Allianz Technology (ticker: ATT) was launched in 1995 and was initially managed by Finsbury Asset Management. In 2007, it switched management firm to Allianz, with Walter Price taking on the lead role. Price retired in 2022, handing over to Mike Seidenberg, who has worked on the trust since 2009. Just before Price stepped down, Allianz merged its US fund management business with Voya, although the trust continues to be managed from the same office in San Francisco. ATT holds a relatively concentrated portfolio of global technology companies, although around 90% of its holdings are listed in th...
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UPDATE: A revised profile for this trust will be published in October 2026.
Polar Capital Technology (ticker: PCT) began trading in 1996 as a roll-over vehicle for TR Technology Trust. It was initially called Henderson Technology but in late 2000 its managers left Henderson to set up a new company called Polar Capital. The trust stuck with them and appointed Polar Capital as its new management firm. Ben Rogoff, PCT's current lead manager, joined Polar Capital in 2003 and has been responsible for running its portfolio since 2006. PCT's shares are currently around 1,900p, representing an annual...
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UPDATE: A revised version of this profile was published in September 2025.
Herald Investment Trust specialises in small-cap stocks involved in technology, media, and telecoms. Roughly half its portfolio is listed in the UK with a quarter in North America and the remainder in Europe and Asia. It was launched in early 1994, pre-dating both Allianz Technology and Polar Capital Technology by a couple of years, and has been managed throughout by Katie Potts. Its annualised net asset value return has been just over 12%, largely keeping pace with the Polar and Allianz trusts until five years ago whe...
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UPDATE: A revised version of this profile was published in November 2025.
Allianz Technology Trust has been one of the best-performing trusts over the last decade. Its management team is based in San Francisco, close to many of the world's best-known technology companies and lead manager Walter Price has specialised in the sector since the 1970s. While technology has undoubtedly been a great place to invest in recent times, the trust has maintained a comfortable lead over its benchmark ever since Allianz was appointed in 2007. However, the rotation towards cyclical stocks we've seen in the pa...
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UPDATE: This trust was delisted in May 2026 after shareholders accepted a cash offer of 111p per share.
In the first of a new regular series, our in-house expert Stuart Watson joins us to take a detailed look at this specialist fintech trust, which first came to the market in March 2018 and is currently looking to issue £40m of new shares in a secondary placing. Stuart qualified as a chartered accountant before moving into journalism and has 20 years of experience of owning and writing about investment trusts from an independent standpoint. This is his first article for the Money Makers circl...
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For premium subscribers we periodically do podcast interviews with fund managers and analysts about current market conditions and funds (occasionally shares) that we invest in. This one is with Mike Seidenberg, who has worked alongside Walter Price as co-manager of the Allianz Technology Trust since 2009 and is responsible for analysing their software holdings in particular. The transcript is a lightly edited version of an original hourlong recording. It is a long read, but one which I found helpful and may be also to you if you are interested in deciding whether to continue with your technol...
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