Allianz Technology Trust PLC has released its latest portfolio update for June 2024. The trust is managed by a highly experienced team and has been recognized with several awards. In June, the trust's Net Asset Value (NAV) total return was 10.12%, outperforming the Dow Jones World Technology Index return of 9.31%. The technology stocks rallied strongly in June due to earnings reports and optimism over economic recovery, with semiconductors and software rebounding significantly. The trust's relative results outpaced the benchmark due to positive bottom-up stock picking, with outsized gains in the semiconductor, software, and interactive media and services industries.
The top performer for the month was CyberArk Software Ltd., followed by an above-benchmark allocation to Broadcom Inc. and shares of Lam Research Corp. Similarly, shares of Datadog Inc. and Arista Networks, Inc. also contributed to performance during the month. However, data storage and solutions provider Western Digital Corp. offset relative results, and the avoidance of digital marketing and creative software developer Adobe Inc. also impacted results. Shares of HubSpot, Inc. declined slightly, and an overweight allocation to Advanced Micro Devices, Inc. offset results, as did a below-benchmark allocation to Oracle Corp., which rebounded following stronger-than-expected bookings.
The portfolio turnover remained low in June, with the trust making new purchases of shares of Oracle Corp. following positive earnings and favorable guidance. The trust's performance reflects the team's expertise in managing technology strategies and their high-conviction concentrated portfolio.