TIDMATT
Allianz Technology Trust PLC
13 November 2018
Allianz Technology Trust: New research
13/11/18
Highlights:
-- A very actively managed specialist trust, run by one of the
most experienced technology investment teams in the world
-- The team seeks to invest in what it views as the next
mega-caps and has reduced exposure to existing mega caps, a
differentiator in a popular sector
-- The team has outperformed the sector and its closest peers
over the short and long term, outperforming the benchmark by 202%
since May 2007
-- Trading at a slight premium relative to NAV and peers on the back of strong performance
Read more
Around a year after it developed a specific "Brexit" page, the
FT newspaper app now has a dedicated Technology section. Either
this marks the very top of the market (we think not), or it is a
rather late acknowledgement from the FT that the technology sector
impinges ever more in every aspect of our lives and at the same
time has delivered exceptionally strong returns for investors in
these companies.
Allianz Technology Trust (ATT) is a very actively managed
specialist investment trust, managed by one of the most experienced
technology investment teams in the world, which has delivered
excellent returns over the years.
Despite some clouds continuing to hang over the technology
sector's largest names, the portfolio has witnessed a significant
re-shaping since September 2017. It has shifted capital away from
mega caps to mid caps, and has continued to increase the number of
stocks held. The ATT team now has around 50% of the portfolio
exposed to companies expected to benefit from "the cloud", and has
slashed exposure to China and semi-conductors.
This represents a marked change in risk appetite and the
re-positioned portfolio now offers, according to Allianz Global
Investors' (AllianzGI's) estimates, earnings growth for the next 12
months of 20%+, nearly twice that of the benchmark. Recognising
that interest rates and discount rates are rising, manager Walter
Price is mindful of valuations, and whilst the portfolio is
expensive on a forward P/E of 33x, the realised PEG (or PE to
Growth) ratio will be lower than the benchmark in the year
ahead.
Walter and his team in San Francisco have developed a long-term
track record stretching back several decades. The team took over
management of ATT over ten years ago, over which period the trust
has generated NAV total returns (to 30th Sept) of 593%,
outperforming the benchmark by 202%. Over one year ATT has posted a
strong relative performance against both the wider market and the
DJ World Technology Index, up 10.1% in the year to 28th October
2018, against the benchmark return of 4.3%. ATT has total assets of
GBP463m.
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