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LONDON (Alliance News) - Allianz Technology Trust PLC on Friday said it had a positive start to 2019 after reporting an outperformance over the benchmark in the past 13 months.
The investment company said its net asset value total return in the 13 months to the end of December 2018 was 9.0%. In comparison, the company's benchmark, the Dow Jones World Technology Index, returned just 0.1% over the same period.
Allianz's net asset value per share remained flat year-on-year at 1,178.6 pence.
Over the period, the market price of the company's shares rose by 1.7%, from 1,200p to 1,220p. The share price mostly traded at a small discount or small premium to net asset value, Allianz explained, although the discount widened a little towards the end of the period, ending at 5.0% on December 31.
At November 30, 2017, the shares had been trading at a 1.8% premium to net asset value. This shift reflected the market volatility and deterioration in investor sentiment in the latter part of 2018, the company said.
Allianz shares were trading 0.2% higher on Friday at 1,482.80p each.
Looking ahead, Chair Robert Jeens said: "Since the end of the reporting period, markets have continued to be unpredictable but the trust's net asset value has experienced a significant and positive bounce, rising by 14.2% over the initial two months of 2019."
"Markets have been more buoyant but positive stock section has been the key contributor to the company's relative performance," added Jeens.
