The February 2024 update from Allianz Technology Trust PLC highlights the reasons to invest in the trust, including a deeply experienced portfolio management team and a high conviction concentrated portfolio. The trust has also been recognized with the Investment Week Investment Company of the Year Award multiple times. The monthly fact sheet reveals that the trust's Net Asset Value (NAV) total return outperformed the Dow Jones World Technology Index return in February, attributed to bottom-up stockpicking and allocation tailwind.
The contributors to the trust's performance included active underweight allocation in Apple Inc. and below-benchmark weight in Alphabet Inc. Other top monthly contributors were Okta Inc., Monolithic Power Systems, Inc., and Amazon.com. However, exposure to MercadoLibre, Inc. and Shopify, Inc. offset performance as their earnings results fell short of expectations, despite potential for future growth.
The market outlook for 2024 is positive, with technology shares advancing due to earnings results and expectations of more accommodative interest rates from central banks. This is expected to be conducive for economic growth, translating to better demand and easier access to capital.