1、Click here or press enter for the accessibility optimised versionAllianzTechnologyTrust PLCAnnual Financial Report31 December 2024Investment ObjectiveAllianz Technology Trust PLC(the Company)invests principally in the equitysecurities of quoted technology companies on a worldwide basis with the aimo
2、f achieving long-term capital growth in excess of the Dow Jones WorldTechnology Index(sterling adjusted,total return)(the benchmark).Investment PolicyThe investment policy of the Company is to invest in a diversified portfolio ofcompanies that use technology in an innovative way to gain competitivea
3、dvantage.Particular emphasis is placed on companies that are addressingmajor growth trends with innovation that replaces existing technology orradically changes products and services or the way in which they are suppliedto customers.What constitutes a technology stockTechnology has become a vast and
4、 diverse sector.It encompasses thosecompanies that sell technology solutions from cloud storage to componentmanufacturers to software developers but also those for whom technology isan intrinsic part of their business for example,the car makers or ecommercegroups using technology to gain a competiti
5、ve advantage.In short,technologystocks may sit across multiple sectors,including healthcare,industrials orfinancial services.As technology becomes ever more pervasive,the lines between technologycompanies and significant adopters are increasingly blurred.Even wherecompanies arent selling technology,
6、technology may be intrinsic to theirsuccess as a company.More companies are becoming technology companiesas disruptive innovation brings change and displaces incumbent marketleaders.The challenge is to understand not only current technologies,but alsofuture trends and the likely effects.Asset alloca
7、tionThe Investment Manager does not target specific country or regionalweightings and aims to invest in the most attractive technology shares on aglobal basis.The lead portfolio manager aims to identify the leadingcompanies in emerging technology growth sub-sectors.The majority of theportfolio will
8、comprise mid and large cap technology shares.Risk diversificationThe Company aims to diversify risk and no holding in the portfolio willcomprise 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.Key Inf
9、ormationGearingIn normal market conditions gearing will not exceed 10%of net assets but mayincrease to 20%.The Companys Articles of Association limit borrowing to onequarter of its called up share capital and reserves.As at 31 December 2024there was no borrowing facility in place.LiquidityIn normal
10、market conditions the liquidity of the portfolio,that is the proportionof the Companys net assets held in cash or cash equivalents,will not exceed15%of net assets but may be increased to a maximum of 30%of net assets.DerivativesThe Company may use derivatives for investment purposes within guideline
11、sset down by the Board.Foreign currencyThe Companys current policy is not to hedge foreign currency.BenchmarkOne of the ways in which the Company measures its performance is in relationto its benchmark,which is an index made up of some of the worlds leadingtechnology shares.The benchmark used is the
12、 Dow Jones World TechnologyIndex(sterling adjusted,total return).The Companys strategy is to have aconcentrated portfolio which is benchmark aware rather than benchmarkdriven.The Company has tended to have a significantly higher thanbenchmark allocation to high growth,mid cap companies which arecons
13、idered to be the emerging leaders in the technology sector.TheInvestment Manager believes that the successful identification of thesecompanies relatively early on in their growth stages,offers the best opportunityfor outperformance over the long term.Click here or press enter for the accessibility o
14、ptimised versionFinancialHighlightsFinancial HighlightsAs at 31 December 2024Net asset value(NAV)per Ordinary share+35.6%2024 458.6p2023 338.2pOrdinary share price+38.1%2024 419.0p2023 303.5pBenchmark+35.8%2024 3,688.02023 2,715.0Performance against benchmark1Performance against sector1Comparative f
15、igures for 2018,2019 and 2020 have beenrestated following the sub-division of 25p ordinary sharesinto ten ordinary shares of 2.5p each on 4 May 2021.110 years to 31 December 2024.Rebased to 100 at 1December 2014.2Allianz Technology Trust Net AssetValue undiluted.3Dow Jones World Technology Index(ste
16、rling adjusted,total return).4Peer group ofMorningstar Global Technology Sector Equity.Source:AllianzGI/Datastream.The Alternative PerformanceMeasures(APMs)can be found here.Financial Highlights(continued)As at 31 December 2024Ordinary share price(p)NAV per Ordinary share(p)Premium(discount)of Ordin
17、ary share price to netasset value per share(%)NAV versus benchmarkShareholders funds(m)Comparative figures for 2020 have been restated followingthe sub-division of 25p Ordinary shares into ten Ordinaryshares of 2.5p each on 4 May 2021.1Allianz Technology Trust Net Asset Value undiluted.2Dow Jones Wo
18、rld Technology Index(sterling adjusted,totalreturn).Source:AllianzGI/Datastream.The AlternativePerformance Measures(APMs)can be found here.Financial SummaryAs at31 December2024As at31 December2023%changeNet Asset Value per Ordinary share458.6p338.2p+35.6Ordinary share price419.0p303.5p+38.1Discount
19、on Ordinary share price to Net Asset Value8.6%10.30%Dow Jones World Technology Index(sterling adjusted,total return)3,688.02,715.0+35.8Shareholders funds1,747m1,319m+32.5For theyear ended31 December2024For theyear ended31 December2023Net revenue return per Ordinary share(1.12p)(0.88p)Ongoing charges
20、*0.64%0.70%*As defined in the APMs here.Five Year Performance SummaryAs at 31 December20242023202220212020Shareholders funds1,747m1,319m939m1,473m1,229mNet Asset Value per Ordinary share458.6p338.2p231.0p347.9p291.3pOrdinary share price419.0p303.5p210.0p352.5p297.0pDow Jones World Technology Index(s
21、terling adjusted,total return)3,688.02,715.01,832.22,489.31,941.1(Discount)premium of Ordinary share price to Net Asset Value(8.6%)(10.3%)(9.1%)1.3%2.0%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.Click h
22、ere or press enter for the accessibility optimised versionChairmansStatementWelcomeWelcome to this report on AllianzTechnology Trust PLC for the financialyear ending 31 December 2024.Inrecent times global macroeconomicand geopolitical shocks have seemedcommonplace and so it wassomething of a relief
23、that 2024passed without major global upset.2024 was,however,notable for thenumerous elections across the globe.In the UK the general election saw thereturn of the first Labour governmentsince 2010 and in the US,DonaldTrump returned to the White Housefor a second term.Themacroeconomic environment was
24、 onthe whole supportive,in particularcentral banks were successful in theirefforts to tame excessive inflation.Against this backdrop equity marketsdid manage to generate good returnswith technology companiescontinuing to lead the pack.A detailed look at economies,ratesand markets leads off the Portf
25、olioManagers Report here and Irecommend you read that for itsdetail and nuance.BackdropThat technology intertwines all ourlives is indisputable and 2024 showedsome incredible and sometimesdisturbing examples of this.AIcontinues to dominate headlines there is no doubt that this is anamazing technolog
26、y with thepotential to have a huge impact onsociety.However,we are in frontierterritory and ultimate long-termwinners in the AI race may not yeteven exist.What is certain is that technology ismost often the edge and that meansa consistency of demand for products,services and ongoing innovation.It is
27、that which keeps the sector sodazzlingly alive,along with anecosystem of incomprehensiblytalented inventors,scientists,engineers and entrepreneurs whowork tirelessly towards the nextgeneration of technology.This whilstmost of us are simply trying to absorbthe changes already in front of us!Performan
28、ceTechnology was once again a leaderof stock market returns.Yes,globalmarkets progressed strongly andTim ScholefieldAgainst this backdrop equity markets did manage togenerate good returns with technology companiescontinuing to lead the pack.would have netted investors around20%for the year(source:FT
29、SE WorldIndex(total return).However,theCompanys benchmark index wouldhave brought you over 35%and ofcourse,the dominance of the sector issuch that a big part of the return fromthe global indices came fromtechnology companies.So,what are some of the underlyingdrivers of performance?TheMagnificent Sev
30、en(Amazon,Alphabet,Apple,Microsoft,Meta,Nvidia and Tesla)between themreturned around 60%a continueddominance at a headline level,although delving down there was amix of extraordinary and morelacklustre returns.There were furtherstrong returns seen from a widerrange of technology companies thisyear a
31、nd in terms of our ownperformance this meant that ourInvestment Manager was able tokeep pace with our benchmark indexwithout necessarily having to holdindex weights in the largestcompanies.For details of the keystocks that either aided or held backour relative performance,please doread the details o
32、utlined in thePortfolio Managers Report here.I am pleased to report thatshareholders saw a second successiveyear of strong returns.The CompanysNet Asset Value(NAV)total returnwas 35.6%,while a narrowing in thediscount to NAV resulted in a highershare price total return of 38.1%.TheNAV return was mar
33、ginally behindthe 35.8%return of our benchmark,the Dow Jones World TechnologyIndex(sterling adjusted,total return).Keeping pace with the benchmarkwithout resorting to holding indexweights in the largest companies is awin in our view as it means we havebroadly matched that performancewithout exposing
34、 shareholders toexcessive concentration risk.We willnot lose sight of the important partthat risk management plays in theactive portfolio managementequation and our focus on extractingvalue for shareholders from a wider,more balanced and diversifiedselection of companies than simplythe mega-capitali
35、sation stocksremains key for ATT.An example ofthis came in late January when somenews flow from China relating to theAI application DeepSeek sent theprice of many AI related stocksmarkedly lower on 27th in particularNvidia lost almost half-a-trillion USDmarket capitalisation and went fromthe worlds
36、most valuable company tothird on that day alone with a near20%fall.Being active means that wedid not hold an index weight in thestock(roughly 3.5%below).In thefollowing days the stock recoveredthe majority of the fall as investorsdigested the situation.As in previous years we have notproposed a divi
37、dend for the yearended 31 December 2024.It iscommon for technology companiesnot to pay a dividend,moreover theyields of those that do are typicallysmall by comparison with non-technology companies.The Companys Net Asset Value(NAV)total return was35.6%,while a narrowing in the discount to NAV resulte
38、d in ahigher share price total return of 38.1%.DiscountThe Company traded at an averagediscount of 10.4%over the period(lowof 3.8%and high of 14.8%).It wasencouraging to see the discountnarrow from 10.3%at the start of theyear to 8.6%at year end,neverthelessthe Board is very aware that thediscount c
39、ould be a source offrustration to shareholders.2024 marks a third successive year inwhich ATT has been at a discount,incontrast to the prior three years inwhich we typically traded at apremium to NAV.I have previouslycommented that the Boards view isthat the discount in recent times is theresult of
40、broad macroeconomic andstructural challenges rather thancompany-specific concerns;thisremains our view.We have reached this conclusion byexamining the pattern of discountsacross the whole investment trustsector as well as those of ourcompetitors.We are confident thatthe widening in discounts seen in
41、 thepast three years has its roots in thetighter monetary conditions whichfollowed the global surge in inflationin 2021.It is perhaps also worthkeeping in mind that the UK equitymarket has for some time nowremained cheap by globalstandards.All that said,what is the Boardsresponse to the persistent d
42、iscount?Our focus is on three areas.First,wecontinue to use the powers availableto us to buy back shares.Our policy inrespect of buying back sharesremains unchanged.We wouldconsider buying back shares wherethe discount is consistently over 7%and we judge it appropriate to do sogiven the prevailing m
43、arket backdrop.In the financial year we bought backan aggregate 9,015,787 shares at anaverage discount of 11.3%and totalcost of 32.0m.Since the end of thefinancial year,up to 12 March 2025we have repurchased a further2,729,344 shares at an averagediscount of 10.3%and total cost of11.5m.At the forthc
44、oming AGM,theBoard will once again seek authorityto buy back up to 14.99%of theshares in issue.Any buy back of shareswill only take place where we believeit to be beneficial to shareholders.Second,our differentiated investmentprocess was unchanged.We remainfirmly of the view that sticking to theknit
45、ting and executing our longestablished and successful investmentapproach provides a compellingbasis for achieving long-term capitalgrowth for shareholders.Third,we continued with our activitiesto promote the Company and theattractive investment opportunityprovided by the technology sector.Long-term
46、demand generation is ourAt the forthcoming AGM,theBoard will once again seekauthority to buy back up to14.99%of the shares in issue.Any buy back of shares willonly take place where webelieve it to be beneficial toshareholders.favoured strategy in the face of areticent market.Our promotionalactivitie
47、s will cover a range ofdifferent channels and we willcontinue to make creative use oftechnology in our efforts to grow ourshareholder base.ATT has anenviable track record which has beenrecognised by numerous awards,andI am confident that our promotionalefforts in the next twelve months willhelp grow
48、 demand for our shares.Artificial Intelligence(AI)AI continues to be a headline themewithin our portfolio.There is no doubtof the transformative power of thistechnology and the tremendousopportunities for those companiesthat are successful in developing orimplementing AI.That said,AIsfrenetic develo
49、pment brings its ownrisks.Picking the winners in the AI raceis challenging.We are becomingmore and more aware of AIspotential dark side,its scope to bemisused whether it be in creatingdeep fakes,plagiarism or cyber-attacks.Moreover,the AI race isglobal in nature and yet there are fewsigns that effec
50、tive transnationalregulatory standards are close athand.In this context ATTs focus is onbalancing the opportunities and therisks.For the Investment Manager thistranslates into a strong focus oncompanies that are making moneyfrom the technology now(manyarent),as well as those most likely tomature int
51、o that position.Ourinvestment team carefully assessesrisk on a stock-by-stock,bottom-upbasis when considering new additionsto the portfolio and in theirmonitoring of existing holdings.Forthe Board,this is reflected in ourperspective on governance.Consequentially we have met withexternal subject matt
52、er experts andwe strongly support efforts tostrengthen regulation surrounding theuse of AI.In my view,our focus ongovernance,risk management andthe differentiated investmentapproach previously discussed aredistinctive features of our actively-managed investment trust structure.The costs of running y
53、ourCompanyYour Board has maintained its closeattention to the costs of running theCompany.The Companys OngoingCharges Figure(OCF),which iscalculated by dividing ongoingoperating expenses by the averageNAV,has fallen to 0.64%(2023:0.70%).I am pleased to report thatthe Company has the lowest OCFwithin
54、 its AIC peer group(Technology&Technology Innovation).The OCF excludes any performancefee due to the Investment Manager.The performance fee is subject tovarious performance conditions whichwere not met in 2024 and as aconsequence no performance feewas earned.The various performanceconditions are set
55、 out in detail in theDirectors Report here.Board mattersIn 2024 the Board visited ourInvestment Manager in California.This is a key part of our governanceprogramme which we aim toundertake once every two years.Wecompleted a deep-dive analysis ofthe investment process,portfolio andthe investment team
56、 as part of ourregular due diligence.We also metwith a sample of our portfoliocompanies which are located in thearea and these meetings certainlyreinforced the Boards view that thetechnology sector has tremendouspotential for long term growth.As previously reported,at theconclusion of the 2025 AGM E
57、lisabethScott will step down from the Board,having served since 2015.We thankElisabeth for her significantcontribution to the Companysdevelopment over the past ten yearsand her part in its considerablegrowth over that time.Although outside of the reportingperiod,we are pleased to announcethe appoint
58、ment of Lucy CostaDuarte as a non-executive Director on1 January 2025.Lucy also joined theAudit and Risk,ManagementEngagement,Remuneration andNomination Committees.Lucy bringsa wealth of marketing and investorrelations experience,and we aretherefore delighted that she hasjoined the Board.Annual Gene
59、ral Meeting(AGM)arrangementsThis years AGM will be held on 23April 2025 at 2.30pm.The full Noticeof Meeting can be found here.Fulldetails of the special business to beconsidered at the AGM can be foundhere.As with 2024,the AGM will be ahybrid meeting,meaningshareholders can either attendphysically o
60、r online.We stronglyencourage all shareholders to submittheir votes by the deadline of 17 April2025 as detailed in the Notice ofMeeting here.Those shareholdersattending virtually will be able to viewthe AGM and submit questionselectronically.If you are an ATT shareholder througha platform which offe
61、rs theopportunity to vote,then weencourage you to take advantage ofthose arrangements to cast yourvotes and thus have your say in therunning of your Company.It is alsopossible for you to attend the AGM:all you need to do is to request aLetter of Representation or clickAttend meeting on the voting op
62、tionspage.We also commend and supportthe Association of InvestmentCompanies(AIC)efforts to furtherimprove the enfranchisement of retailshareholders who hold their sharesthrough an investment platform orother nominee service,with theirnewly launched“My share,my vote”campaign,targeting a change incomp
63、any law.You can view details ofthis campaign here and followinstructions on how to cast your votevia platforms here.This years AGM will be held on 23 April 2025 at 2.30pm.TheBoard encourages shareholders to attend the AGM ifpossible.A presentation by the lead portfolio manager willbe made at the sta
64、rt of the meeting.The Board encourages shareholdersto attend the AGM if possible.Apresentation by the lead portfoliomanager will be made at the start ofthe meeting.For those unable toattend either physically or virtually,arecording of the AGM will be postedto the Companys website as soon aspracticab
65、le after the event.The Board looks forward towelcoming shareholders to this yearsevent.OutlookIt remains as difficult as ever topredict the macroeconomic directionof travel for the year ahead.What isprobably not in doubt is that shocks tothe system and associated volatilitycontinue to be significant
66、 risks;evenas I write,during the early weeks ofthe new Trump administration,talk oftariffs and trade wars are causingunease.That said there is no doubt thatchange within the technology sectorwill continue at pace.Our job is morenuanced though decoding how thiswill translate into business growth andp
67、rofitability for companies and soultimately into their share prices.Thetechnology sector can be prone to thewildest swings in sentiment based onshort term news flow and whilst thosecompanies at the forefront of growthundoubtedly deserve to trade onhigher multiples,we are seeing moreinstances in whic
68、h valuations havebecome overextended.Against thisbackground a sense of balance isneeded.We truly believe in the long-term potential of the sector,howeverin the short term it feels there could bean increasing risk of marketcorrections and setbacks along theway.At ATT we remain focused on the taskat h
69、and:creating a portfolio which webelieve has the strongest potential forgrowth over the long term,for thoseshareholders who entrust us with theirmoney.Tim ScholefieldChairman12 March 2025Click here or press enter for the accessibility optimised versionWhy invest in technology?With every year,the rea
70、ch andinfluence of technology grows.It disrupts new industries and movesinto different parts of our lives.Technology is present in the way wedrive,the way we shop,in ourworkplaces,in our homes.It helps uscommunicate effectively and manageour lives more efficiently.Thecompanies that create thattechno
71、logy are in a powerful positionto grow even in stagnant economicconditions.Technology is embeddingitself into new industries:twenty yearsago,car companies relied onmechanics to stay competitive.Today,they rely on their technologydepartments.The greatest innovationin the motor industry is coming from
72、technology companies such asGoogle,rather than VW or Ford.Aswe look to the future,the keydeterminant of the success orotherwise of a motor company islikely to be the extent to which it canharness technology to build safer,comfortable and more energyefficient cars.We see a similar phenomenon inpaymen
73、t systems.Cash is increasinglyobsolete,while mobile apps anddigital currencies are likely toovertake credit and debit cards as themost popular e-commerce paymentmethods worldwide.Nimble fintechsare challenging the existing bankingnetworks,which are encumbered bylegacy systems and,too often,surprised
74、 by the speed with whichpeople are willing to switch.This pattern is replicated acrossmultiple industries.No sector isimmune those that believe theirbusiness is untouchable are likely toexperience the most dramatic changewhen it arrives.Companies mustembrace technology and innovate,orface extinction
75、.In the process,theaddressable market for technologycompanies grows.However,technology is not only abouttaking staid old industries anddisrupting them,technology also hasan important role in allowingbusinesses to be more efficient.This isat the heart of corporate digitaltransformation.Those business
76、es thatare not embracing a digital strategyfind themselves marginalised anduncompetitive.Companies thatrethink their existing business modelsand processes through the use oftechnology are becoming moreefficient.Increasingly,companies see thepotential in Artificial Intelligence(AI).In a healthcare co
77、mpany,it may bethe reading of scans,or theadministration of drugs.For insurancecompanies,it may be in theinterpretation of claims.The data setsused to power AI would not beaccessible if it was not for the cloud.Also,the cloud enables businesses tobuild sufficient scale to cope with thedemands of dat
78、a-intensive services.This is driving wider adoption ofcloud-based systems.It is also saving companies money:moving to software as a service andcloud computing lets companiescircumvent a costly upgrade cycle.Rather than having to supportexpensive in-house technologycapability,they can pick and mix th
79、eirtechnology requirements to suit theirbusiness requirements.They can movedata storage to the cloud and buytheir software on a subscription basis.These trends have helped maketechnology a successful investmentover the long term.That said,justbecause technology is pervasive andhigh growth,it does no
80、t guaranteegood returns.This was particularlyevident in 2022 when rising interestrates led to a devaluing of sometechnology stocks irrespective ofrevenue growth.Technology investment forces aninvestor to look to the future.This isthe direct opposite of investing in abenchmark that rewards yesterdays
81、winning companies.Technologyinvestment demands that investorsuncover the trends of the future,looking to see where industries aregoing,and who is likely to win or losefrom those developments.In this way,it forces investors to keep pace withchanging markets.At each stage,therefore,the technology inve
82、storshould be aligned with the winnersfrom change,rather than those at thewrong end of it.We continue to seenew industries being created,whileold industries die or are foreveraltered and technology sits at theheart of this global innovation.It is also worth noting that technologyis far less cyclical
83、 today than it hasever been.The days of the upgradecycle,where companies replacedexpensive technology equipmentwhen they were flush with cash,havelargely disappeared.Enterprisesoftware allows companies to avoidthese capex-heavy cycles,paying forwhat they need when they need it.As it stands,technolog
84、y incorporatesa vast range of different options.There are the traditional technologycompanies fast-growing,disruptivecompanies such as Amazon orSquare,where revenue growthmight be 50%per year.However,thesector has alternatives:Microsoftand Apple,for example,could beconsidered more stable,annuity-lik
85、eoptions.Less highly-valued,they paygrowing dividends and deliversteady earnings.There are alsoturnaround ideas,or specialsituations.This means it is possibleto build a portfolio that can performin a range of market environments.The diversity of technologycompanies is often over-looked.The growth of
86、 technology has beenseen in its increasing dominance ofstock market indices.As technologysinfluence grows,we see it forming agreater part of stock market indicesas it pervades more and moreindustries.Most investors have long-term goalsfor their savings:they may be savingfor retirement,or for their c
87、hildrensuniversity fees.It makes sense,therefore,to future-proof aninvestment portfolio by aligning it withenduring structural trends.Aninvestment in technology helps keep aportfolio focused firmly on the future.Total return how technology has performed against UK and global equitiesSource:Thomson D
88、ataStream,total return%in GBP,to 31 December 2024.How technology contributes to the MSCI World indexSource:Source IDS/Wilshire Atlas 31/12/24.The weightings for each sector of the index arerounded to the nearest tenth of a percent;therefore,the aggregate weights for the indexmay not equal 100%.Click
89、 here or press enter for the accessibility optimised versionAllianz Technology Trust PLCAllianz Technology Trust is managedby the highly experienced GlobalTechnology team*based in SanFrancisco.The team benefits from itsclose proximity to Silicon Valley wheremany of the worlds key technologycompanies
90、 are headquartered.The Company is a UK listed closed-ended fund which aims to achievelong-term capital growth by investingprincipally in technology companiesglobally.The team looks to identifymajor trends ahead of the crowd andinvest in stocks that have thepotential to be tomorrows Apple,Google or M
91、icrosoft.The Company invests in mid to largetechnology companies.Our aim is tohold companies we expect to benefitfrom the continued growth inparticular sub-sectors of technology,especially in companies that providesolutions to save money or enablecompanies to improve theirrelationships with customer
92、s anddeliver revenue growth.The Companyalso seeks to hold companies that willcreate shareholder value with theintroduction of a new product or newtechnology.Over the past 20 years,this would have included PCmanufacturers,software,internetapplications or consumer devices.Allianz TechnologyTrust offer
93、s access tothe investmentpotential of thetechnology sector fromthe heart of theindustry.*From 25 July 2022,discretionary portfolio management services formerly provided to Allianz Technology Trust PLC(the Company)by Allianz Global Investors(AllianzGI)have beendelegated to Voya Investment Management
94、Co.LLC(Voya IM).All members of the former AllianzGI Global Technology Team transferred to Voya IM and continue to manage the Companysportfolio.There has been no change to the investment process.AllianzGI remains the Companys Alternative Investment Fund Manager(AIFM),providing company secretarial,adm
95、inistrationand sales and marketing services.First-handknowledgeAllianz Technology Trusts top twenty holdingsMeet the ManagersMike SeidenbergLead Portfolio ManagerMichael Seidenberg is a senior portfolio manager for the global technology strategies andan equity analyst on the fundamental thematic tea
96、m at Voya Investment Management.Hejoined the firm following Voyas integration of certain assets and teams comprising thesubstantial majority of Allianz Global Investors U.S.business,where he was a portfoliomanager,analyst and director on the U.S.global technology team.Prior to that,he worked ata num
97、ber of hedge funds,including Pequot Capital,Andor Capital and Citadel InvestmentGroup.He also worked in the software industry and at Oracle Corporation.Michael earned aBS in business administration from the University of Colorado and an MBA withconcentrations in finance and accounting from Columbia
98、Business School.Erik SwordsPortfolio Manager and Managing Director,Head of Global TechnologyErik Swords is head of global technology strategies on the fundamental thematic team atVoya Investment Management.He joined the firm following Voyas integration of certainassets and teams comprising the subst
99、antial majority of Allianz Global Investors U.S.business,where he was a lead portfolio manager,managing director and led the U.S.global technologyteam.Prior to that,he worked at Newton Investment Management for 16 years,leading one ofBNY Mellons largest technology strategies,along with several other
100、 thematic portfoliosfocused on technology and related sectors.Previously,he worked as a research analystcovering the software sector at Pilgrim Baxter Associates,Exis Capital Management andCredit Suisse First Boston Technology Group.Erik earned a BS in finance from Lehigh University.Danny SuPortfoli
101、o Manager/AnalystDanny Su is a senior equity analyst on the fundamental thematic team at Voya InvestmentManagement.He joined the firm following Voyas integration of certain assets and teamscomprising the substantial majority of Allianz Global Investors U.S.business,where he was aportfolio manager,an
102、alyst and director with global responsibilities for the hardware,semiconductor,semiconductor capital equipment and contract-manufacturer sectors.Prior to that,Danny was anassociate analyst at ABN Amro,covering the internet-infrastructure software and marketingresearch sectors.Previously,he was a bus
103、iness analyst with McKinsey&Company in Hong Kong.Danny earned a dual BS in electrical engineering and economics from MIT and a masters degree inmanagement from the Kellogg Graduate School of Management at Northwestern University.Justin Sumner,CFAPortfolio Manager/AnalystJustin Sumner is a senior por
104、tfolio manager on the global technology strategies and anequity analyst on the fundamental thematic team at Voya Investment Management.Hejoined the firm following Voyas integration of certain assets and teams comprising thesubstantial majority of Allianz Global Investors U.S.business,where he was a
105、senior portfoliomanager and director on the U.S.global technology team.Prior to that,Justin worked atNewton Investment Management for 15 years,developing,launching and managingthematic investments focused on technology.Previously,he worked as an equity analystcovering technology and related sectors
106、at several asset management shops,includingSentinel,AmSouth and American Century.Justin earned a BS in economics from theUniversity of Kansas.He is a CFA Charterholder.John J.Coyle,Jr.Portfolio Manager/AnalystJohn Coyle is a portfolio manager and an equity analyst on the fundamental thematic teamat
107、Voya Investment Management.He joined the firm following Voyas integration of certainassets and teams comprising the substantial majority of Allianz Global Investors U.S.business,where he was a portfolio manager and director with research responsibilities for theU.S.small-mid cap and global space tea
108、m covering a wide array of companies acrosstechnology,consumer,and cyclical sectors.Prior to that,John was a vice president andresearch associate at Barclays and Lehman Brothers covering the U.S.building products andhomebuilding sectors.John earned a BBA in finance,cum laude from Louisiana StateUniv
109、ersity.Click here or press enter for the accessibility optimised versionBeyond AIThe technology sector is a dreamfactory,constantly generating ideas.Part of our role is to disseminate theideas with durability,and that mightmake good investments in the long-term.Artificial Intelligence(AI)hasrightly
110、commanded a lot of investorattention over the past two years.However,it is far from the onlyimportant innovation happening intechnology today.These are some ofthe areas that may prove fertile areasof innovation over the next few years.CybersecurityCybersecurity is a theme that we havebacked for a lo
111、ng time in ATT.We liketechnology that solves significantproblems,and cyber threats aregrowing in size and severity,driven inlarge part by the complex globalgeopolitical situation and the on-going move to cloud computing.In2023,there were over 6 billionmalware attacks worldwide.Badactors have increas
112、ed their ambition,with critical infrastructure,government departments and crucialindustries permanently at risk.Equally,cybercriminals are constantlyexpanding their toolkit.2025 saw arange of new threats emerging,including a rise in AI-powered attacks.AI was used for automated phishing,malware gener
113、ation,and sophisticatedsocial engineering campaigns.Cybersecurity companies have had todevelop new solutions to meet thesethreats,often employing AI.Properly functioning cybersecuritysolutions are now critical forbusinesses.These will often be multi-layered and are vital in helpingcompanies maintain
114、 the trust ofstakeholders and swerve costlyTechnology beyondArtificial Intelligenceattacks on their business.This helpsmaintain a constant source ofdemand for cybersecurity products.Equally,as companies increasinglydigitise and adopt cloud computingsolutions,there is even greater needfor security so
115、lutions to mitigateattacks.Quantum computingIn 2022,Haim Israel,global strategistat the Bank of America said“Quantum computing is a revolutionthats going to be bigger than fire”.Quantum computers use quantummechanics to solve problems,ratherthan traditional binary logic.Unlikeclassical bits,which re
116、present data as0s or 1s,quantum bits(qubits)canexist in superpositions of both statessimultaneously,enabling parallelcomputation.Computers that use thisapproach are faster and morepowerful.In 2023,Google scientistsreported that a quantum computerhad completed a computational taskthat would take a cl
117、assicalsupercomputer 47 years to completeWith this in mind,quantum computerscould lift many of the restraintsassociated with technology progress:they could be up to 100 times moreenergy efficient than a standardsupercomputer,for example.Quantum computing could helpenable artificial intelligence,allo
118、wingthe swift processing of data requiredto generate AI insights.McKinsey suggests that the marketfor quantum computing could reachup to 55 billion,while the revolutionin computing power will have a 1.5trillion economic impact on thefinancial,chemical,life sciences andtransport sectors alone.Governm
119、entsare starting to invest:in the UK,a140 million National QuantumComputing Centre opened inOxfordshire last year.The technology giants are also takingan interest.In December,Googleunveiled a new chip,which it believescan solve a problem within fiveminutes,that would currently take theworlds fastest
120、 super computers tenseptillion or10,000,000,000,000,000,000,000,000years to complete.On announcingthe launch,Google said the new chipspave the way to a useful,large-scalequantum computer.SpaceSpace-enabled technologies arealready well-advanced,with satellitesdriving weather forecasts,GPS systems,and
121、 internet technology.The WorldEconomic Forum(WEF)says:“Spacetechnologies are delivering benefits toa wider range of stakeholders,withindustries such as retail,consumergoods and lifestyle;food andbeverages;supply chains andtransport;and disaster mitigation allset to benefit from space innovations.”It
122、s estimates suggest that the spaceeconomy could be worth$1.8 trillionby 2035 as satellite and rocket-enabled technologies becomeincreasingly prevalent.This is a risefrom$630 billion in 2023 andrepresents an average annual growthrate of 9%per annum.The WEF adds:“The number of satellites launchedper y
123、ear,for example,has grown at arate of 50%,while launch costs havefallen 10-fold over the last 20 years.”Internet of Things and 5GThe Internet of Things(IoT)is a seriesof interconnected smart devices,which are busy monitoring andsharing data all the time.These couldbe monitoring emissions,weatherpatt
124、erns,energy usage,or a vastrange of other metrics.The insightsprovided by these devices can helpcompanies,governments andindividuals perform more efficientlyand make better decisions.The sector is still seeing rapid growth.Fortune Business Insights suggeststhat it may grow from a market size of$714.
125、5bn in 2024 to$4,062bn by2032,a growth rate of 24.3%per year.The IoT is necessary to gather thedata for AI insights.The IoT has applications in areas suchas supply chain management,mining,freight and agriculture.For example,an IoT-driven blockchain can recordthe status of shipping containers,tempera
126、tures,and position to helpshipping companies better managecargo.For mining companies,it canhelp prolong the lifespan ofexpensive machinery,alertingcompanies to problems at an earlystage.It also has a range of consumerapplications,including wearablefitness monitors and homeappliances.Medical applicat
127、ions,such as blood sugar monitors,areanother high growth area.Cloud computingCloud computing may feel like oldnews,but it is still growing fast.Globalspending on cloud computing iscurrently estimated at$679bn,butthat is expected to grow to$947bn by2026.Around 60%of business data isnow stored in the
128、cloud andcompanies increasingly consider it abetter,safer solution for their moreimportant data:94%of businessesnoted improvements in theirsecurity after moving to the cloud.Moving workflows to the cloud islikely to become even more importantin future.Companies using cloudstorage,development tools a
129、ndapplications are in a far betterposition to align their technologyinfrastructure with the needs of theirbusiness.This is likely to provide acrucial competitive advantage tothose using it.It is also likely tobecome more important because ofAI.Companies that have alreadydigitised their business are
130、likely tofind AI adoption easier,which couldput them two steps ahead of theircompetitors.Blockchain/cryptocurrencyThe rise and rise of the Bitcoin pricehas inevitably attracted attention in2024.While we have not takenpositions on bitcoin or cryptocurrencyin ATT,we do not underestimate thepotential f
131、or it to revolutionise certainindustries and financial systems.Blockchain technology provides adecentralised and secure way torecord transactions,which canenhance transparency,reduce fraud,and improve efficiency.Cryptocurrencies offer an alternativeto traditional financial systems,enabling peer-to-p
132、eer transactionswithout the need for intermediaries.These technologies are likely tobecome more mainstream over thenext few years.Governments arelooking at them more closely.In theUK,for example,the governmentintroduced a Property(Digital Assetsetc)Bill in September 2024.Thissought to clarify the le
133、gal status ofcrypto assets and provide ownersgreater legal protection.TheFinancial Conduct Authority(FCA),theUKs financial regulator,is alsolooking at ways to regulate cryptoassets without stifling their growth.For the time being,it is difficult toinvest in these assets on publicmarkets.However,as t
134、he sectorevolves,companies will emerge totake advantage.AI winnersA lot of investor attention has beenfocused on AI infrastructurecompanies and companies areincreasingly adopting AI into theirworkloads.However,it is also truethat many of the real winners from AImay not have emerged yet.Thewinners fr
135、om the internet revolutionwere new businesses that could shapetheir business models around theinternet,rather than sandwiching theinternet into existing businesses.While not all innovation is investable,it may become investable over time,and we need to be alert toopportunities.These are just some of
136、the areas we will be keeping an eyeon over the next few years.Click here or press enter for the accessibility optimised versionAI:opportunities and risksThe promise of artificial intelligence ishuge.In 2023,Microsoft founder BillGates said:“The development of AI isas fundamental as the creation of t
137、hemicroprocessor,the personalcomputer,the Internet,and themobile phone.It will change the waypeople work,learn,travel,get healthcare,and communicate with eachother.Entire industries will reorientaround it.Businesses will distinguishthemselves by how well they use it.”In the two years since,there has
138、 beenrapid adoption of AI.In thelatest McKinsey Global Survey on AI,65%of respondents report that theirorganisations are now regularly usinggenerative AI,double the percentagefrom the groups last survey just tenmonths previously.Three-quarterspredict that generative AI will lead tosignificant or dis
139、ruptive change intheir industries in the years ahead.Early adoptersCertain sectors have been swifter toadopt AI than others.As might beexpected,telecom,high tech andfinancial services companies areleading the way in overall adoption.For manufacturing,the automotiveand pharma industries have beentrai
140、lblazers.Within companies,McKinsey says management teamsare“following the money”on wherethey are deploying AI.In other words,AI is gaining the most traction in areasof the business that create the mostvalue.It said:“The averageAI:opportunities and risksorganization using gen AI is doing soin two fun
141、ctions,most often inmarketing and sales and in productand service development.”Autonomous driving is another areathat is gaining ground and makesextensive use of AI.Road deaths are amajor problem,with around 100people killed in road accidents in theUS every day.Autonomous vehicleshave certain advant
142、ages,in that theydont drive drunk,or angry,or too fast.Driverless taxis are already a featurein San Francisco,now offering acommercial,24/7 driverless ride-hailing service across the city.Medicine is also making use of AI,particularly in areas such as cancerdetection.In the US,the Food andDrug Admin
143、istration has authorisedthe marketing of AI-based software tohelp pathologists identify areas ofprostate biopsy images that maycontain cancer.Medical images suchas mammograms can also be rapidlyprocessed with the help of AI.Technology has also helped developan exoskeleton suit used in hospitalsand r
144、etirement homes to help peoplegain more mobility and autonomy.This is just the starting point.It isexpected that AI will have relevancefor a vast range of industries and usecases that are not yet imagined.Itpromises to be a disruptive force,reshaping the global economy andworkforce.Examining the ris
145、ksThere has been considerable debateas to whether AI constitutes anexistential threat to mankind.Certainly,the US governments inclusion of aclause in its latest AI regulation that AIshould not launch nuclear weaponsautonomously may give some pausefor thought.The wilder predictionsmay prove overblown
146、,but there areunquestionably risks to wider AIadoption.Alphabets Waymo self-driving car in San Francisco.Photo:Jason DoiyAs with all significant technologicalprogress,it is likely to have an impacton the labour market.Estimates varyconsiderably,but Goldman Sachssuggests“Shifts in workflowstriggered
147、by these advances couldexpose the equivalent of 300 millionfull-time jobs to automation”.Itseconomists say that roughly two-thirds of US occupations are exposedto some degree of automation by AI.While technology innovation hashistorically impacted blue-collar jobs,AI may have greater implications fo
148、rwhite collar jobs.These maydisappear as computers learnlanguages,analyse medical scans orread complex legal documents.Professions such as translators,radiologists or insurance professionalscould be at risk.In contrast,jobswhere there is high human interactionand/or high complexity should berelative
149、ly immune.There are also significant barriers toadoption.Companies are notnecessarily built to incorporate AI,andit will take time to adapt legacyprocesses.The McKinsey report Notesfrom the AI Frontier says that mostorganisations have a long way to goto develop the practices that willenable them to
150、realise the potentialof AI.Just 17%of respondents statedtheir companies have mapped outwhere the potential AI opportunitieslie and only 18%say their companieshave a clear strategy in place forsourcing the data that enables AI towork effectively.More digitised firms have a clearadvantage,and they rep
151、ort broaderadoption of AI.However,the realwinners from AI may be businessesthat start from scratch and embed AIinto their organisational structure as itbuilds.The people problemFor the time being,AI still needshumans to function.Goldman Sachssays:“We still see a lot of potential forAI to automate a
152、lot of the things thatworkers do on a day-to-day basis,thereby saving a lot of time andgenerating large productivity gains,the adoption rates are just fairlylimited right now.The key step,ofcourse,in automating tasks is thatpeople have to start using it.”Organisations need skilled people inthe right
153、 place to push through theadoption of AI.Where there isenthusiasm for AI,proper guardrailsneed to be implemented around itsadoption,but there will also be areaswhere workers are reluctant to use itfor fear of making themselvesobsolete.This is a slow process and iswhy companies may not be able toredu
154、ce headcount in the near-term.RegulationGlobal governments recognise thatthey missed the window to mitigatesome of the harmful effects of socialmedia and are keen not to repeattheir mistake with AI.Europes AI Actcame into effect on 1 August 2024and provides the first-ever legalframework on AI.The Eu
155、ropeanCommission said:“The AIAct addresses potential risks tocitizens health,safety,andfundamental rights.It providesdevelopers and deployers with clearrequirements andobligations regarding specific uses ofAI while reducing administrative andfinancial burdens for businesses.”It aims to turn Europe i
156、nto a globalhub for trustworthy AI by laying downharmonised rules governing thedevelopment,marketing,and use ofAI in the EU.The AI Act aims to ensurethat AI systems in the EU are safe andrespect fundamental rights andvalues.It aims to do this while notstifling investment and innovation inAI.It remai
157、ns to be seen whether thisis possible.There are some concernsthat AI companies are moving to theUS where they have more freedom.The UK government had been aimingfor a light touch principles-basedapproach,as laid out in the AIRegulation White Paper in August2023 and a written response inFebruary 2024
158、.However,in the KingsSpeech in July,the new governmentproposed a set of binding measures onAI.Specifically,the government plansto establish appropriate legislation toplace requirements on those workingto develop the most powerful AImodels.The Digital Information andSmart Data Bill is now in progress
159、 tosupport the safe development anddeployment of new technologies.The US aims to introduce AI legislationand a federal regulation authority,though this is at risk with the advent ofa more laissez-faire,anti-regulationgovernment under Donald Trump.Currently,more than 120 AI-relatedbills are being con
160、sidered by the USCongress,covering a wide range ofissues such as AI education,copyrightdisclosure,AI robocalls,biologicalrisks,and AIs role in national security.State legislatures have alsointroduced a substantial number ofbills aimed at regulating AI.There are other issues that needcareful monitori
161、ng.For example,dataavailability and quality will influencehow effective AI can become.It maybe that AI models hit problems ofdata usage-copyright problems havebeen an issue in the entertainmentindustry,for example.Large languagemodels are energy intensive,andthere is a danger that energyavailability
162、 could stall progress.At its heart,this may be a problem oftrust.People have got to trust thealgorithms to operate smoothly andsuccessfully.If the data they arebased on is flawed,the outputs will beflawed as well,trust will be eroded,and adoption will slow.AI systemshave often lacked transparency in
163、their decision-making processes,andbiases and ethical concerns haveemerged.AI is an exciting new technology andhas the potential to be astransformative as the Internet.However,as with the adoption of anynew technology,its path will not belinear and there will be risks along theway.Click here or pres
164、s enter for the accessibility optimised versionTechnologyand theenvironmentA force for good?Technology is a powerful tool inaddressing many environmentalchallenges,allowing more efficientuse of resources,supporting thegrowth of renewable energy,andallowing monitoring of environmentalimpacts from wat
165、er usage,to airquality.However,there are growingconcerns regarding the impact oftechnological progress on theenvironment,particularly as theenergy requirements of artificialintelligence(AI)become clearer.Canthese risks be mitigated to bringtechnologys environmental impactback into balance?Technology
166、 is already playing a vitalrole in addressing the climate crisis.Itis needed to harness energy fromrenewable sources,and it can helpwith carbon capture solutions,drawing in harmful emissions beforethey enter the atmosphere.It is crucialfor environmental monitoring.Thismight include air or water qual
167、itychecks,better systems for waste orwater management,or smart systemsfor energy or resource efficiency.Across the world an Internet of Thingsis busy monitoring emissions,pollutants,soil quality,or water levels,and providing an early warningsystem for environmental problems.Technology can spot patte
168、rns in data,which allows companies,governments or individuals to makebetter environmental choices.The UNEnvironmental Programme,forexample,uses AI to detect when oiland gas installations emit methane,aparticularly potent greenhouse gasthat drives climate change.Thisallows it to alert the companiesin
169、volved,who can then take action.There are also less obvious uses fortechnology.There has beenconsiderable innovation in the use ofsatellite and drone technology todetect illegal logging and hunting inprotected areas of tropical forests.These forests,which act as carbonsinks to capture harmful emissi
170、ons,declined by 6.3m hectares every yearbetween 2010 and 2020.Governmentagencies are now using satellite datato monitor activity in tropical regions.It is particularly effective in regionswith extensive cloud cover,satellitescan penetrate through to identifychanges in the structure of the forest.Onc
171、e satellite data has identified adeforestation incident,it can betackled by ground patrols.Thoseground patrols will often make use ofdrones to confirm the nature of theproblem and tackle it quickly.In apilot scheme in Indonesia,deforestation decreased by up to80%.Some sectors have recognised thepowe
172、r of technology to help reduceemissions.Agriculture,for example,has shown itself to be ripe for AIadoption.From weather patterns tocrop growth,there are millions of datapoints to collect and monitor.Precision fertiliser or pesticides cansave farmers huge amounts of money,and help minimise environmen
173、talimpacts.Small adjustments can havea significant impact on yields.AI canprovide farmers with real-time insightsto monitor machinery and managecrops.Groups such as John Deere have beenpioneers in this area.Its virtualoperations centre allows farmers toplan planting and harvesting,fertiliserapplicat
174、ion and programmeautonomous tasks.It is particularlyuseful for large farms,wheremonitoring across significant areas isintensive.The emissions-heavy mining sector isanother example of a sector wherecompanies are embracing technologyto change how the sector operates.The International Institute forSust
175、ainable Development says:“Newtechnologies reshaping the sectorinclude autonomous vehicles,remoteoperating centres,automated drillingand tunnel-boring systems,machinelearning and more.They are makingoperations more productive.This canbe seen in the use of roboticsoperating 24 hours a day,real-timemon
176、itoring of minerals and metalsthrough mines and processing plants,and using simulations at the minedesign stage to test different solutionsbefore implementation.”Technology is also making miningequipment more effective.The use ofelectric vehicles and renewableenergy sources on mining sites hasresult
177、ed in decreased carbonemissions and energy usage.Equally,real-time monitoring of equipmenthelps extend its lifespan,allows minesto be run more efficiently.Miningcompanies now talk of a“brown togreen”transition,enabled bytechnology.The energy problem and AIHowever,there is a flipside to theenvironmen
178、tal good newssurrounding technology.Technology isresource-intensive,and particularlyartificial intelligence.The InternationalEnergy Agency(IEA)reports that arequest made through ChatGPTconsumes 10 times the electricity of aGoogle Search.As these modelsproliferate,they require more andmore energy to
179、support them.AI is leading to an explosion of datacentres.These are where data isstored and analysed to provide AIinsights.The number of data centreshas surged to 8 million from 500,000in 2012.The IEA forecasts thatelectricity consumption from datacentres in the European Union in 2026will be 30%high
180、er than 2023 levels,as new data facilities arecommissioned.Certain technology-rich countries are in the spotlight:Ireland and Denmark alone areexpected to make up 20%of theincrease in data centre electricitydemand by 2026.The United Nations has issuedwarnings about the environmentalimpact of these d
181、ata centres.It says:“The proliferating data centres thathouse AI servers produce electronicwaste.They are large consumers ofwater,which is becoming scarce inmany places.They rely on criticalminerals and rare elements,which areoften mined unsustainably.And theyuse massive amounts of electricity,spurr
182、ing the emission of planet-warming greenhouse gases.”Globally,AI-related infrastructure maysoon consume six times more waterthan Denmark.Water scarcity isbecoming a problem across theglobe,with a quarter of the worldspopulation already lacking access toclean water and sanitation.Thegrowth of AI risk
183、s exacerbating theseshortages,particularly in certainareas.It is a significant problem.However,few are inclined to wind the clockback on technological progress.Someof the worlds biggest thinkers arelooking at innovative ways to solvethe problem.This may include lookingat options to make AI algorithm
184、smore efficient,and reduce theirdemand for energy,while recyclingwater and reusing components wherefeasible.Hardware designers suggest thatchips could be re-engineered to makethem more energy efficient.Thiswould not only help data centres runmore efficiently,but would also helpAI run on smaller,pers
185、onal deviceswithout using up battery life.This isalready happening to some extent,Nvidia reports that it has improvedthe performance-per-watt of its GPUs4,000 x over the past ten years.Data centres are starting to useexisting sources of renewable power,such as energy and wind.In 2023,S&P reported th
186、at US wind and solarcapacity contracted to data centreproviders and customers had jumpedover 50%and represented aroundtwo-thirds of the total US corporaterenewables market.However,technology leaders are also striving tofind new and more efficient sources ofenergy.Microsoft founder and billionairephi
187、lanthropist Bill Gates has made ahigh profile investment in nuclearpower,believing that it may hold thekey to the energy limitations fortechnology.He has invested up to$1billion into a nuclear power plant inKemmerer,Wyoming.Construction isexpected to finish in 2030 and costaround$4bn in total.The ne
188、w facilityhas been designed by TerraPower,acompany founded by Gates in 2006with the mission“to solve the worldstoughest problems in energy,climateand human health through innovativenuclear technology”.The new facilitywill be smaller than traditionalnuclear power plants.It is alsodesigned to be safer
189、,using sodiuminstead of water to cool the reactorscore.Sam Altman,CEO of OpenAI,has also been a vocal advocate forinvestments in nuclear power.Global governments also have a roleto play in addressing theenvironmental impact of AI.Morethan 190 countries have adopted aseries of non-bindingrecommendati
190、ons on the ethical useof AI,which covers the environment.The European Union and US haveintroduced legislation designed tomanage the environmental impact ofAI.Technology has the power to be apositive force for tacklingenvironmental challenges.Usedeffectively,it is proving a vital tool intracking and
191、addressing resourceusage and harmful emissions.Thisinformation enables better decision-making and is a key part of meetingthe climate challenge.However,anurgent solution is needed to meet theenergy requirements of AI and itremains a work in progress.Click here or press enter for the accessibility op
192、timised versionInvestmentManagersReviewWhat has been theeconomic backdrop in 2024?At the start of 2024,a raft of majorelections threatened significantvolatility for economies and financialmarkets.In the end,most electionspassed without incident,although theramifications of a new policy agendain the
193、United States are not yet clearand could be a disruptive force in theyear ahead.Fragile geopolitics hasundoubtedly remained a source ofinstability,but for the most part,theeconomic backdrop has been stable.The International Monetary Fund(IMF)estimates global economicgrowth at 3.2%for 2024,just 0.1%l
194、ower than 2023 and forecasts 3.3%for2025.Economic activity has beenhelped by an easing of inflation,whichhas dropped towards official targets,allowing central banks across theworld to cut interest rates.Supply chainpressures have eased,and consumerconfidence has been sustained.At thesame time,megatr
195、ends such asartificial intelligence(AI)havesupported corporate spending.What has been happeningto interest rates?Canada became the first G7 nation tocut rates,with the European CentralBank swiftly following in June.The USFederal Reserve(Fed)finally acted inSeptember,surprising the marketswith a 0.5%
196、reduction:it cited growingconcerns over the health of the USlabour market.This was followed bytwo 0.25%cuts in November andDecember.However,at its lastmeeting of the year,the Fed warned itwould slow the pace of rate cuts in2025,with the minutes suggesting itwas“at or near the point at which itwould
197、be appropriate to slow thepace of policy easing”.Japan was the only major country tobuck the trend for falling rates,finallyexiting its below-zero interest ratepolicy.By the end of the year,therewere tentative signs of a revival ininflation in the US,and bond marketsbegan to pare back expectations f
198、orsignificant further rate cuts in the yearahead.Portfolio Managers ReportMike Seidenberg CFAAt a sector level,excitement around AI continued to supportthe Magnificent Seven(Amazon,Alphabet,Apple,Microsoft,Meta,Nvidia and Tesla),which delivered a returnof over 60%.Have there been anynotable trends a
199、crosscurrency and commoditiesmarkets?The US dollar appreciated for the firsthalf of the year as the domesticeconomy continued to show resiliencein the face of higher rates.Asrecessionary fears mounted in thesummer,the dollar weakened,beforerebounding as these fears appearedoverblown.Donald Trumps vi
200、ctoryand the Feds more cautious stanceon future interest rate cuts provided afurther boost,with the Dollar Index,ameasure of the currencys strengthagainst its major trading partners,hitting a two-year high.While theJapanese yen weakened against thedollar,it appreciated against the euro,reflecting a
201、growing divergence oninterest rate policy between the twoeconomies.Commodity prices were mixed.Risinggeopolitical tensions in the MiddleEast pushed oil prices higher in theearly part of the year,with Brentcrude nearing$90 a barrel,compared to just under$80 at thestart of the year.However,prices late
202、reased back towards$70 a barrelgiven abundant supply.In contrast,gold prices soared,reaching a freshrecord high of almost$2,800 anounce in late October.Demand wassupported by central bank buying.How have stock marketsperformed over the year?It was a strong year for global equitymarkets in 2024,with
203、the MSCI WorldIndex gaining 19.2%over the year,after rising 24.4%in 2023.Marketswere supported by the fading risk of aUS recession and the turn in interestrate policy.Stock markets were alsogiven a boost in November with avictory for the Republican party in theUS elections.Investors areanticipating
204、that a blend of tax cutsand regulation will boost corporateearnings in the years ahead.At a sector level,excitement aroundAI continued to support theMagnificent Seven(Amazon,Alphabet,Apple,Microsoft,Meta,Nvidia and Tesla),which delivered areturn of over 60%.Nevertheless,there were nuances within thi
205、s.Nvidia,for example,comprehensivelyoutpaced its peers,after deliveringstrong earnings through the year.Elsewhere,it was also a strong yearfor consumer discretionary andfinancials stocks.In contrast,materialsand healthcare were the weakestsectors in the MSCI All CountriesWorld Index.Towards the end
206、of the year therewere signs of a broadening out ofmarket leadership.The Russell 2000,for example,which focuses on smalland medium sized US companies,rallied in the immediate aftermath ofDonald Trumps election victory,withinvestors hoping his policy agendawould support smaller,moredomestically focuse
207、d companies.Has AI continued toadvance?Yes,there has been progress in AI-powered tools and applicationsimpacting chips,software,hardware,and other technology industries.Generative AI,which uses artificialintelligence to create new content,saw a significant spike in interest,witha notable increase in
208、 job postings andinvestments.The capabilities of largelanguage models expanded,processing larger amounts of dataacross multiple media such as text,images and video.Where else have you seengrowth?Cybersecurity remains a crucial sector.2024 saw a range of new threatsemerging,including the rise of AI-p
209、owered attacks.AI was used forautomated phishing,malwaregeneration and sophisticated socialengineering campaigns.Securityteams have met fire with fire,deploying AI-driven tools to detectanomalies and automate responses.The adoption of Zero TrustArchitecture and the focus on cloudsecurity were also n
210、otable trends.Cloud computing has been a long-running theme in the portfolio.Cloudcomputing provides seamless accessto servers,networks,storage,development tools and applicationsvia the internet.Instead of companiessignificant investments in equipment,training and infrastructuremaintenance,cloud ser
211、vice providersassume these responsibilities.Thisallows companies to right sizetechnology infrastructure to businessneeds rather than going throughcostly investment cycles.Themigration to cloud computingcontinued to grow,with 65%oftechnology decision-makersanticipating an increase in cloudspending ov
212、er the next year.We would also highlight the Internetof Things(IoT)and 5G.The IoTconnects devices and systems,enabling them to communicate andshare data.This connectivity is used inhomes,cities and industries,deliveringsmarter,more efficient operations.It isused in agriculture,for example,tomonitor
213、climate patterns and adaptfertiliser or pesticide use.5G,the fifthgeneration of wireless technology,provides the high-speed connectivityneeded to support the massive dataexchange and real-timecommunication required by IoTdevices.It was an astonishing yearfor the Bitcoin price,whichrose over 100%in 2
214、024.Arethere opportunities inblockchain andcryptocurrencies?Certainly,both have the potential todisrupt a number of industries andfinancial systems.Blockchaintechnology provides a decentralisedand secure method to recordtransactions,which can enhancetransparency,reduce fraud andimprove efficiency.Cr
215、yptocurrencies,on the other hand,offer analternative to traditional financialsystems,enabling peer-to-peerThe migration to cloud computing continued to grow,with65%of technology decision-makers anticipating an increasein cloud spending over the next year.transactions without the need forintermediari
216、es.How has the Companyperformed over the year?The semiconductor sector was animportant contributor to overallreturns.While Nvidia saw stronggains,it did not contribute to relativereturns because we had a belowbenchmark weight(10%versus 12%)due to risk management constraints.More important for relati
217、ve returnswere our weights in companies suchas Taiwan SemiconductorManufacturing Company(TSMC)and Broadcom,which returned 95.4%and 114.2%respectively.TSMC is notin our benchmark,and we had almostdouble the index weighting inBroadcom.The largest sector contribution camefrom our holding in softwarecom
218、panies.We had an overweightposition in the portfolio(relative tothe benchmark),and our stockpicking approach was strong.Holdingan underweight position(relative tothe benchmark)in hardwarecompanies also contributed torelative returns.Weakness has tendedto come in idiosyncratic areas,ratherthan from a
219、ny major themes.However,IT services was a difficultarea for the Company over the year.It is also worth noting thatconcentration in the top 10 stocks hasincreased over the past three years.The dominance of the MagnificentSeven,coupled with a narrowtechnology market has seen us use alarger amount of c
220、apital to invest insome of the mega caps.This wasdone to preserve performance,knowing that as the market broadensout,we will use capital from theselarger positions and redeploy it intonew names among large and midcap companies.Photo:TSMCWhat were the major stockhighlights over the year?Palantir Tech
221、nologies provided thelargest relative contribution to theportfolio over the year.It was a newbuy in August.We liked thecompanys leadership position in bigdata and in the field of data analytics,with a range of products and services.Shares rallied on the continuedmomentum for AI-relatedapplications a
222、s well as news that itwould be added to the S&P 500Index.This should increase liquidity inthe stock.We continue to hold it,withthe shift in IT spending towards AIshowing few signs of weakness.Microsoft was the one weak spotamong the Magnificent Seven overthe year.We had a significantunderweight posi
223、tion versus thebenchmark 8.2%against 14.6%.Thegroup remains a world leader insoftware,cloud storage and securitysolutions,and an undoubted pioneerin AI.However,its earnings statementwas accompanied by lower forwardguidance amid capacity constraintsand moderating growth,and as aresult we currently in
224、tend to maintaina structural underweight.The final position of note was in IntelCorp.We had an underweightposition in this legacy chip maker andthen exited it in full at the start ofFebruary.Its shares were hit byweaker-than-expected earnings anda lacklustre forecast.The companyhas lagged behind sev
225、eral of its chip-making rivals in terms of revenue andinnovation.The departure of thecompanys CEO created furtheruncertainty toward the end of theyear.We keep an eye on the stock,but other chip makers have betterexposure to AI and other leadingtechnologies.In our view,once acompany is behind in thes
226、emiconductor industry,it is difficult tocatch up.Recent new holdings have includedMarvell Technology,a developer andproducer of semiconductor andrelated technology across securityand networking platforms,securedata processing and storagesolutions.It is making importantstrides in improving the design
227、 of itschips and is attracting interest fromthe hyperscalers.Point-of-sale,cloud-based restaurantmanagement software maker Toast isanother recent buy as the companymade some interesting productdevelopments.Social networkingplatform Reddit was another buy inthe latter half of the year,plus Paypal,whe
228、re a revamped managementteam and new product platform arehelping it gain market share.Another purchase of note wasAtlassian Corp,a designer anddeveloper of an enterprise softwareplatform for project management,Palantir Technologiesprovided the largest relativecontribution to the portfolioover the ye
229、ar.We liked thecompanys leadershipposition in big data and inthe field of data analytics.collaboration and support services.Itcontinues to see a strong pipeline ofgrowth,with product upgrades andmigrations to its cloud business.Where were the weak spotsfor the Company?Our largest detractor was Mongo
230、DB,a document database provider whichallows the storage of structured orunstructured data.This makes thedevelopment of applications moreagile.However,its shares droppedafter it issued a weaker-than-expected outlook.This combined withsome overall weakness in thesoftware sector.The companys morecautio
231、us stance on growth reflects anoverall softening of IT spendingamong clients and some near-termsale execution challenges.Wetrimmed our exposure to the stockduring the period.What are you lookingforward to in 2025?AI is creating a new wave oftechnology innovation every bit asexciting as the Internet.
232、AI has thepower to reshape the globaleconomy,changing the waycompanies operate.This yearpromises even more groundbreakingAI developments,plus favourableregulatory changes and rapiddigitalisation.In 2025,we expect AI spending toshift from infrastructure developmentto include more software and service
233、sas the use cases for AI emerge andexpand.This expansion should driveefficiency gains,spark innovation andcreate new business models.Forexample,autonomous systems suchas self-driving cars,drones,androbotics have the power torevolutionise transportation,logistics,national security,medical treatmentan
234、d factory production.In cybersecurity,AI is becoming apowerful tool to detect anomalies,predict threats and automateresponses to attacks.In advertisingtechnology,AI is deliveringpersonalised consumer experiences,optimising advertising spending andcreating dynamic advertisingcampaigns that are faster
235、,bettertargeted and more cost-efficient.The year ahead is likely to see bothheadwinds and tailwinds as the newUS administration policies could bemore unpredictable than previousadministrations.On the one hand,weare likely to see more merger andacquisition activity as interest ratestrend downward and
236、 the USwelcomes a more relaxed regulatoryenvironment and companies aregearing up for strategic acquisitionsto fuel growth and expand marketshare.Conversely,businesses likepredictable policies which provideclarity and things like tariffs canIn 2025,we expect AIspending to shift frominfrastructure dev
237、elopmentto include more softwareand services as the use casesfor AI emerge and expand.create pause in the spendingenvironment.There may be more volatility in thesemiconductor sector in the yearahead as a result of geopoliticaltensions,policy shifts and supplychain disruptions.Restrictive exportcontr
238、ols,tariffs and national securityconcerns may conspire to create abumpy ride for the sector in 2025.However,this volatility also presentsopportunities.AI-driven data centrespending is strong and supply-constrained in key areas,whilecyclical semiconductor companies(including personal computers,handse
239、ts and industrial companies)with limited AI exposure arenavigating an inventory correction,and there is the potential for arecovery later in the year.The momentum from key growthtrends such as AI and digitalisation,coupled with a more favourableregulatory environment and a boostin merger and acquisi
240、tion activity,should support the technology sectorin the year ahead.Looking evenfurther ahead,exciting developmentsin areas such as quantum computing,augmented reality,artificial generalintelligence and space explorationare on the horizon.However,thisneeds to be tempered with the risksaround geopoli
241、tics and supply chainsand highlights the need fordisciplined risk management.Our focus is on building the portfoliofrom a bottom-up perspective with amacro overview.Technology is a keyenabler across almost every industry,and we will continue to seek out stocksthat solve difficult problems anddeliver
242、 long term share price growth.Mike SeidenbergLead Portfolio ManagerVoya Investment Management Co LLC12 March 2025Quantum computing:Googles 54-qubit Sycamore processor.Photo:GoogleClick here or press enter for the accessibility optimised versionInvestmentPortfolioPhoto:NVIDIATop Twenty Holdings11 NVI
243、DIASector:Semiconductors&Semiconductor EquipmentCountry:United StatesValue of holding:179,627,000%of portfolio:10.5Nvidia designs graphics processing units(GPUs).It built its name in the gamingindustry,but its real strength is now inartificial intelligence.Generative AI requiresvast processing power
244、 that is now largelyprovided by Nvidias sophisticated GPUs.The group has built a significant head-startin this part of the market,which has led tostrong earnings growth.Its GPUs are alsoused in a variety of other industries,including architecture,engineering andscientific research.Photo:AppleTop Twe
245、nty Holdings22 AppleSector:Technology Hardware,Storage&PeripheralsCountry:United StatesValue of holding:157,276,000%of portfolio:9.2Apple kept its crown as the most valuablecompany in the world in 2024,with a marketcapitalisation at the end of the year of$3.8trillion.Earnings and profits have contin
246、uedto tick higher in 2024,with iPhone salesstronger than expected.Its higher marginservices business,which includes its iCloudand Apple Music segments,continued to seedouble digit growth.Photo:MicrosoftTop Twenty Holdings33 MicrosoftSector:SoftwareCountry:United StatesValue of holding:134,622,000%of
247、 portfolio:7.8Microsoft has emerged as one of thedominant forces in artificial intelligence.Ithas had a tie-up with Chat GPT group OpenAI since 2019,and has developed an AI-based service Copilot.In 2024,it announceda$3.3bn investment in an AI hub inWisconsin,and a$30bn AI investmentpartnership with
248、BlackRock.Its cloudcomputing business has also gone fromstrength to strength.Its deal to buy gaminggroup Activision Blizzard finally completedin 2023,having also bought fibre optic cablemaker Lumenisity in late 2022.Photo:Shutterstock/PrimakovTop Twenty Holdings44 Meta PlatformsSector:Interactive Me
249、dia&ServicesCountry:United StatesValue of holding:129,855,000%of portfolio:7.6Having rebranded Facebook as MetaPlatforms in 2021,signalling its ambitions inthe metaverse,more recently the group hasbeen using its deep pockets to develop its AIproposition.Meta announced its artificialintelligence mode
250、l Llama 2 in July 2023 andin 2024,announced its new AI model MovieGen,which can generate movie clips fromuser prompts.The group also owns powerfulbrands,such as Facebook,Instagram andWhatsApp.Photo:BroadcomTop Twenty Holdings55 BroadcomSector:Semiconductors&Semiconductor EquipmentCountry:United Stat
251、esValue of holding:95,680,000%of portfolio:5.6Broadcom designs and develops of a widerange of semiconductor and infrastructuresoftware products.Its chips are used in awide variety of markets,including datacentres,networking,software,broadband,wireless,and storage and industrial markets.Its$61 billio
252、n takeover bid for cloud-computing company VMware,finallycompleted in November 2023.Thecompanys market capitalisation tippedover$1 trillion in December 2024.Photo:Shutterstock/BongkarnGraphicTop Twenty Holdings66 AlphabetSector:Interactive Media&ServicesCountry:United StatesValue of holding:85,854,0
253、00%of portfolio:5.0Best-known as the parent company ofGoogle,the worlds leading search engine,Alphabet also owns YouTube,AI researchlab Deep Mind,travel app Waze,admanagement group DoubleClick,smarthome devices group Nest and fitnesstracker group Fitbit.The group is also amajor provider of cloud ser
254、vices,thoughremains behind Amazon and Microsoft.Itis making significant investments in AI thatshould help its search engine and YouTubebusiness segments.In 2024,it unveiled itsfirst quantum computing chip,Willow.Photo:Shutterstock/Tada ImagesTop Twenty Holdings77 ASector:Broadline RetailCountry:Unit
255、ed StatesValue of holding:58,283,000%of portfolio:3.4A has created a retail revolutionsince its launch in Jeff Bezoss garage in1994,but has also seen significant growth inits cloud computing division,Amazon WebServices.This gives it a foothold in thenascent AI market,likely to be important inthe yea
256、rs ahead.It also owns brands such asRing,Twitch,IMDb,and Whole FoodsMarket.It remains the leading ecommercesite across the globe.Photo:TSMCTop Twenty Holdings88 Taiwan SemiconductorSector:Semiconductors&Semiconductor EquipmentCountry:TaiwanValue of holding:57,723,000%of portfolio:3.4TSMC has been a
257、dedicated semiconductorfoundry since 1987 and is now the worldsmost valuable semiconductor company.Clients include Apple,Broadcom,Qualcomm and Nvidia,while Inteland Texas Instruments,among others,outsource some of their production to TSMC.Until recently,TSMC only made its mostadvanced chips in Taiwa
258、n,but it is currentlybuilding foundries in Japan,the US andGermany.Photo:ServiceNowTop Twenty Holdings99 ServiceNowSector:SoftwareCountry:United StatesValue of holding:55,297,000%of portfolio:3.2Founded in 2003 by Fred Luddy,ServiceNowhas a cloud computing platform to helpcompanies manage digital wo
259、rkflows.Itannounced a tie-up with Nvidia in May 2023to bring AI services to major corporations.ServiceNow is a platform-as-a-service,offering the infrastructure for enterprise andtechnical management support systems,such as IT service management and helpdesks.In October 2024,the companyannounced a$1
260、.5bn plan to invest in datacentres into the UK.Top Twenty Holdings1010 Palantir TechnologiesSector:SoftwareCountry:United StatesValue of holding:44,063,000%of portfolio:2.6Palantir was founded in 2003 by Peter Thiel,Stephen Cohen,Joe Lonsdale and Alex Karpand is now a leader in big data and dataanal
261、ytics,with a range of products andservices.It has participated in the boom forAI-related technologies and the shift in ITspending.It joined the S&P 500 in October2024,which is likely to increase liquidity inthe stock.Top Twenty Holdings1111 CrowdStrikeSector:SoftwareCountry:United StatesValue of hol
262、ding:40,344,000%of portfolio:2.4Security group Crowdstrike uses artificialintelligence to give real-time protection andvisibility for companies,preventing attacks.The group draws data from across theglobe,giving it one of the most advanceddata platforms for security.This is designedto identify and p
263、revent breaches before theyoccur.Top Twenty Holdings1212 Cyberark SoftwareSector:SoftwareCountry:IsraelValue of holding:39,843,000%of portfolio:2.3CyberArk is an Israeli-listed cybersecuritycompany,specialising in identity manage-ment and cloud security.Its products areused in areas such as financia
264、l services,energy,retail,healthcare and governmentmarkets.The company is headquartered inIsrael,but has offices across the globe.Founder Udi Mokady was replaced as CEOby Matt Cohen in 2023.In 2024,the groupacquired Venafi,a machine identitymanagement company.Top Twenty Holdings1313 Spotify Technolog
265、ySector:EntertainmentCountry:LuxembourgValue of holding:34,908,000%of portfolio:2.0Streaming service Spotify was founded in2006 by Swedish duo Daniel Ek and MartinLorentzon.It dominates the streaming sectorwith around a third of the market.Itcurrently has 252m paying subscribers.Itcontinues to see s
266、trong revenue growth,butremains loss-making,with rising costs forcontent creation,marketing,and sales.Nevertheless,the music streaming market isstill expanding.Top Twenty Holdings1414 CloudflareSector:IT ServicesCountry:United StatesValue of holding:33,958,000%of portfolio:2.0Cloudflare was founded
267、in 2009 and listedin 2019.It provides services to makewebsites run faster and more securely.Cloudflare is used by more than 26 millionsites and by around 20%of the Internet forits web security services.In 2024,Cloudflarelaunched a tool that prevents bots fromscraping websites.Photo:NetflixTop Twenty
268、 Holdings1515 NetflixSector:EntertainmentCountry:United StatesValue of holding:32,485,000%of portfolio:1.9Media group Netflix was founded in 1997by Reed Hastings and Marc Randolph.Itnow reaches over half a billion people inmore than 190 countries and 50 languages.The company continued to add subscri
269、bersin 2024 at a rate of around 5m per quarter,boosted by a crack-down on passwordsharing.It had hits in 2024 with The PerfectCouple,Nobody Wants This and TokyoSwindlers.Photo:DatadogTop Twenty Holdings1616 DatadogSector:SoftwareCountry:United StatesValue of holding:29,897,000%of portfolio:1.7Datado
270、g is a cloud software group,providing monitoring of servers,databases,tools,and services,through its data analyticsplatform.The group was founded in 2010 byOlivier Pomel and Alexis L-Quc,ultimatelyfloating on the Nasdaq in 2019.The grouphas benefited from broader adoption ofcloud computing and is no
271、w compatiblewith all the major web services providers Amazon,Microsoft,Google and others.Photo:Trello/AtlassianTop Twenty Holdings1717 AtlassianSector:SoftwareCountry:United StatesValue of holding:27,907,000%of portfolio:1.6Australian software group AtlassianCorporation was founded in 2002 by colleg
272、efriends Mike Cannon-Brookes and ScottFarquhar.It specialises in collaboration toolsfor software development and projectmanagement.It now has 12,000 employeesacross 14 countries and serves over 300,000customers in over 200 countries.Top Twenty Holdings1818 Arista NetworksSector:Communications Equipm
273、entCountry:United StatesValue of holding:27,800,000%of portfolio:1.6Arista is a computer networking companyfounded in 2008 and listed since 2014.Itbuilds scalable high-performance and ultra-low-latency networks for data centre andcloud computing environments.It currentlyhas more than 10,000+cloud cu
274、stomersworldwide and has deployed 100m ports.Itwas founded by Andy Bechtolsheim,KenDuda and David Cheriton.Photo:HubSpotTop Twenty Holdings1919 HubSpotSector:SoftwareCountry:United StatesValue of holding:27,772,000%of portfolio:1.6HubSpot is a software group,specialising inmarketing,sales,and custom
275、er serviceproducts.It was founded by Brian Halliganand Dharmesh Shah in 2006.It has justbought FrameAI,an AI-poweredconversation intelligence platform,which itplans to integrate into Breeze,the AI thatpowers its customer platform.Top Twenty Holdings2020 SAP SE ADRSector:SoftwareCountry:GermanyValue
276、of holding:26,471,000%of portfolio:1.5SAP is a European multinational softwarecompany based in Germany.Its enterprisesoftware helps companies manage businessoperations and customer relationships.Itwas founded in 1972 and now has offices in180 countries and over 100,00 employees.Itis the worlds third
277、-largest publicly tradedsoftware company by revenue,and thelargest German company by marketcapitalisation.Portfolio Analysisat 31 December 2024Geographical breakdownAs cash is excluded and the weightings for each country are rounded to the nearest tenth ofa percent,the aggregate weights may not equa
278、l 100%.Sector breakdownAs cash is excluded and the weightings for each sector are rounded to the nearest tenth of apercent,the aggregate weights may not equal 100%.Investment Portfolioat 31 December 2024Click here or press enter for the accessibility optimised versionStrategicReportStrategic ReportS
279、ection 172 Report:Engagement with Key StakeholdersEnvironmental,Social,Governance(ESG)and Stewardship theCompanys ReportVoya Investment ManagementsEnvironmental,Social andGovernance(ESG)PolicyThis information has been extracted from the audited Annual Financial Report for the year ended 31 December
280、2024,a full copy of which can be found here.Click here or press enter for the accessibility optimised versionDirectorsReviewDirectorsDirectors ReportCorporate GovernanceStatementReport of the ManagementEngagement CommitteeReport of the NominationCommitteeReport of the RemunerationCommitteeDirectors
281、RemunerationImplementation ReportDirectors RemunerationPolicy ReportStatement of DirectorsResponsibilitiesAudit&Risk CommitteeReportThis information has been extracted from the audited Annual Financial Report for the year ended 31 December 2024,a full copy of which can be found here.Click here or pr
282、ess enter for the accessibility optimised versionFinancialStatementsIndependent AuditorsReport to the Membersof Allianz Technology TrustPLCIncome StatementBalance SheetStatement of Changes inEquityNotes to the FinancialStatementsThese Financial Statements have been extracted from the audited Annual
283、Financial Report for the year ended 31 December 2024,a full copy of which can be found here.Click here or press enter for the accessibility optimised versionInvestorInformationGlossary of UK GAAP Performance Measuresand Alternative Performance MeasuresGlossary of TermsInvestor InformationThis inform
284、ation has been extracted from the audited Annual Financial Report for the year ended 31 December 2024,a full copy of which can be found here.Click here or press enter for the accessibility optimised versionNotice ofMeetingNotice of MeetingThis information has been extracted from the auditedAnnual Fi
285、nancial Report for the year ended 31 December2024,a full copy of which can be found here.My share,my voteAn AIC campaign to change company law.“Its simply unacceptable that investors findthemselves left in the dark about their rightto vote,prevented from voting or chargedfor the privilege.If we are
286、serious aboutshareholder democracy,investors must beable to have their say.”Richard Stone,Chief Executive of the Association of InvestmentWe commend and support the Association of InvestmentCompanies(AICs)efforts to further improve theenfranchisement of retail shareholders who hold theirshares throu
287、gh an investment platform or other nomineeservice,with their newly launched“My share,my vote”campaign,targeting a change in company law.You canview details of this campaign here and follow instructionson how to cast your vote via platforms here.Click here or press enter for the accessibility optimised versionStay in TouchAllianz Technology Trust PLC199 Bishopsgate LondonEC2M 3TY+44(0)203 246 1 2 Terms 1 2 Privacy 1 2 P O W E R E D B Y
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