LONDON (Alliance News) - Allianz Technology Trust PLC on Tuesday said its net asset value per share fell in the first half of its financial year, missing its benchmark.
The trust said its NAV per share fell by 1.5% to 665.1 pence in the six months ended May 31 from 675.1p the year before. The Dow Jones World Technology Index, meanwhile, reported a 2.7% rise in total return, while the FTSE All Share Index reported a 0.1% total return.
Allianz said its performance was hindered by market volatility, in particular in the run up to the EU referendum. E-commerce and cloud computing company Amazon.com and technology giant Apple were among the top contributors, Allianz said, but the worst performers included security company Sophos Group and computer software provider Tableau Software.
"Since the period end the UK has voted by a small margin in favour of leaving the European Union catalysing a widespread dislocation of markets and a significant fall in the value of sterling against all other major currencies. In recent weeks this fall has substantially boosted the NAV of your company as expressed in pence per share as the large majority of our assets are denominated in US dollars and thus provide a strong natural hedge against movements in sterling," Chairman Robert Jeens said in a statement.
"It is too early to judge the longer term impact on markets but the benefits of investing in a globally diversified portfolio of leading technology companies, particularly for a UK investor whose local market indices have a very low technology weighting, would appear to be intact if not reinforced," he added.
Shares in Allianz were trading down 0.6% at 696.40 pence on Tuesday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Allianz Technology Trust (ATT)