Allianz Global Hi-Tech Growth
This multi-cap global technology fund focuses on high-growth companies with proven business models. The fund does not invest in blue-sky or unproven ideas.
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Our Opinion
We’re excited to see what this new team of experienced investors can do at Allianz. Jeremy Gleeson was previously a long-standing Elite Rated manager before he moved to this new fund. We like the fund's multi-cap nature and its ability to look beyond the most obvious mega tech names. This fund is firmly on our radar.
Fund Managers
Jeremy Gleeson, Co-Manager
Jeremy Gleeson joined AllianzGI in August 2024 as CIO of global technology equity. Jeremy spent 17 years at AXA as the manager of the AXA Global Technology fund. Prior to that he was a senior portfolio manager at Close Brothers Group PLC. Jeremy has won a number of awards for technology investing throughout his career. He holds a BSc in Mathematics and an MSc in systems engineering from Cardiff University. He is a CFA charter holder.
Sunil George, Co-Manager
Sunil George joined AllianzGI in May 2023 and is now a senior portfolio manager for the Global Hi-Tech Growth fund. Sunil has previously worked at Nordea and Morgan Stanley and has over 20 years’ experience. He holds an MBA from Wharton, an MS in electrical engineering from Johns Hopkins University and a BS in electrical engineering from Georgia Institute of Technology.
Brad Reynolds, Co-Manager
Brad Reynolds joined in October 2024. Brad previously worked at AXA and was a global technology investment analyst at Polar Capital for eight years. Prior to that he was an investment analyst on the European Market Neutral fund at Polar Capital for three years. He has also worked at F&C and Gartmore. Brad holds a BA in Business Studies from the University of Hertfordshire.
Risk
Given the fund’s nature, and narrow focus on technology, investors should expect it to be high risk. The fund’s performance will be heavily dependent on whether the growth style -and technology stocks in general -are in favour. The fund has regular risk meetings, including monthly and quarterly reviews. The fund is well diversified within its sector with 50 to 75 holdings, and illiquid stocks below $1bn market cap are avoided. Single holdings are limited to a maximum of 10%.
Company Description
Allianz Global Investors (AllianzGI) is an investment division of Allianz Asset Management AG, a wholly owned subsidiary of Allianz SE, one of the world’s largest financial services providers. AllianzGI employs over 700 investment professionals in 23 offices worldwide and manages over £550bn in assets for a mixture of both retail and institutional clients, across equities, fixed income, multi-asset and alternative investments. Fixed income is the largest portion, accounting for about £180bn of assets under management. AllianzGI was awarded the Elite Provider rating for strategic bonds in 2020 and China/Greater China Equities in 2021.
Investment process
The fund is an unconstrained multi-cap strategy that focuses on long-term growth. The team believe that technology spending will continue to grow in future decades, driven by long-term mega trends. The team target businesses with large addressable markets and growth opportunities. They believe that investing in technology requires a global view and a willingness to invest beyond the traditional mega-caps.
Ongoing trends include artificial intelligence, cloud computing, software as a service, cybersecurity, future transportation, industrial evolution and the digital consumer. The team target the sweet spot of the technology life cycle where technology has been proven but where there is still a long growth runway ahead.
The first step in the process is idea generation. Strong secular growers from within different themes are identified for further research. The team conduct detailed fundamental analysis on potential ideas. They focus on the quality of a company’s products and the sustainability of its revenue. They look for strong management teams with a strategic commitment to growth.
The team undertakes many meetings with company management teams. The validity of themes and companies is constantly questioned and updated. All portfolio managers are fully involved in the research process. Decision making is informed by collaborative and collective input from many individuals.
The fund also benefits from Grassroots Research, a separate research entity which conducts complementary research. This allows the team to spot and identify inflection points early. The fund also benefits from the AllianzGI AZuno platform, which allows research teams to share their updates across the company.
The final portfolio will hold 50-75 holdings.
Risk
Given the fund’s nature, and narrow focus on technology, investors should expect it to be high risk. The fund’s performance will be heavily dependent on whether the growth style -and technology stocks in general -are in favour. The fund has regular risk meetings, including monthly and quarterly reviews. The fund is well diversified within its sector with 50 to 75 holdings, and illiquid stocks below $1bn market cap are avoided. Single holdings are limited to a maximum of 10%.
ESG
This is an Article 8 fund. Sustainability research and company engagement are shared across the company on the AZuno platform. ESG risk factors are therefore naturally built into the research process. The fund is managed according to the Sustainability Key Performance Indicator Strategy, which addresses greenhouse gas (GHG) intensity. The fund excludes coal, weapons and tobacco investments.
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