Allianz Technology Trust plc

Allianz Technology Trust was down in July, trailing the return of the Dow Jones World Technology Index on both a gross- and net-of-fees relative basis. Allianz Technology Trust's Net Asset Value (NAV) total return was -11.7% in July, compared to the Dow Jones World Technology Index return of -5.77% in GBP. July was another volatile month for global equities as markets initially gained amid easing geopolitical tensions from the United States-Iran ceasefire, but sentiment weakened as the conflict resurfaced, raising concerns around energy supplies, trade flows, and regional stability. Renewed tariff uncertainty, defence policy concerns, and continued artificial intelligence-related volatility further weighed on investor risk appetite. Within technology, software stocks advanced meaningfully, followed by more modest gains in IT services as well as interactive media and services, while media, diversified telecom and semiconductors each posted double-digit losses. Monthly relative performance was primarily impacted by stockpicking, with exposure to broadline retail and an overweight allocation to IT services contributing to results, which was offset by relative underperformance within semiconductor, technology hardware, and software industries.