Discover the dynamic world of technology with Allianz Technology Trust’s lead manager, Mike Seidenberg. From navigating mega-cap dominance and tariff concerns to uncovering opportunities in AI and cybersecurity, he shares how his team balances risk, valuation, and long-term conviction. Listeners gain insights into the global nature of the tech sector, the evolving impact of artificial intelligence, and why disciplined portfolio management remains key in an ever-changing market.
Why you should listen to the interview: Hear first-hand insights from a veteran technology investor on how to identify lasting trends beyond the hype. Learn why AI isn’t just a buzzword, how cybersecurity remains essential, and what drives resilience in the tech sector, making this episode a must-listen for anyone curious about the future of innovation.
This interview was recorded on 9 October 2025. Please note, answers are edited and condensed for clarity. To gain a fuller understanding and clearer context, please listen to the full interview.
Interview highlights:
Staying calm in a crisis
“We didn’t do a whole lot during the Liberation Day fiasco/what are tariffs, what aren’t tariffs… The team operated on the premise that we would get to yes. How we got to yes may not be the prettiest thing. And yeah, I think it’s the only time barring 08/09 in my career where I was truly pulling my hair out, so to speak.
“Having said that, if the one thing you learn and you do this job for a number of years, decades in my case, is you learn that panic usually isn’t the best thing to be. Being methodical and thinking about things is probably what serves you best in a difficult time. Ironically, we were able to add to positions that had better risk-reward, and by not making a lot of changes, it allowed us to recoup some of the drawdown and let fundamentals come back into view.”
How AI is changing everything
“Artificial intelligence is not a fad. It is a secular opportunity. If you talk to people outside of tech, say a healthcare company or a legal firm, their use cases and how they’re envisioning AI are extraordinary. Especially in healthcare, they want to increase patient outcomes, decrease costs, and increase customer satisfaction.
“I think that AI, from a potential perspective, there isn’t an industry it won’t touch — similar to the cloud when it emerged. People didn’t adopt the cloud because it was cool; they did it because it solved real business problems. With AI, we’re seeing the same shift. Early on, it will augment existing solutions, and while everyone’s throwing things at the wall, only a few will truly transform industries. The real story will play out over the next five years, not five months.”
Investing in cybersecurity
“Cybersecurity is one of the best neighbourhoods in technology. We have increasingly sophisticated adversaries, nation states, organised groups, and we’re all hooked on digital technologies. Nobody wants to be on the front page of the FT or the Wall Street Journal because of a breach. It happens weekly, and cybersecurity spend is not optional. It’ll be a necessary spend for AI-related workloads too. The biggest challenge as an investor is obsolescence risk because the threat vector changes, and what worked yesterday may not work tomorrow. That’s why cyber is such an active manager’s sector, you need to stay ahead of constant evolution.”
The discipline behind tech investing
“Technology’s been a great growth sector for decades. It’s always going to be relatively expensive because growth is hard to find. But that doesn’t mean you can’t be disciplined. I think of the portfolio like a three-tiered cake—high growth, growth-at-a-reasonable-price, and attractively valued companies. Responsible management means balance. I want to weather all market environments, not just chase momentum. Some years we’re better at it than others, but our goal is always the same: find businesses that are emerging, taking market share, and delivering real value regardless of the macro backdrop.”
Conclusion: As technology continues to influence every corner of our lives, understanding where real value lies has never been more important. Whether you’re fascinated by AI, curious about global markets, or simply want a clearer lens on the tech sector, this discussion leaves you with valuable insights on staying invested for the long term.
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