Allianz Technology Trust (ATT) is a highly differentiated and actively managed trust, aiming to profit from technological innovation and disruption. Importantly, the trust uses its structural advantages to invest, from time to time, in mid-cap high growth companies as well as large and mega-caps. As we discuss in the Performance section, this has helped the trust to outperform peers and the benchmark over the longer term. The recent equity market fall has prompted some rapid adjustment by the team. When we caught up with them recently, the team had been asking themselves whether each holding could benefit from lockdowns occurring around the world, and whether each company could continue to sell its products in such a challenging market. The resulting portfolio is positioned to benefit from remote working and a stay-at-home environment, including software companies providing cyber security, workforce collaboration, video streaming, and communication services. The team have added (amongst others) to holdings in Amazon, Netflix, Ringcentral and Zynga (gaming). Within security software, they have added to CrowdStrike and ZScaler, as we detail in the Portfolio section. Technology stocks have outperformed during Q1 2020. Over this period, world equity markets (MSCI ACWI £) fell by 16%, while ATT NAV fell by only 1.4%. Relative to its benchmark, ATT has outperformed on a NAV basis by 25% over five years, and by 175% since 2007 (as of 31/03/2020). Recently ATT’s share price has continued to trade close to NAV, aside from a brief period of particularly extreme market volatility. In fact at the time of writing the shares trade at a premium, and the trust continues to issue further stock.