Allianz Technology Trust failed to match the return on its benchmark, the Dow Jones World Technology Index, over the year to the end of November 2014. Over the year the fund delivered a return of 18% vs. the Index’s 27.3%. To compound the problem, the discount widened from 0.45 to 5.8% and so the return to shareholders was 11.5%.
The announcement makes no mention of which stocks contributed to or detracted from the fund’s performance relative to its benchmark but it does say that, over the period, they suffered from being underweight some of the larger and more mature companies in the Index and overweight some of the higher growth companies.
ATT : Bias to growth hurts Allianz Technology