13th Mar 2020 15:42
(Alliance News) - Allianz Technology Trust PLC on Friday reported a full-year net asset value rise but reported a mixed performance against its benchmarks.
Net asset value per share rose 29% to 1,654.1 pence per share from 1,284.7p.
Shares in the company were 3.3% higher at 1,489.94p each in London on Friday afternoon.
When compared to four benchmark indices, Allianz Technology's performance was more hit-and-miss, however.
Its 29% NAV per share rise was eclipsed by the Dow Jones World Technology Index, which returned 39%, the Morningstar Global Technology Sector's return of 30% and the MSCI World Technology Index which returned 42%.
The trust outperformed the Russell MidCap Technology Index which returned 18%.
The company said: "The year to December 31 was a period of strong returns for almost all equity markets around the world, in spite of the global economy shifting into reverse gear and geopolitical tensions continuing to prevail. It was a year dominated by the prolonged - and thus far unresolved - trade dispute between China and the United States which hit manufacturing and corporate earnings around the world. However, despite this complicated backdrop, global stock markets delivered unexpectedly strong returns, with the technology sector shining brightest of all and outperforming global stock markets by some considerable distance."
By Eric Cunha; [email protected]
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