Page 24 - DIY Investor Magazine | Issue 39
P. 24

   Nov 2023 24
DIY Investor Magazine ·
MS: Sure. The notion of kind of thinking long term, yet also being really cognizant of the short term. And it really boils down to risk-reward; what is the risk-reward of a particular company, relative to their longer-term growth rate? Look, we manage it
like a lot of people do. We very, very much think about position size, we think about when things seem too exuberant potentially, trimming that position. But it’s active risk management, and
a core tenet to how we run the portfolio. I will tell you with secular ideas, I’m probably going to err on the side of owning, versus not owning, given that in my career, I’ve just seen the secular themes play out really long and over many more years than investors typically realise. So, it’s ideas, it’s identifying
the companies and who we think are the winners, and going through our process and making sure we have exposure to those winners in some capacity.
CR: So just to wrap up, on balance, do you think this is an opportunity or a threat?
MS: I think on balance this is an opportunity. If you roll the
clock back 70 years, there were huge pools of people typing
in corporations, right? And those typing pools were replaced
as the electric typewriter came of age. And everyone thought there’d be job loss, etc, etc. What you want, as the world progresses, is people using the best technologies to do their jobs in the most effective manner. Now, there may be some
job loss, if your job is a very rudimentary one, where you just kind of go through the same task day in day out. But for a lot of people, I think artificial intelligence is probably an enhancement, to the job opportunity for the average kind of knowledge
worker. So, yeah, look, I don’t think you can stop the progress
of technology. There could be some job loss near term, but I think over time, it probably is more about job creation versus job loss. I will also caveat - it’s early days - I think that there’s a lot
of learning to be done. But I don’t think we’re going to stop the wheels of progress. As people look at this technology, it’s such a key enabler to their businesses.
CR: Great. Okay, we’ll wrap up there. If you have any questions on the subjects we’ve discussed today or anything about the Trust, please do go to the website - or contact one of the sales team.
So, thank you, Mike, for those insights today. And thank you all for listening.
Lead portfolio manager Mike Seidenberg shares his thoughts on the second quarter of 2023, the rally in some tech stocks and performance drivers, and whether that narrow rally might widen out.
Investing involves risk. The value of an investment and the income from
it may fall as well as rise and investors might not get back the full amount invested. Past performance does not predict future returns. For further information contact the issuer at the address indicated below. From 25 July 2022, discretionary portfolio management services formerly provided to Allianz Technology Trust PLC (the “Company”) by Allianz Global Investors (“AllianzGI”) have been delegated to Voya Investment Management Co. LLC (“Voya IM”). All members of the former AllianzGI Global Technology Team transferred to Voya IM and continue to manage the Company’s portfolio. It is anticipated that there will be no change to the investment process. AllianzGI will remain the Company’s AIFM (Alternative Investment Fund Manager), providing company secretarial, administration and sales and marketing services. This is a marketing communication issued by Allianz Global Investors UK Limited, an investment company, incorporated in the United Kingdom, with its registered office at 199 Bishopsgate, London, EC2M 3TY, Allianz Global Investors UK Limited company number 11516839 is authorised and regulated by the Financial Conduct Authority. Details about the extent
of our regulation are available from us on request and on the Financial Conduct Authority’s website ( The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted; except for the case of explicit permission by Allianz Global Investors
UK Limited. Allianz Technology Trust PLC is incorporated in England
and Wales. (Company registration no. 3117355). Registered Office: 199 Bishopsgate, London, EC2M 3TY.

   22   23   24   25   26