Allianz Technology Trust performance was higher in August, slightly outpacing 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 4.41% in August, compared to the Dow Jones World Technology Index return of 4.17% in GBP. August saw global equities move higher overall, despite continued volatility from geopolitical tensions surrounding Iran, the Strait of Hormuz, and shifting U.S. policy. Investor sentiment was also influenced by changing expectations for monetary policy and ongoing volatility in artificial intelligence-related stocks. Within technology, software and information technology services stocks posted double-digit gains thanks to improving investor sentiment which drove an industry rotation. Semiconductors and technology hardware posted mid-single-digit gains while the interactive media and services industry was lower for the month. Monthly relative performance was aided by industry allocation impacts, which was partially counterbalanced by more conservative stock selection. Overweight allocations and bottom-up picks in software and information technology services led relative gains, which was offset by relative underperformance in semiconductor and technology hardware industries.
