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23 Jun 2021

Allianz Technology

Company Notes

Accessing secular themes and opportunities in the recovery

Allianz Technology is managed by the Allianz Global Investors Global Technology team, which is based in Silicon Valley and has aggregate AUM of US$11bn. The managers have an active and unconstrained approach, investing across the spectrum of opportunities within the listed technology sector globally. Although there has been some rotation in the portfolio in anticipation of economic recovery, the portfolio remains biased towards mid-cap, higher growth companies. The managers are again finding attractive valuations in this area following the market rotation this year.

After a very strong year in 2020, which saw the fund’s +76% NAV total return significantly outperform its benchmark (+42%) and closest peer Polar Capital Technology (+52%), its performance (-1.2%) lagged both the benchmark (+4.5%) and Polar Capital Technology (-0.1%) in the first five months of 2021. However, the fund’s longer-term performance record remains strong, as shown in the table below.