Allianz Technology Trust (ATT)

Allianz Technology Trust (ATT) is a highly active fund, which invests across the broad and diversified technology space, capturing the potential of the sector driving most global economic growth. Manager Mike Seidenberg uses his almost three decades’ experience and location in the heart of the action in Silicon Valley to identify the best stock-specific opportunities, assessing changing growth outlooks and valuations. Mike delivered strong outperformance of the benchmark over 2025, in a market in which the Magnificent Seven gathered most of the press. ATT is now substantially ahead of the market over three years too (see Performance).

In fact, the tech mega-caps have been weak in recent months. Nvidia has been roughly flat since August, while Microsoft and Amazon have sold off on the scale of the capex required to build out their AI services. Meanwhile, the market is coming to realise that the business models of many software companies could be permanently impaired by new AI tools. Mike was ahead of the software sell-off, and benefitted from entering 2026 underweight the sector. He is also underweight the mega-caps, not owning Amazon at all for the first time in decades and underweight six of the Magnificent Seven. The trust’s long-standing tilt to the mid-caps remains, as Mike aims to find companies that can outperform in a more discriminating environment.

ATT’s discount has hovered around 10% to 12% for the past two years, in an environment that favoured passives or buying the mega-caps like Nvidia directly. It has been narrowing slightly in recent months though, and we think could narrow further as these trends reverse.