Last checked at 
(Alliance News) - Allianz Technology Trust PLC on Monday said it underperformed its benchmark in 2022.
Net asset value per share decreased by 34% to 231.0 pence on December 31 from 347.9p a year earlier, compared to a fall of 26% in its benchmark, the Dow Jones World Technology index over the same period. The trust's share price fell by even more, quoted at 210.0p on December 31, down 40% from 352.5p a year before. This swung the stock price from a slight premium to NAV to a 9.1% discount.
The stock was trading at 211.73p on Monday morning in London, down 1.3% on the day.
Allianz Tech said 2022 has been a particularly "hard one" for technology investors against a wide backdrop of economic and geopolitical difficulties. It said higher growth, mid-cap companies were hit hardest in 2022 as "investors reappraised valuations in light of the changing interest rate environment".
Alliance Tech proposed no dividend for 2022, same as 2021.
Looking ahead, Allianz Tech said it is difficult to predict what might happen in global politics and economics in 2023. However it noted that inflationary pressures are easing.
"The board has full confidence in the investment manager's differentiated strategy and in the technology sector as a source of longer-term superior returns," it said.
By Xindi Wei, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
