Allianz Technology Trust (ATT) 2022年年度報告「LSE」.pdf

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1、Annual Financial Report,31 December 2022Allianz Technology Trust PLCInvestment objectiveAllianz Technology Trust PLC(the Company)invests principally in the equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth in excess of the Dow Jo

2、nes World Technology Index(sterling adjusted,total return)(the benchmark).Investment policyThe investment policy of the Company is to invest in a diversified portfolio of companies that use technology in an innovative way to gain competitive advantage.Particular emphasis is placed on companies that

3、are addressing major growth trends with innovation that replaces existing technology or radically changes products and services or the way in which they are supplied to customers.What constitutes a technology stockTechnology has become a vast and diverse sector.It encompasses those companies that se

4、ll technology solutions from cloud storage to component manufacturers to software developers but also those for whom technology is an intrinsic part of their business the car makers or ecommerce groups using technology to gain a competitive advantage.In this way,technology stocks may sit across mult

5、iple sectors,including healthcare,industrials or financial services.As technology becomes ever more pervasive,the lines between technology companies and significant adopters are increasingly blurred.Even where companies arent selling technology,technology may be intrinsic to their success as a compa

6、ny.More companies are becoming technology companies all the time as disruptive innovation brings change and displaces incumbent market leaders.The challenge is to understand not only current technologies,but also future trends and the likely effects.Asset allocationThe Investment Manager does not ta

7、rget specific country or regional weightings and aims to invest in the most attractive technology shares on a global basis.The lead portfolio manager aims to identify the leading companies in emerging technology growth sub-sectors.The majority of the portfolio will comprise mid and large cap technol

8、ogy shares.Risk diversificationThe Company aims to diversify risk and no holding in the portfolio will comprise more than 15%of the Companys assets at the time of acquisition.The Company aims to diversify the portfolio across a range of technology sub-sectors.GearingIn normal market conditions geari

9、ng will not exceed 10%of net assets but may increase to 20%.The Companys Articles of Association limit borrowing to one quarter of its called up share capital and reserves.As at 31 December 2022 there was no borrowing facility in place.LiquidityIn normal market conditions the liquidity of the portfo

10、lio,that is the proportion of the Companys net assets held in cash or cash equivalents,will not exceed 15%of net assets but may be increased to a maximum of 30%of net assets.DerivativesThe Company may use derivatives for investment purposes within guidelines set down by the Board.Foreign currencyThe

11、 Companys current policy is not to hedge foreign currency.BenchmarkOne of the ways in which the Company measures its performance is in relation to its benchmark,which is an index made up of some of the worlds leading technology shares.The benchmark used is the Dow Jones World Technology Index(sterli

12、ng adjusted,total return).The Companys strategy is to have a concentrated portfolio which is benchmark aware rather than benchmark driven.The Company has tended to have a significantly higher than benchmark allocation to high growth,mid cap companies which are considered to be the emerging leaders i

13、n the technology sector.The Investment Manager believes that the successful identification of these companies relatively early on in their growth stages,offers the best opportunity for outperformance over the long-term.Key InformationAllianz Technology Trust PLC Annual Financial Report for the year

14、ended 31 December 2022OverviewContentsOverviewIFC Key Information2 Financial Highlights5 Chairmans StatementInvestment Managers Review10 Investment Managers Review14 Investment PortfolioStrategic Report16 Strategic Report22 Section 172 Report:Engagement with Key Stakeholders24 Environmental,Social,G

15、overnance(ESG)Research and StewardshipDirectors Review26 Directors28 Directors Report36 Corporate Governance Statement40 Report of the Management Engagement Committee41 Report of the Nomination Committee42 Report of the Remuneration Committee43 Directors Remuneration Implementation Report46 Director

16、s Remuneration Policy Report47 Statement of Directors Responsibilities48 Audit&Risk Committee ReportFinancial Statements 51 Independent Auditors Report to the Members of Allianz Technology Trust PLC 56 Income Statement 57 Balance Sheet 58 Statement of Changes in Equity 59 Notes to the Financial Stat

17、ementsInvestor Information 72 Glossary of UK GAAP Performance Measures and Alternative Performance Measures73 Glossary of Terms74 Investor Information77 Notice of MeetingWelcome to your new style Annual Financial Report.You may notice that the Allianz Technology Trust 2022 Annual Financial Report(AF

18、R)looks markedly different from previous versions.The Board has been conscious for many years that public company AFRs have become weighty and expensive documents.At the same time the actual readership of hard copy AFRs has declined and the very large majority of shareholders and other interested pa

19、rties only access AFRs online.Over the past several years the Board has made efforts to include additional information on the technology sector that may be of interest to shareholders,but also to make more of this information available online via a complementary microsite.Having done this(successful

20、ly,we hope)for the past two years,we believe that the responsible next step is to focus on making as much as possible available in an electronic format we are calling it the Stakeholder Report with the paper document reduced to its essentials.We welcome feedback from both shareholders and other user

21、s of the AFR on the new style reporting.Please do have a look at this years deeper dive into the technology sector at or by using your tablet or smartphone camera to scan the QR code below.1Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Performance against se

22、ctor average1 Benchmark-26.4%2022 1,832.2 2021 2,489.3Share price per ordinary share-40.4%2022 210.0p 2021 352.5p Performance against benchmark1Financial HighlightsAs at 31 December for each respective year125050Dec 12 Dec 22%indexed125050Dec 12 Dec 22%indexed Allianz Technology Trust2 Benchmark3 Al

23、lianz Technology Trust2 Sector average4Net asset value(NAV)per ordinary share-33.6%2022 231.0p 2021 347.9p2OverviewShareholders funds(m)NAV versus benchmark(%)NAV per ordinary share(p)Allianz Technology Trust2 Benchmark3Premium(discount)of ordinary share price to NAV per share(%)Ordinary share price

24、(p)As at 31 December for each respective yearComparative figures for 2018,2019 and 2020 have been restated following the sub-division of 25p ordinary shares into ten ordinary shares of 2.5p each on 4 May 2021.1 10 years to 31 December 2022.Rebased to 100 at 1 December 2011.2 Allianz Technology Trust

25、 Net Asset Value undiluted.3 Dow Jones World Technology Index(sterling adjusted,total return).4 Peer group of Morningstar Global Technology Sector Equity.Source:AllianzGI/Datastream.2018 figures are over a 13 month period.The Alternative Performance Measures(APMs)can be found on page 72.2022938.9201

26、8201920211,472.4430.1583.420201,229.22022210.02018201920212020352.5122.0164.7297.02022231.0201820192021347.9128.5165.42020291.320222018201920211.3(5.0)(0.4)(9.1)20202.020222018201920219.028.819.4-33.639.028.2-26.40.1202076.141.7 3Allianz Technology Trust PLC Annual Financial Report for the year ende

27、d 31 December 2022Financial SummaryAs at 31 December 2022 As at 31 December 2021%changeNet Asset Value per Ordinary Share 231.0p 347.9p-33.6 Ordinary Share Price 210.0p 352.5p-40.4(Discount)premium of Ordinary Share Price to Net Asset Value(9.1%)1.3%Dow Jones World Technology Index(sterling adjusted

28、,total return)1,832.2 2,489.3-26.4 Shareholders Funds938.9m1,472.4m-36.2 For the year ended 31 December 2022For the year ended 31 December 2021%changeNet Revenue Return per Ordinary Share(0.45p)(1.20p)+63.0 Ongoing charges*0.70%0.69%+1.4*As defined in the APMs on page 72.Five year performance summar

29、y31 December 202231 December 202131 December 2020 31 December 201930 November 2018Shareholders Funds938.9m 1,472.4m 1,229.2m 583.4m 430.1m Net Asset Value per Ordinary Share231.0p 347.9p 291.3p165.4p128.5pOrdinary Share Price210.0p 352.5p 297.0p164.7p122.0pDow Jones World Technology Index(sterling a

30、djusted,total return)1,832.2 2,489.3 1,941.1 1,369.9 985.8(Discount)premium of Ordinary Share Price to Net Asset Value(9.1%)1.3%2.0%(0.4%)(5.0%)Comparative figures have been restated following the sub-division of 25p ordinary shares into ten ordinary shares of 2.5p each on 4 May 2021.The 2018 figure

31、s are over a 13 month period.4OverviewChairmans StatementDear ShareholderA hard yearThe past year has been a particularly hard one for technology investors against a wide backdrop of economic and geopolitical difficulties.The Russian invasion of Ukraine has turned into a protracted conflict with a l

32、arge human toll.Inflationary pressures had been building for some time but the war has set off dramatic increases in energy and food prices,fuelling inflation and depressing both consumer and business confidence.Central banks have responded to rising inflation by raising interest rates.These rising

33、rates had a direct impact on investments money is no longer cheap or easy to raise as it had been for so long with interest rates at near-zero.Where,in the era of quantitative easing,investors had piled into growth stocks,keen to gain access to the best future returns,now there is much more sceptici

34、sm about the reality of those returns and the discount rates have risen dramatically.As valuations have fallen,more money has moved away from such stocks as investors instead favoured nearer-term cashflows and reliable income streams.Performance against this backdropTechnology stocks have been at th

35、e epicentre of these valuation changes.As previously reported,in the first half of 2022 our strategic overweight positions in stocks with high growth potential were hardest hit by the market sell-off and hence the portfolio fell by more than the significant fall in its benchmark.More recently perfor

36、mance across technology stocks,whilst weak compared to the general market,has been more mixed.The Board remains satisfied that the differentiated strategy which the Investment Manager continues to follow should be the source of longer-term outperformance and that the current situation should not be

37、a driver to make any wholesale change to that strategy.Over the year,the Companys Net Asset Value(NAV)per share fell by 33.6%,whilst our benchmark index,the Dow Jones World Technology Index(sterling adjusted,total return)also fell,but by 26.4%.This resulted in underperformance of 7.2 percentage poin

38、ts with all of the underperformance occurring during the first half of the year.The market price of the Companys shares fell by 40.4%over the year,from 352.5p(31 December 2021)to 210.0p(31 December 2022)as the rating of the Companys shares moved from a small premium at the end of 2021 to a discount

39、of 9.1%at the end of 2022.The Board is disappointed to see this significant derating of the Companys shares but notes that it is in line with rating movements implicit in the share prices of other larger investment companies focusing on high growth opportunities.No dividend is proposed for the year

40、ended 31 December 2022(2021:nil).Given the nature of the Companys investments and its stated objective to achieve long-term capital growth,the Board continues to consider it unlikely that any dividend will be declared in the near future.Your Board continues to consider the use of borrowing and geari

41、ng.Although we have this flexibility,to date our assessment has been not to take on this additional risk.Portfolio management team and corporate management changes In my reports last year I wrote about the transition of lead portfolio manager role from Walter Price to Mike Seidenberg with effect fro

42、m 1 July 2022 and also provided details of the changes to the structuring of the investment management arrangements arising from the sale of Allianz Global Investors GmbH(AllianzGI)US investment operations to Voya Investment Management Co LLC(Voya)see page 28.The Board took careful steps to be satis

43、fied that each of these changes was in the best interests of shareholders prior to granting its approval.5Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022As you may be aware the Board has generally visited San Francisco every couple of years to spend time with

44、 the investment managers on their home ground.The pandemic interrupted this pattern but the delayed visit that took place last September proved very timely in the light of the significant changes referred to in the previous paragraph.The Board was able to spend time with all the members of Voyas San

45、 Francisco based Global Technology Team and also meet with other Voya senior executives.These meetings provided further reassurance to the Board.In summary I am pleased to report that both the lead portfolio manager and Investment Manager changes appear to have proceeded smoothly.The dichotomy of cu

46、rrent demand versus future potentialThere is no doubt that lofty valuations of technology stocks have been challenged over the past year,however it is also true that many technology companies remain robust in terms of their day-to-day business,if not in the valuation of their equity.The main driving

47、 themes for technology most certainly persist:large scale movement of legacy IT systems to cloud architecture,cybersecurity in the face of criminals and nation states efforts to steal or disrupt,and labour shortages to name just a few.There are also many emerging technologies and themes as companies

48、 and innovators look to create the next disruptive technology.As an example,can readers be sure that this years statement was written by me and not by an Artificial Intelligence(AI)tool?In this instance I can assure you it was written by me,however there is currently much debate and coverage around

49、tools such as ChatGPT and other AI applications.Citing this is not meant as any commentary on the potential of a company developing software as a future holding and our investment manager is in a much better position to comment on the potential(or not)of such companies to be portfolio holdings in th

50、e future.What it does demonstrate though is the unstoppable development of technology and that it is unlikely to slow anytime soon.The possibility of such a tool writing this report is real given the right prompts into the tool.Indeed,some commentators postulate that these tools can answer universit

51、y degree questions with some success and articles have already started to foretell a change in the way we will work in the future.Microsoft is certainly taking it seriously,investing$1bn in OpenAI,the developer,in 2019 to gain exclusivity over the product with the aim of bolstering its embedded sear

52、ch engine,Bing.Microsoft believes that OpenAIs artificial intelligence tools and platforms have the potential to significantly improve its search engine capabilities,offering more accurate and better-tailored search results.Microsoft also believes that OpenAIs AI technology could help it create more

53、 efficient and powerful cloud-based services,enabling it to better serve its customers and reach new markets.Microsofts investment in OpenAI is an indication of how seriously the tech giant is taking AI,and how it wants to make sure its always at the cutting edge of the technology.That last paragrap

54、h was generated by AI using GPT-3,but I promise you the rest was from the human mind!Investment Managers ReviewAs ever,my statement is not intended to substitute for the Review from the Investment Manager and I would urge you to read the in-depth explanations of the factors affecting performance fro

55、m the team starting on page 10.ESGAs you will be aware,the Investment Manager considers ESG risks as part of the stock analysis and investment management process.The Board were able to see the process in action during their visit to San Francisco,including visiting a selection of investee companies

56、and hearing how they are dealing with ESG issues from a business management perspective.The Board remains cognisant of investors concerns and desire to understand better the broader impact of the investment choices that they make.Given the nature of the Company,the Board consequently engages closely

57、 with the related policies and processes of Voya as the Investment Manager and AllianzGI UK as the AIFM.6OverviewHow do we compare with our peers and other indices?The Strategic Report on page 16 contains full details of the comparative data that in the past we have included in this Statement.In sum

58、mary the Companys performance is very strong over longer time periods.The costs of running your CompanyYour Board has maintained its close attention to the costs of running the Company.In a year in which NAV has fallen substantially,I am pleased to report that the Companys Ongoing Charges Figure(OCF

59、),which is calculated by dividing ongoing operating expenses by the average NAV,has only risen very marginally from 0.69%to 0.70%.This follows a sustained reduction in OCF over previous years.The management fees payable in 2022 were moderated by being calculated on the market value of the Company an

60、d not the NAV.The OCF excludes any performance fee due to the manager.Once again no performance fee has been earned in 2022 due to continued underperformance against the benchmark.It should be noted that the underperformance suffered over the past two years will have to be made back,as well as the N

61、AV once again exceeding the level at the end of 2020(which set a new high watermark)before any future performance fee can be accrued.Transactions in own shares The Board is pleased to both issue shares when there is sufficient investor demand,and to consider buying back shares when the shares trade

62、at a significant discount.Currently we would consider buying back shares during periods where the discount is consistently over 7%and it is felt appropriate to do so given the prevailing market backdrop.For significant periods of 2022 the discount has been in excess of that level and buybacks have b

63、een executed accordingly on a frequent basis.Overall,market purchases of 39 million of shares were undertaken,at an average discount of 12.18%.All shares repurchased over the period have been held in treasury rather than cancelled as this makes them readily available to be reissued if sufficient dem

64、and occurs in the future.The repurchase of shares during the year enhanced the NAV by 44bps.At the forthcoming AGM,the Board proposes both a renewal of the usual 10%authority to issue new shares and also a renewal of the authority to issue an additional 10%in order to avoid the cost of a further Gen

65、eral Meeting should the 10%authority be exhausted as has happened previously when demand was high.The Board recommends that Shareholders vote in favour of both of the proposed resolutions.The Board will continue to consider the issuance of new shares subject to shares only being issued at a premium

66、to NAV and if the Board is satisfied that the issuance is in the best interests of existing shareholders.Similarly,any buy back of shares will also be subject to the criteria set out above being met and where it is felt to be beneficial to shareholders.Alternative Investment Fund Manager(AIFM)As we

67、had notified shareholders in 2022,our management contract with AllianzGI for investment management(delegated to Voya),accounting,company secretarial and administrative services as AIFM of the Company is due to transfer to Allianz Global Investors UK Limited(AllianzGI UK)which is a new FCA authorised

68、 and regulated UK entity taking on all activities of the UK Branch of AllianzGI.This change is occurring as a result of the UK leaving the EU and is to take place once the legal set up is arranged to ensure compliance with the regulatory regime.The Board is assured that there will be no change to th

69、e portfolio management services(delegated to Voya)nor to the administration services received by the Company.There will be no increase in the management or administrative expenses of the Company as a consequence of this change.Details of the existing arrangement with the AIFM are on page 28.7Allianz

70、 Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Awards and shareholder communicationsDespite the continuing challenges for the Company this year in performance terms,the Board was delighted to once again in 2022 be awarded“Best Report and Accounts(Specialist)”by the

71、AIC,having previously won the same award in 2021,2020 and 2018.The Board tries to continually evolve in terms of this key shareholder communication piece and this year you will see further,wider-ranging changes.We do hope you will take the time to visit the full Stakeholder Report housed at and that

72、 you find it of interest.We welcome feedback from both shareholders and other readers on our new reporting.Board matters As previously announced Katya Thomson was appointed to the Board last July and has now succeeded Humphrey van der Klugt as Chairman of the Audit&Risk Committee with effect from 1

73、January 2023.I am pleased to confirm that Humphrey continues as a non-executive Director and Senior Independent Director.I will be stepping down as Chairman and non-executive Director at the Companys forthcoming AGM and therefore will not stand for re-election.The Board,overseen by Humphrey van der

74、Klugt,the Senior Independent Director,has agreed that Tim Scholefield who has been a Director since December 2021,be appointed as Chairman at the conclusion of that meeting.Tim has already made a strong contribution to the Board,and I believe that shareholders should have full confidence in their Bo

75、ard going forward.I confirm that the annual Board and Manager performance appraisal process,conducted internally this year,concluded that the Board has continued to work in an effective manner.In accordance with the AIC code,all Directors with the exception of me,are proposed for election/re-electio

76、n.Annual General Meeting arrangements This years AGM will be held on 26 April 2023 at 2.30pm.The full Notice of Meeting can be found on page 77.The AGM will be a hybrid meeting,meaning shareholders can either attend physically or online.However,after two years of trialling online voting,we will not

77、be providing that service again for the 2023 meeting.This is due to the relatively high cost to enable the service not having been matched by shareholder take up of the service over the past two years.Should there be reasonable demand emerging from shareholders in the future for online voting then w

78、e will look at a possible reintroduction.For this reason,we strongly encourage all shareholders to submit their votes by the proxy voting process by the deadline of 24 April 2023 as detailed in the Notice of Meeting on page 77.Those shareholders attending virtually will be able to view the AGM and s

79、ubmit questions electronically.The Board encourages shareholders to attend the AGM if possible.A presentation by the Investment Manager will be made at the start of the meeting.For those unable to attend either physically or virtually,this will be posted to the Companys website as soon as practicabl

80、e after the event.The Board looks forward to welcoming shareholders to this years event.Your vote countsWe would like to take the opportunity to remind shareholders that you have the right to vote on important matters that affect your Company,such as the election of directors and the proposed renewa

81、l of share issuance authorities.We feel it is important that shareholders are encouraged to make their voices heard by voting on all business matters.Instructions on how to vote your shares can be found on page 79.As the vast majority of individual shareholders hold their shares on an investment pla

82、tform in a nominee account,we are pleased to see continuing action from some of the larger platforms to enable nominee shareholders to access relevant documentation and record their votes.8OverviewOutlookIt is difficult,if not impossible,to predict what might happen with the geopolitical landscape a

83、s well as with the global economy as we move forward through 2023.As I write,the war in Ukraine continues,unfortunately with no obvious end in sight yet,and other significant geopolitical tensions also persist.There is some evidence of inflationary pressures easing from a macro perspective,but whils

84、t markets have already made some positive moves on expectation of possible easing interest rates,there is also conflicting rhetoric from many central banks which indicate the easing may not be as swift or widespread as some would hope.Despite recent volatility the long-term secular growth story for

85、technology investing remains intact and is powerful.Returns are likely to accrue disproportionately to a small number of winners and this should reward an active,and probably patient,style of portfolio management.We have confidence in the Investment Managers ability to drive long-term relative perfo

86、rmance through the teams high conviction expertise as they continue to focus on identifying trends that have the potential to uncover tomorrows Apple or Microsoft.Robert JeensChairman10 March 2023 9Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Investment Man

87、agers Review2022 started with fresh optimism that the world economy would,at last,start to emerge from the shadow of the pandemic.That optimism quickly faded as Russias invasion of the Ukraine plunged the world into another crisis.It fuelled a mounting inflation problem that forced major central ban

88、ks across the world to raise interest rates.It proved a challenging backdrop for financial markets,and the technology sector in particular.The reverberations from the war in Ukraine were felt across the world.The sanctions imposed on Russia as a result of the invasion pushed up energy costs,which we

89、re reflected in higher inflation figures.The war exaggerated existing fault lines in the US/China relationship and inflamed geopolitical tensions more widely.Countries started to increase protectionism,particularly around key technologies such as semiconductors.The wars impact on energy prices and i

90、nflation proved the most immediate problem.The US Consumer Price Index rose steadily from 7%in January to a peak of 9.1%in June.Early assessment that inflation would be transitory proved misplaced and the Federal Reserve(Fed)was forced into rapid action.The US Fed funds rate moved from a range of 0.

91、25-0.5%at the start of the year to a range of 4.25%-4.5%by December,pushing borrowing costs to their highest level since 2007.The Fed continued to talk tough on inflation even as pressures started to ease in the second half of the year.In the December meeting Fed chair Jay Powell said:“Historical ex

92、perience cautions strongly against prematurely loosening policy.I wouldnt see us considering rate cuts until the committee is confident that inflation is moving down to 2%in a sustained way.”With inflation still at 7.1%by the end of the year,there was still some way to go.Part of the problem has bee

93、n wage inflation.Employment levels have remained high,which has created wage pressures.Nevertheless,strength in the jobs market has helped cushion the hit from higher inflation and interest rates for the economy.The IMF forecasts that global growth will slow from 6.0%in 2021 to 3.2%in 2022 and 2.7%i

94、n 2023.It said:“This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.”The Euro area has been most affected by the energy crisis and growth is expected to fall to just 0.5%in 2023,with many of its major economies in recessio

95、n.The US is also widely expected to experience recession in the year ahead.For emerging and developing Asia,much will depend on the relative strength of China,which continued to be held back by Covid restrictions for much of the year.By the end of the year,it had relaxed its zero-Covid policy and th

96、ere were hopes that its economy could revive.There were a number of notable legislative initiatives in 2023.In the US,the Inflation Reduction Act allocated significant funding for green energy initiatives and domestic energy investment.The CHIPS and Science Act sought to encourage domestic productio

97、n of semiconductors and exclude unfriendly foreign powers from the technology ecosystem.In the EU,the RePower EU initiative brought more funding for renewable energy,as European powers sought to wean themselves off Russian fossil fuels.Largely overlooked in 2022,these may set the tone for economic d

98、evelopment in the year ahead.Stock marketsThis uncertain backdrop led to significant weakness in global financial markets.Markets were already wobbling at the end of 2021,and in 2022,the FTSE World Index dipped 6%from 2,774 to 2,603 over the year.The technology sector was particularly weak,as higher

99、 interest rates pushed investors to reappraise valuations.High valuations had been sustained by a very low risk-free interest rate,which had seen the long-term cashflows they offered highly prized by investors.In a climate of rising interest rates,these cashflows were worth less.The fastest growing

100、companies where more of their valuation was tied up in future revenues-proved particularly vulnerable.Even though many companies continued to deliver high growth and outpace earnings expectations,it held back their share price progress.The year was generally characterised by a growing gap between op

101、erational and share price performance,but there were some weak spots on earnings.Amazon,for example,struggled as the consumer environment weakened,while Metas foray into the metaverse proved more expensive and less 10Investment Managers Reviewremunerative than hoped.Companies exposed to advertising

102、revenues proved vulnerable as economic growth slipped,including Alphabet.Nevertheless,there were also pockets of resilience.Demand for iPhones held up,supporting Apples earnings,while Microsofts cloud computing division helped earnings for the wider business.Stock markets had started to recover by t

103、he end of the year in response to stronger signs on inflation.This may be premature.The Federal Reserve remains committed to further rate rises and there are relatively few signs of weakness in the all-important labour market.However,there can little doubt that the majority of the rate rises are now

104、 in the past and markets substantially reflect the new environment.Valuations are significantly lower than a year ago.Key themesInterest rates 2022 was a year when everyone was watching the Fed.The fortunes of individual companies appeared to matter less than the latest comments from Chair Jay Powel

105、l as investors tried to judge whether central banks would be able to fight inflation without collapsing the economy.Financial markets were slow to recognise the Federal Reserves commitment to curbing inflation,but were ultimately forced to accept the reality of higher rates.It is not yet clear wheth

106、er the Federal Reserve will manage to engineer a soft landing for the US economy.If inflation continues to fall,investors can expect a more benign interest rate environment in 2023.It is likely that there will be further rate rises,but these are expected by markets and the significant adjustment nec

107、essary in 2022 is unlikely to be repeated.Considerable uncertainty remains for the global economy.GeopoliticsGeopolitical tensions have been a growing feature of global trade in recent years,but the problems accelerated in 2022.Russias invasion of Ukraine saw many countries pick sides and put the US

108、 and China in opposing camps.There is now a recognition that globalisation is reversing.This has significant implications for the corporate sector,with companies increasingly prioritising security of supply over cost.Companies have brought manufacturing back to the US,increased inventories and re-ro

109、uted supply chains.There are opportunities in key sectors:manufacturing closer to home is likely to be more expensive,so companies are turning to automation,bringing opportunities in areas such as robotics.As countries bring in protectionist policies,companies are making investments.In response to t

110、he CHIPS and Science Act,Micron was emboldened to invest in supply.It will build a new$20bn chip factory in Clay,New York to take advantage of the new subsidies.Value versus growthCompanies with high growth have been in the ascendancy over the past decade.There can be little doubt that 2022 marked t

111、he start of a different environment.Even if inflation falls,the world is unlikely to revert to previous low interest rates.Markets had to make this painful adjustment in 2022,which partially explains the weakness of technology and the strength of value parts of the market.However,this does not mean

112、that markets will not recognise growth in the years ahead.The growth versus value debate will remain pertinent,but with the major adjustment to interest rates now in the past,we expect an environment where stock characteristics play a bigger role than macroeconomic factors.Performance This was unque

113、stionably a tough year for the Company,both in relative and absolute terms.The Companys net asset value fell 33.6%,compared to a fall of 26.4%in its benchmark,the DJ World Technology index over the calendar year.While longer-term performance remains strong,this weakness is undoubtedly disappointing.

114、The reasons for the underperformance are relatively easy to diagnose.The Company has traditionally held a larger weighting in higher growth,mid cap companies.This is,we believe,the long-term sweet spot to find fast-growing,dynamic technology companies.However,this was the area hit hardest in 2022 as

115、 investors reappraised valuations in light of the changing interest rate environment.This sell-off included areas of structural growth,such as cloud software and cybersecurity.In general,there was little regard for the underlying performance of individual companies.Cybersecurity group Zscaler,for ex

116、ample,was the largest detractor from performance over the year,but beat market expectations on sales and adjusted income and continued to grow rapidly without burning cash.This experience was commonplace:many 11Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022c

117、ompanies continued to deliver strong revenue growth and earnings,but were battling investor concerns about their future prospects.At the same time,the Company was underweight the benchmark in those companies that proved the most defensive.Apple,for example,was a large absolute position in the Compan

118、y,but it forms a even larger part of the benchmark and therefore was a drag on relative performance.The same was true,to a lesser extent,for Microsoft.We continue to believe in the long-term prospects for many high growth companies in areas such as cloud computing,data analytics or cyber security,an

119、d retain a weighting in the portfolio.Nevertheless,we recognise that sentiment is likely to be against them while the economic climate remains weak.Against that backdrop,we have reduced risk in the portfolio over the course of the year,moving away from some of the higher growth,high risk areas and t

120、owards more defensive positions.Apple,Microsoft and Alphabet are the top positions in the portfolio today.We were also quick to cut companies where there were signs of weakness.For example,we saw Okta struggle to integrate its Auth0 acquisition and exited the position.Company-specific problems were

121、dealt with brutally by the market during the year,with management teams seldom given the benefit of the doubt.The Company also held a relatively high level of cash during the year around 6%on average.This was a reflection of the uncertainty of the environment and a desire to retain optionality in th

122、e portfolio.With significant swings in pricing,it made sense to keep the flexibility to take advantage of opportunities as they arose.Stock highlights The weakness in the cybersecurity sector has been a surprising feature of 2022.Company management teams remain committed to cybersecurity spending in

123、 the face of mounting threats and the sector should have been more resilient.However,investors treated it like another high growth area and sent share prices tumbling.While Zscaler was the most significant contributor to the Companys underperformance over the year,CyberArk and Okta were also weak.On

124、ly Palo Alto Networks bucked the trend.Other high growth segments suffered:cloud analytics and AI group Snowflake was weak as investors worried about its valuation and its competitive prospects.Ride-sharing group Lyft also detracted from performance.Collaboration technologies such as ZoomInfo and At

125、lassian,and productivity tools such as Asana also struggled.While the long-term growth of flexible working appears to be intact,share prices for these companies had moved a long way and expectations were high.Asana,for example,had risen 155%in 2021.As such,some pullback in a more difficult environme

126、nt was not surprising.Global demand for semiconductors continues to rise,with areas such as electric cars and cloud analytics demanding increasingly sophisticated chips.However,the sector could not shake off its reputation for economic sensitivity and this was another weak point for the Company duri

127、ng the year.The Companys position in Amazon was also a detractor.Amazon is not part of the benchmark,but the Company had a small position.The online retailer has struggled in an increasingly difficult spending climate,though its cloud business held up relatively well.Not holding Shopify,which proved

128、 very weak as household incomes dropped,was an advantage.The Company swerved a number of the problems with other megacaps.A low average weighting in Meta,for example,was an important contributor to performance as the company struggled with its transition away from its core business towards its new a

129、mbitions in the metaverse.The payments area provided some defensive characteristics over the year,with Mastercard,Visa and Paycom all resilient.These were stronger than smaller groups such as Square or Paypal,which had greater exposure to the smaller company and consumer segment.Shares of ON Semicon

130、ductor,a provider of semiconductor intelligent sensing and power solutions,continued to benefit from a healthy demand and limited supply environment.The management team delivered very good execution in a challenging macro environment,which led to resilient profitability.The returning of cash to shar

131、eholders was also seen as positive news by the market.We believe the company is well positioned to take advantage of long-term growth in key automotive and industrial segments and it may weather any potential macroeconomic headwinds better than its peers.Flex reported solid results in the period and

132、 raised fiscal 2023 guidance.We continue to believe the company is well positioned to take share and improve margins as its strategy yields 12Investment Managers Reviewresults and supply chain disruptions create net new demand.Despite weaker consumer markets,the broad customer portfolio is acting as

133、 a natural hedge.However,if conditions worsen significantly,management has flexibility to quickly pull back spending.The company is seeing strong demand from multiple secular growth themes including cloud,auto technology,and industrial automation.Looking forwardWhile inflationary pressures have star

134、ted to ebb,there is still some pain to come on the global economy.There may be further interest rate rises in the year ahead,and the Federal Reserve is unlikely to reverse direction in the short-term.Recession looks likely for many major economies,while the re-emergence of China could be a double-ed

135、ged sword.It may move the dial on global growth,but may also contribute to inflation.Against this difficult backdrop,the Company remains defensively positioned.However,there are reasons to be more optimistic.Share prices have fallen a long way and now reflect much of the bad economic news.Many techn

136、ology companies continue to deliver strong earnings in spite of the economic conditions and have a significant runway of growth ahead of them.Equally,potential weakness in the Dollar should help those technology companies with large global markets,such as Apple and Microsoft.On 25 July 2022 the team

137、 and I became employees of Voya.There has been no change to the investment process and it has been a seamless transition in terms of the management of the Company.I have found the Voya culture to be customer centric and supportive of generating the best possible returns for our shareholders.I look f

138、orward to what the future holds for all associated with Allianz Technology Trust.This has been a tough period,but many of the structural growth opportunities for technology are intact.Digital transformation,cyber security and cloud computing are multi-year growth themes and the recent uncertainty ha

139、s not changed their outlook.Technology remains an exciting sector in spite of its difficulties in 2022.Mike SeidenbergLead Portfolio ManagerVoya Investment Management Co LLC10 March 2023 1313Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022InvestmentSector#Sub

140、Sector#Country Valuation 000%of Portfolio MicrosoftSoftwareSystems SoftwareUnited States 63,905 7.1AppleTechnology,Hardware Storage&PeripheralsTechnology,Hardware Storage&PeripheralsUnited States 51,427 5.7AlphabetInteractive Media&ServicesInteractive Media&ServicesUnited States 46,688 5.2BroadcomSe

141、miconductors&Semiconductor EquipmentSemiconductorsUnited States 41,735 4.6MastercardIT ServicesData Processing&Outsourced ServicesUnited States 32,489 3.6Taiwan SemiconductorSemiconductors&Semiconductor EquipmentSemiconductorsTaiwan 31,721 3.5Paycom SoftwareSoftwareApplication SoftwareUnited States

142、30,811 3.4VisaIT ServicesData Processing&Outsourced ServicesUnited States 26,206 2.9Palo Alto NetworksSoftwareSystems SoftwareUnited States 24,755 2.8DatadogSoftwareApplication SoftwareUnited States 23,506 2.6Top Ten Investments 373,243 41.4Arista NetworksCommunications EquipmentCommunications Equip

143、mentUnited States 22,557 2.5Pure StorageTechnology,Hardware Storage&PeripheralsTechnology,Hardware Storage&PeripheralsUnited States 21,699 2.4Aspen TechnologySoftwareApplication SoftwareUnited States 21,126 2.4ON SemiconductorSemiconductors&Semiconductor EquipmentSemiconductorsUnited States 20,628 2

144、.3OracleSoftwareSystems SoftwareUnited States 20,124 2.2Meta PlatformsInteractive Media&ServicesInteractive Media&ServicesUnited States 19,857 2.2HubSpotSoftwareApplication SoftwareUnited States 19,585 2.2IntuitSoftwareApplication SoftwareUnited States 19,529 2.2Cyberark SoftwareSoftwareSystems Soft

145、wareIsrael 18,707 2.1FlexElectronic Equipment Instruments&ComponentsElectronic Manufacturing ServicesSingapore 17,091 1.9Top Twenty Investments 574,146 63.8GitlabSoftwareSystems SoftwareUnited States 16,912 1.9Automatic Data ProcessingIT ServicesData Processing&Outsourced ServicesUnited States 16,56

146、4 1.8NetflixEntertainmentMovies&EntertainmentUnited States 16,438 1.8Motorola SolutionsCommunications EquipmentCommunications EquipmentUnited States 14,442 1.6Applied MaterialsSemiconductors&Semiconductor EquipmentSemiconductor EquipmentUnited States 14,212 1.6ServicenowSoftwareSystems SoftwareUnite

147、d States 14,082 1.6WorkdaySoftwareApplication SoftwareUnited States 14,033 1.6GEN DigitalSoftwareSystems SoftwareUnited States 13,956 1.6KnowBe4SoftwareSystems SoftwareUnited States 13,221 1.5Monolithic Power SystemsSemiconductors&Semiconductor EquipmentSemiconductorsUnited States 13,105 1.5Top Thir

148、ty Investments 721,111 80.3Full portfolio listInvestment Portfolioat 31 December 202214Investment Managers ReviewInvestmentSector#Sub Sector#Country Valuation 000%of Portfolio Marvell TechnologySemiconductors&Semiconductor EquipmentSemiconductorsUnited States 12,783 1.4Infineon TechnologiesSemicondu

149、ctors&Semiconductor EquipmentSemiconductorsGermany 12,321 1.4ASMLSemiconductors&Semiconductor EquipmentSemiconductor EquipmentNetherlands 11,941 1.3MongoDBIT ServicesInternet Services&InfrastructureUnited States 11,755 1.3Lam ResearchSemiconductors&Semiconductor EquipmentSemiconductor EquipmentUnite

150、d States 11,441 1.3Advanced Micro DevicesSemiconductors&Semiconductor EquipmentSemiconductorsUnited States 11,145 1.2Activision BlizzardEntertainmentInteractive Home EntertainmentUnited States 10,315 1.1OktaIT ServicesInternet Services&InfrastructureUnited States 9,785 1.1ZscalerSoftwareSystems Soft

151、wareUnited States 9,592 1.1CDWElectronic Equipment,InstrumentTechnology DistributorsUnited States 9,412 1.0Top Forty Investments 831,601 92.5KLASemiconductors&Semiconductor EquipmentSemiconductor EquipmentUnited States 8,596 1.0Micron TechnologySemiconductors&Semiconductor EquipmentSemiconductorsUni

152、ted States 8,197 0.9NVIDIASemiconductors&Semiconductor EquipmentSemiconductorsUnited States 8,032 0.9ComputacenterIT ServicesIT Consulting&Other ServicesUnited Kingdom 7,838 0.9BumbleInteractive Media&ServicesInteractive Media&ServicesUnited States 6,778 0.8CrowdstrikeSoftwareSystems SoftwareUnited

153、States 5,265 0.6Altair EngineeringSoftwareApplication SoftwareUnited States 5,112 0.6NXP SemiconductorsSemiconductors&Semiconductor EquipmentSemiconductorsNetherlands 5,104 0.6TeslaAutomobilesAutomobile ManufacturersUnited States 4,718 0.5SK HynixSemiconductors&Semiconductor EquipmentSemiconductorsS

154、outh Korea 4,177 0.4Top Fifty Investments 895,418 99.7STMicroelectronicsSemiconductors&Semiconductor EquipmentSemiconductorsNetherlands 3,519 0.3Total Investments 898,937 100.0#GICS Industry classifications 15Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Str

155、ategic ReportIntroductionThis Strategic Report is provided in accordance with The Companies Act 2006(Strategic Report and Directors Report)Regulations 2013 as amended and is intended to provide information about the Companys strategy and business needs,its performance and results for the year,and th

156、e information and measures which the Directors use to assess,direct and oversee Allianz Global Investors GmbH,UK Branch(the AIFM)and Voya Investment Management Co LLC(the Investment Manager for portfolio management)in the management of the Companys activities.Strategy and Business ModelThe purpose o

157、f the Company is defined by its investment objective,to provide shareholders with an investment in equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth.The Company carries on business as an investment trust and maintains a premium l

158、isting on the London Stock Exchange.Investment trusts are collective investment vehicles constituted as closed ended public limited companies.The Company is managed by a board of non-executive Directors and the Companys day-to-day functions are carried out by the following main third party services

159、providers:AllianzGI as AIFM Voya as Investment Manager HSBC as Custodian and Depositary Link as Registrars State Street providing middle office and fund accounting services(appointed by AllianzGI).The Company complies,where relevant,with the Financial Conduct Authoritys(FCA)Handbook including the Di

160、sclosure Guidance and Transparency Rules.Regulatory and portfolio information is announced via the regulatory news service on a daily,monthly and other periodic basis thereby assisting current and potential investors to make informed investment decisions.Additional portfolio information,technology c

161、ommentary and corporate information is available on the Companys website .PerformanceThe investment portfolio at the year end is set out on pages 14 and 15 and a summary of the top twenty holdings can be found on the website version of the Annual Financial Report.In the year ended 31 December 2022,t

162、he Companys total return on net assets per share was-33.6%(2021:19.4%),underperforming the Dow Jones World Technology Index(sterling adjusted,total return)by 7.2 percentage points.Further details on the performance of the Company,future trends and factors that may impact future performance of the Co

163、mpany are included in the Chairmans Statement and the Investment Managers Review.16Strategic ReportMonitoring Performance Key Performance IndicatorsThe Board assesses performance in meeting the Companys objective and assessing the longer term viability of the Company against the following Key Perfor

164、mance Indicators(KPIs):The table below compares the Companys performance to the main technology indices.Although the Company underperformed the benchmark in 2022,your Company has outperformed the reference benchmark index and the Russell MidCap Technology Index over every other time period set out b

165、elow.The Company has underperformed the MSCI World Technology Index over 1,3 and 5 years,but remains ahead over 10 years:%change1 year3 years5 years 10 yearsATT NAV per share-33.639.798.9543.5Dow Jones World Technology Index(sterling adjusted,total return)-26.433.785.5430.6MSCI World Technology Inde

166、x(total return)-21.943.5112.2528.4Russell MidCap Technology Index-26.719.881.4442.7 Source:AllianzGI/Datastream in GBP as at 31 December 2022The table below provides a comparison with the broader UK and world equity indices which many investors will use when reviewing the performance of their indivi

167、dual investments.%change1 year3 years5 years 10 yearsATT NAV per share-33.639.798.9543.5FTSE All Share Index(total return)0.37.115.588.2FTSE World Index(total return)7.227.852.1217.3Source:AllianzGI/Datastream in GBP as at 31 December 2022The Board continues to pay close attention to the Companys pe

168、rformance position against the wider universe of open ended funds,closed ended funds and exchange traded funds.The performance of your Company versus the other funds within the Morningstar Global Technology Sector-Equity(Morningstar)category,whilst disappointing in the short term,is exceptional over

169、 longer periods:1 year 3 years 5 years 10 years Peer Group Ranking vs Morningstar Global Technology Sector Equity134/16518/12310/851/57 17Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022The Board regularly reviews stock and attribution analysis to determine th

170、e contribution to relative and absolute performance of the portfolio of the top and bottom stocks.The top contributors to and detractors from the Companys Net Asset Value total return over the year ended to 31 December 2022,relative to the benchmark index*,were as follows:Top ten contributorsActive

171、Contribution GBP(%)Meta Platforms Inc.Class AUnderweight1.28ON Semiconductor CorporationOverweight0.69Flex Ltd.Overweight0.51Mastercard Incorporated Class AOverweight0.47Broadcom Inc.Overweight0.45Shopify,Inc.Class AUnderweight0.36Aspen Technology,Inc.Overweight0.34Box,Inc.Class AOverweight0.30NVIDI

172、A CorporationUnderweight0.29Aspen Technology,Inc.Overweight0.284.98Top ten detractorsZscaler,Inc.Overweight-1.27Snowflake,Inc.Class AOverweight-0.96Lyft,Inc.Class AOverweight-0.92Okta,Inc.Class AOverweight-0.84Apple Inc.Underweight-0.76Datadog Inc Class AOverweight-0.73Atlassian Corp Class AOverweig

173、ht-0.61Microsoft CorporationUnderweight-0.58Asana,Inc.Class AOverweight-0.53Infineon Technologies AGOverweight-0.46-7.66Source:Allianz Global Investors.31 Dec 2021-31 Dec 2022.*Relative to Dow Jones World Technology Index.Figures may not add due to rounding.Share Buybacks and Share IssuesThe Directo

174、rs continually monitor the level of premium or discount of the share price to the NAV per share.Over the year to 31 December 2022,the mid-market price of the Companys shares decreased by 40.4%(2021:increased by 18.7%),with a discount at the year end of 9.1%(2021:premium of 1.3%).The Board carefully

175、considers the parameters which should apply to both the issuance and the buy-back of shares from the market and will only proceed when the action is in the best interests of shareholders.Where there is market volatility the Board will also consider buying back shares when the discount is over 7%and

176、all other factors align.The Board will only issue new shares at a premium to NAV.The Company did not issue any new shares during 2022(2021:6,800,000)and bought back 16,703,872 shares at a discount to NAV(2021:5,565,090).There are 22,268,962 shares held in treasury at the year end.18Strategic ReportR

177、esults and DividendsAn overview of the Companys results is shown in the Financial Highlights on page 2.The revenue reserve remains substantially in deficit,and no dividend is proposed in respect of the year ended 31 December 2022(2021:nil).As stated in the Chairmans Statement,the Board considers it

178、unlikely that a dividend will be declared in the near future.Future DevelopmentThe future development of the Company is dependent on the success of the Companys investment strategyagainst the background of the economic environment and market evolution and the future attractiveness of the Company as

179、an investment vehicle compared with long-term savings markets.The Chairman gives his view on the outlook in his statement which starts on page 5 and the Portfolio Manager discusses his view of the Companys portfolio and the outlook which starts on page 10.The Board holds a strategy specific meeting

180、at least once per year at which time they consider the position of the Company and the strategy for the year ahead and beyond,making recommendations for change where appropriate.The last strategy specific meeting was held in September 2022.Marketing the Companys Investment StrategyThe Company contin

181、ues to operate a targeted and coordinated marketing programme in order to raise awareness of its investment strategy.During 2022 both virtual and in-person communication tools have been used.This programme targets potential investors as well as communicating the latest developments to its valued exi

182、sting shareholders.The programme is aimed at both professional and retail investors and aims to create ongoing and sustained demand for the Companys shares.The retail audience includes those investors who delegate their investment decisions to financial advisers as well as the ever-increasing number

183、s who are researching and making their own investment decisions.The programme comprises advertising and other promotional activity as well as communicating with national journalists and the financial intermediary press,since positive coverage of the Companys specialist investment strategy can be hig

184、hly influential.The marketing programmes success has been boosted by the number of performance awards won by the Company over recent years and has been instrumental in generating demand from retail investors which is,of course,to the benefit of all of the Companys shareholders.Increasingly investors

185、 are choosing to buy and sell stocks and shares via online trading platforms rather than via a traditional stockbroker.Approximately 35%(2021:35%)of the Companys shares are now held by investors on these platforms.Many platform providers offer Individual Savings Account and pension products as well

186、as the facility to invest on a regular monthly basis.Competition amongst platform providers is intense therefore investing online can be a cost-effective way to buy the Companys shares.Board DiversityAt 31 December 2022,there were three male Directors and three female Directors.Further information o

187、n Board Diversity may be found in the Directors Report on page 30.Risk Report Viability StatementIn accordance with the Corporate Governance provisions the Company is required to make a forward looking(longer term)Viability Statement.In order to do this the Board has considered the appetite for a te

188、chnology investment trust against the current market backdrop,and has formally assessed the prospects for the Company over a period of five years.The Board believes that the period of five years is appropriate and is in line with the five year continuation vote.The next continuation vote will be put

189、 to shareholders at the AGM in 2026.In order to assess the prospects for the Company the Board has considered:The investment objective and strategy taking into account recent,past and potential performance against both the benchmark,other indices of note and peers;The financial position of the Compa

190、ny,which does not currently utilise gearing in any form but does maintain a portfolio of,in the main,non-income bearing investments;The liquidity of the portfolio and the ability to liquidate the portfolio on the failure of a continuation vote;The macro economic conditions and geopolitical events;Th

191、e ever increasing level of technology adopted by both individuals and corporations alike;The inherent risks in such technology both in terms of speed of advancement but also potential catastrophe with the growth of cyber fraud;and The principal risks faced by the Company as outlined below.The Board

192、is fully aware that the world of technology is constantly moving and growing and the perceived picture of technology now and in five years time is potentially very different.Based on the results of the formal assessment,through regular updates from the AIFM and the Investment Manager,the Board belie

193、ves it is reasonable to expect that the Company will continue in operation and meet its liabilities for the period of five years under this review.19Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Investment Controls and MonitoringThe Board in conjunction with

194、 the AIFM and the Investment Manager has put in place a schedule of investment controls and restrictions within which investment decisions are made.These controls include limits on the size and type of investment and are monitored on a constant basis.They are formally signed off by the AIFM and the

195、Investment Manager every month and are reviewed by the Board at every meeting.Principal&Emerging Risks and UncertaintiesThe principal risks identified by the Board are set out in the table below,together with information about the actions taken to mitigate these risks.A more detailed version of this

196、 table in the form of a Risk Map and Controls document is reviewed in full and updated by the Audit&Risk Committee and Board at least twice per year.Individual risks,including emerging risks and threats to reputation,are considered by the Board in further detail depending on the market situation and

197、 a high-level review of all known risks faced by the Company is considered at every Board meeting.The principal risks and uncertainties faced by the Company relate to the nature of its objectives and strategy as an investment company and the operations of its third party service providers.Descriptio

198、nMitigationInvestment Strategy and Performance RiskThe Companys NAV may be adversely affected by the Investment Managers inappropriate allocation of funds to particular sub-sectors of the technology market and/or to the selection of individual stocks that fail to perform satisfactorily,leading to po

199、or investment performance in absolute terms and/or against the benchmark.The Investment Manager has responsibility for sectoral weighting and for individual stock picking,having taken due account of Investment Objectives and Controls that are agreed with the Board from time to time and regularly rev

200、iewed.These seek,inter alia,to ensure that the portfolio is diversified and that its risk profile is appropriate.Technology Sector RiskThe technology sector is characterised by rapid change.New and disruptive technologies can place competitive pressures on established companies and business models,a

201、nd technology stocks may experience greater price volatility than securities in some slower changing market sectors.The Board reviews investment performance,including a detailed attribution analysis comparing performance against the benchmark,at each Board meeting.At such meetings,the Investment Man

202、ager reports on major developments and changes in technology market sectors and also highlights issues relating to individual securities.The portfolio is diversified.Cyber RiskThe Company may be at risk of cyber attacks which may result in the loss of sensitive information or disruption to the busin

203、ess.The operations of the Company are carried out by third party service providers.All service providers report to the Board on operational issues including cyber risks and the controls in place to capture potential attacks.See Operational Risk below.Market Risk The Companys NAV may be adversely aff

204、ected by a general decline in the valuation of listed securities and/or adverse market sentiment towards the technology sector in particular.Although the Company has a portfolio that is diversified by company size,sector and geography,its principal focus is on companies with high growth potential in

205、 the mid-size ranges of capitalisation.The shares of these companies may be perceived as being at the higher end of the risk spectrum,leading to a lack of interest in the Companys shares in some market conditions.Market sentiment may quickly deteriorate in the face of geo political events and effect

206、s on the macro-economic environment.The Board,the AIFM and the Investment Manager monitor stock market movements and may consider hedging,gearing or other strategies to respond to particular market conditions.The AIFM and the Investment Manager maintain regular contact with shareholders to discuss p

207、erformance and expectations and to convey the belief of the Board and the Investment Manager that superior returns can be generated from investment in carefully selected companies that are well managed,financially strong and focused on those segments of the technology market where disruptive change

208、is occurring.The Board,the AIFM and the Investment Manager would monitor the progress of the unexpected events very closely and initiate appropriate responses where possible.20Strategic ReportDescriptionMitigationCurrency Risk A high proportion of the Companys assets is likely to be held in securiti

209、es that are denominated in US Dollars,whilst its accounts are maintained in Sterling.Movements in foreign exchange rates affect the performance of the Investment Portfolio and create a risk for shareholders.The Board monitors currency movements and determines hedging policy as appropriate.The Board

210、does not currently seek to hedge this foreign currency risk.Financial and Liquidity RiskThe financial risks to the Company and the controls in place to manage these risks are disclosed in detail in Note 13 beginning on page 67.Financial and liquidity reports are provided to and considered by the Boa

211、rd on a regular basis.Operational RiskThe Company may be impacted by disruption to or the failure of the systems and processes utilised by the AIFM and the Investment Manager or other third party service providers.This encompasses disruption or failure caused by cybercrime,fraud and errors and cover

212、s dealing,trade processing,administrative services,financial and other operational functions.The Board receives regular reports from the AIFM,the Investment Manager and third parties on internal controls highlighting areas of exception,including reports on monitoring visits carried out by the Deposi

213、tary on behalf of the Company.The Board has further considered the increased risk of cyber-attacks and fraud and has received reports and assurance regarding the controls in place and details of whistleblowing procedures.Key Individual Risk The Company could suffer disruption to operations as a cons

214、equence of loss of key individuals e.g.the lead portfolio manager.Succession plans are in place for the Board.The lead portfolio manager is supported by a wider investment team.Cover is available for core members of the relevant teams of the AIFM.In addition to the specific principal risks identifie

215、d in the table above,general risks are also present relating to compliance with accounting,legal and regulatory requirements,and with corporate governance and shareholder relations issues which could have an impact on reputation and market rating.Management of the services provided and the internal

216、controls procedures of the third party providers is monitored and reported on by the AIFM to the Board.These risks are all formally reviewed by the Board twice each year and at such other times as deemed necessary.Details of the Companys compliance with corporate governance best practice,including i

217、nformation on relations with shareholders,are set out in the Corporate Governance Statement within the Directors Report beginning on page 36.The Boards review of the risks faced by the Company also includes an assessment of the residual risks after mitigating action has been taken.21Allianz Technolo

218、gy Trust PLC Annual Financial Report for the year ended 31 December 2022Section 172 Report:Engagement with Key StakeholdersAs an investment company with no employees,the Companys primary stakeholders are its shareholders and other stakeholders including its service providers and the companies in whi

219、ch it invests.The Boards strategy is facilitated by interacting with a wide range of stakeholders through meetings,seminars,presentations and publications and through contacts made through the Companys suppliers and intermediaries.Engagement is both in person and virtually.Engagement with the Compan

220、ys stakeholders enables the Company to fulfil its strategies and to promote the success of the Company for the benefit of the shareholders as a whole.The Board strives for an open,constructive and pro-active culture in its engagements as it seeks to meet the Companys investment objectives.Set out be

221、low are examples of the ways in which the Company has interacted with key stakeholders in line with section 172 of the Companies Act 2006 whereby the Directors have a statutory duty to promote the success of the Company.StakeholdersWhy we engageHow we engage and what we doThe outcomesShareholdersSha

222、reholders receive relevant information to enable them to evaluate whether their investment interests are aligned with the strategy of the Company.The Board communicates with shareholders through the annual report and half-yearly report,meets with shareholders at the AGM and provides a forum for inte

223、raction.There is a portfolio management presentation and Q&As.This year,there will be a hybrid AGM which each shareholder can attend.There are monthly factsheets published on the Companys website as well as up to date articles and podcasts from the Portfolio Manager.Shareholders make informed decisi

224、ons about their investments.Shareholder correspondence is forwarded directly to the Board.The Company has responded to the volatile market conditions by issuing or buying back shares during the course of the year.A share split of 10 to 1 was undertaken to ensure that the Company was accessible to al

225、l.Voya Investment Management the Investment ManagerThe Board works with the Investment Manager who provides portfolio management services.During the year the Board entered into a tripartite agreement for the provision of portfolio management services.The Board conducted due diligence and held additi

226、onal meetings with representatives of the Investment Manager and AIFM.The Portfolio Manager provides regular updates at Board meetings and upon request by the Board.The Company is well managed and receives appropriate and timely advice and guidance for a reasonable cost.Allianz Global Investors the

227、AIFMThe Board works with the AIFM who provides accounting and secretarial services as well as expertise in sales and marketing.In addition to the reporting at regular board meetings,the Board meets with representatives of AllianzGI to develop strategy for the Company,including a sales and marketing

228、plan which was adapted during the year,to promote the Company and raise its profile which helps raise its rating.The Company is well managed and receives appropriate and timely advice and guidance for a reasonable cost.Portfolio companiesThe Board approves the Investment Managers active,stock pickin

229、g approach and believes in good stewardship.On the Companys behalf the Investment Manager engages with investee companies,particularly on Environmental,Social and Governance matters and exercises its votes at all company meetings.The Board travels every two years to San Francisco and whilst there th

230、ey visit several of the portfolio companies.The Company is a responsible investor and is labelled as ESG Aware.22Strategic ReportStakeholdersWhy we engageHow we engage and what we doThe outcomesBrokers The Board,the AIFM and the Investment Manager work with the brokers,including their research and s

231、ales teams to provide access to the market and liquidity in the Companys shares.The brokers are kept updated on the strategy of the Company so that they can publish relevant research information and talk to potential investors.The sales team receives regular contact and helps the Company to particip

232、ate in exchange volume and provide liquidity for investors.The Company is an attractive investment and there is liquidity in the Companys shares.Media partnershipsThe Company works with public relations advisers to ensure information about the Company,its strategies and performance can reach a wide

233、audience of potential investors through press articles and online media coverage.Regular communication with public relations partners to raise the Companys profile through press and media activity.We can measure the success of this activity by monitoring website hits and new investment in the Compan

234、y on retail platforms.The Companys name and its attributes as an investment company are known to an increasingly wider audience.Distribution partnershipsTo reach a wider audience of investors the Company works with firms providing access to platforms and wealth managers.The wealth managers together

235、with our distribution partners arrange presentations about the Company at roadshows and conferences to reach investors through share trading platforms and wealth managers.The Board receives detailed feedback to confirm that there is wide and growing interest in the Companys shares.AICThe Association

236、 of Investment Companies looks after the interests of investment trusts and provides information to the market.The Company is a member of the AIC and has also supported lobbying activities such as the representations made to the Financial Conduct Authority on the KID document.Information about the C

237、ompany is disseminated widely.23Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Environmental,Social,Governance(ESG)Research and StewardshipThe Board takes ESG considerations very seriously and,as such,intends to make clear how various aspects are considered,b

238、oth through our fiduciary responsibility as a board,but also in our oversight of our Investment Managers process,with investment being the sole business of the company.Although as an investment trust,the Company has no direct social or community responsibilities,the Board shares the Investment Manag

239、ers view that it is in the shareholders interests to be aware of and consider environmental,social and governance factors,when selecting and retaining investments.In addition,Voya has a due diligence approach to ensure any retained company or entity providing services to the Company in its normal co

240、urse of business has an acceptable approach to ESG factors and as such does not inadvertently support any negative factors.Details of the Companys policy on socially responsible investment are set out below.How ESG fits into technology For technology,the individual elements of ESG have varying outco

241、mes.The E(Environmental)is generally a high scoring factor.Many technology companies are facilitating the move towards a cleaner,less carbon-intensive future.Electric vehicles are an obvious example of this.This is not to say the entire sector is without issue and,indeed,new natural resource demands

242、 are emerging as technology expands.We see in general though that companies are aware and consider this factor high in their priorities.Regulators too have a keen eye.The S(Social)is split in its outcomes.On the one hand,as a source of quality employment,the result is often positive,although some is

243、sues have notably come to light.On the other hand,governments,regulators and the public at large have questioned the impact of some technologies,such as social media.The sheer size and control of some of the mega sized technology firms has been questioned,as has whether technology might exacerbate s

244、ocial inequality through the inability of poorer socio-demographic groups to be able to access the same tools as those with more income.Again,regulators have a sharp focus on this topic.Finally,the G(Governance)can be the most complicated factor.Many technology companies by their very nature are rel

245、atively new and at an early stage of development.This can manifest itself in terms of conflicting priorities between minority shareholders and founders,both in strategy and sometimes in unhelpful share structures.Of course,the more a company matures,the less of a potential problem this usually becom

246、es.Summary:The Portfolio Manager has extensive resources dedicated to independent research into investee company ESG factors and potential risks.ESG risk consideration is embedded in the investment process of the portfolio management team.See pages 10 to 13 of the Investment Managers Review.Voya inv

247、est as long term investors with an inherent belief in the importance of stewardship and governance.Overall introduction to ESGThe Voya portfolio managers integrate the consideration of Environmental,Social and Governance(ESG)factors into the research process for the Companys portfolio.This process e

248、nsures:Formal consideration of Environmental,Social and Governance factors.Companies with low ESG scores are systematically flagged to portfolio manager s on a pre-trade basis.The portfolio manager will consider the elevated ESG risk alongside fundamental consideration,and may consult with internal

249、and 3rd party ESG research materials,in forming an investment decision.An independent view from within Voya.Long-term risk assessment is enhanced.ESG&Stewardship IntegrationIn Voyas research process,environmental,social and governance factors are integrated with more traditional operational and fina

250、ncial considerations.By analysing how a business interacts with the environment,treats its employees and deals with customers and suppliers,valuable insights can be learnt as to its future prospects and to long term risks which might not be evident in financial metrics.As discussed in the Chairmans

251、Statement on page 6 and Investment Managers Review starting on page 10,the ESG considerations are integrated within the whole process of stock selection and portfolio construction.How Voya has integrated ESG in portfolio managementThe ESG Research team at Voya maintains a proprietary scorecard which

252、 reflects their analysts views of the financial materiality of ESG issues by industry.Voyas dedicated ESG research team provides portfolio managers and sector analysts with ESG knowledge and 24Strategic Reportinsights contributing to better investment decisions as they consider ESG risks and opportu

253、nities that may not have been fully priced by the markets.The ESG research team offers specialist expertise across the entire spectrum of ESG-related requirements.The UK Stewardship Code and Exercise of Voting PowersThe Board has delegated the exercise of voting powers on its behalf to discharge its

254、 responsibilities in respect of investments,including the exercise of voting powers on its behalf to the AIFM.and receives regular reports on voting activity.The AllianzGI report on Sustainability and Stewardship has been reviewed by the Board and it believes that the Companys delegated voting power

255、s are being properly executed.AllianzGI subscribes to the ISS Proxy Voting Services.ISS manages the voting process and recommends actions based upon Allianzs Global Proxy Voting Policy Guidelines.Corporate Social Responsibility(CSR),Community and Employee Responsibilities,Emissions,Environmental and

256、 Ethical Policy(EEE)The Companys investment activities and day to day management are delegated to the Investment Manager,AIFM and other third parties.As an investment trust,the Company has no direct social,community,employee or environmental impact,though the Board maintains appropriate oversight of

257、 such factors in relation to contracted service providers.Its principal responsibility to shareholders is to ensure that the investment portfolio is properly managed and invested.The Company notes the Task Force on Climate-related Financial Disclosures(TCFD)reporting recommendations.However,as a lis

258、ted investment company,the Company is not subject to the Listing Rule requirement to report against the framework.In light of the nature of the Companys business there are no associated human rights issues and the Company does not have a human rights policy.The Company does not maintain premises,hol

259、d any physical assets or operations and does not have any employees.Consequently,the Company has no greenhouse gas emissions to report from its operations,nor does it have responsibility for any other emissions producing sources under the Companies Act 2006(Strategic Report and Directors Reports)Reg

260、ulations 2013.For the same reason as set out above,the Company considers itself to be a low energy user under the Streamlined Energy and Carbon Reporting regulations and therefore is not required to disclose energy and carbon information.The Board has noted the AIFM and Investment Managers report on

261、 greenhouse gas emissions on its own operations and the views of the Investment Manager on CSR and EEE which it adheres to in engaging with the underlying investee companies and in exercising its delegated responsibilities in voting.The Investment Manager engages with the Companys underlying investe

262、e companies in relation to their corporate governance practices and in developing their policies on social,community and environmental matters.The Companys primary objective is to invest principally in the equity securities of quoted technology companies on a worldwide basis with the aim of achievin

263、g long-term capital growth.Whilst the Board believes that the Company would be in breach of its fiduciary duties to shareholders if investment decisions were based solely on CSR and EEE considerations,we are supportive of an investment management process that considers all elements of wider ESG risk

264、 in the context of risk/reward,like all other risks considered by the Investment Manager.The Strategic Report has been approved by the Board and signed on its behalf by:Robert JeensChairman10 March 2023 25Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Directo

265、rsRobert JeensChairman of the Board,the Nomination Committee and the Management Engagement Committee.Member of the Remuneration Committee.Robert joined the Board on 1 August 2013 and became Chairman on 2 April 2014.Early in his career he became an audit partner at Touche Ross(now Deloitte)and was su

266、bsequently Finance Director of Kleinwort Benson Group and Woolwich plc.Since 2000 he has worked solely as a non-executive director with appointments including Henderson Group plc,Royal London Mutual Insurance Group and a number of listed investment companies.He has also had experience of technology

267、companies,both listed and private,and is currently Chairman of Remote Media Group,a cloud based digital signage company.Ekaterina(Katya)ThomsonChairman of the Audit&Risk Committee and member of the Nomination Committee,the Remuneration Committee and Management Engagement Committee.Katya joined the B

268、oard on 18 July 2022 and was appointed as Chairman of the Audit&Risk Committee on 1 January 2023.She is currently a non-executive director and audit committee chairman of MIGO Opportunities Trust plc,AVI Japan Opportunity Trust plc and Henderson EuroTrust plc.She is a corporate finance and strategy

269、professional with over thirty years of experience in the UK and Europe.Katya is a Chartered Accountant and a member of the Institute of Chartered Accountants in England and Wales.Humphrey van der KlugtSenior Independent Director and Chairman of the Remuneration Committee.Member of the Nomination Com

270、mittee and the Management Engagement Committee.Humphrey joined the Board on 1 July 2015 and became Chairman of the Audit&Risk Committee and Senior Independent Director on 14 April 2016.He stepped down as Chairman of the Audit&Risk Committee on 31 December 2022.He is currently also a director of Worl

271、dwide Healthcare Trust PLC.He is an experienced investment manager and investment company director,having previously served as a director of trusts managed by BlackRock,Fidelity,JP Morgan and Abrdn Plc.Humphrey initially qualified as a chartered accountant with Peat Marwick Mitchell&Co.(now KPMG)in

272、1979,and in 2004 retired from a long career as a fund manager and director of Schroder Investment Management Limited.26Directors ReviewElisabeth ScottMember of the Audit&Risk Committee,the Nomination Committee,Remuneration Committee and the Management Engagement Committee.Elisabeth joined the Board

273、on 1 February 2015.She is Chair of the Association of Investment Companies,Chair of India Capital Growth Fund plc and Chair of JPMorgan Global Emerging Markets Income Trust plc.She has been a Non-Executive Director of investment companies since 2011.Elisabeth worked in the Hong Kong asset management

274、 industry from 1992 until 2008,latterly as managing director and country head of Schroder Investment Management(Hong Kong)Ltd,and she chaired the Hong Kong Investment Funds Association between 2005 and 2007.Neeta Patel CBEMember of the Audit&Risk Committee,the Nomination Committee,the Remuneration C

275、ommittee and the Management Engagement Committee.Neeta joined the Board on 1 September 2019.She is a non-executive director of Albion Venture Capital Trust plc.She is also a board adviser at several technology startups.She was previously CEO at the Centre for Entrepreneurs and an entrepreneur mentor

276、-in-residence at London Business School,a board adviser at Tech London Advocates and a member of the advisory board at City University Ventures.She was awarded a CBE in the Queens honours list in October 2020 for services to entrepreneurship and technology.Tim ScholefieldMember of the Audit&Risk Com

277、mittee,the Nomination Committee,the Remuneration Committee and Management Engagement Committee.Tim joined the Board on 1 December 2021.He is a non-executive Director of CT UK Capital and Income Investment Trust PLC,abrdn UK Smaller Growth Companies Trust plc and Jupiter Unit Trust Managers Ltd.He is

278、 also Chairman of Invesco Bond Income Plus Limited.He has over thirty years experience in investment management and was,until 2014,Head of Equities at Baring Asset Management.Prior to Baring,he was Head of International Equities at Scottish Widow Investment Partnership Limited.Meeting attendance by

279、the Directors during the year ending 31 December 2022 was as follows:BoardAudit&Risk CommitteeNomination CommitteeRemuneration CommitteeManagement Engagement CommitteeStrategy MeetingNumber of meetings in the year422111Robert Jeens1422111Humphrey van der Klugt422111Katya Thomson2211111Neeta Patel422

280、111Tim Scholefield422111Elisabeth Scott422111The table above sets out the number of formal Board and Committee meetings held during the year and the number of meetings attended by each Director.In addition to the scheduled Board and Committee meetings,Directors attended ad hoc meetings to consider m

281、atters as and when required All Directors attended the Annual General Meeting of the Company.None of the Directors has a service contract with the Company.The terms of their appointment are detailed in a letter sent to them when they join the Board.These letters are available for inspection on reque

282、st to the Company Secretary.1 Robert Jeens is not a member of the Audit&Risk Committee but may attend by invitation.2 Katya Thomson was appointed to the Board on 18 July 2022.27Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Directors ReportThe Directors prese

283、nt their Report and the audited Financial Statements for the year ended 31 December 2022.Information pertaining to the business review including the outlook and future development,is included in the Strategic Report,starting on page 16 and within the Chairmans Statement on page 9.Principal Activity

284、and StatusThe Company was incorporated on 18 October 1995 and its Ordinary Shares were listed on the London Stock Exchange on 4 December 1995.The Company is registered as a public limited company in England under company number 3117355.The Company is an investment company within the meaning of secti

285、on 833 of the Companies Act 2006 and carries on business as an investment trust.The Company is a member of the Association of Investment Companies.The Company is an approved investment trust under sections 1158 and 1159 of the Corporation Taxes Act 2010 and Part 2 Chapter 1 of Statutory Instrument 2

286、011/2999.This approval relates to accounting periods commencing on or after 1 December 2012.The Directors are of the opinion,under advice,that the Company has continued to conduct its affairs so as to be able to retain such approval.As an investment trust pursuant to section 1158 of the Corporation

287、Tax Act 2010,the Financial Conduct Authority(FCA)rules in relation to non-mainstream investment products do not apply to the Company.Investment ObjectiveThe Company invests principally in the equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term ca

288、pital growth,in excess of the Dow Jones World Technology Index(sterling adjusted,total return)(the Benchmark).Full details can be found inside the front cover.Investment FundsThe market value of the Companys investments at 31 December 2022 was 899m(2021:1,428m)with losses of 22m(2021:gains of 408m)o

289、ver book cost.Taking these investments at this valuation,the net assets attributable to each Ordinary Share amounted to 231.0p at 31 December 2022(2021:347.9p).During the year,the Company did not enter into any derivative contracts and therefore there were no outstanding contracts as at 31 December

290、2022.See Note 13 on page 67 for the financial instruments disclosure describing the Companys exposure to price risk,credit risk,liquidity risk,and cash flow risk.Information pertaining to the business review and future outlook can be found in the Strategic Report starting on page 16.Investment Manag

291、ement AgreementAllianzGI UK Branch was the appointed Investment Manager up to 25 July 2022.Effective from 25 July 2022,AllianzGI entered into a strategic partnership with Voya.The Company has a tripartite Delegation Agreement with AllianzGI and Voya for portfolio management services.AllianzGI will c

292、ontinue its role as AIFM,providing company secretarial,administrative and sales and marketing services and portfolio management services will be provided by Voya.The aggregate fees paid by the Company to AllianzGI and Voya do not change.The management agreement provides for a base fee of 0.8%per ann

293、um payable quarterly in arrears and calculated on the average value of the market capitalisation of the Company at the last business day of each month in the relevant quarter.The base fee reduces to 0.6%for any market capitalisation between 400m and 1 billion,and 0.5%for any market capitalisation ov

294、er 1 billion.Additionally there is a fixed fee of 55,000 per annum to cover AllianzGIs administration costs.In each year,in accordance with the tripartite management contract,the Investment Manager is entitled to a performance fee subject to various performance conditions.For years beginning on or a

295、fter 1 January 2022,the performance fee entitlement is equal to 10.0%(1 December 2013 to 31 December 2021:12.5%)of the outperformance of the adjusted NAV per share total return as compared to the benchmark index,the Dow Jones World Technology Index(sterling adjusted,total return).Any underperformanc

296、e brought forward from previous years is taken into account in the calculation of the performance fee.A performance fee is only payable where the NAV per share at the end of the relevant Performance Period is greater than the NAV per share at the end of the financial year in which a performance fee

297、was last paid.At 31 December 2022 this high water mark(HWM)was 297.2p per share.In the event the HWM is not reached in any year,any outperformance shall instead be carried forward to future periods to be applied as detailed below.Any performance fee payable is capped at 1.75%of the average daily NAV

298、 of the Company over the period(2021:2.25%of year-end NAV).For this purpose,the NAV is calculated after deduction of the associated performance fee payable.Any outperformance in excess of the cap(or where the HWM has not been met)shall be carried forward to future years to be available for offset ag

299、ainst future underperformance but not to generate a performance fee.To the extent the Company has underperformed the benchmark,such underperformance is carried forward and must be offset by future outperformance before a performance fee can be paid.Underperformance/28Directors Reviewoutperformance a

300、mounts carried forward do so indefinitely until offset.The performance fee accrued for as at 31 December 2022 was nil(31 December 2021:nil).The investment management fee(payable to AllianzGI)is charged 100%to revenue and the performance fee(payable to Voya)is charged 100%to capital.As a result of th

301、e UK leaving the EU on 30 January 2020,and the agreed transition period ending on 31 December 2020,AllianzGI entered into the UK Temporary Permissions Regime and they were required to seek authorisation from the Financial Conduct Authority(FCA)to continue to operate in the UK.This has involved chang

302、es to AllianzGIs legal set up by forming a UK management company to ensure compliance with the UK regulatory regime.As detailed in the Chairmans Statement,the AIFM is due to transfer to Allianz Global Investors UK Limited which is a new authorised and regulated UK entity.This change will take place

303、once the legal set up is arranged to ensure compliance with the UK regulatory regime.This process is continuing and is expected to be finalised in the coming months.There will be no change to the portfolio management(delegated to Voya)and administration services received and no change to the fee arr

304、angements.Continuing Appointment of the AIFM and the Investment ManagerDuring the year,in accordance with the Listing Rules published by the FCA,the Board reviewed the performance of the AIFM and the Investment Manager.The review considered the Companys investment performance over both the short and

305、 longer terms,together with the quality and adequacy of other services provided.The Board also reviewed the appropriateness of the terms of the Investment Management Agreement and tripartite Delegation Agreement,in particular the length of notice period and the management fee structure.The Board is

306、satisfied that the continuing appointment of the AIFM and the Investment Manager under the terms of the Investment Management Agreement is in the best interests of shareholders as a whole.Going ConcernThe Directors believe that it is appropriate to adopt the going concern basis in preparing the fina

307、ncial statements as the assets of the Company consist mainly of securities that are readily realisable and the Companys assets are significantly greater than its liabilities.The Directors have considered the Companys investment objective and capital structure.The directors have also considered the r

308、isks and consequences of the geo political and macro-economic events on the operational aspects of the company and the Company has adequate financial resources to continue in operational existence for twelve months after approval of these financial statements.The Company is subject to a continuation

309、 vote of the Shareholders every five years.The last continuation vote was put to Shareholders at the AGM in 2021.Related Party TransactionsDuring the financial year no transactions with related parties took place which would materially affect the financial position or the performance of the Company.

310、Capital StructureThe Companys capital structure is set out in Note 10 on page 65.Voting Rights in the Companys SharesAs at 10 March 2023,Allianz Technology Trust PLCs capital consisted of:Share classNumber of shares issuedVoting rights per shareTotal voting rightsOrdinary Shares of 2.5p in issue400,

311、742,2231400,742,223Ordinary Shares of 2.5p held in treasury28,014,457NilNilTotal428,756,6801400,742,223 29Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022Interests in the Companys Share CapitalThe Company was aware of the following substantial interests in the

312、 voting rights of the Company as at 28 February 2023,the latest practical date before publication of the Annual Financial Report.31 December 202228 February 2023HolderNumber of shares%of issued share capitalNumber of shares%of issued share capitalRathbones Brothers PLC51,704,35812.7 50,527,560 12.6H

313、argreaves Lansdown,stockbrokers(EO)48,845,80212.0 47,863,012 11.9Interactive Investor(EO)46,133,77011.3 45,952,669 11.4Charles Stanley30,097,6447.4 29,606,939 7.4AJ Bell,stockbrokers(EO)18,988,0014.7 18,193,107 4.5Evelyn Partners(Retail)12,449,8913.1 12,918,893 3.2*Latest practical dateEO-Execution

314、OnlyAs previously noted,during 2021 there was a 10 to 1 share split which has not affected the%of the Companys share capital held by these companies.Repurchase of SharesAt the Annual General Meeting(AGM)held on 26 April 2022,authority was granted for the repurchase of up to 64,270,626 Ordinary Share

315、s of 2.5p each,representing 14.99%of the issued share capital at the time.The Board has in place a discretionary discount protection mechanism,described in the Chairmans Statement and in the Strategic Report.In the year under review the Company bought back 16,703,872 shares for holding in treasury(2

316、021:5,565,090).The Board and Gender DiversityThe Board is supportive of the FCAs recently updated Listing Rules(LR 9.8.6R(9)to encourage greater diversity on listed company boards and has implemented the FCAs disclosure requirements.The Board recognises the importance of having a range of skilled,ex

317、perienced individuals with the right knowledge represented on the Board.The Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment.The Board has chosen to align its diversity reporting reference date with the Company

318、s financial year end and proposes to maintain this alignment for future reporting periods.The Company has met two of the three targets on board diversity as at its chosen reference date,31 December 2022:(i)at least 40%of the individuals on its board of directors are women;and(ii)at least one individ

319、ual on its board of directors being from a minority ethnic background.As at the date of this report,the Company has met all targets.Further details on the Companys appointment process can be found under Appointments to the Board and Director Tenure on page 36.As required under LR 9.8.6R(10),further

320、detail in respect of the three targets outlined above as at 31 December 2022 is disclosed in the tables below.As an externally managed investment company,the Company has no executive directors,employees or internal operations.Therefore columns relating to executive management have been removed from

321、the tables above.The roles of chief executive and chief financial officer are not applicable to the Company,however,the Company considers that the role of Chairman of the Audit Committee to be a senior board position and the following disclosure is made on this basis.As at 31 December 2022:Number of

322、 Board membersPercentage of the Board Number of Senior Positions on the Board(Chair,Audit Chair and SID)Men350%2Women350%-Other-Not specified/prefer not to say-30Directors ReviewNumber of Board membersPercentage of the Board Number of Senior Positions on the Board(Chair,Audit Chair and SID)White Bri

323、tish or other White(including minority-white groups)584%2Mixed/Multiple Ethnic Groups-Asian/Asian British116%-Black/African/Caribbean/Black British-Other ethnic group,including Arab-Not specified/prefer not to say-Since the reference date and the date that the Annual Financial Report was approved th

324、e following changes have occurred.As at 1 January 2023:Number of Board membersPercentage of the Board Number of Senior Positions on the Board(Chair,Audit Chair and SID)Men350%2Women350%1Other-Not specified/prefer not to say-Number of Board membersPercentage of the Board Number of Senior Positions on

325、 the Board(Chair,Audit Chair and SID)White British or other White(including minority-white groups)584%3Mixed/Multiple Ethnic Groups-Asian/Asian British116%-Black/African/Caribbean/Black British-Other ethnic group,including Arab-Not specified/prefer not to say-Directors Election and Re-electionsThe D

326、irectors of the Company,with the exception of Katya Thomson,all served throughout the year under review.With the exception of Robert Jeens,all Directors will stand for election or re-election by the shareholders at the AGM in accordance with the AIC Code 2019.Katya Thomson,who joined the board on 18

327、 July 2022,will stand for election at the AGM.The biographies of the Directors are set out on pages 26 and 27.The skills and experience each Director brings to the Board for the long-term sustainable success of the Company are set out below.The attendance record of each Director at meetings of the B

328、oard through the year is shown on page 27.Resolution 2 relates to the election of Katya Thomson,who was appointed on 18 July 2022,who brings in-depth knowledge,expertise and experience in corporate finance and accountancy which enables her to perform an in-depth review of the Companys financial stat

329、ements as the Audit&Risk Committee Chairman.Resolution 3 relates to the re-election of Humphrey van der Klugt who was appointed on 1 July 2015,who has a wealth of experience from his time as an investment manager and investment company director,with strong accounting skills.He is Chairman of the Rem

330、uneration Committee as well as the Senior Independent Director.31Allianz Technology Trust PLC Annual Financial Report for the year ended 31 December 2022 Resolution 4 relates to the re-election of Elisabeth Scott who was appointed on 1 February 2015,who brings in-depth investment knowledge,expertise

331、 and experience of the investment management industry from her time in Hong Kong and more recently from being the Chair of the AIC.Resolution 5 relates to the re-election of Neeta Patel who was appointed on 1 September 2020 as a Director of the Company.Neeta brings a wealth of knowledge from the tec

332、hnology sector.Resolution 6 relates to the re-election of Tim Scholefield who was appointed on 1 December 2021 as a Director of the Company.Tim brings a wealth of investment knowledge,expertise and experience in investment management,particularly in equities.Directors FeesA report on Directors Remun

333、eration starts on page 43.Directors and Officers Liability InsuranceDirectors and Officers Liability Insurance cover is in place and is provided at the expense of the Company.Directors and Officers Deed of Indemnity information can be found on page 38.Conflicts of InterestUnder the Companies Act 2006 a director must avoid a situation where she/he has,or can have,a direct or indirect interest that