ATT offers a relatively pure exposure to companies involved in ‘innovative disruption’ in sectors as wide ranging as automobiles, advertising, security, retail and web services. Despite some clouds hanging over the technology sector’s current leading names, the management team is highly enthusiastic about opportunities, with lead manager Walter Price commenting that “this is the best environment for technology investing for 15 years”. He reports having more ideas than capital available. Reflecting the team’s optimism, the portfolio has witnessed a significant re-shaping since September 2017. It has shifted capital away from stocks viewed as ‘growth at a reasonable price’ and into ‘high growth’ stocks. This represents a marked change in risk appetite and the re-positioned portfolio now offers, according to Allianz Global Investors’ (AllianzGI’s) estimates, earnings growth for the next 12 months of 34%, more than twice that of the benchmark. We note that the number of holdings has increased from 57 stocks (in September 2017) to 64 (March 2018). Walter and his team in San Francisco have developed a longterm track record stretching back several decades. They have managed ATT for over ten years now, over which period the trust has delivered NAV total returns of 440%, outperforming the benchmark by an exceptional 126 percentage points. Over the same period, Polar Capital Technology Trust’s (PCT’s) NAV has achieved returns of 374%, 66 percentage points behind ATT. Year-to-date, ATT is +5.6%, c.4.3% ahead of PCT, and 6.8% ahead of the benchmark, which is in negative territory. Walter attributes this outperformance to his off-benchmark (Amazon) and mid cap exposures. ATT has assets of £348m. There are relatively few specialist tech funds in the UK trust and OEIC universe, but ATT has outperformed the vast majority of them. Historically, ATT has traded on a wider discount than its closest listed peer, PCT. However, recently this situation has reversed and the trust trades on a small premium to NAV (of 1% at the time of writing) as compared to PCT’s discount of 4%, reflecting the stronger performance and active stock picking employed by the AllianzGI team.