What do Amazon (AMZN:NSQ), Facebook (FB:NSQ), Palo Alto Networks (PANW:NYQ) and Tesla (TSLA:NSQ) have in common? They're all on Allianz Technology Trust's (ATT) cutting room floor following a de-risking portfolio purge.
Investors had been throwing money at the risky end of the tech sector but this year the party came to an abrupt end, and Silicon Valley's most popular tech stocks found themselves out in the cold. Allianz Technology Trust is down by more than 15 per cent this year as a result - 10 per cent below its index - as investors pile out in search of safer ports.
Walter Price, manager of Allianz Technology Trust, is now eschewing the high-risk innovators which were very popular in 2015 in search of older companies with comforting dividends. He has cut the high-growth chunk of his portfolio by 10 per cent and re-allocated it to safer industry stalwarts paying out income.