m) over
book cost. Taking these investments
at this valuation, the net assets
attributable to each Ordinary share
amounted to 571.7p at 31 December
2025 (2024: 458.6p). During the year,
the Company did not enter into any
derivative contracts and therefore there
were no outstanding contracts as at
31 December 2025. See Note 13 on
page 62 for the financial instruments
disclosure describing the Company’s
exposure to price risk, credit risk, liquidity
risk, and cash flow risk.
Information pertaining to the business
review and future outlook can be found
in the Strategic Report starting on
page 12.
Results and Dividends
Further commentary on earnings,
revenue reserves and dividends
is provided on page 13 of the
Strategic Report.
Management contracts
The Company has a tripartite Delegation
Agreement with AllianzGI UK and Voya
IM for portfolio management services.
AllianzGI UK is the AIFM, providing
company secretarial, administrative
and sales and marketing services, and
portfolio management services are
provided by Voya IM. The management
agreement provides for a base fee of
0.8% per annum payable quarterly in
arrears and calculated on the average
value of the market capitalisation of
the Company at the last business day
of each month in the relevant quarter.
The base fee reduces to 0.6% for any
market capitalisation between £400m
and £1 billion, and 0.5% for any market
capitalisation over £1 billion. Additionally
there is a fixed fee of £55,000 per annum
to cover AllianzGI UK’s administration
costs. The contract can be terminated
with six months’ notice.
In each year, in accordance with the
tripartite management contract,
the Investment Manager is entitled
to a performance fee subject to
various performance conditions. The
performance fee entitlement is equal
to 10.0% of the outperformance of the
adjusted NAV per share total return
as compared to the benchmark index,
the Dow Jones World Technology
Index (sterling adjusted, total return).
Any underperformance brought
forward from previous years is taken
into account in the calculation of the
performance fee.
A performance fee is only payable where
the NAV per share at the end of the
relevant performance period is greater
than the NAV per share at the end of the
financial year in which a performance
fee was last paid. At 31 December
2025 this ‘high water mark’ (HWM) was
297.2p per share. In the event that the
HWM is not reached in any year, any
outperformance shall instead be carried
forward to future periods to be applied
as detailed below. With effect from 1
January 2026 the fee cap reduced from
1.75% to 1.25% of the average daily
NAV over the performance period. For
this purpose, the NAV is calculated
after deduction of the associated
performance fee payable.
Any outperformance in excess of the cap
(or where the HWM has not been met)
shall be carried forward to future years
to be available for offset against future
underperformance but not to generate
a performance fee. To the extent that
the Company has underperformed the
benchmark, such underperformance
is carried forward and must be offset
by future outperformance before
a performance fee can be paid.
Underperformance/outperformance
amounts carried forward do so
indefinitely until offset.
The performance fee accrued for as
at 31 December 2025 was £nil (31
December 2024: £nil).
The investment management fee
(payable to AllianzGI UK) is charged
100% to revenue and the performance
fee (payable to Voya IM) is charged
100% to capital.
26
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Continuing appointment of the AIFM and the Investment Manager
During the year, in accordance with the UK Listing Rules published by the FCA, the Board reviewed the performance of the AIFM
and the Investment Manager. The review considered the Company’s investment performance over both the short and longer
terms, together with the quality and adequacy of other services provided. The Board also reviewed the appropriateness of the
terms of the Management Agreement and tripartite Delegation Agreement, in particular the length of notice period and the
management fee structure.
The Board is satisfied that the continuing appointment of the AIFM and the Investment Manager under the terms of the
Management Agreement and Tripartite Delegation Agreement is in the best interests of shareholders as a whole.
Going concern
The Directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements as the assets
of the Company consist mainly of securities that are readily realisable and the Company’s assets are significantly greater than
its liabilities. The Directors have considered the Company’s investment objective and capital structure. The Directors have also
considered the risks and consequences of geopolitical and macro-economic events on the operational aspects of the Company
and this has been assessed in the Viability Statement on page 14. The Directors believe that the Company has adequate
financial resources to continue in operational existence for twelve months after approval of these financial statements.
The Company is subject to a continuation vote of the shareholders every five years. The next continuation vote will be put to
shareholders at the AGM in 2026.
Related Party Transactions
During the financial year no transactions with related parties took place which would materially affect the financial position or the
performance of the Company.
Capital structure
The Company’s capital structure is set out in Note 10 on page 60.
Voting Rights in the Company’s shares
As at 11 March 2026, Allianz Technology Trust PLC’s capital consisted of:
Share class
Number of
shares issued
Voting rights
per share
Total
voting rights
Ordinary shares of 2.5p in issue 350,826,624 1 350,826,624
Ordinary shares of 2.5p held in treasury 77,930,056 Nil Nil
Total 428,756,680 1 350,826,624
Interests in the Company’s Share Capital
The Company was aware of the following substantial interests in the Company as at 31 December 2025 and 28 February 2026,
the latest practical date before publication of the Annual Financial Report.
31 December 2025
28 February 2026
Holder
Number of
shares
% of issued
share capital
Number of
shares
% of issued
share capital
Interactive Investor (
execution only)
43,929,500 12.4 42,977,735 12.2
Hargreaves Lansdown, stockbrokers (
execution only)
40,081,503 11.3 38,626,127 11.0
Rathbones 37,493,216 10.6 36,710,313 10.4
Charles Stanley 24,881,731 7.0 24,391,990 6.9
Evelyn Partners (retail) 21,410,816 6.0 21,463,677 6.1
Saba Capital Management L.P. (indirect)
1
- - 17,213,335 4.9
AJ Bell, stockbrokers (
execution only)
16,424,021 4.6 16,407,112 4.7
Saba Capital Management L.P. (direct) 884,627 0.3 1,157,139 0.3
1
Shares held indirectly through financial instruments.
27
DIRECTORS’ REVIEW
Repurchase of Ordinary shares
At the Annual General Meeting (AGM) held on 23 April 2025, 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 26,088,876 shares for holding in treasury (2024: 9,015,787).
The Board and diversity
The Board recognises the importance of having a range of skilled, experienced individuals with the right knowledge represented
on the Board. The Board will continue to ensure that all appointments are made on the basis of merit against the specification
prepared for each appointment. The following tables set out information that a company must include in its Annual Financial
Report in the prescribed format in accordance with the requirements of UK Listing Rules 6.6.6. The Board has chosen to align its
diversity reporting reference date with the Company’s financial year end and will maintain this alignment for future reporting
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 2025:
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
Men 2 40% N/A*
Women 3 60% N/A*
Other - - N/A*
Not specified/prefer not to say - - N/A*
* This column is inapplicable as the Company is externally managed and does not have executive management functions,
specifically it does not have a CEO or CFO. The Chairman of the Board is a man and the Senior Independent Director (SID) is
a woman. 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 performed by women and one by a man.
As at 31 December 2025:
Number of
Board members
Percentage
of the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
White British or other White (including minority-white groups) 4 80% N/A*
Mixed/Multiple Ethnic Groups - - N/A*
Asian/Asian British 1 20% N/A*
Black/African/Caribbean/Black British - - N/A*
Other ethnic group - - N/A*
* This column is inapplicable as the Company is externally managed and does not have executive management functions,
specifically it does not have a CEO or CFO. The position of Chairman of the Board is attributed within the White British or other
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. The
information included in the tables above has been obtained following confirmation from the individual Directors.
Directors election and re-elections
The Directors of the Company all served throughout the year under review. 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). 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.
28
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
– Resolution 2 relates to the re-election
of Tim Scholefield who was appointed
on 1 December 2021 as a Director of
the Company. Tim brings a wealth of
investment knowledge, expertise and
experience in investment management,
particularly in equities.
– Resolution 3 relates to the re-election
of Katya Thomson, who was appointed
on 18 July 2022, who brings in-depth
knowledge, expertise and experience
in corporate finance and accountancy
which enables her to perform an
in-depth review of the Company’s
financial statements as the Audit & Risk
Committee Chairman.
– Resolution 4 relates to the re-election
of Neeta Patel who was appointed on
1 September 2019 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 re-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.
Directors’ fees
A report on Directors’ Remuneration starts
on page 39.
Directors’ and Officers’
Liability Insurance
Directors’ and Officers’ Liability Insurance
cover is in place and is provided at the
expense of the Company. Directors’ and
Officers’ Deed of Indemnity information
can be found on page 34.
Conflicts of Interest
Under the Companies Act 2006 a director
must avoid a situation where she/he has,
or can have, a direct or indirect interest
that conflicts, or possibly may conflict, with
the Company’s interests. Directors are able,
if appropriate, to authorise these conflicts
and potential conflicts. The Board reports
annually on the Company’s procedures for
ensuring that its powers of authorisation of
conflicts are operated effectively and that
the procedures have been followed.
Under the AIC Code, the Directors are
required to notify the Chairman and
Company Secretary of any proposed
new appointments and new conflicts or
potential conflicts for consideration, if
necessary, by the Board. The Directors
are required to list their current time
constraints when requesting prior approval
of a new appointment. The Board
confirms that its powers of authorisation
are operating effectively and that the
agreed procedures have been followed
throughout the year under review.
Directors
As at the date of this Report, the Board
consisted of five non-executive Directors
as detailed on pages 24 and 25. All
Directors served throughout the year.
Board Committees
For the year under review the
Nomination Committee was chaired
by Tim Scholefield. The Management
Engagement Committee was Chaired by
Neeta Patel. The Audit & Risk Committee
and Remuneration Committee were
chaired by Katya Thomson. The full
Terms of Reference, which clearly define
the responsibilities of each Committee,
can be obtained from the Company
Secretary and can be found on the
website www.allianztechnologytrust.com.
Management
Engagement Committee
The Management Engagement
Committee report is on page 36.
Nomination Committee
The Nomination Committee report is on
page 37.
Remuneration Committee
The Remuneration Committee report is on
page 38.
Audit & Risk Committee
The Audit & Risk Committee Report starts
on page 44.
The Board and Matters Reserved
for the Board
The Board is responsible for the efficient
and effective leadership of the Company
and for the Company’s affairs. There is
a formal schedule of matters reserved
for the decision of the Board and there
is an agreed procedure for Directors, in
the furtherance of their duties, to take
independent professional advice if
necessary at the Company’s expense.
The specific areas reserved for the Board
include the setting of parameters for and
the monitoring of investment strategy,
the review of investment performance
(including performance relative to the
benchmark and to the Company’s peer
group) and investment policy; final
approval of statutory Companies Act
2006 requirements including the payment
of any dividend and the allotment of
shares; matters of a Stock Exchange or
Internal Control nature such as approval
of shareholder statutory documentation;
performance reviews and director
independence; and, in particular, matters
of a strategic or management nature, such
as the Company’s long-term objectives,
commercial and corporate strategy, share
buy-back and share issuance policy, share
price and discount/premium monitoring;
the appointment or removal of the AIFM
or the Investment Manager; unquoted
investment valuations; consideration
and final approval of borrowing
requirements and limits and corporate
governance matters.
In order to enable them to discharge their
responsibilities, prior to each meeting
Directors are provided, in a timely manner,
with a comprehensive set of papers giving
detailed information on the Company’s
transactions, financial position and
performance. Representatives of the
AIFM and the Investment Manager
attend each Board meeting, enabling
the Directors to seek clarification on
specific issues or to probe further on
matters of concern. A full report is
received from the Investment Manager
at each meeting. In the light of these
reports, the Board reviews compliance
with the Company’s stated investment
objectives and, within these established
guidelines, the Investment Manager takes
decisions as to the purchase and sale of
individual investments.
Whistleblowing
As the Company has no employees it does
not have a formal policy concerning the
raising, in confidence, of any concerns
about improprieties for appropriate
independent investigation. The Audit &
Risk Committee has, however, received
and noted the AIFM and Investment
Manager’s policy on this matter. Any
matters concerning the Company may
be raised with the Chairman or Senior
Independent Director.
29
DIRECTORS’ REVIEW
Modern Slavery Act 2015
The Company does not provide goods or
services in the normal course of business,
and as a financial investment vehicle does
not have customers. The Directors do not
therefore consider that the Company is
required to make a statement under the
Modern Slavery Act 2015 in relation to
slavery or human trafficking.
Electronic communications
The Company has enabled electronic
communications whereby shareholders
may opt to receive documents
electronically. Shareholders who opted
for this receive either an email, where an
email address has been registered, or
letter notifying them of the availability
of the Company’s Annual Report, Half-
Year Report and any other Shareholder
documents on the Company’s website.
Those that elected not to switch to
electronic means will continue to receive
hard-copy documents by post. In order
to reduce the Company’s impact on the
environment we encourage shareholders,
wherever possible, to register an email
address and to receive notifications
electronically. We will however continue
to make available printed copies
where required.
Common Reporting
Standard (CRS)
CRS is a global standard for the
automatic exchange of information
commissioned by the Organisation for
Economic Cooperation and Development
and incorporated into UK law by the
International Tax Compliance Regulations
2015. CRS requires the Company to
provide certain additional details to
HMRC in relation to UK resident foreign
investment holders. The reporting
obligation began in 2016 and is an
annual requirement. The Registrar, MUFG
Corporate Markets, is appointed to collate
such information and file the reports with
HMRC on behalf of the Company.
Safe Custody
The Company’s listed investments are
held in safe custody by HSBC Bank Plc
(the ‘Custodian’). Operational matters
with the Custodian are carried out on
the Company’s behalf by the Manager
in accordance with the provisions of the
investment management agreement.
The Custodian is paid a variable fee
dependent on the number of trades
transacted and the locations of the
securities held.
Depositary
HSBC Securities Services (the ‘Depositary’)
acts as the Company’s Depositary
in accordance with the Alternative
Investment Fund Managers Directive
(AIFMD). The Depositary’s responsibilities,
which are set out in the Investor Disclosure
Document on the Company’s website,
include cash monitoring; ensuring the
proper segregation and safe keeping
of the Company’s financial instruments
that are held by the Custodian; and
monitoring the Company’s compliance
with investment and leverage limit
requirements.
Although the Depositary has delegated
the safekeeping of all assets held within
the Company’s investment portfolio to the
Custodian, in the event of any loss of those
assets that constitute financial instruments
under AIFMD, the Depositary will be
obliged to return to the Company financial
instruments of an identical type, or the
corresponding amount of money, unless it
can demonstrate that the loss has arisen
as a result of an external event beyond
its reasonable control, the consequences
of which would have been unavoidable
despite all reasonable efforts to the
contrary.
Directors’ Responsibility,
Accountability and Audit
The Directors’ Statement of Responsibilities
in respect of the financial statements is
set out on page 43. The Independent
Auditor’s Report starts on page 47.
The Board has delegated contractually
to external agencies, including the
AIFM and the Investment Manager, the
management of the investment portfolio,
the custodial services (which include the
safeguarding of the assets), the day to
day accounting, company secretarial and
administration requirements and the share
registration services.
Each of these contracts was entered into
after full and proper consideration by
the Board of the quality and cost of the
services offered, including the control
systems in operation insofar as they
relate to the affairs of the Company. The
Board receives and considers regular
reports from the AIFM and the Investment
Manager and ad hoc reports and
information are supplied to the Board
as required.
Auditor objectivity
and independence
Forvis Mazars LLP is the Auditor of the
Company. The Board believes that
auditor objectivity and independence is
safeguarded for the following reasons:
the extent of non-audit work which
may be carried out by Forvis Mazars
LLP is limited and would flow naturally
from the firm’s role as auditor to the
Company; Forvis Mazars LLP has provided
information on its independence policies
and the safeguards and procedures it has
developed to counter perceived threats
to its objectivity; it also confirms that it is
independent within the meaning of all
regulatory and professional requirements
and that the objectivity of the audit team is
not impaired.
Each Director at the date of approval of
this report confirms that:
(a) insofar as the Director is aware, there
is no relevant audit information
of which the Company’s auditor is
unaware; and
(b) the Director has taken all the steps
he or she ought to have taken as a
Director in order to make himself/
herself aware of any relevant audit
information and to establish that
the Company’s auditor is aware of
that information.
This confirmation is given and should
be interpreted in accordance with the
provisions of section 418 of the Companies
Act 2006. Forvis Mazars LLP will stand for
re-election at the forthcoming AGM.
Disclosures required by FCA Listing
Rule 6.6.1
This rule requires listed companies to
report certain information in a single
identifiable section of their annual
financial reports. Directors confirm that
none of the prescribed information is
applicable to the Company in the year
under review.
Post Balance Sheet Events
Post balance sheet events are detailed in
note 16 to the financial statements.
Annual General Meeting
The AGM will be held on Thursday 23 April
2026 at 2.30pm. This meeting will be held
as a hybrid meeting. This means that there
will be an in person meeting as well as it
being streamed live for those shareholders
who cannot attend in person. The formal
30
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Notice of AGM, including instructions on
how to join online, starts on page 72.
The Directors consider that the resolutions
relating to the items of special business,
as detailed below, are in the best interests
of shareholders as a whole. Accordingly,
the Directors unanimously recommend
to the shareholders that they vote in
favour of the resolutions to be proposed
at the forthcoming AGM, as they intend
to do in respect of their own holdings of
Ordinary shares.
The Board welcomes all shareholders
to the AGM at which the lead portfolio
manager will present his review of the year
and prospects for the future. Additionally,
shareholders wishing to communicate
directly with the Board may make contact
via the Company Secretary, details of
whom can be found on page 68.
The following Resolutions relating to items
of special business will be proposed:
Continuation Vote
In accordance with article 69 of the
Company’s articles of association, a
resolution to continue the Company for a
further period of five years was approved
by shareholders at the Annual General
Meeting held on 29 April 2021. The next
scheduled continuation vote will therefore
be proposed at the 2026 Annual General
Meeting, at which shareholders will be
asked to consider a resolution to continue
the Company for a further five-year period
from the conclusion of that meeting.
The Board remains supportive of the
Company’s investment mandate,
which focuses on global technology
opportunities and is delivered through
AllianzGI’s investment management
capabilities. The direct investment team
is based in San Francisco Bay Area,
providing close proximity to many of the
world’s leading technology companies.
In the event that the continuation
resolution is not passed, the articles of
association require the Board to submit
proposals for the voluntary liquidation or
other reorganisation of the Company for
consideration by shareholders within three
months of the Annual General Meeting.
Authority to allot new shares and sell
shares from treasury on a non pre-
emptive basis
By law, Directors are not permitted to
allot new shares (or to grant rights over
shares) unless authorised to do so by
shareholders. In addition, Directors require
specific authority from shareholders before
allotting new shares (or granting rights
over shares) for cash or selling shares out
of treasury, without first offering them
to existing shareholders in proportion to
their holdings.
Resolution 11 seeks to renew the Directors’
authority to allot shares up to a maximum
aggregate nominal amount of £1,071,891
(42,875,668 Ordinary shares), representing
approximately 10% of the Company’s total
issued Ordinary share capital as at 11
March 2026, being the latest practicable
date prior to publication of this document.
The authority will expire on 23 July 2027 or,
if earlier, at the end of the Annual General
Meeting of the Company to be held in
2027, unless previously cancelled or varied
by the Company in a general meeting.
Resolution 12, which is being proposed
as a Special Resolution, seeks to renew
the Directors’ authority to allot equity
securities, or sell treasury shares, for cash
without having to offer such shares to
existing shareholders pro-rata to their
existing holdings, up to a maximum
aggregate nominal amount of£1,071,891
(42,875,668 Ordinary shares), representing
approximately 10% of the Company’s total
issued Ordinary share capital as at 11
March 2026, being the latest practicable
date prior to publication of this document.
The authority will expire on 23 July 2027 or,
if earlier, at the end of the Annual General
Meeting of the Company to be held in
2027, unless previously cancelled or varied
by the Company in general meeting.
The Directors do not currently intend
to allot new shares or sell shares from
treasury under these authorities other
than to take advantage of opportunities
in the market as they arise and/or to seek
to manage demand for the Company’s
shares and the premium to NAV per
share at which they trade, and only if they
believe it would be in the best interests
of the Company’s existing shareholders
to do so. Under no circumstances would
the Directors issue shares or sell treasury
shares at a price which would result in a
dilution of the NAV per Ordinary share.
Authority for the Company to
purchase its own shares
A resolution authorising the Directors to
make market purchases of up to 14.99%
of the Company’s Ordinary shares was
passed at the AGM of the Company on
23 April 2025. Resolution 13 will authorise
the renewal of such authority enabling the
Company to purchase in the market up to
a maximum of 64,270,626 Ordinary shares
(equivalent to approximately 14.99%
of the Company’s issued share capital)
either for cancellation or for holding in
treasury and sets out the minimum and
maximum prices at which Ordinary shares
may be purchased exclusive of expenses,
reflecting requirements of the Companies
Act 2006 and the UK Listing Rules. The
authority will expire on 23 July 2027 or, if
earlier, at the end of the Annual General
Meeting of the Company to be held in
2027, unless previously cancelled or varied
by the Company in general meeting.
The Board believes that such purchases in
the market at appropriate times and prices
may be a suitable method of enhancing
shareholder value. The Company would
make either a single purchase or a series
of purchases, when market conditions are
suitable and within guidelines set from
time to time by the Board, with the aim of
maximising the benefits to shareholders.
The Board believes that the Company’s
ability to purchase its own shares may
assist liquidity in the market. Additionally,
where purchases are made at prices
below the prevailing NAV per share, this
enhances the NAV for the remaining
shareholders. It is therefore intended
that purchases will only be made at
prices below the prevailing NAV per
share, with the purchases to be funded
from the realised capital profits of the
Company (which are £878 million as at 31
December 2025).
Approval is also being sought for two
secondary authorities under resolutions
14 and 15, to allot new shares and to sell
shares held as treasury shares, disapplying
pre-emption rights.
By order of the Board
Nira Mistry
Company Secretary
13 March 2026
31
DIRECTORS’ REVIEW
Corporate Governance Statement
The Board recognises the importance of
a strong corporate governance culture
that meets the listing requirements. The
Board has put in place a framework
for corporate governance which it
believes is appropriate for an investment
company in line with the best practices
in relation to matters affecting
shareholders, communities, regulators
and other stakeholders of the Company.
With a range of relevant skills and
experience, all Directors contribute to
the Board discussions and debates on
corporate governance. In particular, the
Board believes in providing as much
transparency for investors as is reasonably
possible to ensure investors can clearly
understand the prospects of the business
and enhance the liquidity of its shares
while also preserving an appropriate level
of commercial confidentiality.
The Board has considered the Principles
and Provisions of the AIC Code of
Corporate Governance (‘AIC Code’). The
AIC Code addresses the Principles and
Provisions set out in the UK Corporate
Governance Code (the UK Code), as well
as setting out additional Provisions on
issues that are of specific relevance to the
Company.
The Board considers that reporting
against the Principles and Provisions of
the AIC Code, which has been endorsed
by the FRC, provides more relevant
information to shareholders. The AIC
Code is available on the Company’s and
AIC’s websites.
Application of the Provisions
and Principles
The Company has complied with the
Principles and Provisions of the AIC Code
during the year ended 31 December
2025. The AIC Code is available on the
AIC website (www.theaic.co.uk). It includes
an explanation of how the AIC Code
adapts the Principles and Provisions set
out in the UK Code to make them relevant
for investment companies.
The Board
The Directors are responsible for the
effective stewardship of the Company’s
affairs and aim to provide effective
leadership so that the Company has the
platform from which it can achieve its
investment objective. The Board’s role
is to guide the overall business strategy
to achieve long term success and value
for the benefit of shareholders. A fuller
description of the Company’s strategy can
be found on page 12. Strategic issues
and all operational matters of a material
nature are considered at its meetings.
At 31 December 2025, the Board
comprised five non- executive Directors,
of whom Tim Scholefield is Chairman. A
formal schedule of matters reserved for
decision by the Board has been adopted.
The Board has engaged external firms
to provide investment management,
secretarial, depositary, custodial and
share registration services. Contractual
arrangements are in place between the
Company and these firms.
The Board carefully considers the
various guidelines for determining
the independence of non-executive
Directors, placing particular weight on
the view that independence is evidenced
by an individual being independent
of mind, character and judgement. All
Directors are presently considered to be
independent. All Directors retire at the
AGM each year and, if appropriate, seek
re-election. Each Director has signed
a letter of appointment to formalise
the terms of their engagement as a
non-executive Director, therefore they
do not have a service contract with
the Company. Copies of the letters of
engagement are available on request
and at the AGM.
Senior Independent Director
Neeta Patel is the Senior Independent
Director (SID). She is available to
shareholders if they have concerns which
contact through the normal channels of
Chairman, AIFM or Company Secretary
has failed to resolve or for which such
contact is inappropriate.
Board Culture
The Board adopts a culture where
all parties are treated with respect.
The Directors provide mutual support
combined with constructive challenge.
The Chairman encourages open debate
to foster a supportive and co-operative
approach for all participants. The
Board aims to be open and transparent
with shareholders and their respective
stakeholders. At regular meetings the
Board engages with the AIFM and the
Investment Manager to understand
its culture and receives reporting and
feedback from other service providers.
Appointments to the Board and
Director tenure
The Board regularly reviews its
composition, having regard to the
Board’s structure and to the present
and future needs of the Company. The
Board takes into account its diversity, the
balance of expertise and skills brought
by individual Directors, and length of
service, where continuity and experience
can add significantly to the strength
of the Board and believes that this
provides for a sound base from which
the interests of investors will be served to
a high standard.
The Board believes in the benefits of
having a diverse range of experience,
skills, length of service and backgrounds.
The tenure of each Director, including
the Chairman, is not ordinarily expected
to exceed nine years. However, the
Board is also of the view that length of
service will not necessarily compromise
the independence or contribution of
directors of an investment trust company
or, indeed, its chairman. Continuity and
experience can add significantly to the
strength of the Board especially in times
of market turbulence. All Directors have
served for fewer than nine years. The
32
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Directors’ appointments are formally
reviewed annually after the first AGM
following their date of joining the Board.
Each Director will stand for re-election
annually at the AGM. The biographies
of each Director can be found on
pages 24 and 25 and the ordinary
resolutions for their election and re-
election on page 72.
The Board appoints all Directors on merit
and under the Articles of Association of
the Company, the number of Directors
may be no more than ten and no less
than two. A Director may be appointed
by ordinary resolution. When the
Nomination Committee considers Board
succession planning and recommends
appointments to the Board, it takes into
account a variety of factors. Knowledge,
experience, skills, personal qualities,
residency and governance credentials
play an important part.
During the year under review Elisabeth
Scott retired from the Board and
Lucy Costa Duarte was appointed to
the Board with effect from 1 January
2025, following a recruitment process
run by Sapphire Partners, an external
recruitment agency.
Meetings
The Board is scheduled to meet at
least four times a year and between
these formal meetings there is regular
contact with the AIFM, the Investment
Manager, the Company Secretary and
the Company’s Brokers. The Directors
are kept fully informed of investment
and financial controls, and other matters
that are relevant to the business of the
Company that should be brought to the
attention of the Directors. The Directors
also have access, where necessary
in the furtherance of their duties, to
independent professional advice at
the expense of the Company. The
attendance record of Directors for the
year to 31 December 2025 is set out on
page 25.
The Board considers agenda items laid
out in the notice and agenda of each
meeting which are circulated to the
Board in advance of the meeting as
part of the Board papers. Directors may
request any agenda items to be added
that they consider appropriate for Board
discussion. Each Director is required
to inform the Board of any potential
or actual conflicts of interest prior to
Board discussion. The Board constantly
considers the Company’s strategy
with regard to market conditions and
feedback from shareholders received
directly or from the Managers. The
investment strategy is reviewed regularly
with the AIFM and the Investment
Manager. Board meetings include a
review of investment performance and
associated matters such as marketing/
investor relations, risk management,
gearing, general administration and
compliance, peer group information and
industry issues.
Board evaluation
The Board evaluates its performance
and considers the tenure and
independence of each Director on
an annual basis. During 2025, an
internally facilitated Board evaluation
was conducted whereby each Director
assessed the workings of and individual
contributions to the Board, Committees,
the performance of the Chairman and
the AIFM and Investment Manager.
Directors were given the opportunity
to have individual discussions with the
Chairman and SID. The results were
discussed at the Nomination Committee
meeting held in December 2025 and
it was concluded that the evaluation
process had been worthwhile.
Each Director believes that the
composition of the Board and its
Committees reflect a suitable mix of
skills and experience, and that the
Board, as a whole, and its Committees
functioned effectively during 2025. All
meetings of the Board and Committees
were held in person. The composition of
the Board, Committees and tenure of the
Chairman are reviewed annually by the
Nomination Committee. Further details
can be found on page 37.
The Board is diverse in its composition
and thought processes. The Directors
have a breadth of experience relevant
to the Company. The Directors believe
that any changes to the Board’s
composition can be managed without
undue disruption. The members of the
Board strive to challenge each other
constructively to make sure all issues are
examined from different angles and the
Board holds the AIFM and Investment
Managers properly to account on their
progress on inclusion and diversity.
The Board recommends the election and
re-election of Directors and supporting
biographies are disclosed on pages 24
and 25 of this annual report.
Delegation of responsibilities
The Board has delegated the day-to-
day administration of the Company,
along with financial administration
and investor relations, to Allianz Global
Investors UK Limited in its capacity
as AIFM, Company Secretary and
Administrator. Tasks include preparing
the valuations, the statutory accounts,
the management accounts, presenting
results and information to shareholders,
coordinating all corporate service
providers to the Company and giving the
Board general advice.
Voya Investment Management Co.
LLC, the Investment Manager, has full
discretion (within agreed parameters) to
make investments in accordance with the
Company’s Investment Policy. Among the
specific tasks of the Investment Manager
are the overall financial management
of the Company and existing portfolio
as a whole, including the sourcing of
new investments, presenting results and
information to shareholders.
33
DIRECTORS’ REVIEW
Directors’ and Officers’ Deed
of Indemnity
The Company has also entered into
qualifying third party Deeds of Indemnity
with each Director to cover any liabilities
that may arise to a third party, other
than the Company, for negligence,
default or breach of trust or duty. The
Deeds were in force during the year to
31 December 2025 and up to the date of
approval of this report. The Directors are
not indemnified in respect of liabilities
to the Company or costs incurred in
connection with criminal proceedings
in which the Director is convicted or
required to pay any regulatory or
criminal fines. Directors’ and Officers’
Liabilities insurance information can be
found on page 29.
Training and advice
New Directors are provided with an
induction programme that is tailored
to the particular requirements of the
appointee. Thereafter regular briefings
are provided on changes in regulatory
requirements that affect the Company.
Directors are encouraged to attend
industry and other seminars. Directors, in
the furtherance of their duties, may also
seek independent professional advice at
the expense of the Company. No Director
took such advice during the financial year
under review. All Directors have access to
the advice and services of the Company
Secretary, who is responsible to the Board
for ensuring that Board procedures
are followed and that applicable rules
and regulations are complied with. The
Company Secretary is also responsible
for advising the Board through the
Chairman on all governance matters.
Conflicts of interest
Company Directors have a statutory
obligation to avoid a situation in which
they (and connected persons) have, or
can have, a direct or indirect interest that
conflicts, or may possibly conflict, with
the interests of the Company. The Board
has in place procedures for managing
any actual or potential conflicts of
interest as set out on page 29. No
conflicts of interest arose during the year
under review.
Alternative
Performance Measures
In addition to providing guidance on
Corporate Governance, the AIC provides
the investment company industry
with leadership on the reporting of
alternative performance measures to
support a fair and balanced approach
to the performance of your Company.
A glossary of Alternative Performance
Measures (APMs) can be found on
page 66.
Audit, risk management &
internal controls
Based on the matters outlined on
page 44, the Directors consider that
the provisions relating to an internal
audit function are not applicable to
the Company.
There is an Audit & Risk Committee,
which is chaired by Katya Thomson, that
meets at least twice a year and the full
Audit & Risk Committee Report starts on
page 44.
The Directors are responsible for
overseeing the effectiveness of the
risk management and internal control
systems for the Company, which
are designed to ensure that proper
accounting records are maintained,
that the financial information on
which business decisions are made
and which is issued for publication
is reliable, and that the assets of the
Company are safeguarded. Such a
system of internal control is designed
to manage rather than eliminate the
risks of failure to achieve the Company’s
business objectives and can only provide
reasonable and not absolute assurance
against material misstatement or loss.
The Directors, through the procedures
outlined below and further detailed
in the Strategic Report and the Audit
& Risk Committee Report, have kept
the effectiveness of the Company’s risk
management and internal controls
under review throughout the year
covered by these financial statements
and up to the date of approval of the
Annual Financial Report. The Board has
identified risk management controls in
the key areas of investment strategy,
technology sector risk, cyber risk,
market risk, currency risk, financial and
liquidity risk and operational risk for
extended review. Emerging risks are also
considered by the Board.
The Directors’ Statement of
Responsibilities, set out on page 43,
confirms that they have carried out
a robust assessment of the emerging
and principal risks facing the Company,
including those that would threaten its
business model, future performance,
solvency or liquidity and reputation.
The AIFM and the Investment Manager
have established internal control
frameworks to provide reasonable
assurance on the effectiveness of
the internal controls operated on
behalf of their clients. The AIFM and
Investment Manager’s compliance
and risk departments assess the
effectiveness of the internal controls on
an ongoing basis.
The AIFM and the Investment Manager
provide the Board with regular reports
on all aspects of internal control
(including financial, operational and
compliance control, risk management
and relationships with external service
providers). Business risks have been
analysed and recorded in a Risk Matrix,
which is formally reviewed by the Audit
& Risk Committee at its meetings and at
other times as necessary. It is believed
that an appropriate framework is in
place to meet the requirements of the
AIC Code.
The Investment Manager, at least on
a quarterly basis, reports to the Board
on the market and on the investment
performance of the Company’s portfolio.
Further information is contained
in the Chairman’s Statement, the
Directors’ Report and the Investment
Manager’s Review.
For the year commencing 1 January
2026 the board will be required to report
on the effectiveness of internal controls
as at the financial year end. There is no
expectation that making this declaration
will require any significant change to
the processes or procedures already
performed by the Board.
34
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Relations with shareholders
During 2025, the Company had regular
contact with its shareholders in person
and virtually through the AIFM and the
Investment Manager. The Chairman has
continued to engage with shareholders
where opportunities have arisen. The
AGM will be held as a hybrid meeting
and will allow shareholders to ask the
Board questions.
The Board and the annual report
The Board is responsible for reviewing
the entire annual report and has noted
the supporting information received
and the recommendations of the Audit
& Risk Committee. The Board has
considered whether the annual report
satisfactorily reflects a true picture of
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
then able to confirm that the annual
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
Nira Mistry
Company Secretary
13 March 2026
35
DIRECTORS’ REVIEW
Report of the Management Engagement Committee
Role of the Committee
The role of the Management
Engagement Committee is to
review the investment management
agreement and the Company’s Service
Providers. The Committee monitors
the performance of the Investment
Manager for portfolio management
services and the AIFM for the secretarial,
financial, administration, marketing and
support services that it provides under
a tripartite agreement. It also reviews
the terms of the agreement including
the level and structure of fees payable,
the length of notice period and best
practice provisions generally. All of the
Committee’s responsibilities have been
carried out over the course of the year
under review.
Composition of the Committee
All Directors are members of the
Committee and it is chaired by Neeta
Patel. The terms of reference can be
found on the Company’s website www.
allianztechnologytrust.com.
Manager evaluation process
During the year under review, the
Committee met once to consider
the relationship and the services
provided by both the AIFM and the
Investment Manager prior to making its
recommendation to the Board on the
retention of the AIFM and the Investment
Manager being in the best interests of
the shareholders.
The Committee carried out a
comprehensive review of the
performance fee arrangements to
ensure they were still appropriate. Due
to the increase in size of the Company
the Board considered it in the interest of
shareholders to negotiate a reduction
in the performance fee cap from 1.75%
to 1.25% of the average daily NAV
in the period. This is effective from 1
January 2026.
The Committee reviewed the split of
responsibilities under the tripartite
agreement, details of which are noted in
the Directors’ Report on page 26.
The performance of the AIFM and the
Investment Manager is considered at
every Board meeting with a formal
evaluation by the Committee each
year. For the purpose of its ongoing
monitoring, the Board receives detailed
reports and views from the Investment
Manager on the investment policy
and strategies, asset allocation,
stock selection, attributions, portfolio
characteristics and risk. The Board also
assesses the Investment Manager’s
performance against the investment
controls set by the Board.
A breakdown of the portfolio begins on
page 10.
The AIFM and the Investment
Manager reappointment
The Committee last met in December
2025 and in a closed session after
the presentations from the AIFM
and the Investment Manager, it was
concluded that in its opinion the
continuing appointment of both the
AIFM and the Investment Manager on
the terms agreed was in the interests
of shareholders as a whole and
recommended this to the Board.
Committee evaluation
The activities of the Management
Engagement Committee were
considered as part of the Board
appraisal process completed in
accordance with standard governance
arrangements as summarised on page
33. The conclusion from the process
was that the Committee was operating
effectively, with the right balance of
membership and skills.
Neeta Patel
Management Engagement Committee
Chairman
13 March 2026
36
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Report of the Nomination Committee
Role of the Committee
The primary role of the Nomination
Committee is to review and make
recommendations with regard to Board
structure, size and composition, the
balance of knowledge, experience,
skill ranges and diversity and consider
succession planning and tenure policy.
All of the Committee’s responsibilities
have been carried out during the year
under review. The Committee met on
three occasions during the year and
specifically considered, monitored and
reviewed the following matters:
– the structure and size of the Board
and its composition particularly in
terms of succession planning and the
experience and skills of the individual
Directors and diversity across the
Board as a whole;
– tenure policy;
– the criteria for future Board
appointments and the methods
of recruitment, selection
and appointment;
– the recruitment of a new Director and
the reappointment of those Directors
standing for re-election at annual
general meetings;
– the need for any changes in
committee membership;
– the attendance and time commitment
of the Directors in fulfilling their
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
situational conflicts of interests in
accordance with the provisions of
the Act.
Composition of the Committee
The Committee is composed of all
the current Directors and is chaired
by the Chairman of the Board. The
terms of reference can be found
on the Company’s website www.
allianztechnologytrust.com.
Succession planning
Succession planning is considered
regularly by the committee. The
committee has noted the planned
retirement dates of the Directors.
Performance evaluation
During the year the Committee
undertook an internally facilitated
review. The evaluation process
adopted required the completion of
a questionnaire and each Director
was invited to participate in individual
discussions with the Chairman and the
SID on the workings of and individual
contributions to the Board and
Committees, and on the performance
of the Chairman. Questions included a
review of the interaction with the AIFM
and the Investment Manager. The SID
led the review of the Chairman. The
results of the performance evaluation
were discussed at the Committee
meeting held in December 2025. Any
concerns were discussed openly and
addressed with all Directors with the
AIFM present. It was agreed by all
participants that the evaluation process
had been effective and that the review
points identified would be of benefit
to the Board and the Company as a
whole. Board diversity is summarised on
page 28.
An externally facilitated evaluation is
conducted every three years, with the
next such evaluation scheduled to take
place in 2026.
Tim Scholefield
Nomination Committee Chairman
13 March 2026
37
DIRECTORS’ REVIEW
Report of the Remuneration Committee
Role of the Committee
The primary role of the Remuneration
Committee is to determine the
remuneration policy for the Chairman
and Directors as well as considering the
need to appoint external remuneration
consultations. The Committee reviews
the effectiveness of the remuneration
policy and strategy at least once a year.
Composition of the Committee
The Committee comprises all current
Directors and is chaired by Katya
Thomson. The terms of reference can be
found on the Company’s website www.
allianztechnologytrust.com.
Consideration of
Directors’ remuneration
The Committee reviews Directors’
remuneration taking into consideration
the Company’s Remuneration Policy,
a selection of peer comparisons, other
market information and the Trust
Associates Fee Review. The policy is to
review Directors’ fee rates from time to
time, but reviews will not necessarily
result in a change to the rates. Any
feedback received from shareholders
is also taken into account when setting
remuneration levels.
The levels of Directors’ fees are
recommended to and approved by the
Board. Directors’ remuneration is paid
monthly in arrears to the individual
Director; no payments have been made
to third parties on behalf of any Director.
A detailed summary of the Chairman’s
and Directors’ remuneration starts on
page 39.
Committee evaluation
The activities of the Remuneration
Committee were considered as part of
the Board appraisal process completed
in accordance with standard governance
arrangements as summarised on
page 33. The conclusion from the
process was that the Committee was
operating effectively.
Katya Thomson
Remuneration Committee Chairman
13 March 2026
38
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
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.
At the last Annual General Meeting at which the Directors’ Remuneration Policy was considered (April 2024), 99.75% of votes
received were in favour, 0.25% were against and 0% were withheld.
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 23 April 2025, of the votes cast by proxy for the approval of the Remuneration Implementation Report,
133,345,058 (99.24%) were cast in favour, 1,023,045, (0.76%) were cast against and 159,095 shares were withheld from the vote.
Annual Statement
The Chairman of the Remuneration Committee reports that the Directors’ remuneration will be increased as of 1 January 2026 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:
2025
£
2024
£
2023
£
2022*
£
2021
£
Total Remuneration 238,485 219,727 207,114 203,064 149,500
Total Dividends, Share Buy-backs and Distributions 124,993,000 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
DIRECTORS’ REVIEW
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.
Directors’ fees
All of the Directors, with the exception of Elisabeth Scott who retired on 23 April 2025, served throughout the year and received the
fees set out below.
In the year under review to 31 December 2025 the Directors’ fees were paid at the following rates: £38,000 per annum for each
Director, with the Chairman of the Board receiving an extra £23,000 per annum, the Chairman of the Audit & Risk Committee an
extra £11,500 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 2025. 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 2026 to £41,000 per annum. The Chairman of the Board will receive £65,500 per annum. The Chairman of the Audit & Risk
Committee will receive £53,500 and the Senior Independent Director will receive £43,000 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.
Allianz Technology Trust Net
Asset Value Total Return
Allianz Technology Trust
Ordinary Share Price Total
Return
Dow Jones World Technology
Index (sterling adjusted, total
return)
Source: AllianzGI / Datastream in sterling. Figures have been rebased to 100 as at 31 December 2015.
900
800
700
600
500
400
300
200
100
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
%
40
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Directors’ remuneration (audited information)
The Directors who served in the years ended 31 December 2025 and 31 December 2024 received the following emoluments in the
form of fees:
Appointed
Variable
Fees
2025
£
Total
Fees
2025
£
Variable
Fees
2024
£
Total
Fees
2024
£
Humphrey van der Klugt 1 July 2015 (retired 24 April 2024) - - - 11,811
Elisabeth Scott
1 February 2015 (
retired 23 April 2025)
- 11,985 - 35,000
Neeta Patel 1 September 2019 - 40,000 - 36,416
Tim Scholefield 1 December 2022 - 61,000 - 56,000
Katya Thomson 18 July 2022 - 49,500 - 45,500
Sam Davis 1 January 2024 - 38,000 - 35,000
Lucy Costa Duarte 1 January 2025 - 38,000 - -
- 238,485 - 219,727
No payments of Directors’ fees were made to third parties. The fees are pro-rata.
Annual percentage change
2025
£
% change
2024 to
2025
2024
£
% change
2023 to
2024
2023
£
% change
2022 to
2023
2022
£
% change
2021 to
2022
2021
£
Chairman 61,000 8.9 56,000 5.7 53,000 3.9 51,000 6.3 48,000
Audit & Risk Chairman 49,500 8.8 45,500 9.6 41,500 N/A
1
41,500 6.4 39,000
SID 40,000 8.1 37,000 7.2 34,500 N/A
1
Independent Director 38,000 8.6 35,000 6.1 33,000 3.1 32,000 6.7 30,000
1
Until 31 December 2022, the roles of 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
Appointed
31 December
2025
31 December
2024
Tim Scholefield 1 December 2021 19,250 19,250
Elisabeth Scott
1 February 2015 (
retired 23 April 2025)
N/A 16,500
Neeta Patel 1 September 2019 14,989 14,989
Katya Thomson 18 July 2022 30,000 30,000
Sam Davis 1 January 2024 9,028 9,028
Lucy Costa Duarte 1 January 2025 7,180 -
There have been no further changes to any of the Directors’ interests from the year end to the date of this report.
Katya Thomson
Remuneration Committee Chairman
13 March 2026
41
DIRECTORS’ REVIEW
Directors’ Remuneration Policy Report
In accordance with Schedule 8 of The
Large and Medium sized Companies
and Groups (Accounts and Reports)
Regulations 2008 as amended, the
Company is required to put to a binding
vote of shareholders, at least every three
years, the Company’s Remuneration
Policy Report (‘the Policy’).
The Policy was last proposed to and
approved by shareholders at the AGM
in 2024 and will therefore be proposed
as an Ordinary Resolution at the AGM
in 2027.
Directors’ Remuneration Policy
The Company’s Remuneration Policy
provides that fees payable to the
Directors should reflect the time spent
by the Board on the Company’s affairs
and the responsibilities borne by the
Directors and should be sufficient to
enable candidates of high calibre to
be recruited.
Directors are remunerated solely in the
form of fees payable monthly in arrears,
paid to the Director personally or to a
specified third party. There are no long-
term incentive schemes, share option
schemes or pension arrangements and
the fees are not specifically related
to the Directors’ performance, either
individually or collectively. There are no
payments of recruitment bonuses. The
same principles set out in this policy and
the same level of remuneration apply to
any new Directors.
The Board consists of independent non-
executive Directors whose appointments
are reviewed by the Board as a whole.
None of the Directors has a service
contract with the Company and any
Director may resign by notice in writing
to the Board at any time; there are no
set notice periods and no compensation
is payable to a Director on leaving
office. The Company does not have a
Chief Executive Officer and there are
no employees.
When reviewing the level of
remuneration consideration is given to
the time, commitment and Committee
responsibilities of each Director. The
Board also takes into account the
fees paid to directors of companies
within its peer group, the increasing
demands and accountability of the
corporate governance and regulatory
environment, as well as the fees of other
comparable companies.
The policy is for the Chairman of the
Board, Audit & Risk Committee and
Senior Independent Director to be paid
a fee which is proportionate to the
significant additional responsibilities
involved in the position.
It is intended that the above
Remuneration Policy will continue to
apply in the forthcoming financial year
and subsequent years.
Katya Thomson
Remuneration Committee Chairman
13 March 2026
42
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Statement of Directors’ Responsibilities
The Directors are responsible for
preparing the Annual Financial
Report and the financial statements in
accordance with applicable law and
regulations. Company law requires the
Directors to prepare financial statements
for each financial year. Under that law
the Directors have elected to prepare the
financial statements in accordance with
United Kingdom Generally Accepted
Accounting Practice (United Kingdom
Accounting Standards and applicable
law). The financial statements are
required by law to give a true and
fair view of the state of affairs of the
Company and of the total return of the
Company for that year. In preparing
these financial statements, the Directors
are required to:
– select suitable accounting policies and
then apply them consistently;
– make judgements and estimates that
are reasonable and prudent;
– state whether applicable UK
accounting standards have been
followed; and
– prepare the financial statements on
the going concern basis, unless it is
inappropriate to presume that the
Company will continue in business.
The Directors confirm that the
financial statements comply with the
above requirements.
The Directors are responsible for keeping
adequate accounting records that
disclose with reasonable accuracy at
any time the financial position of the
Company and enable them to ensure
that the financial statements comply
with the Companies Act 2006. They
are also responsible for safeguarding
the assets of the Company and hence
for taking reasonable steps for the
prevention and detection of fraud and
other irregularities.
Under applicable law and regulations,
the Directors are also responsible
for preparing a Strategic Report, a
Directors’ Report, and Corporate
Governance Statement, and a Directors’
Remuneration Report which comply with
that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the
corporate and financial information
included on the Company’s website.
The financial statements are published
on www.allianztechnologytrust.com,
which is a website maintained by the
Alternative Investment Fund Manager.
The work undertaken by the Auditor
does not involve consideration of
the maintenance and integrity of the
website and, accordingly, the Auditor
accepts no responsibility for any
changes that may have occurred to
the financial statements since they
were initially presented on the website.
Visitors to the website need to be
aware that legislation in the United
Kingdom governing the preparation
and dissemination of the financial
statements may differ from legislation in
other jurisdictions.
Neither an audit nor a review provides
assurance on the maintenance and
integrity of the website, including
controls used to achieve this, and
in particular whether any changes
may have occurred to the financial
information since first published. These
matters are the responsibility of the
Directors but no control procedures can
provide absolute assurance in this area.
The Directors each confirm to the best of
their knowledge that:
(a) the Financial Statements, which have
been prepared in accordance with
applicable accounting standards,
give a true and fair view of the
assets, liabilities, financial position
and return of the Company; and
(b) the Strategic Report includes a fair
review of the development and
performance of the business and
the position of the Company, along
with a description of the principal
risks and uncertainties that the
Company faces.
The Directors confirm that the Annual
Report and Financial Statements,
taken as a whole are fair, balanced
and understandable and provide the
information necessary to assess the
Company’s position and performance,
business model and strategy.
For and on behalf of the Board
Tim Scholefield
Chairman
13 March 2026
43
DIRECTORS’ REVIEW
During the year under review, Forvis
Mazars LLP were re-appointed as auditor
at the Company’s Annual General
Meeting in 2025. Their independent
report can be found on page 47.
Responsibility
The primary responsibilities of the
Committee are to ensure the integrity
of the Company’s financial reporting
and the appropriateness of the risk
management processes and internal
controls. The report details how we carry
out this role.
Composition and meetings
The members of the Committee
throughout the year were myself as
Chairman, Neeta Patel, Sam Davis and
Lucy Costa Duarte. Tim Scholefield,
Chairman of the Board, is not a member
of the Committee but attends meetings
by invitation. The Committee believes that
it is in the best interests of the Company
for the Chairman of the Board to attend
the Committee meetings. All the members
of the Committee are independent
Non-Executive Directors, and their skills
and experience are set out on pages
24 and 25. The Board reviews the
composition of the Committee and it
considers that, collectively, its members
have sufficient recent and relevant
financial and sector experience to fully
discharge their responsibilities.
The Committee meets at least twice per
year. The attendance of the Committee
members is shown on page 25. The
Committee invites the external auditor,
a representative of the Depositary,
personnel from the AIFM’s financial,
compliance and risk functions and the
Investment Manager’s compliance
function to attend and report to the
Committee on relevant matters. As part
of the year end process I, as Chairman
of the Committee, attended additional
meetings with representatives of the AIFM
and the external auditor. In addition,
during the year, the Committee also met
privately with the external auditor to give
them an opportunity to raise any issues
without management present. After each
Committee meeting the Chairman of the
Committee reports to the Board on the
main items discussed at the meeting.
Role and responsibilities of the
Audit & Risk Committee
The Committee’s authority and duties
are defined in its terms of reference,
which were reviewed during the year,
and are available on the Company’s
website www.allianztechnologytrust.com.
The principal activities carried out during
the year were:
– Financial reporting: we considered
the Company’s financial reports,
including the implications of any
accounting standards and regulatory
changes, significant accounting
issues and the appropriateness of
the accounting policies adopted.
We considered and are satisfied
that, taken as a whole, the Annual
Financial Report is fair, balanced
and understandable and provides
the information necessary for
shareholders to assess the Company’s
position, performance, business model
and strategy.
– External audit: we considered the
scope of the external audit plan
and the subsequent findings from
this work.
– Risk and internal control: we
considered the key risks facing the
Company and the adequacy and
effectiveness of the internal controls
and risk management processes.
– External auditor: we considered the
independence, effectiveness and fees
of the external auditor, as detailed
later in this report.
Internal Audit and
Internal Controls
The Committee continues to believe
that the Company does not require an
internal audit function as it delegates its
day-to-day operations to third parties
from whom it receives assurance.
Reports from third party auditors on the
internal controls maintained on behalf
of the Company by the AIFM, Investment
Manager and by other providers of
administrative and custodian services to
AllianzGI UK or directly to the Company
were reviewed during the year. No issues
of concern relating to the Company were
raised in the reports.
Audit & Risk Committee Report
I am pleased to present
my formal report
to shareholders as
Chairman of the
Audit & Risk Committee
for the year ended
31 December 2025.
44
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
AllianzGI will be transitioning its back office services to a new service provider. The Committee will be receiving regular additional
reporting from AllianzGI on the management and controls of the transition to gain additional assurance during this change.
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
mitigating actions. In turn the Board carries out both a detailed specific review of matters highlighted by the Committee and
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
Statements, any issues which may arise in relation to these and any specific areas which require judgement.
The Committee is responsible for agreeing a suitable Audit Plan for the year-end audit and production of the Annual Financial
Report. The significant areas of risk and focus that the Committee considered were substantively unchanged from 2024
and included:
Valuation, existence and
ownership of the Company’s
investments
Valuations of actively traded investments are reconciled using stock exchange
prices provided by third party pricing vendors. The Company holds no unquoted
investments. Ownership of listed investments is verified by reconciliation to the
custodian’s records.
Recognition, completeness
and occurrence of revenue
Income received is accounted for in line with the Company’s accounting policy (as
set out on page 55) and is reviewed by the Committee.
Compliance with Section
1158 of the Corporation Tax Act
2010
The Committee regularly considers the controls in place to ensure that the
regulations for ensuring investment trust status are observed at all times.
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
Performance Fees
The calculation of the management and performance fees payable to AllianzGI UK
and Voya IM 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
Company over a period of five years.
Annual Financial Report
The Committee and then the whole Board reviewed the entire Annual Financial Report and noted all the supporting information
received. It then considered and concluded that the annual report satisfactorily reflected a true picture of the Company and its
activities and performance in the year, with a clear link between the relevant sections of the report. The Directors were then able
to confirm that the Annual Financial Report, taken as a whole, is fair, balanced and understandable and provides the information
necessary for shareholders to assess the Company’s position, performance, business model and strategy.
45
DIRECTORS’ REVIEW
Auditor effectiveness
The Committee is responsible for
reviewing the terms of appointment of
the Auditor and for monitoring the audit
process including the effectiveness and
objectivity of the Auditor in fulfilling the
terms of the agreed Audit Plan and the
Audit Findings Report subsequently
issued by them.
As part of the review of the Auditor, the
members of the Committee and those
representatives of the Manager involved
in the audit process reviewed and
considered a number of areas including:
– the reputation and standing of the
audit firm;
– the audit processes and evidence of
partner oversight;
– audit communication including details
of planning; and
– information on relevant accounting
and regulatory developments,
and recommendations on
corporate reporting.
Auditor tenure
There are no contractual obligations
which restrict the Committee’s choice of
auditor. This is Forvis Mazars LLP’s fourth
year as the Company’s independent
Auditor with Nargis Yunis appointed as
audit partner. Following professional
guidelines, Nargis can serve for up to
five years. The continued appointment
of the auditor is considered by the Audit
& Risk Committee each year, taking
into account relevant guidance and
best practice and considering their
independence and the effectiveness of
the external audit process.
Auditor independence
Forvis Mazars LLP did not provide any
non-audit services to the Company in
this or the previous accounting year.
The Committee also took into account
the competitiveness of their fees and
obtained feedback from the AIFM
regarding the performance of the audit
team. The Committee is satisfied with
the independence and performance
of the Auditor. Forvis Mazars LLP will
be proposed at the forthcoming AGM
to be re-appointed as auditors of
the Company for the year ending 31
December 2026.
Committee evaluation
The activities of the Audit & Risk
Committee were considered as part of
the Board appraisal process completed
in accordance with standard governance
arrangements as summarised on
page 33.
The conclusion from the process was that
the Committee was operating effectively,
with the right balance of membership,
experience and skills.
Katya Thomson
Audit & Risk Committee Chairman
13 March 2026
46
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Opinion
We have audited the financial statements of Allianz
Technology Trust PLC (the ‘Company’) for the year ended 31
December 2025 which comprise the Income Statement, the
Balance Sheet, the Statement of Changes in Equity, and notes
to the financial statements, including a summary of significant
accounting policies.
The financial reporting framework that has been
applied in their preparation is applicable law and United
Kingdom Accounting Standards, including FRS 102 “The
Financial Reporting Standard applicable in the UK and
Republic of Ireland” (United Kingdom Generally Accepted
Accounting Practice).
In our opinion, the financial statements:
– give a true and f
air view of the state of the Company’s affairs
as at 31 December 2025 and of the Company’s profit for the
year then ended;
– have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice; and
– have been prepared in accordance with the requirements of
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further
described in the “Auditor’s responsibilities for the audit of
the financial statements” section of our report. We are
independent of the Company in accordance with the ethical
requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as
applied to listed entities and public interest entities, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the Directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Our audit procedures to evaluate the Directors’ assessment of
the Company’s ability to continue to adopt the going concern
basis of accounting included but were not limited to:
– undertaking an initial assessment at the planning stage
of the audit to identify events or conditions that may cast
significant doubt on the Company’s ability to continue as a
going concern;
– making enquiries of the Directors to understand the period
of assessment considered by the Directors, assessing and
challenging the appropriateness of the Directors’ key
assumptions in their income and expense projections
including the movements in fair value of the investment
portfolio and implication of those when assessing severe but
plausible scenarios;
– assessing the liquidity of the p
ortfolio through reviewing
Management assessment of how quickly the portfolio could
be liquidated if required;
– assessing the Company’s performance to date;
– r
eviewing the shareholder register and marking enquiries of
the broker to understand whether there were any unusual
shareholder movements and circumstances over the year
and up to the signing date that may have an adverse impact
on the continuation vote to be held at the Annual General
Meeting in April 2026; and
– e
valuating the appropriateness of the Directors’ disclosures
in the financial statements on going concern and
viability statement.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Company’s ability to continue as a going concern for a period
of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Directors with
respect to going concern are described in the relevant sections
of this report.
In relation to Allianz Technology Trust PLC’s reporting on how
it has met its obligations under the UK Corporate Governance
Code, we have nothing material to add or draw attention to in
relation to the Directors’ statement in the financial statements
about whether the Director’s considered it appropriate to
adopt the going concern basis of accounting.
Independent Auditor’s Report to the Members of
Allianz Technology Trust PLC
47
FINANCIAL STATEMENTS
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
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.
This matter, together with our findings, was communicated to those charged with governance through our Audit
Completion Report.
Key Audit Matter How our scope addressed this matter
Valuation, existence and ownership of the
investment portfolio
(as described on page 45 in the Report of the
Audit & Risk Committee and as per the accounting
policy set out on page 55).
Investments held as of 31 December 2025 were
valued at £2.01bn (2024: £1.72bn). These are
measured in accordance with the requirements
of United Kingdom Accounting Standards and
the Statement of Recommended Practice issued
by the Association of Investment Companies. The
investment portfolio solely comprises of level
one investments.
Investments make up 99% of net assets by value as
of 31 December 2025 (98% of net assets by value
as of 31 December 2024) and are considered to be
the key driver for the Company’s performance. The
investments are made up of quoted investments
that are classified upon initial recognition as
held at fair value through profit or loss and are
measured initially and subsequently at fair value
(which is based on either the quoted bid prices or
the last traded prices at the close of business on
the year-end date). There is a risk that investments
recorded might not exist or might not be owned
by the Company. Although the investments are
valued at quoted bid prices, there is a risk that errors
in valuation can have a material impact on the
numbers presented.
We therefore identified valuation, existence and
ownership of investments as a key audit matter as it
had the greatest effect on our overall audit strategy
and allocation of resources.
Our audit procedures included, but were not limited to:
– understanding Management’s process to record and value
investments through discussions with Management, examination
of control reports for the third-party service organisations
and performing a walkthrough to evaluate the design and
implementation of controls;
– for all investments in the portfolio, agreeing investment holdings
to an independent custodian and depositary confirmation in
order to obtain comfort over existence and ownership;
– for all investments in the portfolio, comparing to market prices
independently obtained from a source vendor and recalculating
the investment valuations as at the year-end;
– for all investments in the portfolio, assessing the frequency
of trading to identify any prices that have not changed and
assessing whether the price used is a valid fair value to ensure
appropriateness of fair value classification; and
– assessing the adequacy of the disclosure in the financial
statements and ensuring that the methodology applied is in
accordance with FRS 102 and the Statement of Recommended
Practice issued by the Association of Investment Companies.
Our observations
We have no matters to communicate with regards to the valuation,
existence and ownership of the investment portfolio held at 31
December 2025.
48
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Our application of materiality and an overview of the scope of our audit
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of
our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements,
both individually and on the financial statements as a whole. Base
d on our professional judgement, we determined materiality for
the financial statements as a whole as follows:
Materiality
Overall materiality £20.29m (2024: £17.47m)
How we determined it 1% of net assets (2024: 1% of net assets)
Rationale for
benchmark applied
Net assets have been identified as the principal benchmark within the financial statements as it is
considered to be the main focus of the shareholders.
Whilst valuation processes for these investments are not considered to be complex, there is a
risk that errors in valuation could cause a material misstatement. 1% has been chosen as it is a
generally accepted auditing practice for investment trust audits and the Company is a public
interest entity.
Performance
materiality
Performance materiality is set to reduce to an appropriately low level the probability that the
aggregate of uncorrected and undetected misstatements in the financial statements exceeds
materiality for the financial statements as a whole.
On the basis of our risk assessments and together with our assessment of the overall control
environment, we set performance materiality at £14.20m (2024: £12.23m) which represents 70%
(2024: 70%) of overall materiality.
Reporting threshold We agreed with the Directors that we would report to them misstatements identified during our
audit above £0.61m (2024: £0.52m) as well as misstatements below that amount that, in our
view, warranted reporting for qualitative reasons.
As part of designing our audit, we assessed the risk of material misstatement in the financial statements, whether due to fraud or
error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the Directors
made subjective judgements, such as assumptions on significant accounting estimates.
We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial
statements as a whole. We used the outputs of our risk assessment, our understanding of the Company, their environment,
controls, and critical business processes, to consider qualitative factors to ensure that we obtained sufficient coverage across all
financial statement line items.
Other information
The other information comprises the information included in the annual financial report, other than the financial statements and
our auditor’s report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does
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
inconsistent with the financial statements or our knowledge obtained in the course of audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether
this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
49
FINANCIAL STATEMENTS
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 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 how Allianz
Technology Trust PLC meets its obligations under 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 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 whether it has a reasonable
expectation that the Company will be able to continue in
operation and meets its liabilities, 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 & Risk
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.
50
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Based on our understanding of the Company and its industry,
we considered that non-compliance with the following laws
and regulations might have a material effect on the financial
statements: United Kingdom Accounting Standards, including
FRS 102, the ‘Financial Reporting Standard applicable in the
UK and Republic of Ireland’, the Listing Rules, UK Corporate
Governance Code, the Association of Investment Companies’
Code, Section 1158 of the Corporation Tax Act 2010, HMRC
Investment Trust conditions and The Companies (Miscellaneous
Reporting) Regulations 2018.
To help us identify instances of non-compliance with these
laws and regulations, and in identifying and assessing the risks
of material misstatement in respect to non-compliance, our
procedures included, but were not limited to:
– Gaining an understanding of the legal and regulatory
framework applicable to the Company, the industry in
which they operate, and the structure of the Company, and
considering the risk of acts by the Company which were
contrary to the applicable laws and regulations, including
fraud;
– Inquiring of the Directors, Management and, where
appropriate, those charged with governance, as to whether
the Company is in compliance with laws and regulations,
and discussing their policies and procedures regarding
compliance with laws and regulations;
– Reviewing minutes of Directors’ meetings in the year and up
until the authorisation of financial statements; and
– Discussing amongst the engagement team the laws
and regulations listed above, and remaining alert to any
indications of non-compliance.
We also considered those laws and regulations that have a
direct effect on the preparation of the financial statements,
such as the Statement of Recommended Practice issued by the
Association of Investment Companies, the Companies Act 2006
and UK tax legislation.
In addition, we evaluated the Directors’ and Management’s
incentives and opportunities for fraudulent manipulation of
the financial statements, including the risk of management
override of controls, and determined that the principal risks
related to posting manual journal entries to manipulate
financial performance, management bias through significant
one-off or unusual transactions. Our procedures in relation to
fraud included but were not limited to:
– Making enquiries of the Directors and Management on
whether they had knowledge of any actual, suspected or
alleged fraud;
– Gaining an understanding of the internal controls
established to mitigate risks related to fraud;
– Discussing amongst the engagement team the risks of fraud;
– Addressing the risks of fraud through management override
of controls by performing journal entry testing.
The primary responsibility for the prevention and detection of
irregularities, including fraud, rests with both those charged
with governance and Management. As with any audit,
there remained a risk of non-detection of irregularities, as
these may involve collusion, forgery, intentional omissions,
misrepresentations or the override of internal controls.
The risks of material misstatement that had the greatest effect
on our audit are discussed in the “Key audit matters” section of
this report.
A further description of our responsibilities is available on
the Financial Reporting Council’s website at www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters which we are required to address
Following the recommendation of the Audit & Risk Committee,
we were appointed by the Audit & Risk Committee on 13 July
2022 to audit the financial statements for the year ending
31 December 2022 and reappointed by the Members at the
Annual General Meetings for subsequent financial periods.
The period of total uninterrupted engagement is four
years, covering the years ended 31 December 2022 to 31
December 2025.
The non-audit services prohibited by the FRC’s Ethical
Standard were not provided to the Company and we remain
independent of the Company in conducting our audit.
Our audit opinion is consistent with our additional report to the
Audit & Risk Committee.
Use of the audit report
This report is made solely to the Company’s members as
a body in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
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
no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body for our audit
work, for this report, or for the opinions we have formed.
Nargis Shaheen Yunis (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey, London
EC4M 7AU
13 March 2026
51
FINANCIAL STATEMENTS
Income Statement
for the year ended 31 December 2025
Notes
2025
Revenue
£’000s
2025
Capital
£’000s
2025
Total Return
£’000s
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total Return
£’000s
Gains on investments held at fair value through profit
or loss
7 - 413,324 413,324 - 462,854 462,854
Exchange gains (losses) on currency balances (17) (2,202) (2,219) (8) 1,521 1,513
Income 1 8,332 - 8,332 6,571 - 6,571
Investment management fee and performance fee 2 (10,159) - (10,159) (8,816) - (8,816)
Administration expenses 3 (1,129) - (1,129) (1,165) - (1,165)
Profit (loss) before finance costs and taxation (2,973) 411,122 408,149 (3,418) 464,375 460,957
Taxation 4 (1,168) - (1,168) (891) - (891)
Profit (loss) on ordinary activities attributable to
Ordinary shareholders
(4,141) 411,122 406,981 (4,309) 464,375 460,066
Earnings (loss) per Ordinary share (basic and diluted) 6 (1.11p) 110.50p 109.39p (1.12p) 120.68p 119.56p
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.
The profit attributable to Ordinary shareholders for the year disclosed above represents the Company’s total Comprehensive
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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Notes
2025
£’000s
2024
£’000s
Non current assets
Investments held at fair value through profit or loss 7 2,006,621 1,715,543
Current assets
Other receivables 9 811 511
Cash and cash equivalents 9 25,121 33,763
25,932 34,274
Current liabilities
Other payables 9 (3,698) (2,950)
Net current assets 22,234 31,324
Total net assets 2,028,855 1,746,867
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 1,728,808 1,442,679
Revenue reserve 11 (45,884) (41,743)
Shareholders’ funds - equity 12 2,028,855 1,746,867
Net asset value per Ordinary share 12 571.7p 458.6p
The financial statements of Allianz Technology Trust PLC, company number 3117355, were approved and authorised for issue by
the Board of Directors on 13 March 2026 and signed on its behalf by:
Tim Scholefield
Chairman
13 March 2026
Balance Sheet
at 31 December 2025
The notes on pages 55 to 65 form an integral part of these Financial Statements.
53
FINANCIAL STATEMENTS
Statement of Changes in Equity
for the year ended 31 December 2025
Called up
Share
Capital
£’000s
Share
Premium
Account
£’000s
Capital
Redemption
Reserve
£’000s
Capital
Reserve
£’000s
Revenue
Reserve
£’000s
Total
£’000s
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)
Capital profit - - - 464,375 - 464,375
Net assets at 31 December 2024 10,719 334,191 1,021 1,442,679 (41,743) 1,746,867
Net assets at 1 January 2025 10,719 334,191 1,021 1,442,679 (41,743) 1,746,867
Revenue loss - - - - (4,141) (4,141)
Shares repurchased into treasury during the year - - - (124,993) - (124,993)
Capital profit - - - 411,122 - 411,122
Net assets at 31 December 2025 10,719 334,191 1,021 1,728,808 (45,884) 2,028,855
The notes on pages 55 to 65 form an integral part of these Financial Statements.
54
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Notes to the Financial Statements
for the year ended 31 December 2025
1 The financial statements
– have been prepared on the
basis of the accounting policies set out below.
The financial statements have been prepared in
accordance with The Companies Act 2006, FRS 102 and
with the Statement of Recommended Practice ‘Financial
Statements of Investment Trust Companies and Venture
Capital Trusts’ (SORP) issued by the Association of
Investment Companies (AIC) in July 2022.
In order to better reflect the activities of an investment trust
company and in accordance with guidance issued by the
AIC, supplementary information which analyses the Income
Statement between items of a revenue and capital nature
has been presented alongside the Income Statement. In
accordance with the Company’s status as a UK investment
company under section 833 and 834 of the Companies
Act 2006, net capital returns may be distributed by way
of dividend.
The requirements within FRS 102 section 7.1A have been
met to qualify for the exemption to prepare a Cash Flow
Statement. Therefore the Cash Flow Statement has not
been included in the financial statements.
The accounting policies adopted in preparing the current
year’s financial statements are consistent with those of
previous years.
The Directors believe that it is appropriate to continue to
adopt the going concern basis in preparing the financial
statements as the assets of the Company consist mainly
of securities which are readily realisable and significantly
exceed 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
have concluded that the Company has adequate financial
resources to continue in operational existence and meet
its objectives for twelve months after the approval of the
financial statements.
The Company is subject to a continuation vote at this
year’s AGM to be held on 23 April 2026. Having regard to
the Company’s performance and track record, the Board
is confident that the continuation vote will be passed by
the shareholders.
2 Income
– Dividends received on equity shares are
accounted for on an ex-dividend basis. UK dividends
are shown net of tax credits and foreign dividends are
grossed up at the appropriate rate of withholding tax.
Special dividends are recognised on an ex-dividend basis
and treated as a capital or revenue item depending on the
facts and circumstances of each dividend.
Where the Company has elected to receive its dividends
in the form of additional shares rather than in cash, the
equivalent of the cash dividend is recognised as revenue.
Any excess in the value of the shares received over the
amount of the cash dividend is recognised in capital.
Deposit interest receivable is accounted for on an
accruals basis.
3 Investment management fees and administrative
expenses
– The investment management fee is calculated
on the basis set out in Note 2 to the financial statements
and is charged in full to revenue as permitted by the
SORP. Performance fees are charged in full to capital, as
they are directly attributable to the capital performance
of the investments. Other administrative expenses are
charged in full to revenue. All expenses are recognised on
an accruals basis.
4 Valuation – The Company’s business is investing in
financial assets with a view to profiting from their total
return in the form of increases in fair value. The financial
assets are publicly traded equity investments which are
held at fair value through profit or loss in accordance with
FRS 102 Section 11: ‘Basic Financial Instruments’ and
Section 12: ‘Other Financial Instruments’.
Investments held at fair value through profit or loss are
initially recognised at fair value. After initial recognition,
these continue to be measured at fair value, which for
quoted investments is either the bid price or the last traded
price depending on the convention of the exchange
on which the investment is listed. Gains or losses on
investments are recognised in the capital column of the
Income Statement. Purchases and sales of financial assets
are recognised on the trade date, being the date at which
the Company commits to purchase or sell the assets.
5 Taxation
– Where expenses are allocated between
capital and revenue, any tax relief obtained in respect of
those expenses is allocated between capital and revenue
on the marginal basis.
Deferred taxation is recognised in respect of all timing
differences that have originated but not reversed at the
balance sheet date, where transactions or events that result
in an obligation to pay more tax or a right to pay less tax in
the future have occurred. Timing differences are differences
between the Company’s taxable profits and its return as
stated in the financial statement.
A deferred tax asset is recognised when it is more likely
than not that the asset will be recoverable. Deferred tax
is measured on a non-discounted basis at the rate of
Summary of Accounting Policies
for the year ended 31 December 2025
55
FINANCIAL STATEMENTS
corporation tax that is expected to apply when the timing
differences are expected to reverse.
6 Foreign currency
– In accordance with FRS 102 Section
30: ‘Foreign Currency Translation’, the Company is
required to nominate a functional currency, being the
currency in which the Company predominately operates.
The functional and reporting currency is sterling,
reflecting the primary economic environment in which the
Company operates, the predominant currency in which
its shareholders operate and the currency in which its
expenses are generally paid.
Transactions in foreign currencies are translated into
sterling at the rates of exchange ruling on the date of the
transaction. Assets and liabilities are translated into sterling
at the rates of exchange ruling at the balance sheet date.
Gains and losses thereon are recognised in the revenue or
capital column of the income statement, dependant on the
nature of the gain or loss. Gains and losses on investments
arising from a change in exchange rate are taken to the
capital reserves.
7 Shares repurchased for cancellation and holding in
treasury
– For shares repurchased for cancellation, Share
Capital is reduced by the nominal value of the shares
repurchased, and the Capital Redemption Reserve is
correspondingly increased in accordance with Section
733 of the Companies Act 2006. The full cost of the
repurchase is charged to the Capital Reserve.
For shares repurchased for holding in treasury, the full cost
is charged to the Capital Reserve.
8 Shares sold (re-issued) from treasury
– Proceeds received
from the sale of shares held in treasury are treated as
realised profits in accordance with Section 731 of the
Companies Act 2006. Proceeds equivalent to the original
cost, calculated by applying a weighted average price,
are credited to the Capital Reserve to replenish the
profits available for distribution; proceeds in excess of the
original cost are credited to the Share Premium Account.
9 Shares issued – Share capital is increased by the nominal
value of shares issued. The proceeds in excess of the
nominal value of shares net of expenses are allocated to
the Share Premium Account.
10 Significant judgements, estimates and assumptions – In
the application of the Company’s accounting policies,
which are described above, the Directors are required
to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are
not readily apparent from other sources. These estimates
and associated assumptions are based on historical
experience and other factors that are considered to be
relevant. Actual results may differ from the estimates.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
if the revision affects only that period or, in the period of
the revision and future periods if the revision affects both
current and future periods.
There have been no such significant judgements, estimates
or assumptions made during the year. The investment
portfolio currently consists of listed investments and
therefore no significant estimates have been made in
valuing those securities.
11 Operating segments
– The Company has one operating
segment, being that of an investment trust investing
principally in equity securities on a worldwide basis, with
the aim of achieving long term capital growth.
56
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
1. Income
2025
£’000s
2024
£’000s
Income from investments*
Equity income from overseas investments 7,630 5,630
7,630 5,630
Other income
Deposit interest 702 941
702 941
Total income 8,332 6,571
* All equity income is derived from listed investments.
2. Investment Management Fee
2025
Revenue
£’000s
2025
Capital
£’000s
2025
Total
£’000s
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total
£’000s
Investment management fee 10,159 - 10,159 8,816 - 8,816
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%
for any market capitalisation over £1 billion. Additionally there is a fixed fee of £55,000 per annum to cover AllianzGI UK’s
administration costs.
In each year, in accordance with the management contract, the Investment Manager is entitled to a performance fee equal to
10.0% (2024: 10%) 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 performance fee payable was capped at 1.75% of the average daily NAV of the Company over the year (2024: 1.75% of year-
end NAV). With effect from 1 January 2026 the fee cap reduced to 1.25%. For this purpose, NAV is calculated after deduction of
any performance fee payable.
The performance fee entitlement is assessed over each financial year (the Performance Period). Any underperformance at the
end of each Performance Period is carried forward and must be offset by future outperformance before a performance fee
can crystallise.
Once crystallised, a performance fee is only payable where the NAV per share at the end of the relevant Performance Period is
greater than the NAV per share at the end of the financial year in which a performance fee was last paid. At 31 December 2025,
this high water mark (HWM) was 297.2p per share.
Any outperformance in excess of the cap (or where the HWM has not been met) shall be carried forward to future years to be
available for offset against future underperformance but not to generate a performance fee. Underperformance/outperformance
amounts carried forward do so indefinitely until offset.
The performance fee accrued for as at 31 December 2025 was £nil (31 December 2024: £nil).
The Investment Manager’s fee is charged 100% to Revenue and any performance fee is charged 100% to Capital.
57
FINANCIAL STATEMENTS
3. Administration expenses
2025
£’000s
2024
£’000s
Auditor’s remuneration
Fee payable to the Company's auditor for the audit of the Company's annual accounts 51 50
VAT on auditor's remuneration 10 10
61 60
Directors' fees
1
238 220
Employer national insurance contributions 44 22
Marketing costs
2
384 371
Depositary fees 65 65
Custodian fees 57 60
Registrar’s fees 90 103
Professional & advisory fees 35 95
Stock exchange fees 91 67
Legal fees - 16
Printing and postage 54 54
FCA fees 59 45
AIC fees 25 22
Other administrative expenses 64 83
VAT recovered (138) (118)
1,129 1,165
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
2025
Revenue
£’000s
2025
Capital
£’000s
2025
Total
£’000s
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total
£’000s
Overseas taxation 1,168 - 1,168 891 - 891
Total tax 1,168 - 1,168 891 - 891
Reconciliation of tax charge
Profit (loss) on ordinary activities before taxation (2,973) 411,122 408,149 (3,418) 464,375 460,957
Tax on profit (loss) at 25% (2024: 25%) (743) 102,781 102,038 (855) 116,094 115,239
Reconciling factors
Non taxable income (1,904) - (1,904) (1,405) - (1,405)
Non taxable capital losses - (103,331) (103,331) - (115,714) (115,714)
Gains (losses) on foreign currencies - 550 550 - (380) (380)
Excess of allowable expenses over taxable income 2,647 - 2,647 2,260 - 2,260
Overseas tax suffered 1,168 - 1,168 891 - 891
Total tax 1,168 - 1,168 891 - 891
The Company’s taxable income is exceeded by its tax allowable expenses. As at 31st December 2025, the Company had
accumulated surplus expenses of £141.2m (2024: £130.6m).
58
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
At 31 December 2025 the Company has not recognised a deferred tax asset of £35.3m (2024: £32.6m) in respect of accumulated
expenses based on a prospective corporation tax rate of 25% (2024: 25%). Provided that the Company continues to maintain its
current investment profile, it is unlikely that the expenses will be utilised and that the Company will obtain any benefit from this asset.
In May 2013 the Company received confirmation from HM Revenue & Customs of its status as an approved investment trust for
accounting periods commencing on or after 1 December 2012, subject to the Company continuing to meet the eligibility conditions
in 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).
In the opinion of the Directors, the Company has conducted its affairs in such a manner that it continues to meet the eligibility
conditions. The Company has not therefore provided for tax on any capital gains and losses arising on the disposal of investments.
5. Dividends on Ordinary shares
There were no dividends paid or declared during the financial year ended 31 December 2025 (2024: nil).
6. Earnings per Ordinary share
2025
Revenue
£’000s
2025
Capital
£’000s
2025
Total
£’000s
2024
Revenue
£’000s
2024
Capital
£’000s
2024
Total
£’000s
Earnings (loss) after taxation attributable to
Ordinary shareholders
(4,141) 411,122 406,981 (4,309) 464,375 460,066
Earnings (loss) per Ordinary share (1.11p) 110.50p 109.39p (1.12p) 120.68p 119.56p
2025
No. of Shares
2024
No. of Shares
Weighted average number of Ordinary shares in issue for the earnings per Ordinary share calculations above 372,058,138 384,793,143
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
Gains on investments
2025
£’000s
2024
£’000s
Opening book cost 1,049,917 932,068
Opening investments holding gains 665,626 354,718
Opening market value 1,715,543 1,286,786
Additions at cost 929,175 794,238
Disposals proceeds received (1,051,421) (828,335)
Gains on investments 413,324 462,854
Market value of investments held at 31 December 2,006,621 1,715,543
Closing book cost 1,157,118 1,049,917
Closing investments holding gains 849,503 665,626
Closing market value 2,006,621 1,715,543
Gains on investments 413,324 462,854
The Company received £1,051.4m (2024: £828.3m) from investments sold in the year. The book cost of these investments when
they were purchased was £822.0m (2024: £676.4m). 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 £68,000 (2024: £147,000) and transaction costs on sales amounted to £77,000 (2024: £214,000).
Special dividends allocated to capital for the year ended 31 December 2025 were £130,000 (2024: £nil).
59
FINANCIAL STATEMENTS
8. Investments in subsidiaries or other companies
As at 31 December 2025 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 comprised 3% or more of any class of capital.
9. Other receivables, cash and cash equivalents and other payables
2025
£’000s
2024
£’000s
Other receivables
Accrued income 669 446
Other receivables 142 65
811 511
Cash and cash equivalents
Cash at bank 25,121 33,763
Other payables
Other payables 3,456 2,950
Shares repurchased 242 -
3,698 2,950
The carrying amount of other receivables, cash and cash equivalents and other payables, each approximate their fair value. Other
payables are the management fee and other administration expenses.
10. Called up Share Capital
2025
£’000s
2024
£’000s
Allotted and fully paid
428,756,680 Ordinary Shares of 2.5p (2024: 428,756,680)* 10,719 10,719
* Inclusive of 73,904,333 (2024: 47,815,457) 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 (2024: £nil) were issued from the block listing facility and 26,088,876 Ordinary shares were
repurchased to be held in treasury (2024: 9,015,787). During the year no Ordinary shares were reissued from treasury (2024: £nil).
Since the year end a further 4,025,723 shares have been bought back up to and including 11 March 2026.
2025
Number
2025
£’000s
2024
Number
2024
£’000s
Allotted 2.5p Ordinary shares
Brought forward 380,941,223 9,524 389,957,010 9,749
Shares repurchased to treasury (26,088,876) (652) (9,015,787) (225)
Carried forward 354,852,347 8,872 380,941,223 9,524
2025
Number
2024
Number
Treasury shares:
Brought forward 47,815,457 38,799,670
Shares repurchased to treasury 26,088,876 9,015,787
Carried forward 73,904,333 47,815,457
Total Ordinary shares in issue and in treasury at the end of the year 428,756,680 428,756,680
60
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
11. Reserves
Capital Reserve
Share
Premium
Account
£’000s
Capital
Redemption
Reserve
£’000s
Gains (losses)
on sales of
investments
£’000s
Investment
holding
gains (losses)
£’000s
Revenue
Reserve
£’000s
Balance at 31 December 2024 334,191 1,021 775,875 666,804 (41,743)
Investment holding gains (losses) - - 413,324 - -
Foreign currency losses - - (2,202) - -
Transfer on disposal of investments - - 229,446 (229,446) -
Shares repurchased to treasury during the year - - (124,993) - -
Retained loss for the year - - - - (4,141)
Balance at 31 December 2025 334,191 1,021 878,126 850,682 (45,884)
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.
The Share Premium Account arose on the issue of Ordinary shares. The difference between the par value of shares and the total
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.
The Capital Reserve reflects realised and unrealised gains and losses on investments and other income and costs recognised in the
Capital column of the Income Statement. It can be used for share repurchases for holding in treasury. It is also distributable by way
of a dividend.
The Revenue Reserve reflects revenue gains or losses.
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
2025 2024
Ordinary shares of 2.5p 571.7p 458.6p
NAV attributable
2025
£’000s
2024
£’000s
Shareholders’ funds - equity 2,028,855 1,746,867
The Net Asset Value per share is based on 354,852,347 Ordinary shares in issue at the year end (2024: 380,941,223
Ordinary shares).
61
FINANCIAL STATEMENTS
13. Financial risk management policies and procedures
The Company invests in equities and other investments in accordance with its Investment Policy as stated on the inside front cover.
In pursuing its investment objective, the Company is exposed to certain inherent risks that could result in a reduction either in the
Company’s net return or in its net assets.
The main risks arising from the Company’s financial instruments are: market risk (comprising market price risk, foreign currency risk
and interest rate risk), liquidity risk and credit risk. The Directors determine the objectives and agree policies for managing each
of these risks, as set out below. The Investment Manager, in close co-operation with the Directors, implements the Company’s risk
management policies. These policies have remained substantially unchanged during the current and preceding year.
(a) Market risk
The Investment Manager assesses the exposure to market risk when making each investment decision, and monitors the risk on
the investment portfolio on an ongoing basis. Market risk comprises market price risk, foreign currency risk and interest rate risk.
(i) Market price risk
Market price risk arises mainly from the uncertainty about future prices of financial instruments held. It represents the potential
loss the Company might suffer through holding market positions in the face of price movements. An analysis of the Company’s
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 2025 and 31 December
2024 was as follows:
2025
£’000s
2024
£’000s
Listed equity investments held at fair value through profit or loss 2,006,621 1,715,543
The following illustrates the sensitivity of the net return and the net assets to an increase or decrease of 20% (2024: 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 and volatility in recent years. 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.
2025
20% increase
in fair value
£’000s
2025
20% decrease
in fair value
£’000s
2024
20% increase
in fair value
£’000s
2024
20% decrease
in fair value
£’000s
Revenue earnings
Investment management fees (2,007) 2,007 (1,716) 1,716
Capital earnings
Gains (losses) on investments at fair value 401,324 (401,324) 343,109 (343,109)
Change in net return 399,317 (399,317) 341,393 (341,393)
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
ensure that individual stocks meet an acceptable risk reward profile.
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 (2024: £nil).
(ii) Foreign currency risk
Foreign currency risk is the risk of the movement in the values of overseas financial instruments as a result of fluctuations in
exchange rates.
62
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
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.
Any income denominated in foreign currency is converted into sterling on receipt. The Company does not use financial instruments
to mitigate the currency exposure in the period between the time that income is included in the financial statements and
its receipt.
The table below summarises in sterling terms the foreign currency risk exposure:
2025
Investments
£’000s
2025
Other net assets
(liabilities)
£’000s
2025
Total currency
exposure
£’000s
2024
Investments
£’000s
2024
Other net assets
(liabilities)
£’000s
2024
Total currency
exposure
£’000s
Sterling - (3,458) (3,458) - (2,698) (2,698)
US Dollar 2,006,621 25,258 2,031,879 1,715,543 33,579 1,749,122
Other currency exposure - 434 434 - 443 443
Total 2,006,621 22,234 2,028,855 1,715,543 31,324 1,746,867
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.
2025
20% decrease in
sterling against
foreign currencies
£’000s
2025
20% increase in
sterling against
foreign currencies
£’000s
2024
20% decrease in
sterling against
foreign currencies
£’000s
2024
20% increase in
sterling against
foreign currencies
£’000s
US Dollar 507,970 (338,647) 437,281 (291,520)
Other currency exposure 109 (72) 111 (74)
Change in net return and net assets 508,079 (338,719) 437,392 (291,594)
(iii) Interest rate risk
Interest rate risk is the risk of movements in the value of financial instruments as a result of fluctuations in interest rates.
Interest rate exposure
The table below summarises in sterling terms the financial assets and financial liabilities whose values are directly affected by
changes in interest rates.
2025
Fixed
rate
interest
£’000s
2025
Floating
rate
interest
£’000s
2025
Nil
interest
£’000s
2025
Total
£’000s
2024
Fixed
rate
interest
£’000s
2024
Floating
rate
interest
£’000s
2024
Nil
interest
£’000s
2024
Total
£’000s
Financial assets
- 25,121 2,006,621 2,031,742 - 33,763 1,715,543 1,749,306
Financial liabilities
- - - - - - - -
Net financial assets
- 25,121 2,006,621 2,031,742 - 33,763 1,715,543 1,749,306
Short-term receivables (payables)
(2,887) (2,439)
Net assets per balance sheet
2,028,855 1,746,867
As at 31 December 2025, the interest rates received on cash balances or paid on bank overdrafts was 2.60% and 5.00% per annum
respectively (2024: 2.55% and 5.75% per annum).
Management of interest rate risk
The Company invests predominantly in equities, the values of which are not directly affected by changes in prevailing market
interest rates. The Company’s policy is to remain substantially fully invested. It does not normally expect to hold significant cash
balances for other than brief periods of time and therefore there is minimal exposure to interest rate risk.
63
FINANCIAL STATEMENTS
(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
The table below presents the future cash flows payable by the Company in respect of its financial liabilities.
2025
Three
months
or less
£’000s
Between
three months
and one year
£’000s
Between
one and
five years
£’000s
More than
five years
£’000s
Total
£’000s
Other payables - within one year
Other payables 3,698 - - - 3,698
3,698 - - - 3,698
2024
Three
months
or less
£’000s
Between
three months
and one year
£’000s
Between
one and
five years
£’000s
More than
five years
£’000s
Total
£’000s
Other payables - within one year
Other payables 2,950 - - - 2,950
2,950 - - - 2,950
Management of liquidity risk
Liquidity risk is not considered to be significant as the Company’s assets mainly comprise realisable securities, which can be sold to
meet funding requirements. Short term flexibility can be achieved through the use of overdraft facilities, where necessary. As at the
31 December 2025, the Company had no committed borrowing facility (2024: £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
suffering a loss.
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 to hold its cash balances. 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:
2025
£’000s
2024
£’000s
Other receivables:
Accrued income 669 446
Other receivables 142 65
Cash and cash equivalents 25,121 33,763
25,932 34,274
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.
64
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
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 2025 and 31 December 2024, the financial assets held at fair value through profit and loss are categorised
as follows:
2025
£’000s
2024
£’000s
Level 1 2,006,621 1,715,543
Level 2 - -
Level 3 - -
2,006,621 1,715,543
(d) Concentration risk
Geographical concentration – An analysis of the Company’s investments listed on pages 10 and 11 show that the investments are
predominately in US listed equities. Accordingly, there is a concentration of exposure to that country. However, it should also be
noted that an investment may not be entirely exposed to the economic conditions in its country of domicile or of listing.
Sector concentration – The Company’s investment strategy is expressly focused on technology related businesses. Accordingly, a
significant proportion of the portfolio is invested in companies operating within the technology sector. This inherent sector focus
increases the Company’s exposure to industry-specific risks, including technological change, competitive pressures and sector wide
market sentiment.
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 2025 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 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. As at 31 December 2025 an amount of £13,000 (2024: £20,000) has been
accrued in respect of directors’ fees and is included within other payables in Note 9. There are no other identifiable related parties
at 31 December 2025, and as of 11 March 2026.
16. Post Balance Sheet events
Since the year end a further 4,025,723 Ordinary shares have been bought back for a total cash consideration of £21.4m. As at 11
March 2026 there were 428,756,680 Ordinary shares in issue (including 77,930,056 Ordinary shares in treasury).
65
FINANCIAL STATEMENTS
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 2025, the NAV was £2,028.9m (2024:
£1,746.9m) and the NAV per share was 571.7p (2024: 458.6p).
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 2025 net revenue return per Ordinary share was (1.11p) (2024: (1.12p)), calculated by taking the
loss after tax of £4.1m (2024: loss of £4.3m), divided by the weighted average shares in issue of 372,058,138 (2024: 384,793,143).
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).
2025
£’000s
2024
£’000s
Management fee 10,159 8,816
Administration expenses 1,129 1,165
Total expenses (A) 11,288 9,981
Average net asset value with debt at market value (B) 1,822,928 1,552,889
Ongoing charge (A/B) 0.62% 0.64%
The ongoing charge including the performance fee payable of £nil (2024: £nil) is 0.62% (2024: 0.64%).
Glossary of UK GAAP Performance Measures
and Alternative Performance Measures
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
66
AIC Code of Corporate Governance AIC Code
Allianz Global Investors GmbH AllianzGI
Allianz Global Investors UK Limited AllianzGI UK
Allianz Technology Trust PLC The Company/ATT
Alternative Investment Fund Manager AIFM
Alternative Performance Measures APMs
Annual General Meeting AGM
Association of Investment Companies AIC
Corporate Social Responsibility CSR
Disclosure, Guidance and Transparency Rules DTR
Dow Jones World Technology Index (sterling adjusted, total return) The Benchmark
Emissions, Environmental and Ethical EEE
Environmental, Social, Governance ESG
Financial Conduct Authority FCA
HSBC Bank The Custodian
HSBC Security Services The Depositary
Key Performance Indicators KPIs
MUFG Corporate Markets as Registrar MUFG
Net Asset Value NAV
Ongoing Charges Figure OCF
Senior Independent Director SID
State Street as provider of middle office and fund accounting services State Street
Task Force on Climate-related Financial Disclosures TCFD
UK Code of Corporate Governance The UK Code
Voya Investment Management Co. LLC Voya IM/Investment Manager
Glossary of Terms
INVESTOR INFORMATION
67
Alternative Investment Fund
Manager (AIFM)
Allianz Global Investors UK Limited
199 Bishopsgate
London
EC2M 3TY
Telephone: +44 (0)20 3246 7000
Head of Investment Trusts:
Stephanie Carbonneil, email:
stephanie.carbonneil@allianzgi.com
Company Secretary
Nira Mistry and Kirsten Salt,
email: investment-trusts@allianzgi.com
Registered Office
199 Bishopsgate
London
EC2M 3TY
Telephone: 0800 389 4696
Investment Manager
Voya Investment Management Co. LLC
2999 Oak Road
Walnut Creek
CA 94597
Telephone: +1 415 954 4500
Lead Portfolio Manager:
Mike Seidenberg
Portfolio Manager: Erik Swords
Registered number
3117355
Bankers and Custodian
HSBC Bank plc,
8 Canada Square
London
E14 5HQ
Depositary
HSBC Security Services
8 Canada Square
London
E14 5HQ
Independent Auditor
Forvis Mazars LLP
30 Old Bailey
London
EC4M 7AU
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Stockbrokers
Winterflood Investment Trusts
Riverbank House
2 Swan Lane
London
EC4R 3GA
Identifiers
SEDOL: BNG2M15
ISIN: GB00BNG2M159
BLOOMBERG: ATT
EPIC: ATT
GIIN: YSYR74.99999.SL.826
LEI: 549300OMDPMJU23SSH75
Financial calendar
Full year results announced and Annual
Financial Report published in March.
Annual General Meeting held in April.
Half year results announced and Half-
Yearly Financial Report published to
shareholders in August.
The year end is 31 December.
How to invest
Information is available from Allianz
Global Investors UK either via
Investor Services on 0800 389 4696
or on the Company’s website: www.
allianztechnologytrust.com.
A list of providers can be found
on the Company’s website www.
allianztechnologytrust.com/how-to-
invest.
Market and portfolio Information
The Company’s Ordinary shares are
listed on the London Stock Exchange
under the code ATT. The market price
range, gross yield and net asset value
(NAV) are shown daily in the Financial
Times and The Daily Telegraph under
the headings ‘Investment Trusts’ and
‘Investment Companies’, respectively. The
NAV of the Ordinary shares is calculated
daily and published on the London Stock
Exchange Regulatory News Service.
The geographical spread of investments
and ten largest holdings are published
monthly on the London Stock Exchange
Regulatory News Service. They are also
available from the Manager’s Investor
Services Helpline on 0800 389 4696
or via the Company’s website: www.
allianztechnologytrust.com.
Share price
The share price quoted in the London
Stock Exchange Daily Official List for
31 December 2025 was 527.0p per
Ordinary share.
Website
Further information about Allianz
Technology Trust PLC, including
monthly factsheets, daily share
price and performance, is available
on the Company’s website: www.
allianztechnologytrust.com
Association of Investment
Companies (AIC)
The Company is a member of the AIC,
the trade body of the investment trust
industry, which provides a range of
literature including factsheets and a
monthly statistical service. Copies of
these publications can be obtained from
the AIC, 9th Floor, 24 Chiswell Street,
London, EC1Y 4YY, or at www.theaic.
co.uk. AIC Category: Technology and
Technology Innovation.
Investor Information
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
68
Shareholder enquiries
In the event of queries regarding their
holdings of shares, lost certificates,
dividend payments, registered details,
etc., shareholders should contact the
Registrar on 0371 664 0300. Lines
are open 9.00 a.m. to 5.30 p.m. (UK
time) Monday to Friday. Calls to the
helpline number from outside the UK
are charged at applicable international
rates. Different charges may apply to
calls made from mobile telephones
and calls may be recorded and
monitored randomly for security and
training purposes.
Changes of name and address must be
notified to the Registrar in writing. Any
general enquiries about the Company
should be directed to the Company
Secretary, Allianz Technology Trust PLC,
199 Bishopsgate, London, EC2M 3TY.
Telephone: 0800 389 4696.
Share dealing services
MUFG Corporate Markets operates an
online and telephone dealing facility
for UK resident shareholders with share
certificates. Stamp duty and commission
may also be payable on transactions.
For further information on these services
please contact www.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
rates. Different charges may apply to
calls made from mobile telephones
and calls may be recorded and
monitored randomly for security and
training purposes.
Investor Centre
Shareholders can vote electronically
via the Investor Centre, a free app
for smartphone and tablet provided
by MUFG Corporate Markets (the
company’s registrar). It allows you to
securely manage and monitor your
shareholdings in real time, take part
in online voting, keep your details up
to date, access a range of information
including payment history and much
more. The app is available to download
on both the Apple App Store and Google
Play, or by scanning the relevant QR
code below. Alternatively, you may
access the Investor Centre via a web
browser at: https://uk.investorcentre.
mpms.mufg.com/.
Apple App Store Google Play
CREST Proxy Voting
Shares held in uncertificated form
(i.e., in CREST) may be voted through
the CREST Proxy Voting Service in
accordance with the procedures set out
in the CREST manual. Voting via the
Proxymity platform is also available to
institutional shareholders. Further details
are contained within the Notice of
Meeting Notes starting on page 74.
FATCA
The Company is registered with the
Internal Revenue Service (IRS) as a
Foreign Financial Institution for the
purposes of the Foreign Tax Compliance
Act (FATCA). The Company’s Global
Intermediary Identification Number
(GIIN) is YSYR74.99999.SL.826
Non-Mainstream
Pooled Investments
The Company is an investment trust
and therefore its shares are not subject
to the Financial Conduct Authority’s
(FCA) rules relating to the restrictions
on the retail distribution of unregulated
collective investment schemes and close
substitutes which came into effect on
1 January 2014. Accordingly, its shares
can be recommended by IFAs to retail
investors in accordance with the FCA’s
rules in relation to non-mainstream
investment products.
Nominee companies
In order to allow investors holding their
shares within a nominee company to
receive shareholder communications,
the Company undertakes to provide
multiple copies of such documents
to the registered nominee company
where prior notice has been given.
The Company encourages nominee
companies to provide the underlying
investors with sufficient information to
make informed decisions regarding their
investments, including the opportunity to
attend Company General Meetings.
Warning to Shareholders
We are aware that some shareholders may have received unsolicited telephone calls or correspondence concerning
investment matters. These are typically from overseas based organisations who target UK shareholders offering to sell
them, what often turn out to be, worthless or high risk shares in US or UK investments or encourage them to dispose of
UK shares. They can be extremely persistent and persuasive. Shareholders are therefore advised to be very wary of any
unsolicited advice or offers.
Please note that it is most unlikely that either the Company or the Company’s Registrar, MUFG Corporate Markets, would
make unsolicited telephone calls to shareholders. Any such calls would only ever relate to official documentation already
circulated to shareholders and never in respect of investment ‘advice’.
If you are in any doubt about the veracity of an unsolicited telephone call, please call the Company Secretary on +44
(0)800 389 4696 or the Registrar on +44 (0) 371 664 0300.
INVESTOR INFORMATION
69
Alternative Investment Fund Manager and Depositary
Allianz Global Investors UK Limited (‘AllianzGI UK’) is designated as 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
(‘Management Company’ or also called ‘AllianzGI’) for the past financial year divided into fixed and variable components. It is also
broken down by members of management/Senior Management Function holders and other risk takers.
Number of employees: 291
All employees
thereof
Material
Risk Takers
thereof
Board Members/
SMF
thereof
Other Material
Risk Takers
Fixed compensation 36,580,256 3,801,890 1,942,667 1,859,223
Variable compensation 44,330,753 9,632,797 2,790,518 6,842,280
Total compensation 80,911,010 13,434,688 4,733,185 8,701,503
Note: Risk Takers are assigned to the specific category based on the classification on 31 December 2025 or the last active working
day. The information on employee remuneration does not include remuneration paid by delegated managers to their employees.
The Management Company does not pay remuneration to employees of delegated companies directly from the fund.
Setting the remuneration
Allianz Global Investors UK Ltd is subject to certain requirements applicable to investment management companies with regard to
structuring the remuneration system.
The Board of Directors of the Management Company 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 the
Management Company’s remuneration policy. The Remuneration Committee ensures that on a regular basis the implementation
of the Remuneration Policy is subject to a central and independent internal review.
Remuneration structure
The primary components of monetary remuneration are the basic salary, which typically reflects the scope, responsibilities and
experience required in a particular role, and an annual variable remuneration. The total amount of the variable remuneration
payable throughout the Management Company depends on the performance of the business and on the company’s risk position
and will therefore vary every year. In this respect, the allocation of specific amounts to particular employees will depend on the
performance of the employee and their departments during the period under review. Variable remuneration includes an annual
bonus paid in cash following the end of the financial year. In the case of employees whose variable remuneration exceeds a
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 variable remuneration. Half of the deferred amount is linked to the performance of
AllianzGI, and the other half is invested in the funds managed by AllianzGI. 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
Investor Information (unaudited)
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
70
Interest Award. The remuneration
overview includes the Carried Interest
grant which is awarded in the fiscal year
for the previous performance year.
Performance evaluation
The level of pay awarded to employees
is linked to both quantitative and
qualitative performance indicators. For
Investment managers, whose decisions
make a real difference in achieving our
clients’ investment goals, quantitative
indicators are geared towards
sustainable investment performance.
For portfolio managers in particular, the
quantitative element is aligned with the
Benchmark of the client portfolios they
manage or with the client’s expected
return, measured over a period of
one year and three years. For client-
facing employees, goals also include
client satisfaction, which is measured
independently. The remuneration of
employees in controlling functions
is not directly linked to the business
performance of individual departments
monitored by the controlling function.
Risk takers
The following groups of employees
were qualified as risk takers: members
of management/ Senior Management
Function holders and other risk takers.
Risk avoidance
AllianzGI has comprehensive risk
reporting in place, which covers
both current and future risks of our
business activities. Risks which exceed
the organisation’s risk appetite are
presented to the Global Remuneration
Committee, which will decide, if
necessary, on the adjustments to the
total remuneration pool. Individual
variable compensation may also be
reduced or withheld in full if employees
violate our compliance policies or
take excessive risks on behalf of the
Management Company.
Annual review and material
changes to the remuneration system
The Board approved the Remuneration
Policy which had been implemented
in accordance with the remuneration
regulations. Per the annual review of
the remuneration policy, no material
changes were made to the in the past
financial year.
AIFM Pre-Investment Disclosures
The AIFMD requires that potential
investors are provided with sufficient
pre-investment information in order to
make an informed decision. An ‘AIFMD:
Information Document’ is available in
the Literature Library on the Company’s
website at www.allianztechnologytrust.
com which provides information on
investment objective, strategy, policies
and other pertinent information which
may have an impact on a potential
investor’s decision. There have been no
material changes to the information
disclosed within the ‘AIFMD: Information
Document’ since publication.
INVESTOR INFORMATION
71
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 of 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
Thursday 23 April 2026 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 submit proxy votes 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
Proxymity, can be found on pages 74 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 2025, 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 re-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 Directors’ Remuneration
Implementation Report for the financial year ended 31
December 2025.
Special Business
To consider and, if thought fit, pass the following resolutions of
which 10, 11 and 14 will be proposed as Ordinary Resolutions
and 12, 13 and 15 will be proposed as Special Resolutions:
Resolution 10 – Continuation vote
That the Company shall continue as an investment trust for a
further period of five years.
Resolution 11 – 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 11 March 2026), 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.
Notice of Meeting
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
72
Resolution 12 – Disapplication of pre-emption rights
That, subject to the passing of resolution 11, 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) will 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, 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 11
March 2026).
Resolution 13 – 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 expiry of such authority and may make a
purchase of Ordinary shares pursuant to any such contract.
Resolution 14 – Allotment of shares – Second authority for
the Directors to allot new shares of the Company.
That, in addition to the authority sought under resolution 11 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 11 March 2026),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 15 – 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 14 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) will 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, 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 11
March 2026).
By order of the Board
Nira Mistry, Company Secretary
199 Bishopsgate, London, EC2M 3TY
13 March 2026
INVESTOR INFORMATION
73
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 21 April 2026. 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 2026 so that their shareholding may be
checked against the Company’s Register of Members and
attendances recorded.
3. Shareholders are entitled to appoint another person as
a proxy to exercise all or part of their rights to attend
and to speak and vote on their behalf at the Meeting. A
shareholder may appoint more than one proxy in relation
to the Meeting provided that each proxy is appointed to
exercise the rights attached to a different Ordinary share or
Ordinary shares held by that shareholder. A proxy need not
be a shareholder of the Company. A form of proxy which
may be used to make such appointment and give proxy
instructions accompanies this Notice. If you do not have a
form of proxy and believe that you should have one, or if
you require additional forms, please contact the Company’s
registrar whose details are provided in Note 6 below and on
page 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 Register of
Members in respect of the joint holding (the first named
being the most senior).
5. A vote withheld is not a vote in law, which means that the
vote will not be counted in the calculation of votes for or
against the resolution. If no voting indication is given, your
proxy will vote or abstain from voting at his or her discretion.
Your proxy will vote (or abstain from voting) as he or she
thinks fit in relation to any other matter which is put before
the Meeting.
6. To be valid, any form of proxy or other instrument appointing
a proxy, must be returned by no later than 2.30pm on 21
April 2026 through any one of the following methods:
i) by post, courier or by hand (during normal business
hours only) to the Company’s registrar at MUFG
Corporate Markets, PXS 1, Central Square, 29
Wellington Street, Leeds, LS1 4DL;
ii) electronically via the website of the Company’s registrar
at https://uk.investorcentre.mpms.mufg.com/ or via the
Investor Centre app;
iii) in the case of shares held through CREST, via the CREST
system (see notes below); or
iv) in the case of institutional investors, via the Proxymity
platform (see notes below).
7. If you return more than one proxy appointment, either
by paper or electronic communication, the appointment
received last by the Registrar before the latest time for the
receipt of proxies will take precedence. You are advised to
read the terms and conditions of use carefully. Electronic
communication facilities are open to all shareholders and
those who use them will not be disadvantaged.
8. Shareholders can vote electronically via the Investor Centre,
a free app for smartphone and tablet provided by MUFG
Corporate Markets (the company’s registrar). It allows
you to securely manage and monitor your shareholdings
in real time, take part in online voting, keep your details
up to date, access a range of information including
payment history and much more. The app is available to
download on both the Apple App Store and Google Play,
or by scanning the relevant QR code below. Alternatively,
you may access the Investor Centre via a web browser
at: https://uk.investorcentre.mpms.mufg.com/.
Apple App Store Google Play
You will need to log into your Investor Centre account or
register if you have not previously done so. Once you have
setup your account you will need to add your shareholding
by clicking ‘Add Holding’ in the ‘Portfolio’ section and
following the on-screen instructions. You will require your
Investor Code (IVC) to add your shareholding. You can
find your IVC on your share certificate or by contacting our
Registrar, MUFG Corporate Markets.
9. The return of a completed form of proxy, electronic proxy
appointment, any CREST Proxy Instruction or appointing
a proxy via Proxymity will not prevent a shareholder from
attending the Meeting and voting in person if he/she wishes
to do so.
10. CREST members who wish to appoint a proxy or proxies
through the CREST electronic proxy appointment service
may do so for the Meeting (and any adjournment of the
Meeting) by using the procedures described in the CREST
Manual (available from www.euroclear.com). CREST
Personal Members or other CREST sponsored members, and
those CREST members who have appointed a voting service
provider(s), should refer to their CREST sponsor or voting
service provider(s), who will be able to take the appropriate
action on their behalf.
11. In order for a proxy appointment or instruction made
by means of CREST to be valid, the appropriate CREST
message (a ‘CREST Proxy Instruction’) must be properly
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
74
authenticated in accordance with Euroclear UK &
International Limited’s specifications and must contain the
information required for such instructions, as described in the
CREST Manual. The message must be transmitted so as to
be received by the issuer’s agent (ID RA10) by 2.30pm on 21
April 2026. For this purpose, the time of receipt will be taken
to mean the time (as determined by the timestamp applied
to the message by the CREST application host) from which
the issuer’s agent is able to retrieve the message by enquiry
to CREST in the manner prescribed by CREST. After this time,
any change of instructions to proxies appointed through
CREST should be communicated to the appointee through
other means.
12. CREST members and, where applicable, their CREST
sponsors or voting service providers should note that
Euroclear UK & International Limited does not make
available special procedures in CREST for any particular
message. Normal system timings and limitations will,
therefore, apply in relation to the input of CREST Proxy
Instructions. It is the responsibility of the CREST member
concerned to take (or, if the CREST member is a CREST
personal member, or sponsored member, or has appointed
a voting service provider(s), to procure that his/her/their
CREST sponsor or voting service provider(s) take(s)) such
action as shall be necessary to ensure that a message is
transmitted by means of the CREST system by any particular
time. In this connection, CREST members and, where
applicable, their CREST sponsors or voting service providers
are referred, in particular, to those sections of the CREST
Manual concerning practical limitations of the CREST system
and timings. The Company may treat as invalid a CREST
Proxy Instruction in the circumstances set out in Regulation
35(5)(a) of the Uncertificated Securities Regulations 2001.
13. If you are an institutional investor you may be able to
appoint a proxy electronically via the Proxymity platform. For
further information regarding Proxymity, please go to www.
proxymity.io. Your proxy must be lodged by 2.30pm on 21
April 2026 in order to be considered valid or, if the Meeting
is adjourned, by the time which is 48 hours before the time
of the adjourned Meeting. Before you can appoint a proxy
via this process you will need to have agreed to Proxymity’s
associated terms and conditions. It is important that you
read these carefully as you will be bound by them and they
will govern the electronic appointment of your proxy. An
electronic proxy appointment via the Proxymity platform
may be revoked completely by sending an authenticated
message via the platform instructing the removal of your
proxy vote.
14. Any corporation which is a shareholder can appoint one
or more corporate representatives who may exercise on its
behalf all of its powers as a shareholder provided that no
more than one corporate representative exercises powers in
relation to the same shares.
15. As at 11 March 2026, (being the latest practicable business
day prior to the publication of this Notice), the Company’s
Ordinary issued share capital excluding treasury shares
consisted of 350,826,624 Ordinary shares, carrying one vote
each. As at 11 March 2026 the Company held 77,930,056
Ordinary shares in treasury (representing 18.2% of the total
issued Ordinary share capital of the Company (excluding
treasury shares)). Therefore, the total voting rights in the
Company as at 11 March 2026 were 350,826,624.
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 complies 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
INVESTOR INFORMATION
75
Instructions for electronic attendance at the Annual
General Meeting
We are pleased to be able to provide a facility for shareholders
to follow the AGM remotely and submit questions to the Board
on the business of the Meeting.
How to join the virtual meeting
You will need to visit https://webcast.openbriefing.com/att-
26agm/, using your smartphone, tablet or computer. You will
then be prompted to enter your unique 11 digit Investor Code
(IVC) including any leading zeros and ‘PIN’. Your PIN is the last 4
digits of your IVC. This will authenticate you as a shareholder.
Your IVC can be found on your share certificate, or you can
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 by 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.
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
76
Allianz Technology Trust PLC
199 Bishopsgate
London
EC2M 3TY
Freephone (UK calls only): 0800 389 4696
Email: investment-trusts@allianzgi.com
www.allianztechnologytrust.com
www.linkedin.com/company/allianz-technology-trust-plc