## At the heart of the technology ecosystem
## Allianz Technology Trust PLC
## Annual Financial Report, 31 December 2025
## Key Information
Investment Objective
Allianz Technology Trust PLC (‘the Company’) invests principally Risk diversification
in the equity securities of quoted technology companies on a The Company aims to diversify risk and no holding in the portfolio
worldwide basis with the aim of achieving long-term capital growth will comprise more than 15% of the Company’s assets at the time
in excess of the Dow Jones World Technology Index (sterling of acquisition. The Company aims to diversify the portfolio across a
adjusted, total return) (the ‘benchmark’). range of technology sub-sectors.
Gearing
Investment Policy
In normal market conditions gearing will not exceed 10% of
The investment policy of the Company is to invest in a diversified
net assets but may increase to 20%. The Company’s Articles of
portfolio of companies that use technology in an innovative way
Association limit borrowing to one quarter of its called up share
to gain competitive advantage. Particular emphasis is placed on
capital and reserves. As at 31 December 2025 there was no
companies that are addressing major growth trends with innovation
borrowing facility in place.
that replaces existing technology or radically changes products and
services or the way in which they are supplied to customers. Liquidity
In normal market conditions the liquidity of the portfolio, that is
What constitutes a technology stock
the proportion of the Company’s net assets held in cash or cash
Technology has become a vast and diverse sector. It encompasses
equivalents, will not exceed 15% of net assets but may be increased
those companies that sell technology solutions – from cloud storage
to a maximum of 30% of net assets.
to component manufacturers to software developers – but also
those for whom technology is an intrinsic part of their business – for Derivatives
example, the car makers or ecommerce groups using technology The Company may use derivatives for investment purposes within
to gain a competitive advantage. In short, technology stocks may guidelines set down by the Board.
sit across multiple sectors, including healthcare, industrials or
Foreign currency
financial services.
The Company’s current policy is not to hedge foreign currency.
As technology becomes ever more pervasive, the lines between
technology companies and significant adopters are increasingly Benchmark
blurred. Even where companies aren’t selling technology, technology One of the ways in which the Company measures its performance
may be intrinsic to their success as a company. More companies are is in relation to its benchmark, which is an index made up of some
becoming technology companies as disruptive innovation brings of the world’s leading technology companies. The benchmark used
change and displaces incumbent market leaders. The challenge is to is the Dow Jones World Technology Index (sterling adjusted, total
understand not only current technologies, but also future trends and return). The Company’s strategy is to have a concentrated portfolio
the likely effects. which is benchmark aware rather than benchmark driven. The
Company has tended to have a significantly higher than benchmark
Asset allocation
allocation to high growth, mid cap companies which are considered
Voya Investment Management Co. LLC (the Investment Manager)
to be the emerging leaders in the technology sector. The lead
does not target specific country or regional weightings and aims to
portfolio manager believes that the successful identification of these
invest in the most attractive technology shares on a global basis.
companies relatively early on in their growth stages offers the best
The lead portfolio manager aims to identify the leading companies
opportunity for outperformance over the long term.
in emerging technology growth sub-sectors. The investment
team seeks to find opportunities principally in mid and large cap
technology shares.
OVERVIEW
## Annual Financial Report
## Contents
Overview
## Please do have a look at this year’s
IFC Key Information
## 2 Financial Highlights deeper dive into the technology sector
3 Chairman’s Statement
## in our online Annual Financial Report.
6 Financial Summary
Readership of hard copy Annual Financial Reports has declined
Investment Manager’s Review
and the large majority of shareholders and other interested
7 Portfolio Manager’s Report parties prefer to access them online. The board endeavours to
10 Investment Portfolio
make as much information as possible available in our digital
format, including video presentations from both our Chairman and
Strategic Report Portfolio Manager; essays on topical themes in technology; and a
12 Strategic Report closer look at the largest investments in our portfolio.
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
Please visit
66 Glossary of UK GAAP Performance Measures
and Alternative Performance Measures
## tinyurl.com/ATTafr25
67 Glossary of Terms
68 Investor Information
or use your tablet or smartphone camera
72 Notice of Meeting
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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

# Financial Highlights

As at 31 December for each respective year

Net Asset Value (NAV) per Ordinary share

+24.7%

2025 571.7p
2024 458.6p

NAV per Ordinary share (p)

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

Shareholders' funds (£m)

![img-1.jpeg](img-1.jpeg)

Ordinary share price

+25.8%

2025 527.0p
2024 419.0p

Ordinary share price (p)

![img-2.jpeg](img-2.jpeg)

Premium (discount) of Ordinary share price to NAV per share (%)

![img-3.jpeg](img-3.jpeg)

Benchmark

+20.0%

2025 4,425.3
2024 3,688.0

Performance against benchmark¹

![img-4.jpeg](img-4.jpeg)

NAV versus benchmark (%)

![img-5.jpeg](img-5.jpeg)

Performance against sector average¹

![img-6.jpeg](img-6.jpeg)

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.

2
OVERVIEW
## Chairman’s Statement
Tim Scholefield

| A good year, despite the | spectrum. This year we can no longer | Micron Technologies returned around |
| --- | --- | --- |
| geopolitical backdrop | say the benchmark was wholly driven | +216% but only constitutes around 0.6% |
|  | by ‘Mag 7’ exceptionalism, though those | of the index (we owned a 2.5% position |

2025 saw its fair share of volatility
companies still featured. Nvidia and on average).
resulting from the febrile global
Alphabet were the largest contributors
geopolitical backdrop and sporadic In longer ‘compound’ performance
to the benchmark’s performance, with
bouts of nervousness surrounding the terms, 2025’s +24.7% return comes on
Microsoft third and Meta rounding
valuations of the listed technology the back of 2024’s +35.6 % and 2023’s
out the top ten contributors. Apple
companies the Trust invests in. +46.4%, a solid +106.7% return over the
however was lacklustre, yielding a barely
Nonetheless, it has been a positive year past three financial years, representing a
positive return. Our outperformance
for us, and one that I am happy to be +2.7 percentage point outperformance
came from holding higher weights in
reporting on. of the benchmark index over that
companies such as Micron Technology,
time. Of course, those with a longer
Lam Research, Celestica, Robinhood
Performance memory will point out 2022’s -33.6%. The
Markets and Amphenol. We hold
point I make is twofold – the volatility
I am pleased to report that ATT has
well over benchmark weights in the
associated with the tech sector can be
once again delivered a strong positive
former two which respectively focus on
painful, but the rewards when they do
absolute return in its Net Asset Value
computer memory and semiconductor
come have also been substantial. This is
of +24.7%. Our benchmark index, the
manufacturing equipment production.
the balance one has to remember when
Dow Jones World Technology Index,
The last three – involved in high-tech
investing in tech.
rose +20.0%, so in relative terms this
electronics manufacturing, electronic
represents an extremely strong 4.7
trading and specialist interconnectors
Discount and buybacks
percentage point outperformance for – are not part of our benchmark but
Given these impressive returns, it can
the Trust. As the discount also narrowed are highly exposed to strong secular
be difficult to rationalise the persistent
slightly over the year, the share price technology growth themes.
discount to Net Asset Value in the price
total return for shareholders was
Of the Magnificent 7 companies in the at which the Company’s shares have
marginally higher at +25.8%.

|  | benchmark, the maths can become | been trading. The wider environment for |
| --- | --- | --- |
| Regarding drivers, it is interesting | interesting. As noted, Nvidia was the | investment trusts may have a bearing |
| to note the strong impact of our | largest contributor to the benchmark | – overall levels of discounts across all |
| differentiated strategy – not holding | return, its winning contribution the | trusts remain generally elevated when |
| the benchmark equivalent weights | result of a dominant 14%-plus index | compared to history. For tech companies |
| in the very largest companies and | weight and its respectable 30% return. | a degree of caution over the sector’s |
| instead looking for opportunities | We maintained slightly less than a 10% | short term prospects following a period |
| further down the market capitalisation | weight during the year. In contrast, | of very strong performance may also |

## Our outperformance came from holding higher
## weights in companies such as Micron Technology,
## Lam Research, Celestica, Robinhood Markets
## and Amphenol.
3
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

| have provided a headwind in 2025. We | named ‘2025 Investment Company of | that results from a passive approach to |
| --- | --- | --- |
| hope that shareholders will remember | the Year’ in the ‘Technology’ category at | portfolio construction which slavishly |
| that our Investment Manager’s primary | Investment Week’s prestigious awards in | replicates index weightings. Moreover, |
| focus is to extract the best returns over | November 2025. | sudden or excessive falls in company |
| the long term from this tremendously |  | share prices can create attractive entry |
| exciting sector while reducing exposure | The geopolitical backdrop | points for bottom-up active investors |
| to risk, which should help investors worry | For much of 2025 there was considerable | with a longer term investment horizon |
| less about short term newsflow and | uncertainty. The macroeconomic | – a case of opportunity emerging out of |
| focus more on their investment returns | environment was generally supportive | market overreaction. |
| compounding over time. | and the year started with some positivity |  |

The mechanism to mitigate
remaining from the inauguration of
Beyond sales and marketing efforts concentration risk as far as possible
President Trump on the basis that he
to encourage demand, the other (while looking at the smaller up-and-
had been fairly pro-business in his first
mechanism by which the Board can coming companies) is a key element
term. The ‘mic-drop’ moment came on 2
exert some influence on the discount is we provide for shareholders. We feel
April with ‘Liberation Day’, when tariffs
by buying back the Company’s shares. ATT’s record of active fund management
on imported goods were proposed
The Board’s policy in respect of buybacks speaks for itself and demonstrates
against most countries outside of the US.
is unchanged. We would consider both the benefits of our differentiated
Markets reacted strongly. Tech was by no
buying back shares when the discount approach and the advantages of an
means immune, with multi-jurisdictional
is consistently over 7% and we judge it investment team located in the San
supply chains woven into the very fabric
appropriate to do so given the prevailing Francisco Bay Area.
of the industry. However, the nervousness
market backdrop. Over the year to 31
was short lived. Why San Francisco, the Bay Area, Silicon
December 2025, a total of 26,088,876
Valley? Our Lead Portfolio Manager,
shares were bought back, for an US politics hasn’t been the only driver
Mike Seidenberg, believes there is
aggregate value of £124,993,000. The of geopolitical pressure. War still rages
something special about a ‘whites of the
Company traded at an average discount in Ukraine. Israel and Palestine moved
eyes’ conversation, and not just a video
of 9.8% over the period. We ended towards peace but it remains fragile.
call. The advantage lies in the physicality
2024 at a discount of 8.6% and were Against this background though, as a
of the access – he values the chance
pleased to end 2025 at a slightly lower key enabler of modern life, demand for
to see the office, some elements of
discount of 7.8%. Since the end of the technology continues to accelerate and
operations and access to line managers
financial year and up to 11 March 2026 technology companies have carried
as well as senior management – as
the Company bought back a further on innovating, growing and ultimately
it gives him a better feel for how an
4,025,723 shares for an aggregate value justifying their valuations.
organisation is truly operating. Being
of £21,364,000.
able to experience, and therefore assess,
The benefits of a
It may be easy to suppose that buybacks the corporate culture at first hand is a
differentiated approach
should be used to initiate a ‘zero significant advantage. Our manager,
discount policy’ as some investment With the dominance of the largest
having come from industry himself,
trusts have chosen to do. We view tech companies over recent periods,
really values that insight. On top of
them differently, as a tool to help it has been seemingly ‘easy’ to
that, the unique scale of the Bay Area
achieve performance with lower-cost
reduce discount volatility. Moving too ecosystem allows the investment team to
investment vehicles, like passive funds
far beyond this however risks overly assimilate new tech themes and identify
and ETFs. But that misses the point.
interfering with the permanent capital beneficiaries rapidly and effectively.
ATT has an approach of focusing
pool that the Investment Manager
lower down the capitalisation scale,
works with – a key benefit of investment AI and beyond
in the mid- and large-cap segments.
trusts over open-ended vehicles over the
My statement doesn’t need a lengthy
Over time, despite mega-cap tech
long term. We believe that a balanced
section dedicated to AI. We have
stocks having dominated, ATT’s
approach with that long term view on
covered the topic in detail previously,
differentiated approach has provided
shareholder value is the right one to
and Mike Seidenberg gives more of his
strong compound outperformance
take. To that end, at the forthcoming
team’s own thoughts on the topic in the
versus the index from its actively
AGM, the Board will once again seek
report on pages 7 to 9. Suffice it
managed portfolio.
authority to buy back up to 14.99% of the
to say that there has been no material
shares in issue.
Risk (particularly concentration risk) challenge to the narrative around AI – it
can be somewhat esoteric, especially is truly transformational, not just within
Investment Company of the when those very large stocks do not the tech sector, but for pretty much
Year Awards suffer any apparent issues – but the everyone and everything. It is speed of
I’m delighted to report that the point is sound. Our approach is to adoption, ethics and monetisation which
strong three-year performance noted provide shareholders with a diversified are valid areas of debate. Parallels are
above, along with recognition of our portfolio where risks are spread and often drawn to the rise of the internet –
differentiated strategy and ongoing not excessively concentrated in a small the companies leading the charge at the
drive for consistent shareholder returns, number of dominant holdings. We time weren’t necessarily the longer-term
was once again recognised by ATT being therefore avoid the concentration risk winners and that could be the same with
4
OVERVIEW

| AI. The skill for investors will be making | (OCF) has fallen marginally to 0.62% | to get over-excited and then over- |
| --- | --- | --- |
| money from this incredible trend while | (2024: 0.64%). I am pleased to report | fearful in turn. An AI ‘Bubble’ has been |
| maintaining a balanced perspective on | that the Company continues to have the | called multiple times this past year, and |
| risk. Your Investment Manager’s focus | lowest OCF within its AIC peer group | the market has reacted accordingly. |
| is not to get carried away on the back | (Technology & Technology Innovation). | There are two camps emerging – those |
| of market groupthink, but to look for |  | that believe we are seeing valuations |

The OCF excludes any performance
opportunities with genuine appreciation starting to overheat, and those that see
fee due to the Investment Manager.
potential for our shareholders. enough evidence of AI-driven revenue
Despite outperforming the index
or margin improvement to validate
So, what comes after AI? in the year there remains brought
higher valuations today. You can read
forward underperformance to offset.
Although the technology has been our Investment Manager’s detailed
As a consequence no performance fee
around for some time, we now seem to view later in this report, but suffice it to
was earned. The board reviewed the
be closer than ever to the emergence say here that while the onward path is
performance fee calculation in the year,
of quantum computing as a practical unlikely to be monotonically upward,
and considering the increased size of
technology. Where conventional with times of investor retreat very likely,
the Company, negotiated a reduction
computers process information using Mike and his team do not view the
in the percentage performance fee cap
bits, quantum computers use qubits, current scenario as bubble territory.
from 1.75% to 1.25% of the average
which can hold both "on" and "off"
Volatility will also likely be driven from
Net Asset Value. This took effect from 1
states simultaneously. This property
outside the sector by an increasingly
January 2026.
allows them to explore multiple solution
fraught geopolitical environment. A new
pathways in parallel, making them
world order appears to be emerging,
Continuation vote
extraordinarily powerful for solving
and disagreements and posturing are
problems involving quantum physics, In accordance with our Articles of
becoming increasingly uncomfortable,
such as molecular interactions. This Association, shareholders will be asked
and could spill into wider global conflict
capability is already attracting serious to vote on the continuation of the Trust
with profound market implications.
attention from leading pharmaceutical at this year's AGM. In view of ATT’s
companies, though the opportunity excellent long-term performance record Any volatility can be both good and
extends well beyond pharmaceuticals, and our confidence in the Investment bad for investors. Certainly, it never
into materials science and other fields. Manager to be able to maintain a feels comfortable while experiencing it
While fully functioning quantum portfolio giving differentiated exposure live – but for the seasoned, dedicated
computers could still be some time away, to transformative technologies well and attuned investor, therein lies
the pace of innovation is rapid. into the future, the Board strongly opportunity. One of the key skills of our
encourages you to vote in favour of Investment Manager is to navigate the
Another technology which is not new
the resolution. complexity of the macro environment
but penetrating ever quicker into
as it melds itself with the day-to-day
mature applications is blockchain.
business of tech firms. Your Trust provides
Annual General Meeting
While the technology has attracted
a vehicle to give access to this exciting
(AGM) arrangements
investor attention for some time
sector, while providing the reassurance
This year’s AGM will be held on 23 April
through cryptocurrency speculation,
of a highly experienced, investment
the more significant opportunity lies 2026 at 2.30pm. As with previous years,
management team.
in its emerging role as core enterprise the AGM will be a hybrid meeting,
meaning shareholders can either Tech firms will carry on innovating,
infrastructure. After years of pilot
attend physically or online. We strongly growing and selling products and
projects, blockchain has reached a
encourage all shareholders to submit services and demand for those
maturity level where it is now being
their votes by the deadline of 21 April products and services will continue to
deployed for specific, high-value
2026. Those shareholders attending grow. The signals remain strong for
business problems – particularly those
virtually will be able to view the AGM improving revenue growth and the
involving multiple parties who need to
and submit questions electronically. macroeconomic environment looks like
share data without fully ‘trusting’ each
The Board encourages shareholders it should be supportive. We will continue
other. Stablecoins are transforming
to attend the AGM if possible. A to ensure the Trust follows its primary
cross-border payments, asset managers
presentation by the lead portfolio objective of generating long-term
are beginning to ‘tokenise’ treasury
manager will be made at the start of the returns for shareholders from skilful
products, Walmart is tracking products
selection of individual businesses in this
on blockchain, and Maersk and meeting. For those unable to attend, a
tremendously exciting sector.
Citibank have automated trade finance recording of the AGM will be posted to
guarantees using smart contracts. the Company’s website. The Board looks
forward to welcoming shareholders to
Tim Scholefield
The costs of running this year’s event.
Chairman
your Company
13 March 2026
Your Board has maintained close Outlook
attention to the costs of running the One thing is certain – we are very likely
Company to ensure they are competitive. to see ongoing volatility. Firstly, it is likely
The Company’s Ongoing Charges Figure within the sector as investors continue
5
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Financial Summary

|  | As at |  | As at |
| --- | --- | --- | --- |
| 31 December |  | 31 December |  |
|  | 2025 |  | 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 |  | For the |
| --- | --- | --- | --- |
| year ended |  | year ended |  |
| 31 December |  | 31 December |  |
|  | 2025 |  | 2024 |

Net Revenue Return per Ordinary Share (1.11p) (1.12p)
1
Ongoing charges 0.62% 0.64%
2
Five year performance summary
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
INVESTMENT MANAGER’S REVIEW
## Portfolio Manager’s Report
Mike Seidenberg
How did the technology sector which we hope will weather these framework around valuation. For every
perform in 2025? short-term storms. company, we analyse long-term growth
rate, profitability and potential.
Overall, it has been another strong
Over many cycles, we have learnt that
year for technology. Our benchmark,
‘doing nothing’ is often the best course Comparisons have been made with the
the DJ World Technology index, rose
of action, and the Liberation Day sell- dotcom boom. In our view, the biggest
20.0% and the Company delivered
off was no different, when only minor difference is that in the dotcom boom
24.7%. Our returns came from a range
changes to the portfolio were made. there were a lot of weak businesses
of sectors, as technology leadership
These are noisy times and we need to that didn’t solve difficult problems. In
broadened out from the dominant US
be careful not to respond to every White contrast, many AI companies are solving
mega-caps. We saw particular strength
House announcement. In some cases, large, real world problems. Equally,
in semiconductors and some hardware
we added to our favourite positions while the first-movers on the internet
names, while the growth of artificial
when we saw prices of these companies didn’t necessarily stay the distance,
intelligence remained a strong and
retreat and actively engaged with the hyperscalers have built far greater
persistent theme.
management in order to understand any dominance over the AI ecosystem
Nevertheless, this positive result potential implications for their business. and have longevity. As with every
disguised plenty of intra-year volatility. Our proximity to many of the companies technological revolution, not all will
The year definitely had some gut in Silicon Valley allowed us to meet make it, which is why active, disciplined
wrenching moments, which seems to be with a number of companies during a management is so important.
a feature of most years! For example, tumultuous period for the stocks. We
Public market valuations remain
‘Liberation Day’ caused a severe sell- found that, in many cases, the outlook
high, but – for the most part – are not
off across global stock markets. The for companies hadn’t changed.
excessive and not nearly as high as at
announcement of tariffs made for an
the peak of the dotcom euphoria. We
unpredictable period for the technology There have been growing
do see signs of exuberance in some of
sector. Many technology companies fears of a ‘bubble’ in Artificial
the private equity valuations and are
have large global franchises and were
Intelligence (AI). Are
watching capital spending carefully.
therefore on the front line for the tariff
you worried? Companies recognise that it could be
impact. It took time for deals to be struck
AI is the most important sectoral theme an existential threat if they get AI wrong
and for share prices to recover.
to emerge in the last few years and it is – they risk becoming obsolete. This
As long-term investors with the goal of a significant focus for the Company. We could prompt some potential capital
owning strong technology franchises are always striving to make good risk/ misallocation, but a rigorous bottom-up
in all types of markets, we have reward decisions for our shareholders, approach ensures that we can avoid
built a diversified, resilient portfolio and to do that we have a clear any excesses.
## 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## 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.

| What happened to technology | Elsewhere within the AI ecosystem, | expectations set for it by analysts. Its |
| --- | --- | --- |
| company earnings during | we have invested in groups such | third quarter results showed revenues |
| the year? | as Celestica, which is a product | growing at 62% year on year. All the |
|  | manufacturing and supply chain services | data on AI spending continues to |

Earnings have exceeded expectations
group that is benefiting from the growth support strong growth for Nvidia and
for many technology companies,
of data centres. We are also invested in we are comfortable with our position in
particularly those associated with AI.
Amphenol, which makes the connectors the stock.
This has created a high bar and investors
that go inside data centres and is seeing
have been ruthless where companies The strong performance of the mega
strong growth in demand. Memory was
have disappointed. In general, caps had been a headwind for active
also an important area in 2025 as supply
companies such as Alphabet have been technology strategies such as ours. In a
shortages hit, with LAM Research a
on the right side, while companies such diversified, actively managed portfolio,
significant contributor over the year.
as Meta and Microsoft have struggled it would not be prudent to hold Nvidia
to impress. at index weight or above. And so, even
New ideas added to the portfolio
though it is our largest holding, Nvidia
Nevertheless, it is worth noting that in 2025?
did not deliver outperformance versus
technology continues to contribute a
Robinhood is an interesting new idea in
our benchmark. We prefer to look for
substantial share of S&P 500 earnings –
the portfolio, contributing 1 percentage
large and mid cap stocks where we
as much as two-thirds for 2025. Earnings
point to relative performance in 2025.
believe we can add more value. The
strength has broadened out beyond the
The trading platform is widely used
mega cap headwind became a tailwind
hyperscalers and into the AI ecosystem
among younger generations for their
in 2025, as investors recognised that
and this has been an increasing area of
long-term savings. Its strategy is highly
there is a range of options to invest
interest for the Company.
differentiated and uses elements of
in AI growth and started to turn their
‘gamification’ and’ nudge theory’ to
attention elsewhere.
The Company has around one- encourage savings and investment.
third in semiconductors. Why has Young people have a different way of
Did your market cap positioning
this been an area of interest? thinking about their savings and expect
help relative performance over
ATT aims to offer investors a diversified to be able to manage them in a different
the year?
technology portfolio. Our goal is to way. Robinhood has tapped into that
Yes. The portfolio held 47.5% in the
look at the entire ecosystem and find market very well and built a loyal
mega caps (i.e. those companies worth
compelling investments across a wide customer base.
more than $1 trillion). This was around
spectrum of companies. In previous
12% below the benchmark and this
secular themes, we attempted to Has the Magnificent Seven
underweight contributed to performance
uncover investment opportunities which relinquished its grip on
over the year. Our weighting in mid-
sit behind the obvious theme leaders, market leadership?
caps, at around 5% of the portfolio, was
such as the companies supplying the It was a more complex year for the
a strong contributor, particularly AMD,
infrastructure to the AI leaders, and Magnificent Seven companies, with
Amphenol and CrowdStrike.
our goal is the same here. This resulted real concerns over the level of spending
in a robust investment pool in the and whether they would see returns on
Palantir was another significant
semiconductor ecosystem. their commitments. Microsoft, Meta,
contributor to returns in
Alphabet and Amazon are expected to
The semiconductor sector made up 2025. What drove share price
spend a combined $350 billion this year.
around a third of the portfolio (32.5%) performance there?
Investors increasingly need evidence
over the year, and delivered an average Palantir sat at the intersection between
that those commitments are paying off.
return of 45.6%. The names we chose two major trends in 2025: defence
In 2025, Alphabet convinced investors
within that sector, including Micron, and AI. Defence was a popular sector
that its capital allocation was proving
Broadcom and Advanced Micro Devices as European powers committed to
effective, while the jury was out for Meta
(AMD), were important for overall raising defence spending, both in
and Apple.
returns and we outpaced the benchmark support of Ukraine and in response
in the semiconductor sector. Micron Nvidia’s share price was very strong to the US backing away from its prior
contributed more than any other single for much of the year and its earnings defence commitments. The MSCI World
stock to our performance over the year. managed to outpace even the high Aerospace and Defence sector rose
8
INVESTMENT MANAGER’S REVIEW

| 52.5% over the year, more than double | We believe it will remain a difficult area. | Innovation continues to support growth |
| --- | --- | --- |
| the return of the MSCI World. | Semiconductors are growing at 30%+, | for technology companies, particularly |
|  | which makes an allocation to software, | around AI. These technology shifts come |

Palantir is also at the forefront of AI. It
where growth rates are a more anaemic once every 12-15 years and when they
has the most demonstrable real-time
10-12%, hard to justify. The market occur, they tend to be very powerful.
AI deployment. Its customers are large
tends to reward technology companies People will always worry about a
government agencies, who use Palantir
for growth. bubble, but when a secular change
products for a variety of use cases.
emerges, it tends to create significant
Palantir is moving into the corporate Nevertheless, there is a question over
value over the cycle. It is our job to
realm and focusing on building its whether they have gotten too cheap
uncover this value and to look beyond
enterprise presence, which should be – the decrease in value has been
the obvious opportunities to other parts
fruitful. They have some of the brightest extraordinary. We are finding some
of the market.

| and best software engineers and have | interesting opportunities. MongoDB, |  |
| --- | --- | --- |
| done a phenomenal job of growing their | for example, has been hit hard over the | 2026 has potential to be a robust |
| business with year-on-year sales growing | year. It is a good example of a company | year for IPOs with a number of high- |
| at over 55% in 2025. | that hasn’t been able to prove to | profile companies waiting in the wings. |
|  | investors that it is part of the deployment | Obviously, a number of factors need to |
| Did higher defence spending also | of AI workloads, but we see value | line up to execute these IPOs and we |
| boost cybersecurity? | there. Elsewhere, we continue to look at | look forward to learning more about |
|  | software companies in detail, visit their | these exciting businesses. |

Cybersecurity is a crucial area
premises and pore over the data. We
of spending for companies and
We are alert to the risks of over-
need to be sure that not owning them at
governments. The adversaries have
valuation, portfolio concentration and
these valuations is the right position.
become so good and so sophisticated.
also the risks emerging from a volatile
In 2025, we saw production disrupted
macroeconomic backdrop. We are
at Japanese beer maker Asahi and As Asian vendors pick up more
constantly testing our hypotheses and
at UK car group Jaguar Land Rover. of the AI supply chain and
striving to understand the risk and
They were among a whole host of China expands its technology
reward for every company.
companies, businesses and governments ecosystem, are you seeing more
For the time being companies appear
to experience attacks. Cybersecurity’s opportunities outside the US?
to be weathering the macroeconomic
relevance extends beyond defence While the companies we hold draw
volatility well. It has not been a great
spending and is more about the world revenues from across the world, they
environment, but in the aftermath of
we’re living in – a digital world requires tend to be listed in the US and have their
the pandemic, companies underspent
spending on cybersecurity. centre of operations there. It is true that
on technology and there is still pent-up
some of the excitement in technology
Companies in the sector had a
demand. We expect that companies will
this year has come from outside the
reasonable year, with CyberArk and
need to show value in order for purchase
US. Investors have started to wake up
CrowdStrike marginally ahead of the
orders to increase but this usually allows
to the broader AI ecosystem, much of
benchmark. We had a 7 percentage
the leaders to take market share and for
which is located outside the US. We have
point overweight at the start of the year,
also-rans to fade away.
participated through companies such
reducing to 5 percentage point by the
as TSMC, where we had a 4.3% average It is important not to let macroeconomic
end. We still find this segment a good
weighting over the year. Some of the or geopolitical factors become a
hunting ground for ideas.
Korean memory companies have also distraction. There is always noise, and
been strong, but we have participated even more so in recent years. Our stock
Software was a more difficult
through Micron. selection has to be governed by our
area in 2025. Why was that?
deep dive on the stocks, rather than
Software is still an important part of Ultimately, we are based in the US,
by the latest missive from the White
the portfolio, at 25.8%. However, it had at the heart of Silicon Valley. The US
House. Occasionally, macroeconomic
a tough year. The S&P 500 Software technology ecosystem is unparalleled,
factors will change the business model,
Index was down over 2025, falling and it is still home to significant global
but not as often as markets imagine. It
1% , which was a significant relative innovation. We want to leverage our
is important to remember technology
underperformance compared to the rest strengths for the benefit our investors.
remains at the forefront of creating
of the technology sector.
differentiation for many companies
How optimistic are you looking
The fear is that many software names across numerous vertical markets and
in 2026?
will be taken out by AI, with IT buyers thus our long-term enthusiasm endures.
We are cautiously optimistic. We
looking to AI agents to perform tasks
continue to see good opportunities
currently performed by software. Shares
for technology to be a bigger part of
in companies such as Salesforce, Mike Seidenberg
people’s lives. This has been a recurring
ServiceNow and Adobe have Lead Portfolio Manager
theme since the first day I started
all struggled. Voya Investment Management Co. LLC
working for the Company. We balance
13 March 2026
this with a nuanced understanding on
the spending environment.
9
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Investment Portfolio
at 31 December 2025
Full portfolio list

|  |  |  |  |  |  | Valuation |  |  | % of |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 |  | 1 |  | 2 |  |  |  |  |
| Investment Sector |  | Sub Sector |  | Country |  |  | £000 | 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
10
INVESTMENT MANAGER’S REVIEW

|  |  |  |  |  |  | Valuation |  |  | % of |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 |  | 1 |  | 2 |  |  |  |  |
| Investment Sector |  | Sub Sector |  | Country |  |  | £000 | 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

# Strategic Report

## Introduction

This Strategic Report is provided in accordance with The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 as amended and is intended to provide information about the Company's strategy and business needs, its performance and results for the year, and the information and measures which the Directors use to assess, direct and oversee Allianz Global Investors UK Limited ('the AIFM') and Voya Investment Management Co. LLC ('the Investment Manager' for portfolio management) in the management of the Company's activities.

## Strategy and Business Model

The purpose of the Company is defined by its investment objective, to provide shareholders with an investment in equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth.

The Company carries on business as an investment trust and the Ordinary shares are listed on the Main Market of the London Stock Exchange. Investment trusts are collective investment vehicles constituted as closed ended public limited companies. The Company is managed by a Board of non-executive Directors and the Company's day-to-day functions are carried out by the following main third party services providers:

- AllianzGI UK as AIFM
- Voya IM as Investment Manager
- HSBC as Custodian and Depositary
- MURG 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
STRATEGIC REPORT

The table below provides a comparison with the broader UK and world equity indices which many investors will use when reviewing the performance of their individual investments.

|  % change | 1 year | 3 years | 5 years | 10 years  |
| --- | --- | --- | --- | --- |
|  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

|   | Active contribution GBP (percentage point)  |
| --- | --- |
|  Micron Technology | Overweight 2.55  |
|  Lam Research | Overweight 1.17  |
|  Robinhood Markets | Overweight 1.00  |
|  Amphenol | Overweight 0.99  |
|  Celestica | Overweight 0.97  |
|  Cloudflare | Overweight 0.96  |
|  Apple | Underweight 0.93  |
|  Palantir Technologies | Overweight 0.71  |
|  Western Digital | Overweight 0.62  |
|  CrowdStrike | Overweight 0.55  |
|   | **10.45**  |

#### Top ten detractors relative to the benchmark

|   | Active contribution GBP (percentage point)  |
| --- | --- |
|  Atlassian | Overweight (0.92)  |
|  Samsung | Underweight (0.81)  |
|  Alphabet | Underweight (0.73)  |
|  Klaviyo | Overweight (0.65)  |
|  SK hynix | Underweight (0.64)  |
|  Amazon.com | Overweight (0.63)  |
|  Reddit | Overweight (0.58)  |
|  Microchip Technology | Overweight (0.48)  |
|  NVIDIA | Underweight (0.42)  |
|  Oracle | Underweight (0.41)  |
|   | **(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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Future development investors are choosing to buy and sell – The inherent risks in such technology
stocks and shares via online trading both in terms of speed of
The future development of the Company
platforms. Approximately 35% of the advancement; and
is dependent on the success of the
Company’s shares are now held by – The principal risks faced by the
Company’s investment strategy against
investors on these platforms. Many Company as outlined below.
the background of the economic
platform providers offer Individual
environment and market evolution and
The Board is fully aware that the world
Savings Account and pension products
the future attractiveness of the Company
of technology is constantly evolving and
as well as the facility to invest on a
as an investment vehicle compared
growing and could potentially look very
regular monthly basis. Competition
with long-term savings markets. The
different in five years. However, based
amongst platform providers is
Chairman gives his view on the outlook
on the results of the formal assessment,
intense, therefore investing online can
in his statement which starts on page
through regular updates from the AIFM
be a cost-effective way to buy the
3 and the lead portfolio manager
and the Investment Manager, the Board
Company’s shares.
discusses his view of the Company’s
believes it is reasonable to expect that
portfolio and the outlook in his report
the Company will continue in operation
which starts on page 7. The Board Board diversity
and meet its liabilities for the period of
holds a strategy specific meeting at At 31 December 2025, there were
five years under this review.

| least once per year at which time it | two male Directors and three female |  |
| --- | --- | --- |
| considers the position of the Company | Directors. Further information on Board | Investment Controls and Monitoring |
| and the strategy for the year ahead | Diversity can be found in the Directors’ | The Board in conjunction with the AIFM |
| and beyond, making recommendations | Report on page 28. | and the Investment Manager has put in |
| for change where appropriate. The last |  | place a schedule of investment controls |
| strategy specific meeting was held on 30 |  | and restrictions within which investment |

Risk Report
September 2025. decisions are made. These controls
Viability Statement
include limits on the size and type of
In accordance with the Corporate
investment and are monitored on a
Marketing the Company’s
Governance provisions the Company
constant basis. They are formally signed
Investment Strategy
is required to make a forward-looking
off by the AIFM and the Investment
The Company continues to operate a
(longer-term) Viability Statement.
Manager every month and are reviewed
targeted and coordinated marketing
In order to do this the Board has
by the Board at every meeting.
programme in order to raise awareness
considered the appetite for a technology
of its investment strategy. During Principal and Emerging Risks and
investment trust against the current
2026 both virtual and in-person Uncertainties
market backdrop, and has formally
communication methods have been The principal risks identified by the
assessed the prospects for the Company
used. This programme targets potential Board are set out in the table on page
over a period of five years. The Board
investors as well as communicating 15, together with information about the
believes that the period of five years
the latest developments to its actions taken to mitigate these risks. A
is appropriate and is in line with
existing shareholders. more detailed version of this table in
the five year continuation vote. The
next continuation vote will be put to the form of a Risk Map and Controls
The programme is aimed at both
shareholders at the AGM in 2026. In document is reviewed in full and
professional and retail investors and
order to assess the prospects for the updated by the Audit & Risk Committee
aims to create ongoing and sustained
Company the Board has considered: and Board at least twice per year.
demand for the Company’s shares. The
Individual risks, including emerging risks
retail audience includes those investors
– The investment objective and strategy
and threats to reputation, are considered
who delegate their investment decisions
taking into account recent, past and
by the Board in further detail depending
to financial advisers as well as the ever-
potential performance against both
on the market situation and a high-
increasing numbers who are researching
the benchmark, other indices of note
level review of all known risks faced by
and making their own investment
and peers;
the Company is considered at every
decisions. The programme comprises
– The financial position of the Company,
Board meeting. The principal risks and
multimedia content such as videos,
which does not currently utilise
uncertainties faced by the Company
podcasts and written pieces, advertising,
gearing in any form but does maintain
relate to the nature of its objectives and
and other promotional activity. We also
a portfolio of, in the main, non-income
strategy as an investment company
communicate regularly with journalists
bearing investments;
and the operations of its third party
across a range of publications, since
– The liquidity of the portfolio and the
service providers.
positive coverage of the Company’s
ability to liquidate the portfolio on the
specialist investment strategy can
failure of a continuation vote;
be highly influential. The marketing
– The macro economic conditions and
programme’s success has been boosted
geopolitical events;
by the number of performance awards
– The ever increasing level of technology
won by the Company over recent years
adopted by both individuals and
and has been instrumental in generating
corporations alike;
demand from retail investors which is,
of course, to the benefit of all of the
Company’s shareholders. Increasingly
14
STRATEGIC REPORT
Change in
risk during
Description Mitigation the year
Investment strategy and performance risk The Board has established a schedule of investment
The Company’s NAV may be adversely affected by controls which is monitored monthly and reviewed
the Investment Manager’s inappropriate allocation at each Board meeting. The Investment Manager
of funds to particular sub-sectors of the technology has responsibility for sectoral weighting and for
market and/or to the selection of individual stocks individual stock picking, having taken due account
that fail to perform satisfactorily, leading to poor of Investment Objectives and Controls that are
investment performance in absolute terms and/or agreed with the Board from time to time and
against the benchmark. regularly reviewed. These seek, inter alia, to ensure
that the portfolio is diversified and that its risk profile
is appropriate.
Technology sector risk The Board reviews investment performance,
The technology sector is characterised by rapid including a detailed attribution analysis comparing
change. New and disruptive technologies, including performance against the benchmark, at each Board
AI, can place competitive pressures on established meeting. At such meetings, the Investment Manager
companies and business models, and technology reports on major developments and changes in
stocks may experience greater price volatility than technology market sectors and also highlights
securities in some slower changing market sectors. issues relating to individual securities. The Board
has continued to review the risks and opportunities
presented by AI via discussion with subject matter
experts and discussion with the Investment Manager
at each Board meeting.
Cyber risk The operations of the Company are carried out by
The Company may be at risk of cyber attacks which third party service providers. All service providers
may result in the loss of sensitive information or report to the Board on operational issues including
disruption to the business. cyber risks and the controls in place to capture
potential attacks. See Operational Risk below.
Market risk The Board, the AIFM and the Investment Manager
The Company’s NAV may be adversely affected would monitor the progress of any unexpected
by a general decline in the valuation of listed events and may consider hedging, gearing or
securities and/or adverse market sentiment towards other strategies to respond to particular market
the technology sector in particular. Although the conditions. The AIFM and the Investment Manager
Company has a portfolio that is diversified by maintain regular contact with shareholders to discuss
company size, sub-sector and geography, its principal performance and expectations and to convey the
focus is on companies with high growth potential in belief of the Board and the Investment Manager that
the mid-size ranges of capitalisation. The shares of superior returns can be generated from investment in
these companies may be perceived as being at the carefully selected companies that are well managed,
higher end of the risk spectrum, leading to a lack financially strong and focused on those segments
of interest in the Company’s shares in some market of the technology market where disruptive change
conditions. The Company’s portfolio may be affected is occurring.
by changes to central banks’ interest rates. Higher
The Board, the AIFM and the Investment Manager
interest rates have typically had an adverse impact
would monitor the progress of the unexpected events
on growth stocks.
very closely and initiate appropriate responses
Market sentiment may quickly deteriorate in the where possible.
face of geopolitical events and effects on the
macro-economic environment.
Currency risk The Board monitors currency movements and
A high proportion of the Company’s assets is likely determines hedging policies as appropriate. The
to be held in securities that are denominated in US Board does not currently seek to hedge this foreign
Dollars, whilst its accounts are maintained in Sterling. currency risk.
Movements in foreign exchange rates affect the
performance of the Investment Portfolio and create a
risk for shareholders.
15
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Change in
risk during
Description Mitigation the year
Financial and liquidity risk Financial and liquidity reports are provided to and
The financial risks to the Company and the controls in considered by the Board on a regular basis.
place to manage these risks are disclosed in detail in
Note 13 beginning on page 62.
Operational risk The Board receives regular reports from the AIFM,
The Company may be impacted by disruption to or the Investment Manager and third parties on
the failure of the systems and processes utilised by internal controls highlighting areas of exception,
the AIFM and the Investment Manager or other third including reports on monitoring visits carried out
party service providers. This encompasses disruption by the Depositary on behalf of the Company. The
or failure caused by cybercrime, fraud and errors Board has further considered the risk of cyber-attacks
and covers dealing, trade processing, administrative and fraud and has received reports and assurance
services, financial and other operational functions. regarding the controls in place and details of
whistleblowing procedures.
Key individual risk Succession plans are in place for the Board. The
The Company could suffer disruption to operations as lead portfolio manager is supported by Erik Swords,
a consequence of loss of key individuals e.g. the lead portfolio manager, and an experienced team of
portfolio manager. technology investors. Cover is available for core
members of the relevant teams of the AIFM.
Emerging Risk – Artificial General Intelligence The Board will continue to monitor AI evolution
Artificial General Intelligence (AGI) could introduce through discussions with the Investment Manager
unintended consequences, geopolitical and and industry experts. Changes to, and the
economic disruption, security vulnerabilities and, in implementation of new regulations, laws and
extreme scenarios, existential risk. 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
STRATEGIC REPORT
### Section 172 Report
## Engagement with Key Stakeholders
As an investment company with no employees, the Company’s primary stakeholders are its shareholders and other stakeholders
including its service providers and the companies in which it invests. The Board’s strategy is facilitated by interacting with a wide
range of stakeholders through meetings, seminars, presentations and publications and through contacts made via the Company’s
suppliers and intermediaries. Engagement is both in person and virtually. Engagement with the Company’s 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 The Board communicates with Shareholders make informed
great importance on shareholders through the annual decisions about their
communication with report and half-yearly report, investments. Shareholder
shareholders and meets with shareholders at the correspondence is forwarded
understanding their views. AGM and provides a forum for directly to the Board.
interaction. There is a portfolio
Shareholders receive relevant
management presentation and
information to enable them
Q&As. The AGM is hybrid which
to evaluate whether their
enables shareholders to attend
investment aims are aligned
in person to meet the Board and
with the strategy and objective
investment manager or to join by
of the Company.
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.
17
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Stakeholders Why we engage How we engage and what we do The outcomes
Voya Investment The Board works with The Board has a tripartite The Company is well
Management – the Investment Manager agreement for the provision managed and receives
the Investment who provides portfolio of portfolio management appropriate and timely
management services. services. The Board meets with advice and guidance for a
Manager
representatives of the Investment reasonable cost. Following
Manager throughout the year the annual review of the
with the lead portfolio manager Investment Manager the
providing regular updates at Board has concluded that the
Board meetings and upon request ongoing appointment of the
by the Board. The Board formally Investment Manager is in the
reviews the performance and shareholders’ best interests.
remuneration of the Investment
Manager at least annually.
Allianz Global The Board works with In addition to the reporting at The Company is well
Investors UK the AIFM who provides regular Board meetings, the managed and receives
Limited – the accounting and secretarial Board meets with representatives appropriate and timely
services as well as expertise of AllianzGI UK to develop advice and guidance for a
AIFM
in sales and marketing. strategy for the Company, reasonable cost. Following
including a sales and marketing the annual review of the AIFM
plan which was adopted during the Board has concluded that
the year, to promote the Company the ongoing appointment
and raise its profile which helps of the AIFM is in the
raise its rating. The Board formally shareholders’ best interests.
reviews the performance and
remuneration of the AIFM at
least annually.
Portfolio The Board approves the On the Company’s behalf the The Investment Manager
companies Investment Manager’s active, Investment Manager engages actively votes at portfolio
stock picking approach and with investee companies, including company meetings.
believes in good stewardship. discussions on Environmental,
Social and Governance matters
and exercises its votes at all
company meetings.
Corporate The Board, the AIFM and the The brokers are kept updated The Company is an
brokers Investment Manager work on the strategy of the Company attractive investment and
with the corporate brokers, so that they can publish relevant there is liquidity in the
including their research and research information and talk Company’s shares.
sales teams to provide access to potential investors. The sales
to the market and liquidity in team receives regular contact and
the Company’s shares. helps the Company to participate
in exchange volume and provide
liquidity for investors.
Media The Company works with Regular communication with The Company’s name and its
partnerships public relations advisers to public relations partners to raise attributes as an investment
ensure information about the Company’s profile through company are known to an
the Company, its strategies press and media activity. We can increasingly wider audience.
and performance can measure the success of this activity
reach a wide audience of by monitoring website hits and
potential investors through new investment in the Company
press articles and online on retail platforms.
media coverage.
18
STRATEGIC REPORT
Stakeholders Why we engage How we engage and what we do The outcomes
Distribution To reach a wider audience The wealth managers together The Board receives detailed
partnerships of investors the Company with our distribution partners feedback to confirm
works with firms providing arrange presentations about that there is wide and
access to platforms and the Company at roadshows and growing interest in the
wealth managers. conferences to reach investors Company’s shares.
through share trading platforms
and wealth managers.
AIC The Association of Investment The Company is a member of Information about
Companies looks after the the AIC and has also supported the Company is
interests of investment trusts lobbying activities. disseminated widely.
and provides information to
the market.
Other service The Board has appointed In addition to regular contact Assurances from direct service
providers HSBC as Depositary and and assurance testing that sound providers on their internal
Custodian and MUFG and effective controls are in place controls are given formally to
Corporate Markets as from all these service providers, the Company twice yearly but
Registrar to provide specialist there is a rolling programme of day-to-day contact with the
services to the Company. due diligence visits to suppliers of investment trust team ensures
third party services by AllianzGI that any issues are quickly
UK’s investment trust team to identified and acted upon
ensure that the Company is and that remedial action can
receiving good quality services take place.
with robust and fit for purpose
internal controls.
19
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Environmental, Social, Governance (ESG)
## and Stewardship – the Company’s Report
### The Board takes ESG considerations very seriously and, as such, intends to make clear how
### 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.
The Investment Manager’s approach to How ESG fits into technology Stewardship
ESG is set out on pages 22 to 23.
For technology, the individual elements The Board has delegated the exercise
The Investment Manager is a signatory
of ESG have varying outcomes. of proxy voting powers on its behalf to
to the United Nations Principles for
discharge its responsibilities in respect
The ‘E’ (Environmental) is generally a
Responsible Investment.
of investments to the Investment
high scoring factor. Many technology
Manager to ensure that the portfolio
Although, as an investment trust,
companies are facilitating the move
managers can engage in the decision
the Company has no direct social or
towards a cleaner, less carbon-intensive
making process.
community responsibilities, the Board
future. Electric vehicles are an obvious
shares the Investment Manager’s view
example of this. This is not to say the The Voya IM ESG and Proxy Voting
that it is in the shareholders’ interests to
entire sector is without issue and, indeed, Policies have been reviewed by
be aware of and consider environmental,
new natural resource demands are the Board and it believes that the
social and governance factors, when
emerging as technology expands. We Company’s delegated voting powers
selecting and retaining investments.
see in general though that companies are being properly executed. Voya IM
are aware and consider this factor high uses Institutional Shareholder Services
Details of the Company’s policy on
in their priorities. Regulators too have a Inc. (ISS) as its Proxy Advisory Firm to
socially responsible investment are set
keen eye. assist in managing its proxy voting
out below.
responsibilities. ISS is an independent
The ‘S’ (Social) is split in its outcomes.
proxy voting adviser that specialises
On the one hand, as a source of quality
in providing a variety of fiduciary-level
employment, the result is often positive.
proxy related services.
On the other hand, governments,
regulators and the public at large
UK Sustainability
have questioned the impact of some
Disclosure Requirements
technologies, such as social media. The
The Financial Conduct Authority (FCA)
sheer size and control of some of the
has introduced a sustainability disclosure
‘mega’ sized technology firms has been
requirements and investment labels
questioned, as has whether technology
regime (SDR) to address concerns
might exacerbate social inequality
about misleading environmental
through the inability of poorer socio-
claims. The Company and AIFM have
demographic groups to be able to
considered and undertaken a review
access the same tools as those with more
of the requirements of the regulations.
income. Again, regulators have a sharp
The Company does not have a label
focus on this topic.
under SDR.
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.
20
STRATEGIC REPORT
Corporate Social Responsibility The Company’s primary objective is to Criminal Finances Act 2017
(CSR), Community and Employee invest principally in the equity securities
The Company has a commitment to
Responsibilities, Emissions, of quoted technology companies on
zero tolerance towards the criminal
Environmental and Ethical a worldwide basis with the aim of
facilitation of tax evasion.
achieving long-term capital growth.
Policy (EEE)
Whilst the Board believes that the
The Company’s investment activities Taskforce on Climate Related
Company would be in breach of its
and day to day management are Financial Disclosures (TCFD) and
fiduciary duties to shareholders if
delegated to the Investment Manager, Global Greenhouse Gas Emissions
investment decisions were based
AIFM and other third parties. As an AllianzGI UK produces a product level
solely on CSR and EEE considerations,
investment trust, the Company has no TCFD report for the Company. This can
we are supportive of an investment
direct social, community, employee or be found on the Company’s website
management process that considers
environmental impact, though the Board www.allianztechnologytrust.com.
all elements of wider ESG risk in the
maintains appropriate oversight of such
context of risk/reward, like all other risks The Company does not maintain
factors in relation to contracted service
considered by the Investment Manager. premises, hold any physical assets or
providers. Its principal responsibility
operations and does not have any
to shareholders is to ensure that
Modern Slavery Act 2015 employees. Consequently, the Company
the investment portfolio is properly
has no greenhouse gas emissions to
managed and invested. The Company does not provide goods
report from its operations, nor does
or services in the normal course of
In light of the nature of the Company’s it have responsibility for any other
business, and as a financial investment
business there are no associated human emissions producing sources under the
vehicle does not have customers. The
rights issues, and the Company does not Companies Act 2006 (Strategic Report
Directors do not therefore consider that
have a human rights policy. The Board and Directors’ Reports) Regulations
the Company is required to make a
has noted the AIFM and Investment 2013. For the same reason as set
statement under the Modern Slavery
Manager’s report on greenhouse gas out above, the Company considers
Act 2015 in relation to slavery or
emissions on its own operations and itself to be a low energy user under
human trafficking.
the views of the Investment Manager the Streamlined Energy and Carbon
on CSR and EEE which it adheres Reporting regulations and therefore
Bribery Act 2010
to in engaging with the underlying is not required to disclose energy and
The Board has a zero tolerance policy in
investee companies and in exercising carbon information.
relation to bribery and corruption in its
its delegated responsibilities in voting.
business processes and activities and has The Strategic Report has been approved
The Investment Manager engages with
received assurance via internal controls by the Board and signed on its behalf by:
the Company’s underlying investee
reporting from the Company’s main third
companies in relation to their corporate
party service providers that adequate
governance practices and in developing
safeguards are in place to protect Tim Scholefield
their policies on social, community and
against any such potentially illegal Chairman
environmental matters.
behaviour by employees or agents. 13 March 2026
21
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Responsible Investment Policy
### At Voya Investment Management (Voya IM), we strive to exceed our clients’ expectations for
### service and investment results.
To meet our clients’ objectives, we unified response to such developments Integration of Environmental,
undertake rigorous and holistic across our platform. Our proxy voting Social and Governance data
investment analysis across a range of activities are overseen by our Voya and information
asset classes and offer a breadth of IM Proxy Committee that meets
As fiduciaries, when selecting securities,
solutions and capabilities that allow quarterly and is chaired by our Head of
we incorporate relevant financial and
clients to customize their investments Active Ownership.
non-financial factors into our analysis of
according to their preferences. the long-term performance outlook of a
The Responsible Investment and
company and the value of its securities.
As fiduciaries, we have a duty to act Thematic Research team acts as a
The incorporation of ESG factors into
in the best long-term interests of our center of expertise to help guide
the investment process is underpinned
clients. As one means to meeting that investment teams in their incorporation
by the belief that it will improve the
commitment, we became a signatory of responsible investment principles.
resilience of the portfolio by reducing
to the United Nations Principles for The team’s scope of responsibility spans
risk and generating more stable returns.
Responsible Investment (UN PRI) three major areas: ESG Research, Active
We define ESG integration as the
in 2017. In accordance with UN PRI Ownership, and Thematic Research.
consideration of relevant and financially
principles, we incorporate financially ESG Research is focused on curating
material ESG factors, alongside
material environmental, social, and data and developing insights, both
traditional factors, in our investment
governance (ESG) issues into our from a top-down and bottom-up
decision-making process.
investment analysis and stewardship perspective, to support the investment
practices, with the intention of improving teams’ ESG integration and responsible
As part of our assessment of a
our long-term investment decision- investment approaches. Our ESG
company’s value, prospects, and
making. We believe that ESG issues can Research capabilities include ESG
financial condition, the ESG integrated
affect the performance of investments scoring techniques, as well as both
portfolios consider information about
over time, although the relevance to quantitative and qualitative assessments
many factors, including those that
specific companies, sectors, asset classes, of material ESG topics. Meanwhile, the
fit under the ESG umbrella. This may
and regions may vary. In the “Data and Active Ownership team leads Voya IM’s
include exposure to regulation or
Themes” section of this policy, we define proxy voting and corporate engagement
litigation, labor relations, human
some of the most material topics we processes. Finally, our Thematic Research
rights, product quality and safety,
consider under the umbrella of ESG. capabilities are focused on providing
reputation, governance practices,
insights about long-term trends and
executive compensation, board
Governance themes impacting our investments
oversight, reporting and disclosure,
across asset classes. Thematic Research
Voya IM’s Responsible Investment community relations, energy costs and
encompasses a broad range of themes
Committee acts as a governing body, climate impact.
including sustainability, emerging
providing oversight of our responsible
technologies, demographic shifts, and Our investment teams have a deep
investment strategy, and fostering
macro and geopolitical developments understanding of the nuances of their
continuous improvement of our
shaping our societies. asset classes and specific portfolio
research, solutions, and capabilities. The
considerations. They make informed
committee is chaired by our Head of Supported by our Governance
investment decisions by focusing on
Responsible Investment and Thematic Committee and the Responsible
those factors that are likely to have
Research, who reports to our Chief Investment and Thematic Research
a material effect on the value and
Investment Officer, and its membership team, Voya IM’s investment teams are
performance of an issuer and its
spans our Active Ownership, legal, responsible for integrating responsible
securities over time. As an example,
compliance, and risk teams, among investment practices into their
the mismanagement of governance
others. The Voya IM Responsible investment approach in accordance
issues, employee relations or toxic waste
Investment Committee is tasked with with client mandates. Through this
could result in increased expenses or
managing our Voya IM Responsible collaborative structure, we aim to ensure
reputational damage that may impact
Investment Policy, including our that responsible investment practices
the valuation of a company’s securities.
related memberships and affiliations, are thoughtfully embedded across our
The purpose of our ESG integration is to
overseeing certain disclosures about investment process.
reduce such risks.
our responsible investment program,
raising awareness of evolving risks and
changing regulations, and fostering a
22
STRATEGIC REPORT
Portfolio managers at Voya IM have Engagements Additionally, Voya IM investment teams
access to multiple tools and data Ongoing discussions with senior may engage directly with the companies
sources to support ESG integration, management and board members in which they invest. The investment
including third-party data, Voya IM’s ESG of companies are essential to teams can escalate any concerns
materiality assessment and scorecard, understanding the companies in which they may have with a company to the
and quantitative research signals. Note we are invested and to promote best Responsible Investment and Thematic
that relevance and availability vary by practices and long-term success. We Research team for further investigation
asset class. The Responsible Investment believe that engagements should be or dialogue.
and Thematic Research team, as well highly relevant to our investment process
Proxy Voting
as other fundamental and quantitative and provide valuable insights to the
Voya IM views proxy voting as an
research teams, also support the issuers with whom we engage.
important component of fulfilling our
portfolio managers with information and
Through our discussions, we may make fiduciary responsibilities to clients. When
research on themes, sectors and specific
issuers aware of how our concerns delegated authority to vote proxies on
investments. This could also include
factor into our investment decisions, behalf of client portfolios, we exercise
information gathered in dialogues with
understand their efforts to address that responsibility with the objective of
investee companies performed by the
these concerns, and discuss industry acting in our clients’ best interests. We
Active Ownership team.
best practices. Engagements focused consider proxy voting to be a key tool for
on ESG matters are led by the Active advancing long-term shareholder value
Stewardship – Active Ownership
Ownership team and may also include and managing investment-related risks.
& Engagement
members of our investment teams.
Voya IM’s long-term perspective favors Our Proxy Policy outlines Voya IM’s
Such dialogues are likely to enrich our
sound investment principles aligned with approach to voting proxies in a manner
investment analysis while at the same
the priorities of our clients. Accordingly, that supports the long-term economic
time provide useful insights to issuers
our active ownership activities are value of the underlying securities. To this
into how they compare generally to
designed to protect and enhance the end, Voya IM considers many factors,
industry peers and how markets perceive
economic value of the companies in including ESG factors, which may
their ESG initiatives.
which we invest on behalf of our clients. impact the investment risk and return
We do this through engaging with Voya IM has developed engagement profiles of our clients’ investments. As
issuers of securities in which we have guidelines to outline the Active such, the Voya IM Proxy Policy was
invested and exercising our voting rights Ownership team’s engagement developed to summarize Voya IM’s view
at shareholder meetings. objectives, prioritization, methodology, on issues of concern to shareholders
tracking, and escalation processes. and provide a general indication of how
They are designed to help companies Voya IM may vote its clients’ portfolio
understand our engagement goals securities regarding these issues in order
and expectations, fostering mutually to maximize shareholder value and
productive dialogue. 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 Total vote distribution
Number of meetings voted Votes for: 75%
100% in line with management
Votes against: 15%
recommendation: 19
Votes withheld: 10%
Number of meetings with at least
one vote against, withheld or
abstained: 34
23
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Directors
Tim Scholefield Ekaterina (Katya) Thomson Neeta Patel CBE
Independent Non-Executive Independent Non-Executive Independent Non-Executive
Director. Chairman of the Board and Director. Chairman of the Director. Chairman of the
Nomination Committee. Member Audit & Risk Committee and Management Engagement
of the Remuneration Committee Remuneration Committee. Member Committee and Senior Independent
and Management Engagement of the Nomination Committee Director. Member of the Audit &
Committee. and Management Engagement Risk Committee, the Nomination
Committee. Committee and the Remuneration
Tim joined the Board on 1 December
Committee.

| 2021 and was appointed Chairman | Katya joined the Board on 18 July 2022 |  |
| --- | --- | --- |
| on 26 April 2024. He is a non-executive | and has over 30 years of experience in | Neeta Joined the Board on 1 September |
| director of Aberdeen UK Smaller Growth | corporate finance, strategy and business | 2019. She is a non-executive director |
| Companies plc and Jupiter Unit Trust | development in both executive and | of Maven Renovar VCT Plc, European |
| Managers Ltd. He is also Chairman | non-executive roles. She has held senior | Opportunities Trust plc and Pembroke |
| of Invesco Bond Income Plus Limited. | positions in corporate finance at Lazard, | VCT PLC. She is also a board adviser |
| He has over thirty years’ experience in | ABN Amro and Thomas Cook. Over the | at several technology startups. She |
| investment management and was, until | past nine years, Katya has developed in- | was previously CEO at the Centre for |
| 2014, Head of Equities at Baring Asset | depth expertise in the UK closed-ended | Entrepreneurs and an entrepreneur |
| Management. Prior to Baring, he was | funds sector, having previously served on | mentor-in-residence at London |
| Head of International Equities at Scottish | four investment trust boards. | Business School, a board adviser |
| Widows Investment Partnership Limited. |  | at Tech London Advocates and a |

Katya is a Chartered Accountant and a
member of the advisory board at City
member of the ICAEW.
University Ventures.
She was awarded a CBE in the Queen’s
honours list in October 2020 for services
to entrepreneurship and technology.
24
DIRECTORS’ REVIEW

| Simon (Sam) Davis | Lucy Costa Duarte |  |
| --- | --- | --- |
| Independent Non-Executive | Independent Non-Executive |  |
| Director. Member of the Audit & | Director. Member of the Audit & |  |
| Risk Committee, the Nomination | Risk Committee, the Nomination |  |
| Committee, Remuneration | Committee, Remuneration |  |
| Committee and the Management | Committee and the Management |  |
| Engagement Committee. | Engagement Committee. |  |
| Sam joined the Board on 1 January | Lucy joined the Board on 1 January 2025. | The table below sets out the number |
| 2024. He is Chairman of The Baillie | She is a specialist in marketing strategy | of formal Board and Committee |
| Gifford Japan Trust PLC and a non- | and investor relations in the investment | meetings held during the year ended |
| executive director of Schroder Oriental | trust sector. Formerly a director at | 31 December 2025 and the number |
| Income Fund Limited. Sam joined | Citigroup, heading the emerging | attended by each Director. In addition |
| Morgan Grenfell & Co. Ltd in 1988, | markets ECM team in London, she left | to the scheduled Board and Committee |
| working initially in corporate finance in | Citigroup in 2007 and took a career | meetings, Directors attended ad hoc |
| both London and Tokyo. He moved to | break. Since 2016, she has been running | meetings to consider matters as and |
| Morgan Grenfell Asset Management in | the marketing and investor relations | when required. All Directors attended |
| 1996 to work with a Tokyo-based team. | functions of International Biotechnology | the Annual General Meeting of the |
| In 2000 he joined Putnam Investments | Trust plc in a part time capacity, initially | Company. None of the Directors has a |
| first in Boston, MA and then in London | at SV Health Investors and more recently | service contract with the Company. The |
| where, over his 19 year tenure, he | at Schroders following the trust’s move | terms of their appointment are detailed |
| managed Asian, European and broad | to Schroders in 2023. | in a letter sent to them when they join |
| international equity portfolios. As |  | the Board. These letters are available for |

Lucy is a non-executive director of MIGO
Putnam’s co-head of equities he oversaw inspection on request to the Company
Opportunities Trust plc and Fidelity Asian
a global investment team and was CEO Secretary. Meeting attendance by the
Values plc.
of Putnam Investments Ltd, the group’s Directors during the year ended 31
UK regulated entity. December 2025 was as follows:
Management
Audit & Risk Nomination Remuneration Engagement Strategy
Board Committee Committee Committee Committee Meeting
Number of meetings in the year 4 2 3 1 1 1
1
Tim Scholefield 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
2
Lucy Costa Duarte 4 2 3 1 1 1
3
Elisabeth Scott 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Directors’ Report
The Directors present their Report and Investment funds In each year, in accordance with the
the audited Financial Statements for tripartite management contract,
The market value of the Company’s
the year ended 31 December 2025. the Investment Manager is entitled
investments at 31 December 2025 was
Information pertaining to the business to a performance fee subject to
£2,007m (2024: £1,716m) with gains
review including the outlook and future various performance conditions. The
of £850m (2024: gains of £666m) over
development is included in the Strategic performance fee entitlement is equal
book cost. Taking these investments
Report, starting on page 12 and to 10.0% of the outperformance of the
at this valuation, the net assets
within the Chairman’s Statement starting adjusted NAV per share total return
attributable to each Ordinary share
on page 3. as compared to the benchmark index,
amounted to 571.7p at 31 December
the Dow Jones World Technology
2025 (2024: 458.6p). During the year,
Principal activity and status Index (sterling adjusted, total return).
the Company did not enter into any
Any underperformance brought
The Company was incorporated on derivative contracts and therefore there
forward from previous years is taken
18 October 1995 and its Ordinary were no outstanding contracts as at
into account in the calculation of the
shares were listed on the London Stock 31 December 2025. See Note 13 on
performance fee.
Exchange on 4 December 1995. The page 62 for the financial instruments
Company is registered as a public disclosure describing the Company’s
A performance fee is only payable where
limited company in England under exposure to price risk, credit risk, liquidity
the NAV per share at the end of the
company number 3117355. The risk, and cash flow risk.
relevant performance period is greater
Company is an investment company
than the NAV per share at the end of the
Information pertaining to the business
within the meaning of section 833 of
financial year in which a performance
review and future outlook can be found
the Companies Act 2006 and carries
fee was last paid. At 31 December
in the Strategic Report starting on
on business as an investment trust.
2025 this ‘high water mark’ (HWM) was
page 12.
The Company is a member of the
297.2p per share. In the event that the
Association of Investment Companies.
HWM is not reached in any year, any
Results and Dividends
The Company is an approved investment
outperformance shall instead be carried
Further commentary on earnings,
trust under sections 1158 and 1159 of
forward to future periods to be applied
revenue reserves and dividends
the Corporation Taxes Act 2010 and
as detailed below. With effect from 1
is provided on page 13 of the
Part 2 Chapter 1 of Statutory Instrument
January 2026 the fee cap reduced from
Strategic Report.
2011/2999. This approval relates to
1.75% to 1.25% of the average daily
accounting periods commencing on or
NAV over the performance period. For
after 1 December 2012. The Directors Management contracts
this purpose, the NAV is calculated
are of the opinion, under advice, The Company has a tripartite Delegation
after deduction of the associated
that the Company has continued to Agreement with AllianzGI UK and Voya
performance fee payable.

| conduct its affairs so as to be able to | IM for portfolio management services. |  |
| --- | --- | --- |
| retain such approval. As an investment | AllianzGI UK is the AIFM, providing | Any outperformance in excess of the cap |
| trust pursuant to section 1158 of the | company secretarial, administrative | (or where the HWM has not been met) |
| Corporation Tax Act 2010, the Financial | and sales and marketing services, and | shall be carried forward to future years |
| Conduct Authority (FCA) rules in relation | portfolio management services are | to be available for offset against future |
| to non-mainstream investment products | provided by Voya IM. The management | underperformance but not to generate |
| do not apply to the Company. | agreement provides for a base fee of | a performance fee. To the extent that |
|  | 0.8% per annum payable quarterly in | the Company has underperformed the |
|  | arrears and calculated on the average | benchmark, such underperformance |

Investment Objective
value of the market capitalisation of is carried forward and must be offset
The Company invests principally in the
the Company at the last business day by future outperformance before
equity securities of quoted technology
of each month in the relevant quarter. a performance fee can be paid.
companies on a worldwide basis with
The base fee reduces to 0.6% for any Underperformance/outperformance
the aim of achieving long-term capital
market capitalisation between £400m amounts carried forward do so
growth in excess of the Dow Jones World
and £1 billion, and 0.5% for any market indefinitely until offset.
Technology Index (sterling adjusted,
capitalisation over £1 billion. Additionally
total return) (the Benchmark). Full details The performance fee accrued for as
there is a fixed fee of £55,000 per annum
can be found inside the front cover. at 31 December 2025 was £nil (31
to cover AllianzGI UK’s administration
December 2024: £nil).
costs. The contract can be terminated
with six months’ notice. 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
DIRECTORS’ REVIEW
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:
Number of Voting rights Total
Share class shares issued per share 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 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Number of |  |  | % of issued | Number of |  |  | % of issued |
| Holder |  |  |  | shares |  | share capital |  | shares |  | 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
1
Saba Capital Management L.P. (indirect) - - 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

## 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
DIRECTORS’ REVIEW

| – Resolution 2 relates to the re-election | Company Secretary of any proposed | The specific areas reserved for the Board |
| --- | --- | --- |
| of Tim Scholefield who was appointed | new appointments and new conflicts or | include the setting of parameters for and |
| on 1 December 2021 as a Director of | potential conflicts for consideration, if | the monitoring of investment strategy, |
| the Company. Tim brings a wealth of | necessary, by the Board. The Directors | the review of investment performance |
| investment knowledge, expertise and | are required to list their current time | (including performance relative to the |
| experience in investment management, | constraints when requesting prior approval | benchmark and to the Company’s peer |
| particularly in equities. | of a new appointment. The Board | group) and investment policy; final |
| – Resolution 3 relates to the re-election | confirms that its powers of authorisation | approval of statutory Companies Act |
| of Katya Thomson, who was appointed | are operating effectively and that the | 2006 requirements including the payment |
| on 18 July 2022, who brings in-depth | agreed procedures have been followed | of any dividend and the allotment of |
| knowledge, expertise and experience | throughout the year under review. | shares; matters of a Stock Exchange or |
| in corporate finance and accountancy |  | Internal Control nature such as approval |
| which enables her to perform an | Directors | of shareholder statutory documentation; |
| in-depth review of the Company’s |  | performance reviews and director |

As at the date of this Report, the Board
financial statements as the Audit & Risk independence; and, in particular, matters
consisted of five non-executive Directors
Committee Chairman. of a strategic or management nature, such
as detailed on pages 24 and 25. All
– Resolution 4 relates to the re-election as the Company’s long-term objectives,
Directors served throughout the year.
of Neeta Patel who was appointed on commercial and corporate strategy, share
1 September 2019 as a Director of the buy-back and share issuance policy, share
Board Committees
Company. Neeta brings a wealth of price and discount/premium monitoring;
For the year under review the
knowledge from the technology sector. the appointment or removal of the AIFM
Nomination Committee was chaired
– Resolution 5 relates to the re-election or the Investment Manager; unquoted
by Tim Scholefield. The Management
of Sam Davis who was appointed on investment valuations; consideration
Engagement Committee was Chaired by
1 January 2024 as a Director of the and final approval of borrowing
Neeta Patel. The Audit & Risk Committee
Company. Sam brings in-depth global requirements and limits and corporate
and Remuneration Committee were
investment management experience governance matters.
chaired by Katya Thomson. The full
and expertise.
Terms of Reference, which clearly define In order to enable them to discharge their
– Resolution 6 relates to the re-election of
the responsibilities of each Committee, responsibilities, prior to each meeting
Lucy Costa Duarte who was appointed
can be obtained from the Company Directors are provided, in a timely manner,
on 1 January 2025 as a Director of
Secretary and can be found on the with a comprehensive set of papers giving
the Company. Lucy brings expertise
website www.allianztechnologytrust.com. detailed information on the Company’s
in marketing strategy and investor
transactions, financial position and
relations in the investment trust sector.
Management performance. Representatives of the
Engagement Committee AIFM and the Investment Manager
Directors’ fees
The Management Engagement attend each Board meeting, enabling
A report on Directors’ Remuneration starts
Committee report is on page 36. the Directors to seek clarification on
on page 39.
specific issues or to probe further on
matters of concern. A full report is
Nomination Committee
Directors’ and Officers’ received from the Investment Manager
The Nomination Committee report is on
Liability Insurance at each meeting. In the light of these
page 37.
Directors’ and Officers’ Liability Insurance reports, the Board reviews compliance
cover is in place and is provided at the with the Company’s stated investment
Remuneration Committee
expense of the Company. Directors’ and objectives and, within these established
The Remuneration Committee report is on
Officers’ Deed of Indemnity information guidelines, the Investment Manager takes
page 38.
can be found on page 34. decisions as to the purchase and sale of
individual investments.
Audit & Risk Committee
Conflicts of Interest
The Audit & Risk Committee Report starts
Under the Companies Act 2006 a director Whistleblowing
on page 44.
must avoid a situation where she/he has, As the Company has no employees it does
or can have, a direct or indirect interest not have a formal policy concerning the
The Board and Matters Reserved
that conflicts, or possibly may conflict, with raising, in confidence, of any concerns
for the Board
the Company’s interests. Directors are able, about improprieties for appropriate
if appropriate, to authorise these conflicts The Board is responsible for the efficient independent investigation. The Audit &
and potential conflicts. The Board reports and effective leadership of the Company Risk Committee has, however, received
annually on the Company’s procedures for and for the Company’s affairs. There is and noted the AIFM and Investment
ensuring that its powers of authorisation of a formal schedule of matters reserved Manager’s policy on this matter. Any
conflicts are operated effectively and that for the decision of the Board and there matters concerning the Company may
the procedures have been followed. is an agreed procedure for Directors, in be raised with the Chairman or Senior
the furtherance of their duties, to take Independent Director.
Under the AIC Code, the Directors are
independent professional advice if
required to notify the Chairman and
necessary at the Company’s expense.
29
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Modern Slavery Act 2015 transacted and the locations of the Auditor objectivity
securities held. and independence
The Company does not provide goods or

| services in the normal course of business, |  | Forvis Mazars LLP is the Auditor of the |
| --- | --- | --- |
| and as a financial investment vehicle does | Depositary | Company. The Board believes that |
| not have customers. The Directors do not | HSBC Securities Services (the ‘Depositary’) | auditor objectivity and independence is |
| therefore consider that the Company is | acts as the Company’s Depositary | safeguarded for the following reasons: |
| required to make a statement under the | in accordance with the Alternative | the extent of non-audit work which |
| Modern Slavery Act 2015 in relation to | Investment Fund Managers Directive | may be carried out by Forvis Mazars |
| slavery or human trafficking. | (AIFMD). The Depositary’s responsibilities, | LLP is limited and would flow naturally |
|  | which are set out in the Investor Disclosure | from the firm’s role as auditor to the |
| Electronic communications | Document on the Company’s website, | Company; Forvis Mazars LLP has provided |
|  | include cash monitoring; ensuring the | information on its independence policies |

The Company has enabled electronic
proper segregation and safe keeping and the safeguards and procedures it has
communications whereby shareholders
of the Company’s financial instruments developed to counter perceived threats
may opt to receive documents
that are held by the Custodian; and to its objectivity; it also confirms that it is
electronically. Shareholders who opted
monitoring the Company’s compliance independent within the meaning of all
for this receive either an email, where an
with investment and leverage limit regulatory and professional requirements
email address has been registered, or
requirements. and that the objectivity of the audit team is
letter notifying them of the availability
of the Company’s Annual Report, Half- not impaired.
Although the Depositary has delegated
Year Report and any other Shareholder
the safekeeping of all assets held within Each Director at the date of approval of
documents on the Company’s website.
the Company’s investment portfolio to the this report confirms that:
Those that elected not to switch to
Custodian, in the event of any loss of those
electronic means will continue to receive (a) insofar as the Director is aware, there
assets that constitute financial instruments
hard-copy documents by post. In order is no relevant audit information
under AIFMD, the Depositary will be
to reduce the Company’s impact on the of which the Company’s auditor is
obliged to return to the Company financial
environment we encourage shareholders, unaware; and
instruments of an identical type, or the
wherever possible, to register an email
corresponding amount of money, unless it (b) the Director has taken all the steps
address and to receive notifications
can demonstrate that the loss has arisen he or she ought to have taken as a
electronically. We will however continue
as a result of an external event beyond Director in order to make himself/
to make available printed copies
its reasonable control, the consequences herself aware of any relevant audit
where required.
of which would have been unavoidable information and to establish that
despite all reasonable efforts to the the Company’s auditor is aware of
Common Reporting contrary.
that information.
Standard (CRS)
This confirmation is given and should
CRS is a global standard for the Directors’ Responsibility,
be interpreted in accordance with the
automatic exchange of information Accountability and Audit
provisions of section 418 of the Companies
commissioned by the Organisation for
The Directors’ Statement of Responsibilities
Act 2006. Forvis Mazars LLP will stand for
Economic Cooperation and Development
in respect of the financial statements is
re-election at the forthcoming AGM.
and incorporated into UK law by the
set out on page 43. The Independent
International Tax Compliance Regulations
Auditor’s Report starts on page 47.
Disclosures required by FCA Listing
2015. CRS requires the Company to
The Board has delegated contractually
Rule 6.6.1
provide certain additional details to
to external agencies, including the
HMRC in relation to UK resident foreign This rule requires listed companies to
AIFM and the Investment Manager, the
investment holders. The reporting report certain information in a single
management of the investment portfolio,
obligation began in 2016 and is an identifiable section of their annual
the custodial services (which include the
annual requirement. The Registrar, MUFG financial reports. Directors confirm that
safeguarding of the assets), the day to
Corporate Markets, is appointed to collate none of the prescribed information is
day accounting, company secretarial and
such information and file the reports with applicable to the Company in the year
administration requirements and the share
HMRC on behalf of the Company. under review.
registration services.
Each of these contracts was entered into Post Balance Sheet Events
Safe Custody
after full and proper consideration by
The Company’s listed investments are Post balance sheet events are detailed in
the Board of the quality and cost of the
held in safe custody by HSBC Bank Plc note 16 to the financial statements.
services offered, including the control
(the ‘Custodian’). Operational matters
systems in operation insofar as they
with the Custodian are carried out on Annual General Meeting
relate to the affairs of the Company. The
the Company’s behalf by the Manager The AGM will be held on Thursday 23 April
Board receives and considers regular
in accordance with the provisions of the 2026 at 2.30pm. This meeting will be held
reports from the AIFM and the Investment
investment management agreement. as a hybrid meeting. This means that there
Manager and ad hoc reports and
The Custodian is paid a variable fee will be an in person meeting as well as it
information are supplied to the Board
dependent on the number of trades being streamed live for those shareholders
as required.
who cannot attend in person. The formal
30
DIRECTORS’ REVIEW

| Notice of AGM, including instructions on | specific authority from shareholders before | Company to purchase in the market up to |
| --- | --- | --- |
| how to join online, starts on page 72. | allotting new shares (or granting rights | a maximum of 64,270,626 Ordinary shares |
| The Directors consider that the resolutions | over shares) for cash or selling shares out | (equivalent to approximately 14.99% |
| relating to the items of special business, | of treasury, without first offering them | of the Company’s issued share capital) |
| as detailed below, are in the best interests | to existing shareholders in proportion to | either for cancellation or for holding in |
| of shareholders as a whole. Accordingly, | their holdings. | treasury and sets out the minimum and |
| the Directors unanimously recommend |  | maximum prices at which Ordinary shares |

Resolution 11 seeks to renew the Directors’
to the shareholders that they vote in may be purchased exclusive of expenses,
authority to allot shares up to a maximum
favour of the resolutions to be proposed reflecting requirements of the Companies
aggregate nominal amount of £1,071,891
at the forthcoming AGM, as they intend Act 2006 and the UK Listing Rules. The
(42,875,668 Ordinary shares), representing
to do in respect of their own holdings of authority will expire on 23 July 2027 or, if
approximately 10% of the Company’s total
Ordinary shares. earlier, at the end of the Annual General
issued Ordinary share capital as at 11
Meeting of the Company to be held in
The Board welcomes all shareholders March 2026, being the latest practicable
2027, unless previously cancelled or varied
to the AGM at which the lead portfolio date prior to publication of this document.
by the Company in general meeting.

| manager will present his review of the year | The authority will expire on 23 July 2027 or, |  |
| --- | --- | --- |
| and prospects for the future. Additionally, | if earlier, at the end of the Annual General | The Board believes that such purchases in |
| shareholders wishing to communicate | Meeting of the Company to be held in | the market at appropriate times and prices |
| directly with the Board may make contact | 2027, unless previously cancelled or varied | may be a suitable method of enhancing |
| via the Company Secretary, details of | by the Company in a general meeting. | shareholder value. The Company would |
| whom can be found on page 68. |  | make either a single purchase or a series |

Resolution 12, which is being proposed
of purchases, when market conditions are
The following Resolutions relating to items as a Special Resolution, seeks to renew
suitable and within guidelines set from
of special business will be proposed: the Directors’ authority to allot equity
time to time by the Board, with the aim of
securities, or sell treasury shares, for cash
Continuation Vote maximising the benefits to shareholders.
without having to offer such shares to
In accordance with article 69 of the
existing shareholders pro-rata to their The Board believes that the Company’s
Company’s articles of association, a
existing holdings, up to a maximum ability to purchase its own shares may
resolution to continue the Company for a
aggregate nominal amount of£1,071,891 assist liquidity in the market. Additionally,
further period of five years was approved
(42,875,668 Ordinary shares), representing where purchases are made at prices
by shareholders at the Annual General
approximately 10% of the Company’s total below the prevailing NAV per share, this
Meeting held on 29 April 2021. The next
issued Ordinary share capital as at 11 enhances the NAV for the remaining
scheduled continuation vote will therefore
March 2026, being the latest practicable shareholders. It is therefore intended
be proposed at the 2026 Annual General
date prior to publication of this document. that purchases will only be made at
Meeting, at which shareholders will be
The authority will expire on 23 July 2027 or, prices below the prevailing NAV per
asked to consider a resolution to continue
if earlier, at the end of the Annual General share, with the purchases to be funded
the Company for a further five-year period
Meeting of the Company to be held in from the realised capital profits of the
from the conclusion of that meeting.
2027, unless previously cancelled or varied Company (which are £878 million as at 31
The Board remains supportive of the by the Company in general meeting. December 2025).
Company’s investment mandate,
The Directors do not currently intend Approval is also being sought for two
which focuses on global technology
to allot new shares or sell shares from secondary authorities under resolutions
opportunities and is delivered through
treasury under these authorities other 14 and 15, to allot new shares and to sell
AllianzGI’s investment management
than to take advantage of opportunities shares held as treasury shares, disapplying
capabilities. The direct investment team
in the market as they arise and/or to seek pre-emption rights.
is based in San Francisco Bay Area,
to manage demand for the Company’s
providing close proximity to many of the By order of the Board
shares and the premium to NAV per
world’s leading technology companies.
share at which they trade, and only if they
In the event that the continuation believe it would be in the best interests
Nira Mistry
resolution is not passed, the articles of of the Company’s existing shareholders
Company Secretary
association require the Board to submit to do so. Under no circumstances would
13 March 2026
proposals for the voluntary liquidation or the Directors issue shares or sell treasury
other reorganisation of the Company for shares at a price which would result in a
consideration by shareholders within three dilution of the NAV per Ordinary share.
months of the Annual General Meeting.
Authority for the Company to

| Authority to allot new shares and sell | purchase its own shares |
| --- | --- |
| shares from treasury on a non pre- | A resolution authorising the Directors to |
| emptive basis | make market purchases of up to 14.99% |
| By law, Directors are not permitted to | of the Company’s Ordinary shares was |
| allot new shares (or to grant rights over | passed at the AGM of the Company on |
| shares) unless authorised to do so by | 23 April 2025. Resolution 13 will authorise |
| shareholders. In addition, Directors require | the renewal of such authority enabling the |

31
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Corporate Governance Statement
The Board recognises the importance of Application of the Provisions Senior Independent Director
a strong corporate governance culture and Principles
Neeta Patel is the Senior Independent
that meets the listing requirements. The
The Company has complied with the Director (SID). She is available to
Board has put in place a framework
Principles and Provisions of the AIC Code shareholders if they have concerns which
for corporate governance which it
during the year ended 31 December contact through the normal channels of
believes is appropriate for an investment
2025. The AIC Code is available on the Chairman, AIFM or Company Secretary
company in line with the best practices
AIC website (www.theaic.co.uk). It includes has failed to resolve or for which such
in relation to matters affecting
an explanation of how the AIC Code contact is inappropriate.
shareholders, communities, regulators
adapts the Principles and Provisions set
and other stakeholders of the Company.
out in the UK Code to make them relevant Board Culture
With a range of relevant skills and
for investment companies. The Board adopts a culture where
experience, all Directors contribute to
all parties are treated with respect.
the Board discussions and debates on
The Board The Directors provide mutual support
corporate governance. In particular, the
The Directors are responsible for the combined with constructive challenge.
Board believes in providing as much
effective stewardship of the Company’s The Chairman encourages open debate
transparency for investors as is reasonably
affairs and aim to provide effective to foster a supportive and co-operative
possible to ensure investors can clearly
leadership so that the Company has the approach for all participants. The
understand the prospects of the business
platform from which it can achieve its Board aims to be open and transparent
and enhance the liquidity of its shares
investment objective. The Board’s role with shareholders and their respective
while also preserving an appropriate level
is to guide the overall business strategy stakeholders. At regular meetings the
of commercial confidentiality.

|  | to achieve long term success and value | Board engages with the AIFM and the |
| --- | --- | --- |
| The Board has considered the Principles | for the benefit of shareholders. A fuller | Investment Manager to understand |
| and Provisions of the AIC Code of | description of the Company’s strategy can | its culture and receives reporting and |
| Corporate Governance (‘AIC Code’). The | be found on page 12. Strategic issues | feedback from other service providers. |
| AIC Code addresses the Principles and | and all operational matters of a material |  |
| Provisions set out in the UK Corporate | nature are considered at its meetings. | Appointments to the Board and |
| Governance Code (the UK Code), as well |  | Director tenure |

At 31 December 2025, the Board
as setting out additional Provisions on The Board regularly reviews its
comprised five non- executive Directors,
issues that are of specific relevance to the composition, having regard to the
of whom Tim Scholefield is Chairman. A
Company. Board’s structure and to the present
formal schedule of matters reserved for
and future needs of the Company. The
The Board considers that reporting decision by the Board has been adopted.
Board takes into account its diversity, the
against the Principles and Provisions of The Board has engaged external firms
balance of expertise and skills brought
the AIC Code, which has been endorsed to provide investment management,
by individual Directors, and length of
by the FRC, provides more relevant secretarial, depositary, custodial and
service, where continuity and experience
information to shareholders. The AIC share registration services. Contractual
can add significantly to the strength
Code is available on the Company’s and arrangements are in place between the
of the Board and believes that this
AIC’s websites. Company and these firms.
provides for a sound base from which
The Board carefully considers the the interests of investors will be served to
various guidelines for determining a high standard.
the independence of non-executive
The Board believes in the benefits of
Directors, placing particular weight on
having a diverse range of experience,
the view that independence is evidenced
skills, length of service and backgrounds.
by an individual being independent
The tenure of each Director, including
of mind, character and judgement. All
the Chairman, is not ordinarily expected
Directors are presently considered to be
to exceed nine years. However, the
independent. All Directors retire at the
Board is also of the view that length of
AGM each year and, if appropriate, seek
service will not necessarily compromise
re-election. Each Director has signed
the independence or contribution of
a letter of appointment to formalise
directors of an investment trust company
the terms of their engagement as a
or, indeed, its chairman. Continuity and
non-executive Director, therefore they
experience can add significantly to the
do not have a service contract with
strength of the Board especially in times
the Company. Copies of the letters of
of market turbulence. All Directors have
engagement are available on request
served for fewer than nine years. The
and at the AGM.
32
DIRECTORS’ REVIEW

| Directors’ appointments are formally | The Board considers agenda items laid | The Board is diverse in its composition |
| --- | --- | --- |
| reviewed annually after the first AGM | out in the notice and agenda of each | and thought processes. The Directors |
| following their date of joining the Board. | meeting which are circulated to the | have a breadth of experience relevant |
| Each Director will stand for re-election | Board in advance of the meeting as | to the Company. The Directors believe |
| annually at the AGM. The biographies | part of the Board papers. Directors may | that any changes to the Board’s |
| of each Director can be found on | request any agenda items to be added | composition can be managed without |
| pages 24 and 25 and the ordinary | that they consider appropriate for Board | undue disruption. The members of the |
| resolutions for their election and re- | discussion. Each Director is required | Board strive to challenge each other |
| election on page 72. | to inform the Board of any potential | constructively to make sure all issues are |
|  | or actual conflicts of interest prior to | examined from different angles and the |

The Board appoints all Directors on merit
Board discussion. The Board constantly Board holds the AIFM and Investment
and under the Articles of Association of
considers the Company’s strategy Managers properly to account on their
the Company, the number of Directors
with regard to market conditions and progress on inclusion and diversity.
may be no more than ten and no less
feedback from shareholders received
than two. A Director may be appointed The Board recommends the election and
directly or from the Managers. The
by ordinary resolution. When the re-election of Directors and supporting
investment strategy is reviewed regularly
Nomination Committee considers Board biographies are disclosed on pages 24
with the AIFM and the Investment
succession planning and recommends and 25 of this annual report.
Manager. Board meetings include a
appointments to the Board, it takes into
review of investment performance and
account a variety of factors. Knowledge, Delegation of responsibilities
associated matters such as marketing/
experience, skills, personal qualities,
The Board has delegated the day-to-
investor relations, risk management,
residency and governance credentials
day administration of the Company,
gearing, general administration and
play an important part.
along with financial administration
compliance, peer group information and
and investor relations, to Allianz Global
During the year under review Elisabeth industry issues.
Investors UK Limited in its capacity
Scott retired from the Board and
as AIFM, Company Secretary and
Lucy Costa Duarte was appointed to Board evaluation
Administrator. Tasks include preparing
the Board with effect from 1 January The Board evaluates its performance
the valuations, the statutory accounts,
2025, following a recruitment process and considers the tenure and
the management accounts, presenting
run by Sapphire Partners, an external independence of each Director on
results and information to shareholders,
recruitment agency. an annual basis. During 2025, an
coordinating all corporate service
internally facilitated Board evaluation
providers to the Company and giving the
Meetings was conducted whereby each Director
Board general advice.

| The Board is scheduled to meet at | assessed the workings of and individual |  |
| --- | --- | --- |
| least four times a year and between | contributions to the Board, Committees, | Voya Investment Management Co. |
| these formal meetings there is regular | the performance of the Chairman and | LLC, the Investment Manager, has full |
| contact with the AIFM, the Investment | the AIFM and Investment Manager. | discretion (within agreed parameters) to |
| Manager, the Company Secretary and | Directors were given the opportunity | make investments in accordance with the |
| the Company’s Brokers. The Directors | to have individual discussions with the | Company’s Investment Policy. Among the |
| are kept fully informed of investment | Chairman and SID. The results were | specific tasks of the Investment Manager |
| and financial controls, and other matters | discussed at the Nomination Committee | are the overall financial management |
| that are relevant to the business of the | meeting held in December 2025 and | of the Company and existing portfolio |
| Company that should be brought to the | it was concluded that the evaluation | as a whole, including the sourcing of |
| attention of the Directors. The Directors | process had been worthwhile. | new investments, presenting results and |
| also have access, where necessary |  | information to shareholders. |

Each Director believes that the
in the furtherance of their duties, to
composition of the Board and its
independent professional advice at
Committees reflect a suitable mix of
the expense of the Company. The
skills and experience, and that the
attendance record of Directors for the
Board, as a whole, and its Committees
year to 31 December 2025 is set out on
functioned effectively during 2025. All
page 25.
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.
33
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Directors’ and Officers’ Deed Alternative The Directors’ Statement of
of Indemnity Performance Measures Responsibilities, set out on page 43,
confirms that they have carried out
The Company has also entered into In addition to providing guidance on
a robust assessment of the emerging
qualifying third party Deeds of Indemnity Corporate Governance, the AIC provides
and principal risks facing the Company,
with each Director to cover any liabilities the investment company industry
including those that would threaten its
that may arise to a third party, other with leadership on the reporting of
business model, future performance,
than the Company, for negligence, alternative performance measures to
solvency or liquidity and reputation.
default or breach of trust or duty. The support a fair and balanced approach
Deeds were in force during the year to to the performance of your Company.
The AIFM and the Investment Manager
31 December 2025 and up to the date of A glossary of Alternative Performance
have established internal control
approval of this report. The Directors are Measures (APMs) can be found on
frameworks to provide reasonable
not indemnified in respect of liabilities page 66.
assurance on the effectiveness of
to the Company or costs incurred in
the internal controls operated on
connection with criminal proceedings Audit, risk management &
behalf of their clients. The AIFM and
in which the Director is convicted or internal controls
Investment Manager’s compliance
required to pay any regulatory or
Based on the matters outlined on and risk departments assess the
criminal fines. Directors’ and Officers’
page 44, the Directors consider that effectiveness of the internal controls on
Liabilities insurance information can be
the provisions relating to an internal an ongoing basis.
found on page 29.
audit function are not applicable to
The AIFM and the Investment Manager
the Company.
provide the Board with regular reports
Training and advice
There is an Audit & Risk Committee, on all aspects of internal control
New Directors are provided with an
which is chaired by Katya Thomson, that (including financial, operational and
induction programme that is tailored
meets at least twice a year and the full compliance control, risk management
to the particular requirements of the
Audit & Risk Committee Report starts on and relationships with external service
appointee. Thereafter regular briefings
page 44. providers). Business risks have been
are provided on changes in regulatory
analysed and recorded in a Risk Matrix,
requirements that affect the Company. The Directors are responsible for
which is formally reviewed by the Audit
Directors are encouraged to attend overseeing the effectiveness of the
& Risk Committee at its meetings and at
industry and other seminars. Directors, in risk management and internal control
other times as necessary. It is believed
the furtherance of their duties, may also systems for the Company, which
that an appropriate framework is in
seek independent professional advice at are designed to ensure that proper
place to meet the requirements of the
the expense of the Company. No Director accounting records are maintained,
AIC Code.
took such advice during the financial year that the financial information on
under review. All Directors have access to which business decisions are made The Investment Manager, at least on
the advice and services of the Company and which is issued for publication a quarterly basis, reports to the Board
Secretary, who is responsible to the Board is reliable, and that the assets of the on the market and on the investment
for ensuring that Board procedures Company are safeguarded. Such a performance of the Company’s portfolio.
are followed and that applicable rules system of internal control is designed Further information is contained
and regulations are complied with. The to manage rather than eliminate the in the Chairman’s Statement, the
Company Secretary is also responsible risks of failure to achieve the Company’s Directors’ Report and the Investment
for advising the Board through the business objectives and can only provide Manager’s Review.
Chairman on all governance matters. reasonable and not absolute assurance
For the year commencing 1 January
against material misstatement or loss.
2026 the board will be required to report
Conflicts of interest
The Directors, through the procedures on the effectiveness of internal controls
Company Directors have a statutory
outlined below and further detailed as at the financial year end. There is no
obligation to avoid a situation in which
in the Strategic Report and the Audit expectation that making this declaration
they (and connected persons) have, or
& Risk Committee Report, have kept will require any significant change to
can have, a direct or indirect interest that
the effectiveness of the Company’s risk the processes or procedures already
conflicts, or may possibly conflict, with
management and internal controls performed by the Board.
the interests of the Company. The Board
under review throughout the year
has in place procedures for managing
covered by these financial statements
any actual or potential conflicts of
and up to the date of approval of the
interest as set out on page 29. No
Annual Financial Report. The Board has
conflicts of interest arose during the year
identified risk management controls in
under review.
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.
34
DIRECTORS’ REVIEW
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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Report of the Management Engagement Committee

| Role of the Committee | Manager evaluation process | The AIFM and the Investment |
| --- | --- | --- |
| The role of the Management | During the year under review, the | Manager reappointment |
| Engagement Committee is to | Committee met once to consider | The Committee last met in December |
| review the investment management | the relationship and the services | 2025 and in a closed session after |
| agreement and the Company’s Service | provided by both the AIFM and the | the presentations from the AIFM |
| Providers. The Committee monitors | Investment Manager prior to making its | and the Investment Manager, it was |
| the performance of the Investment | recommendation to the Board on the | concluded that in its opinion the |
| Manager for portfolio management | retention of the AIFM and the Investment | continuing appointment of both the |
| services and the AIFM for the secretarial, | Manager being in the best interests of | AIFM and the Investment Manager on |
| financial, administration, marketing and | the shareholders. | the terms agreed was in the interests |
| support services that it provides under |  | of shareholders as a whole and |

The Committee carried out a
a tripartite agreement. It also reviews recommended this to the Board.
comprehensive review of the
the terms of the agreement including
performance fee arrangements to
the level and structure of fees payable, Committee evaluation
ensure they were still appropriate. Due
the length of notice period and best
The activities of the Management
to the increase in size of the Company
practice provisions generally. All of the
Engagement Committee were
the Board considered it in the interest of
Committee’s responsibilities have been
considered as part of the Board
shareholders to negotiate a reduction
carried out over the course of the year
appraisal process completed in
in the performance fee cap from 1.75%
under review.
accordance with standard governance
to 1.25% of the average daily NAV
arrangements as summarised on page
in the period. This is effective from 1
Composition of the Committee 33. The conclusion from the process
January 2026.
All Directors are members of the was that the Committee was operating
Committee and it is chaired by Neeta The Committee reviewed the split of
effectively, with the right balance of
Patel. The terms of reference can be responsibilities under the tripartite
membership and skills.
found on the Company’s website www. agreement, details of which are noted in
allianztechnologytrust.com. the Directors’ Report on page 26.
Neeta Patel
The performance of the AIFM and the
Management Engagement Committee
Investment Manager is considered at
Chairman
every Board meeting with a formal
13 March 2026
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.
36
DIRECTORS’ REVIEW
## Report of the Nomination Committee
Role of the Committee Composition of the Committee Performance evaluation
The primary role of the Nomination The Committee is composed of all During the year the Committee
Committee is to review and make the current Directors and is chaired undertook an internally facilitated
recommendations with regard to Board by the Chairman of the Board. The review. The evaluation process
structure, size and composition, the terms of reference can be found adopted required the completion of
balance of knowledge, experience, on the Company’s website www. a questionnaire and each Director
skill ranges and diversity and consider allianztechnologytrust.com. was invited to participate in individual
succession planning and tenure policy. discussions with the Chairman and the
All of the Committee’s responsibilities Succession planning SID on the workings of and individual
have been carried out during the year contributions to the Board and
Succession planning is considered
under review. The Committee met on Committees, and on the performance
regularly by the committee. The
three occasions during the year and of the Chairman. Questions included a
committee has noted the planned
specifically considered, monitored and review of the interaction with the AIFM
retirement dates of the Directors.
reviewed the following matters: and the Investment Manager. The SID
led the review of the Chairman. The
– the structure and size of the Board
results of the performance evaluation
and its composition particularly in
were discussed at the Committee
terms of succession planning and the
meeting held in December 2025. Any
experience and skills of the individual
concerns were discussed openly and
Directors and diversity across the
addressed with all Directors with the
Board as a whole;
AIFM present. It was agreed by all
– tenure policy;
participants that the evaluation process
– the criteria for future Board
had been effective and that the review
appointments and the methods
points identified would be of benefit
of recruitment, selection
to the Board and the Company as a
and appointment;
whole. Board diversity is summarised on
– the recruitment of a new Director and
page 28.
the reappointment of those Directors

| standing for re-election at annual | An externally facilitated evaluation is |
| --- | --- |
| general meetings; | conducted every three years, with the |
| – the need for any changes in | next such evaluation scheduled to take |
| committee membership; | place in 2026. |

– the attendance and time commitment
of the Directors in fulfilling their

| duties, including the extent of their | Tim Scholefield |
| --- | --- |
| other directorships; | Nomination Committee Chairman |
| – the question of each Director’s | 13 March 2026 |

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.
37
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Report of the Remuneration Committee

| Role of the Committee | Consideration of | Committee evaluation |
| --- | --- | --- |
| The primary role of the Remuneration | Directors’ remuneration | The activities of the Remuneration |
| Committee is to determine the | The Committee reviews Directors’ | Committee were considered as part of |
| remuneration policy for the Chairman | remuneration taking into consideration | the Board appraisal process completed |
| and Directors as well as considering the | the Company’s Remuneration Policy, | in accordance with standard governance |
| need to appoint external remuneration | a selection of peer comparisons, other | arrangements as summarised on |
| consultations. The Committee reviews | market information and the Trust | page 33. The conclusion from the |
| the effectiveness of the remuneration | Associates Fee Review. The policy is to | process was that the Committee was |
| policy and strategy at least once a year. | review Directors’ fee rates from time to | operating effectively. |

time, but reviews will not necessarily
Composition of the Committee result in a change to the rates. Any
Katya Thomson
The Committee comprises all current feedback received from shareholders
Remuneration Committee Chairman
Directors and is chaired by Katya is also taken into account when setting
13 March 2026
Thomson. The terms of reference can be remuneration levels.
found on the Company’s website www.
The levels of Directors’ fees are
allianztechnologytrust.com.
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.
38
DIRECTORS' REVIEW

# Directors' Remuneration Implementation Report

## Introduction

This Directors' Remuneration Implementation Report (the Report) has been prepared in accordance with the requirements of Sections 420-422A of the Companies Act 2006 and Schedule 8 of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended in August 2013 (the Regulations). The Report is subject to an annual advisory vote of shareholders and an Ordinary Resolution for the approval of the Report will be put to the shareholders at the AGM.

The law requires your Company's Auditor to audit certain disclosures provided. Where disclosures have been audited, they are noted as such. The Auditor's opinion is included in their report which starts on page 47.

## Remuneration Policy Report

The Remuneration Policy of the Company is required to be put to a binding vote of shareholders at least once every three years; the policy was last proposed to and approved by shareholders at the AGM in 2024 and will therefore next be proposed as a binding vote at the AGM in 2027. The Remuneration Policy Report follows on page 42 and is available on the Company's website www.allianztechnologytrust.com.

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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

## Your Company's performance

The regulations require a line graph to be included in the Directors' Remuneration Report showing total shareholder return for each of the financial years over a ten year period. The graph below measures the Company's share price and net asset value performance against its Benchmark index of the Dow Jones World Technology Index (sterling adjusted, total return) and is rebased to 100. An explanation of the Company's performance is given in the Chairman's Statement and Investment Manager's Review.

![img-7.jpeg](img-7.jpeg)

Source: AllianzGI / Datastream in sterling. Figures have been rebased to 100 as at 31 December 2015.

## 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.

40
DIRECTORS’ REVIEW
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:

|  | Variable |  |  | Total |  | Variable |  |  | Total |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Fees |  | Fees |  |  | Fees |  | Fees |  |
|  |  | 2025 |  | 2025 |  |  | 2024 |  | 2024 |  |
| Appointed |  |  | £ |  | £ |  |  | £ |  | £ |

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

|  |  | % change |  |  |  | % change |  |  |  | % change |  |  |  | % change |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 |  | 2024 to |  | 2024 |  |  | 2023 to | 2023 |  | 2022 to |  | 2022 |  |  | 2021 to | 2021 |  |
|  | £ |  | 2025 |  | £ |  | 2024 |  | £ |  | 2023 |  | £ |  | 2022 |  | £ |

Chairman 61,000 8.9 56,000 5.7 53,000 3.9 51,000 6.3 48,000
1
Audit & Risk Chairman 49,500 8.8 45,500 9.6 41,500 N/A
41,500 6.4 39,000
1
SID 40,000 8.1 37,000 7.2 34,500 N/A
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
31 December 31 December
Appointed 2025 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Directors’ Remuneration Policy Report
In accordance with Schedule 8 of The Directors’ Remuneration Policy When reviewing the level of
Large and Medium sized Companies remuneration consideration is given to
The Company’s Remuneration Policy
and Groups (Accounts and Reports) the time, commitment and Committee
provides that fees payable to the
Regulations 2008 as amended, the responsibilities of each Director. The
Directors should reflect the time spent
Company is required to put to a binding Board also takes into account the
by the Board on the Company’s affairs
vote of shareholders, at least every three fees paid to directors of companies
and the responsibilities borne by the
years, the Company’s Remuneration within its peer group, the increasing
Directors and should be sufficient to
Policy Report (‘the Policy’). demands and accountability of the
enable candidates of high calibre to
corporate governance and regulatory
be recruited.
The Policy was last proposed to and
environment, as well as the fees of other
approved by shareholders at the AGM
Directors are remunerated solely in the
comparable companies.
in 2024 and will therefore be proposed
form of fees payable monthly in arrears,
as an Ordinary Resolution at the AGM The policy is for the Chairman of the
paid to the Director personally or to a
in 2027. Board, Audit & Risk Committee and
specified third party. There are no long-
Senior Independent Director to be paid
term incentive schemes, share option
a fee which is proportionate to the
schemes or pension arrangements and
significant additional responsibilities
the fees are not specifically related
involved in the position.
to the Directors’ performance, either
individually or collectively. There are no
It is intended that the above
payments of recruitment bonuses. The
Remuneration Policy will continue to
same principles set out in this policy and
apply in the forthcoming financial year
the same level of remuneration apply to
and subsequent years.
any new Directors.
The Board consists of independent non-
Katya Thomson
executive Directors whose appointments
Remuneration Committee Chairman
are reviewed by the Board as a whole.
13 March 2026
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.
42
DIRECTORS’ REVIEW
## Statement of Directors’ Responsibilities

| The Directors are responsible for | The Directors are responsible for keeping | Neither an audit nor a review provides |
| --- | --- | --- |
| preparing the Annual Financial | adequate accounting records that | assurance on the maintenance and |
| Report and the financial statements in | disclose with reasonable accuracy at | integrity of the website, including |
| accordance with applicable law and | any time the financial position of the | controls used to achieve this, and |
| regulations. Company law requires the | Company and enable them to ensure | in particular whether any changes |
| Directors to prepare financial statements | that the financial statements comply | may have occurred to the financial |
| for each financial year. Under that law | with the Companies Act 2006. They | information since first published. These |
| the Directors have elected to prepare the | are also responsible for safeguarding | matters are the responsibility of the |
| financial statements in accordance with | the assets of the Company and hence | Directors but no control procedures can |
| United Kingdom Generally Accepted | for taking reasonable steps for the | provide absolute assurance in this area. |
| Accounting Practice (United Kingdom | prevention and detection of fraud and |  |

The Directors each confirm to the best of
Accounting Standards and applicable other irregularities.
their knowledge that:
law). The financial statements are
Under applicable law and regulations,
required by law to give a true and (a) the Financial Statements, which have
the Directors are also responsible
fair view of the state of affairs of the been prepared in accordance with
for preparing a Strategic Report, a
Company and of the total return of the applicable accounting standards,
Directors’ Report, and Corporate
Company for that year. In preparing give a true and fair view of the
Governance Statement, and a Directors’
these financial statements, the Directors assets, liabilities, financial position
Remuneration Report which comply with
are required to: and return of the Company; and
that law and those regulations.
(b) the Strategic Report includes a fair
– select suitable accounting policies and
The Directors are responsible for the review of the development and
then apply them consistently;
maintenance and integrity of the performance of the business and
– make judgements and estimates that
corporate and financial information the position of the Company, along
are reasonable and prudent;
included on the Company’s website. with a description of the principal
– state whether applicable UK
The financial statements are published risks and uncertainties that the
accounting standards have been
on www.allianztechnologytrust.com, Company faces.
followed; and
which is a website maintained by the
– prepare the financial statements on The Directors confirm that the Annual
Alternative Investment Fund Manager.
the going concern basis, unless it is Report and Financial Statements,
The work undertaken by the Auditor
inappropriate to presume that the taken as a whole are fair, balanced
does not involve consideration of
Company will continue in business. and understandable and provide the
the maintenance and integrity of the
information necessary to assess the
The Directors confirm that the website and, accordingly, the Auditor
Company’s position and performance,
financial statements comply with the accepts no responsibility for any
business model and strategy.
above requirements. changes that may have occurred to
the financial statements since they For and on behalf of the Board
were initially presented on the website.
Visitors to the website need to be

| aware that legislation in the United | Tim Scholefield |
| --- | --- |
| Kingdom governing the preparation | Chairman |
| and dissemination of the financial | 13 March 2026 |

statements may differ from legislation in
other jurisdictions.
43
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Audit & Risk Committee Report
During the year under review, Forvis Role and responsibilities of the
Mazars LLP were re-appointed as auditor Audit & Risk Committee
at the Company’s Annual General
The Committee’s authority and duties
Meeting in 2025. Their independent
are defined in its terms of reference,
report can be found on page 47.
which were reviewed during the year,
and are available on the Company’s
Responsibility website www.allianztechnologytrust.com.
The primary responsibilities of the
The principal activities carried out during
Committee are to ensure the integrity
the year were:
of the Company’s financial reporting
and the appropriateness of the risk – Financial reporting: we considered
management processes and internal the Company’s financial reports,
## I am pleased to present controls. The report details how we carry
including the implications of any
out this role. accounting standards and regulatory
## my formal report
changes, significant accounting
## to shareholders as Composition and meetings issues and the appropriateness of
The members of the Committee the accounting policies adopted.
## Chairman of the
throughout the year were myself as We considered and are satisfied
Chairman, Neeta Patel, Sam Davis and that, taken as a whole, the Annual
## Audit & Risk Committee
Lucy Costa Duarte. Tim Scholefield, Financial Report is fair, balanced
## for the year ended and understandable and provides
Chairman of the Board, is not a member
of the Committee but attends meetings the information necessary for
## 31 December 2025.

| by invitation. The Committee believes that | shareholders to assess the Company’s |
| --- | --- |
| it is in the best interests of the Company | position, performance, business model |
| for the Chairman of the Board to attend | and strategy. |
| the Committee meetings. All the members | – External audit: we considered the |
| of the Committee are independent | scope of the external audit plan |
| Non-Executive Directors, and their skills | and the subsequent findings from |
| and experience are set out on pages | this work. |
| 24 and 25. The Board reviews the | – Risk and internal control: we |
| composition of the Committee and it | considered the key risks facing the |
| considers that, collectively, its members | Company and the adequacy and |
| have sufficient recent and relevant | effectiveness of the internal controls |
| financial and sector experience to fully | and risk management processes. |
| discharge their responsibilities. | – External auditor: we considered the |

independence, effectiveness and fees
The Committee meets at least twice per
of the external auditor, as detailed
year. The attendance of the Committee
later in this report.
members is shown on page 25. The
Committee invites the external auditor, Internal Audit and
a representative of the Depositary, Internal Controls
personnel from the AIFM’s financial, The Committee continues to believe
compliance and risk functions and the that the Company does not require an
Investment Manager’s compliance internal audit function as it delegates its
function to attend and report to the day-to-day operations to third parties
Committee on relevant matters. As part from whom it receives assurance.
of the year end process I, as Chairman Reports from third party auditors on the
of the Committee, attended additional internal controls maintained on behalf
meetings with representatives of the AIFM of the Company by the AIFM, Investment
and the external auditor. In addition, Manager and by other providers of
during the year, the Committee also met administrative and custodian services to
privately with the external auditor to give AllianzGI UK or directly to the Company
them an opportunity to raise any issues were reviewed during the year. No issues
without management present. After each of concern relating to the Company were
Committee meeting the Chairman of the raised in the reports.
Committee reports to the Board on the
main items discussed at the meeting.
44
DIRECTORS’ REVIEW
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 Valuations of actively traded investments are reconciled using stock exchange
ownership of the Company’s prices provided by third party pricing vendors. The Company holds no unquoted
investments investments. Ownership of listed investments is verified by reconciliation to the
custodian’s records.
Recognition, completeness Income received is accounted for in line with the Company’s accounting policy (as
and occurrence of revenue set out on page 55) and is reviewed by the Committee.
Compliance with Section The Committee regularly considers the controls in place to ensure that the
1158 of the Corporation Tax Act regulations for ensuring investment trust status are observed at all times.
2010
Maintaining internal controls The Committee receives regular reports on internal controls from AllianzGI and
its delegates and has access to the relevant personnel at AllianzGI who have
responsibility for risk management.
Management and The calculation of the management and performance fees payable to AllianzGI UK
Performance Fees and Voya 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

| Auditor effectiveness | Auditor tenure | Committee evaluation |
| --- | --- | --- |
| The Committee is responsible for | There are no contractual obligations | The activities of the Audit & Risk |
| reviewing the terms of appointment of | which restrict the Committee’s choice of | Committee were considered as part of |
| the Auditor and for monitoring the audit | auditor. This is Forvis Mazars LLP’s fourth | the Board appraisal process completed |
| process including the effectiveness and | year as the Company’s independent | in accordance with standard governance |
| objectivity of the Auditor in fulfilling the | Auditor with Nargis Yunis appointed as | arrangements as summarised on |
| terms of the agreed Audit Plan and the | audit partner. Following professional | page 33. |
| Audit Findings Report subsequently | guidelines, Nargis can serve for up to |  |

The conclusion from the process was that
issued by them. five years. The continued appointment
the Committee was operating effectively,
of the auditor is considered by the Audit
As part of the review of the Auditor, the with the right balance of membership,
& Risk Committee each year, taking
members of the Committee and those experience and skills.
into account relevant guidance and
representatives of the Manager involved
best practice and considering their
in the audit process reviewed and
independence and the effectiveness of
considered a number of areas including: Katya Thomson
the external audit process.
Audit & Risk Committee Chairman
– the reputation and standing of the
13 March 2026
audit firm; Auditor independence
– the audit processes and evidence of Forvis Mazars LLP did not provide any
partner oversight; non-audit services to the Company in
– audit communication including details this or the previous accounting year.
of planning; and
The Committee also took into account
– information on relevant accounting
the competitiveness of their fees and
and regulatory developments,
obtained feedback from the AIFM
and recommendations on
regarding the performance of the audit
corporate reporting.
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.
46
FINANCIAL STATEMENTS
## Independent Auditor’s Report to the Members of
## Allianz Technology Trust PLC
Opinion Conclusions relating to going concern
We have audited the financial statements of Allianz In auditing the financial statements, we have concluded that
Technology Trust PLC (the ‘Company’) for the year ended 31 the Directors’ use of the going concern basis of accounting in
December 2025 which comprise the Income Statement, the the preparation of the financial statements is appropriate.
Balance Sheet, the Statement of Changes in Equity, and notes
Our audit procedures to evaluate the Directors’ assessment of
to the financial statements, including a summary of significant
the Company’s ability to continue to adopt the going concern
accounting policies.
basis of accounting included but were not limited to:
The financial reporting framework that has been
– undertaking an initial assessment at the planning stage
applied in their preparation is applicable law and United
of the audit to identify events or conditions that may cast
Kingdom Accounting Standards, including FRS 102 “The
significant doubt on the Company’s ability to continue as a
Financial Reporting Standard applicable in the UK and
going concern;
Republic of Ireland” (United Kingdom Generally Accepted
– making enquiries of the Directors to understand the period
Accounting Practice).
of assessment considered by the Directors, assessing and
In our opinion, the financial statements: challenging the appropriateness of the Directors’ key
assumptions in their income and expense projections
– give a true and f air view of the state of the Company’s affairs
including the movements in fair value of the investment
as at 31 December 2025 and of the Company’s profit for the
portfolio and implication of those when assessing severe but
year then ended;
plausible scenarios;
– have been properly prepared in accordance with United
– assessing the liquidity of the p ortfolio through reviewing
Kingdom Generally Accepted Accounting Practice; and
Management assessment of how quickly the portfolio could
– have been prepared in accordance with the requirements of
be liquidated if required;
the Companies Act 2006.
– assessing the Company’s performance to date;
– r eviewing the shareholder register and marking enquiries of
Basis for opinion
the broker to understand whether there were any unusual
We conducted our audit in accordance with International
shareholder movements and circumstances over the year
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
and up to the signing date that may have an adverse impact
Our responsibilities under those standards are further
on the continuation vote to be held at the Annual General
described in the “Auditor’s responsibilities for the audit of
Meeting in April 2026; and
the financial statements” section of our report. We are
– e valuating the appropriateness of the Directors’ disclosures
independent of the Company in accordance with the ethical
in the financial statements on going concern and
requirements that are relevant to our audit of the financial
viability statement.
statements in the UK, including the FRC’s Ethical Standard as
Based on the work we have performed, we have not identified
applied to listed entities and public interest entities, and we
any material uncertainties relating to events or conditions that,
have fulfilled our other ethical responsibilities in accordance
individually or collectively, may cast significant doubt on the
with these requirements. We believe that the audit evidence we
Company’s ability to continue as a going concern for a period
have obtained is sufficient and appropriate to provide a basis
of at least twelve months from when the financial statements
for our opinion.
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.
47
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
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 Our audit procedures included, but were not limited to:
investment portfolio
– understanding Management’s process to record and value
(as described on page 45 in the Report of the investments through discussions with Management, examination
Audit & Risk Committee and as per the accounting of control reports for the third-party service organisations
policy set out on page 55). and performing a walkthrough to evaluate the design and
implementation of controls;
Investments held as of 31 December 2025 were
valued at £2.01bn (2024: £1.72bn). These are – for all investments in the portfolio, agreeing investment holdings
measured in accordance with the requirements to an independent custodian and depositary confirmation in
of United Kingdom Accounting Standards and order to obtain comfort over existence and ownership;
the Statement of Recommended Practice issued
– for all investments in the portfolio, comparing to market prices
by the Association of Investment Companies. The
independently obtained from a source vendor and recalculating
investment portfolio solely comprises of level
the investment valuations as at the year-end;
one investments.
– for all investments in the portfolio, assessing the frequency
Investments make up 99% of net assets by value as
of trading to identify any prices that have not changed and
of 31 December 2025 (98% of net assets by value
assessing whether the price used is a valid fair value to ensure
as of 31 December 2024) and are considered to be
appropriateness of fair value classification; and
the key driver for the Company’s performance. The
investments are made up of quoted investments – assessing the adequacy of the disclosure in the financial
that are classified upon initial recognition as statements and ensuring that the methodology applied is in
held at fair value through profit or loss and are accordance with FRS 102 and the Statement of Recommended
measured initially and subsequently at fair value Practice issued by the Association of Investment Companies.
(which is based on either the quoted bid prices or
Our observations
the last traded prices at the close of business on
We have no matters to communicate with regards to the valuation,
the year-end date). There is a risk that investments
existence and ownership of the investment portfolio held at 31
recorded might not exist or might not be owned
December 2025.
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.
48
FINANCIAL STATEMENTS
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 Net assets have been identified as the principal benchmark within the financial statements as it is
benchmark applied considered to be the main focus of the shareholders.
Whilst valuation processes for these investments are not considered to be complex, there is a
risk that errors in valuation could cause a material misstatement. 1% has been chosen as it is a
generally accepted auditing practice for investment trust audits and the Company is a public
interest entity.
Performance Performance materiality is set to reduce to an appropriately low level the probability that the
materiality 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

## 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
FINANCIAL STATEMENTS
Based on our understanding of the Company and its industry, The risks of material misstatement that had the greatest effect
we considered that non-compliance with the following laws on our audit are discussed in the “Key audit matters” section of
and regulations might have a material effect on the financial this report.
statements: United Kingdom Accounting Standards, including
A further description of our responsibilities is available on
FRS 102, the ‘Financial Reporting Standard applicable in the
the Financial Reporting Council’s website at www.frc.org.uk/
UK and Republic of Ireland’, the Listing Rules, UK Corporate
auditorsresponsibilities. This description forms part of our
Governance Code, the Association of Investment Companies’
auditor’s report.
Code, Section 1158 of the Corporation Tax Act 2010, HMRC
Investment Trust conditions and The Companies (Miscellaneous
Other matters which we are required to address
Reporting) Regulations 2018.
Following the recommendation of the Audit & Risk Committee,
To help us identify instances of non-compliance with these
we were appointed by the Audit & Risk Committee on 13 July
laws and regulations, and in identifying and assessing the risks
2022 to audit the financial statements for the year ending
of material misstatement in respect to non-compliance, our
31 December 2022 and reappointed by the Members at the
procedures included, but were not limited to:
Annual General Meetings for subsequent financial periods.
The period of total uninterrupted engagement is four
– Gaining an understanding of the legal and regulatory
years, covering the years ended 31 December 2022 to 31
framework applicable to the Company, the industry in
December 2025.
which they operate, and the structure of the Company, and
considering the risk of acts by the Company which were
The non-audit services prohibited by the FRC’s Ethical
contrary to the applicable laws and regulations, including
Standard were not provided to the Company and we remain
fraud;
independent of the Company in conducting our audit.
– Inquiring of the Directors, Management and, where
Our audit opinion is consistent with our additional report to the
appropriate, those charged with governance, as to whether
Audit & Risk Committee.
the Company is in compliance with laws and regulations,
and discussing their policies and procedures regarding
compliance with laws and regulations; Use of the audit report
– Reviewing minutes of Directors’ meetings in the year and up This report is made solely to the Company’s members as
until the authorisation of financial statements; and a body in accordance with Chapter 3 of Part 16 of the
– Discussing amongst the engagement team the laws Companies Act 2006. Our audit work has been undertaken so
and regulations listed above, and remaining alert to any that we might state to the Company’s members those matters
indications of non-compliance. 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
We also considered those laws and regulations that have a
not accept or assume responsibility to anyone other than the
direct effect on the preparation of the financial statements,
Company and the Company’s members as a body for our audit
such as the Statement of Recommended Practice issued by the
work, for this report, or for the opinions we have formed.
Association of Investment Companies, the Companies Act 2006
and UK tax legislation.
In addition, we evaluated the Directors’ and Management’s Nargis Shaheen Yunis (Senior Statutory Auditor)
incentives and opportunities for fraudulent manipulation of for and on behalf of Forvis Mazars LLP
the financial statements, including the risk of management Chartered Accountants and Statutory Auditor
override of controls, and determined that the principal risks 30 Old Bailey, London
related to posting manual journal entries to manipulate EC4M 7AU
financial performance, management bias through significant 13 March 2026
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.
51
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Income Statement
for the year ended 31 December 2025

|  |  | 2025 | 2025 |  | 2025 |  | 2024 | 2024 |  | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Revenue |  | Capital | Total Return |  | Revenue |  | Capital | Total Return |  |
| Notes |  | £’000s | £’000s |  | £’000s |  | £’000s | £’000s |  | £’000s |

Gains on investments held at fair value through profit
7 - 413,324 413,324 - 462,854 462,854
or loss
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
(4,141) 411,122 406,981 (4,309) 464,375 460,066
Ordinary shareholders
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
FINANCIAL STATEMENTS

# Balance Sheet

at 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

The notes on pages 55 to 65 form an integral part of these Financial Statements.

53
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Statement of Changes in Equity
for the year ended 31 December 2025

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

Net assets at 1 January 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
FINANCIAL STATEMENTS

# Notes to the Financial Statements

for the year ended 31 December 2025

## Summary of Accounting Policies

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

55
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
corporation tax that is expected to apply when the timing 9 Shares issued – Share capital is increased by the nominal
differences are expected to reverse. value of shares issued. The proceeds in excess of the
nominal value of shares net of expenses are allocated to
6 Foreign currency – In accordance with FRS 102 Section
the Share Premium Account.
30: ‘Foreign Currency Translation’, the Company is
required to nominate a functional currency, being the 10 Significant judgements, estimates and assumptions – In
currency in which the Company predominately operates. the application of the Company’s accounting policies,
The functional and reporting currency is sterling, which are described above, the Directors are required
reflecting the primary economic environment in which the to make judgements, estimates and assumptions about
Company operates, the predominant currency in which the carrying amounts of assets and liabilities that are
its shareholders operate and the currency in which its not readily apparent from other sources. These estimates
expenses are generally paid. and associated assumptions are based on historical
experience and other factors that are considered to be
Transactions in foreign currencies are translated into
sterling at the rates of exchange ruling on the date of the relevant. Actual results may differ from the estimates.
transaction. Assets and liabilities are translated into sterling
Estimates and underlying assumptions are reviewed on
at the rates of exchange ruling at the balance sheet date.
an ongoing basis. Revisions to accounting estimates are
Gains and losses thereon are recognised in the revenue or
recognised in the period in which the estimate is revised
capital column of the income statement, dependant on the
if the revision affects only that period or, in the period of
nature of the gain or loss. Gains and losses on investments
the revision and future periods if the revision affects both
arising from a change in exchange rate are taken to the
current and future periods.
capital reserves.
There have been no such significant judgements, estimates
7 Shares repurchased for cancellation and holding in or assumptions made during the year. The investment
treasury – For shares repurchased for cancellation, Share portfolio currently consists of listed investments and
Capital is reduced by the nominal value of the shares therefore no significant estimates have been made in
valuing those securities.
repurchased, and the Capital Redemption Reserve is
correspondingly increased in accordance with Section
11 Operating segments – The Company has one operating
733 of the Companies Act 2006. The full cost of the
segment, being that of an investment trust investing
repurchase is charged to the Capital Reserve.
principally in equity securities on a worldwide basis, with
For shares repurchased for holding in treasury, the full cost the aim of achieving long term capital growth.
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.
56
FINANCIAL STATEMENTS
### 1. Income
2025 2024
£’000s £’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 |  | 2025 | 2025 |  | 2024 | 2024 | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  | Capital |  | Total | Revenue |  | Capital | Total |
|  | £’000s | £’000s |  | £’000s |  | £’000s | £’000s | £’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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
### 3. Administration expenses
2025 2024
£’000s £’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
1
Directors' fees 238 220
Employer national insurance contributions 44 22
2
Marketing costs 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 |  | 2025 | 2025 |  | 2024 | 2024 | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  | Capital |  | Total | Revenue |  | Capital | Total |
|  | £’000s | £’000s |  | £’000s |  | £’000s | £’000s | £’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
FINANCIAL STATEMENTS
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 |  | 2025 | 2025 |  | 2024 | 2024 | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  | Capital |  | Total | Revenue |  | Capital | Total |
|  | £’000s | £’000s |  | £’000s |  | £’000s | £’000s | £’000s |

Earnings (loss) after taxation attributable to
(4,141) 411,122 406,981 (4,309) 464,375 460,066
Ordinary shareholders
Earnings (loss) per Ordinary share (1.11p) 110.50p 109.39p (1.12p) 120.68p 119.56p
2025 2024
No. of Shares 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
2025 2024
Gains on investments £’000s £’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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

## 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
FINANCIAL STATEMENTS
### 11. Reserves
Capital Reserve

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

Balance at 31 December 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 2024
£’000s £’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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
### 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 2024
£’000s £’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 |  | 2025 |  | 2024 |  | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 20% increase |  | 20% decrease |  | 20% increase |  | 20% decrease |  |
| in fair value |  | in fair value |  | in fair value |  | in fair value |  |
|  | £’000s |  | £’000s |  | £’000s |  | £’000s |

Revenue earnings
Investment management fees (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
FINANCIAL STATEMENTS
Management of foreign currency risk
Transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the date of the transaction.
Foreign currency assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. It is the
Company’s policy not to hedge foreign currency exposure.
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 |  |  | 2025 |  |  | 2025 |  | 2024 |  |  | 2024 |  |  | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Other net assets |  |  | Total currency |  |  |  |  | Other net assets |  |  | Total currency |  |  |
| Investments |  |  | (liabilities) |  |  | exposure |  | Investments |  |  | (liabilities) |  |  | exposure |  |
|  | £’000s |  |  | £’000s |  |  | £’000s |  | £’000s |  |  | £’000s |  |  | £’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 |  | 2025 |  | 2024 |  | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 20% decrease in |  | 20% increase in |  | 20% decrease in |  | 20% increase in |  |
| sterling against |  | sterling against |  | sterling against |  | sterling against |  |
| foreign currencies |  | foreign currencies |  | foreign currencies |  | foreign currencies |  |
|  | £’000s |  | £’000s |  | £’000s |  | £’000s |

US Dollar 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 |  |  | 2025 | 2025 |  | 2025 | 2024 |  | 2024 | 2024 | 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Fixed |  | Floating |  |  |  |  | Fixed | Floating |  |  |  |
|  |  | rate |  |  | rate | Nil |  |  | rate |  | rate | Nil |  |
|  | interest |  |  | interest |  | interest |  | Total | interest | interest |  | interest | Total |
|  | £’000s |  |  |  | £’000s | £’000s |  | £’000s | £’000s |  | £’000s | £’000s | £’000s |
| Financial assets |  |  | - 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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
(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.

|  | Three |  | Between | Between |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | months | three months |  | one and | More than |  |  |
|  | or less | and one year |  | five years | five years |  | Total |
| 2025 | £’000s |  | £’000s | £’000s |  | £’000s | £’000s |

Other payables - within one year
Other payables 3,698 - - - 3,698
3,698 - - - 3,698

|  | Three |  | Between | Between |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | months | three months |  | one and | More than |  |  |
|  | or less | and one year |  | five years | five years |  | Total |
| 2024 | £’000s |  | £’000s | £’000s |  | £’000s | £’000s |

Other payables - within one year
Other payables 2,950 - - - 2,950
2,950 - - - 2,950
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 2024
£’000s £’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
FINANCIAL STATEMENTS

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
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

# Glossary of UK GAAP Performance Measures and Alternative Performance Measures

## UK GAAP performance measures

**Net Asset Value** is the value of total assets less all liabilities. The Net Asset Value, or NAV, per Ordinary share is calculated by dividing this amount by the total number of Ordinary shares in issue. As at 31 December 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%).

66
INVESTOR INFORMATION
## Glossary of Terms
AIC Code of Corporate Governance AIC Code
Allianz Global Investors GmbH AllianzGI
Allianz Global Investors UK Limited AllianzGI UK
Allianz Technology Trust PLC The Company/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
67
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
## Investor Information

| Alternative Investment Fund | Registrar | Market and portfolio Information |
| --- | --- | --- |
| Manager (AIFM) | MUFG Corporate Markets | The Company’s Ordinary shares are |
| Allianz Global Investors UK Limited | Central Square | listed on the London Stock Exchange |
| 199 Bishopsgate | 29 Wellington Street | under the code ATT. The market price |
| London | Leeds | range, gross yield and net asset value |
| EC2M 3TY | LS1 4DL | (NAV) are shown daily in the Financial |
| Telephone: +44 (0)20 3246 7000 |  | Times and The Daily Telegraph under |
| Head of Investment Trusts: | Stockbrokers | the headings ‘Investment Trusts’ and |
| Stephanie Carbonneil, email: |  | ‘Investment Companies’, respectively. The |

Winterflood Investment Trusts
stephanie.carbonneil@allianzgi.com NAV of the Ordinary shares is calculated
Riverbank House
daily and published on the London Stock
2 Swan Lane
Company Secretary Exchange Regulatory News Service.
London
Nira Mistry and Kirsten Salt, The geographical spread of investments
EC4R 3GA
email: investment-trusts@allianzgi.com and ten largest holdings are published
monthly on the London Stock Exchange
Identifiers
Registered Office Regulatory News Service. They are also
SEDOL: BNG2M15
199 Bishopsgate available from the Manager’s Investor
ISIN: GB00BNG2M159
London Services Helpline on 0800 389 4696
BLOOMBERG: ATT
EC2M 3TY or via the Company’s website: www.
EPIC: ATT
Telephone: 0800 389 4696 allianztechnologytrust.com.
GIIN: YSYR74.99999.SL.826
LEI: 549300OMDPMJU23SSH75
Investment Manager Share price
Voya Investment Management Co. LLC The share price quoted in the London
Financial calendar
2999 Oak Road Stock Exchange Daily Official List for
Full year results announced and Annual
Walnut Creek 31 December 2025 was 527.0p per
Financial Report published in March.
CA 94597 Ordinary share.
Annual General Meeting held in April.
Telephone: +1 415 954 4500
Half year results announced and Half-
Lead Portfolio Manager: Website
Yearly Financial Report published to
Mike Seidenberg
Further information about Allianz
shareholders in August.
Portfolio Manager: Erik Swords
Technology Trust PLC, including
The year end is 31 December.
monthly factsheets, daily share
Registered number price and performance, is available
How to invest
3117355 on the Company’s website: www.
Information is available from Allianz
allianztechnologytrust.com
Global Investors UK either via
Bankers and Custodian
Investor Services on 0800 389 4696
HSBC Bank plc, Association of Investment
or on the Company’s website: www.
8 Canada Square Companies (AIC)
allianztechnologytrust.com.
London The Company is a member of the AIC,
A list of providers can be found
E14 5HQ the trade body of the investment trust
on the Company’s website www.
industry, which provides a range of
allianztechnologytrust.com/how-to-
Depositary literature including factsheets and a
invest.

| HSBC Security Services | monthly statistical service. Copies of |
| --- | --- |
| 8 Canada Square | these publications can be obtained from |
| London | the AIC, 9th Floor, 24 Chiswell Street, |
| E14 5HQ | London, EC1Y 4YY, or at www.theaic. |

co.uk. AIC Category: Technology and
Independent Auditor Technology Innovation.
Forvis Mazars LLP
30 Old Bailey
London
EC4M 7AU
68
INVESTOR INFORMATION

| Shareholder enquiries | Investor Centre | FATCA |
| --- | --- | --- |
| In the event of queries regarding their | Shareholders can vote electronically | The Company is registered with the |
| holdings of shares, lost certificates, | via the Investor Centre, a free app | Internal Revenue Service (IRS) as a |
| dividend payments, registered details, | for smartphone and tablet provided | Foreign Financial Institution for the |
| etc., shareholders should contact the | by MUFG Corporate Markets (the | purposes of the Foreign Tax Compliance |
| Registrar on 0371 664 0300. Lines | company’s registrar). It allows you to | Act (FATCA). The Company’s Global |
| are open 9.00 a.m. to 5.30 p.m. (UK | securely manage and monitor your | Intermediary Identification Number |
| time) Monday to Friday. Calls to the | shareholdings in real time, take part | (GIIN) is YSYR74.99999.SL.826 |
| helpline number from outside the UK | in online voting, keep your details up |  |
| are charged at applicable international | to date, access a range of information | Non-Mainstream |
| rates. Different charges may apply to | including payment history and much | Pooled Investments |
| calls made from mobile telephones | more. The app is available to download |  |

The Company is an investment trust
and calls may be recorded and on both the Apple App Store and Google
and therefore its shares are not subject
monitored randomly for security and Play, or by scanning the relevant QR
to the Financial Conduct Authority’s
training purposes. code below. Alternatively, you may
(FCA) rules relating to the restrictions
access the Investor Centre via a web
on the retail distribution of unregulated
Changes of name and address must be
browser at: https://uk.investorcentre.
collective investment schemes and close
notified to the Registrar in writing. Any
mpms.mufg.com/.
substitutes which came into effect on
general enquiries about the Company
1 January 2014. Accordingly, its shares
should be directed to the Company Apple App Store Google Play
can be recommended by IFAs to retail
Secretary, Allianz Technology Trust PLC,
investors in accordance with the FCA’s
199 Bishopsgate, London, EC2M 3TY.
rules in relation to non-mainstream
Telephone: 0800 389 4696.
investment products.
Share dealing services
Nominee companies
MUFG Corporate Markets operates an
In order to allow investors holding their
online and telephone dealing facility
CREST Proxy Voting shares within a nominee company to
for UK resident shareholders with share
receive shareholder communications,
certificates. Stamp duty and commission Shares held in uncertificated form
the Company undertakes to provide
may also be payable on transactions. (i.e., in CREST) may be voted through
multiple copies of such documents
the CREST Proxy Voting Service in
For further information on these services
to the registered nominee company
accordance with the procedures set out
please contact www.eu.mpms.mufg.
where prior notice has been given.
in the CREST manual. Voting via the
com for online dealing or 0371 664
The Company encourages nominee
Proxymity platform is also available to
0445 for telephone dealing. Lines are
companies to provide the underlying
institutional shareholders. Further details
open 8.00am to 4.30pm Monday to
investors with sufficient information to
are contained within the Notice of
Friday. Calls to this number are charged
make informed decisions regarding their
Meeting Notes starting on page 74.
at local rates, calls from outside the UK
investments, including the opportunity to
are charged at applicable international
attend Company General Meetings.
rates. Different charges may apply to
calls made from mobile telephones
and calls may be recorded and
monitored randomly for security and
training purposes.
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.
69
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

# Investor Information (unaudited)

## 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

70
INVESTOR INFORMATION
Interest Award. The remuneration Risk takers Annual review and material
overview includes the Carried Interest The following groups of employees changes to the remuneration system
grant which is awarded in the fiscal year were qualified as risk takers: members The Board approved the Remuneration
for the previous performance year. of management/ Senior Management Policy which had been implemented
Function holders and other risk takers. in accordance with the remuneration
Performance evaluation
regulations. Per the annual review of
The level of pay awarded to employees Risk avoidance
the remuneration policy, no material
is linked to both quantitative and AllianzGI has comprehensive risk
changes were made to the in the past
qualitative performance indicators. For reporting in place, which covers
financial year.
Investment managers, whose decisions both current and future risks of our
make a real difference in achieving our business activities. Risks which exceed
AIFM Pre-Investment Disclosures
clients’ investment goals, quantitative the organisation’s risk appetite are
The AIFMD requires that potential
indicators are geared towards presented to the Global Remuneration
investors are provided with sufficient
sustainable investment performance. Committee, which will decide, if
pre-investment information in order to
For portfolio managers in particular, the necessary, on the adjustments to the
make an informed decision. An ‘AIFMD:
quantitative element is aligned with the total remuneration pool. Individual
Information Document’ is available in
Benchmark of the client portfolios they variable compensation may also be
the Literature Library on the Company’s
manage or with the client’s expected reduced or withheld in full if employees
website at www.allianztechnologytrust.
return, measured over a period of violate our compliance policies or
com which provides information on
one year and three years. For client- take excessive risks on behalf of the
investment objective, strategy, policies
facing employees, goals also include Management Company.
and other pertinent information which
client satisfaction, which is measured
may have an impact on a potential
independently. The remuneration of
investor’s decision. There have been no
employees in controlling functions
material changes to the information
is not directly linked to the business
disclosed within the ‘AIFMD: Information
performance of individual departments
Document’ since publication.
monitored by the controlling function.
71
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025

# Notice of Meeting

**THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.** If you are in any doubt as to what action to take, you should consult your stockbroker, bank manager, solicitor, accountant or other appropriate independent professional advisor authorised under the Financial Services and Markets Act 2000 immediately if you are in the United Kingdom or, if not, another appropriately authorised financial adviser. If you have sold or otherwise transferred all 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 Proximity, 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.

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INVESTOR INFORMATION

### 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

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ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
Notes to the Notice of Meeting iii) in the case of shares held through CREST, via the CREST
system (see notes below); or
The following notes explain your general rights as a shareholder
iv) in the case of institutional investors, via the Proxymity
and your right to attend and vote at this Annual General
platform (see notes below).
Meeting (the ‘Meeting’) or to appoint someone else to vote on
your behalf.
7. If you return more than one proxy appointment, either
by paper or electronic communication, the appointment
1. To be entitled to attend and vote at the Meeting (and for
received last by the Registrar before the latest time for the
the purpose of the determination by the Company of the
receipt of proxies will take precedence. You are advised to
number of votes they may cast), shareholders must be
read the terms and conditions of use carefully. Electronic
registered in the Register of Members of the Company at
communication facilities are open to all shareholders and
close of trading on 21 April 2026. Changes to the Register of
those who use them will not be disadvantaged.
Members after the relevant deadline shall be disregarded in
determining the rights of any person to attend and vote at
8. Shareholders can vote electronically via the Investor Centre,
the Meeting.
a free app for smartphone and tablet provided by MUFG
Corporate Markets (the company’s registrar). It allows
2. Shareholders, or their proxies, intending to attend the
you to securely manage and monitor your shareholdings
Meeting in person are requested, if possible, to arrive
in real time, take part in online voting, keep your details
at the Meeting venue at least 30 minutes prior to the
up to date, access a range of information including
commencement of the Meeting at 2.30pm (UK time)
payment history and much more. The app is available to
on 23 April 2026 so that their shareholding may be
download on both the Apple App Store and Google Play,
checked against the Company’s Register of Members and
or by scanning the relevant QR code below. Alternatively,
attendances recorded.
you may access the Investor Centre via a web browser
3. Shareholders are entitled to appoint another person as
at: https://uk.investorcentre.mpms.mufg.com/.
a proxy to exercise all or part of their rights to attend
Apple App Store Google Play
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
You will need to log into your Investor Centre account or
page 68.
register if you have not previously done so. Once you have
4. In the case of joint holders, where more than one of the joint setup your account you will need to add your shareholding
holders purports to appoint a proxy, only the appointment by clicking ‘Add Holding’ in the ‘Portfolio’ section and
submitted by the most senior holder will be accepted. following the on-screen instructions. You will require your
Seniority is determined by the order in which the names Investor Code (IVC) to add your shareholding. You can
of the joint holders appear in the Company’s Register of find your IVC on your share certificate or by contacting our
Members in respect of the joint holding (the first named Registrar, MUFG Corporate Markets.
being the most senior).
9. The return of a completed form of proxy, electronic proxy
5. A vote withheld is not a vote in law, which means that the appointment, any CREST Proxy Instruction or appointing
vote will not be counted in the calculation of votes for or a proxy via Proxymity will not prevent a shareholder from
against the resolution. If no voting indication is given, your attending the Meeting and voting in person if he/she wishes
proxy will vote or abstain from voting at his or her discretion. to do so.
Your proxy will vote (or abstain from voting) as he or she
10. CREST members who wish to appoint a proxy or proxies
thinks fit in relation to any other matter which is put before
through the CREST electronic proxy appointment service
the Meeting.
may do so for the Meeting (and any adjournment of the
6. To be valid, any form of proxy or other instrument appointing Meeting) by using the procedures described in the CREST
a proxy, must be returned by no later than 2.30pm on 21 Manual (available from www.euroclear.com). CREST
April 2026 through any one of the following methods: Personal Members or other CREST sponsored members, and
i) by post, courier or by hand (during normal business those CREST members who have appointed a voting service
hours only) to the Company’s registrar at MUFG provider(s), should refer to their CREST sponsor or voting
Corporate Markets, PXS 1, Central Square, 29 service provider(s), who will be able to take the appropriate
Wellington Street, Leeds, LS1 4DL; action on their behalf.
ii) electronically via the website of the Company’s registrar
11. In order for a proxy appointment or instruction made
at https://uk.investorcentre.mpms.mufg.com/ or via the
by means of CREST to be valid, the appropriate CREST
Investor Centre app;
message (a ‘CREST Proxy Instruction’) must be properly
74
INVESTOR INFORMATION

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

75
ALLIANZ TECHNOLOGY TRUST PLC ANNUAL REPORT 31 DECEMBER 2025
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.
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