Value. Shared.
19 November 2020
Portfolio Adviser Winter Congress
Anthony Wong Portfolio Manager
Shannon Zheng
Senior Product Specialist
China – the next 5 years
For fund distributors and
professional Investors only
2 Europe
£381bn (77%)
US
£87bn (18%)
Asia Pacific
£27bn (5%)
Data as at 30 September 2020. Source: Allianz Global Investors. Any differences in totals are due to rounding. Environmental, social and governance (ES&G)
Total in GBP: £496 billion assets under management
Allianz Global Investors
Broad and well diversified active investment universe
Retail | Institutional
Retail
£142bn (29%) Institutional
£354bn (71%)
Region
ES&G factors are important investment performance drivers
Equities £117bn (24%)
Alternatives £70bn (14%) Multi-asset £128bn (26%) Fixed income £181bn (37%)
Offering comprehensive investment expertise and insights
Upholding a culture of risk management
Focusing on active management
How we create value
3
Agenda
China – performance recap - Resilience and consistency
01
China – the future - Monetary innovation - The next 5 year plan
- Equity markets better reflecting economic reality
02 AllianzGI China A-Shares &
All China Equity:
- Outlook
- Positioning & performance
03
4
01
China – performance recap
5
US SH
SZ
HK
China equity universe - recap
Shenzhen A-shares
Shanghai A-shares
China Stocks listed in HK
US-listed
ADRs* Total Euro Area
Market cap (USD trillion) 4.6 6.2 4.3 1.4 16.6 7.8
Number of stocks 2,310 1,789 1,296 142 5,537 4,897
Source: Shenzhen Stock Exchange, Shanghai Stock Exchange, Hong Kong Stock Exchange, Bloomberg, Allianz Global Investors, as of Sept 30, 2020. The total figures are for comparison only, the stocks included may be listed in more than one exchange. Offshore China stocks are defined based on companies with ultimate parent domiciled in China. Suspended stocks are excluded. Euro Area data is as of December 31, 2019. * An American depositary receipt (ADR) is a negotiable certificate issued by a U.S. depository bank representing a specified number of shares—often one share—of a foreign company's stock. The ADR trades on U.S. stock markets as any domestic shares would.
Source: Refinitiv DataStream, Allianz Global Investors, as of November 10, 2020. Past performance is not indicative of future results. This is for illustrative purpose only; you can’t invest in an index. 6
Global equity markets relative performance ytd (USD)
Chinese equities outperformed other global equity markets YTD with lower volatility
MSCI CHINA A ONSHORE U$
Number of days ytd >+/-5% daily movement
S&P 500 10 Days
MSCI China 2 Days
MSCI China A Onshore 3 Days
Source: Wind, Allianz Global Investors, as of September 30, 2020. Northbound stock connect as % of A-Share turnover is based on 30 day moving average. 7
China A Shares - supportive fund flow from both international and domestic investors
Northbound Stock Connect as % of A-share turnover Cumulative Northbound buying through Stock
Connect (RMB billion)
0 200 400 600 800 1,000 1,200
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19
0%
1%
2%
3%
4%
5%
6%
7%
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Source: Refinitiv DataStream, Allianz Global Investors, as of October 26, 2020. 8
Buoyant retail sentiment in mainland China has taken margin trading to highest level since 2015
Margin Trading Balance in China A-Shares (CNY Trillion)
• Trading on margin was a key contributor to 2015 boom / bust
• Watch for potential cooling measures to prevent
repeat scenario – lessons learnt
9
02
China – the future
10 Source: LHS - WIPO (2019). World Intellectual Property Indicators 2019, WIPO Statistics Database as of August 2019. RHS - China Institute for Science and Technology Policy at Tsinghua University “China AI Development Report 2018”, Allianz
Global Investors, as of July 2018.
‘US does innovation, China does clones?’
Artificial Intelligence investments by country (last 5 years to 2018)
Global patent and trademark applications by country
Trademarks 2017 2018 Share of world total
China 5,739,669 7,365,522 51.4%
U.S. 613,895 640,181 4.5%
Japan 560,265 512,156 3.6%
Patents 2017 2018 Share of world
total
China 1,381,594 1,542,002 46.4%
U.S. 606,956 597,141 18.0%
Japan 318,481 313,567 9.4%
0%
10%
20%
30%
40%
50%
60%
70%
Number of Transactions (%)
Investment Amount (%)
Source: Internet. This is for illustrative purposes only. 11
China’s monetary transformation
Primary school exam maths question
Q. Mum bought her child a new pencil case which costs 6 yuan and 50 cents.
How can you use your money to pay?
Please write down and explain two different ways to do this
A. 1) Alipay
2) Wechat Pay
12 Source: 1JP Morgan Research, as of October 10, 2018
EV (left) Bloomberg New Energy Finance, (left) as of January 27, 2019; Solar installations (right) - Lazard’s Levelized Cost of Energy Analysis – Version 13.0, Lazard, published in November 2019. BNEF, UBS, as of December 31, 2019. .
China’s next 5-year plan – includes a vital role in providing solutions to fight climate change globally
• Significant capital to be targeted at self-sufficiency priorities – 5G, semiconductors, renewable energy
• China is the largest market for EVs globally. Estimated to be 5 million EVs in China by 2025
1• Price of solar energy to be similar to traditional energy in 2021 – last 10 years, cost of solar energy has fallen by 90%
Asia 56%
US 10%
Europe 18%
Rest of the world
16%
Solar installations by geography EV sales by region
32% 47% 55% 60% 66%
26%
22% 17% 18% 13%
40% 30% 26% 20% 18%
2015 2016 2017 2018 2019
Asia US Europe Rest of the world
Source: Bloomberg, as of September 30, 2020. This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation. 13
China’s equity markets increasingly reflect the drivers of the real economy
MSCI China All Shares Index Sector Weighting, 5 years
0%
20%
40%
60%
80%
100%
Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20
Consumer Discretionary Consumer Staples Communication Services Information Technology Health Care
Industrials Materials Energy Utilities Real Estate Financials
• ‘New economy’ sectors increasingly dominate MSCI indices
• Biggest changes consumer discretionary
(Alibaba, JD) vs financials
Source: Morgan Stanley, as of September 30, 2019. 14
Significant equity market shift away from State Owned Enterprises
MSCI China All Shares Index breakdown: SOE (state-owned enterprise) vs non-SOE
63% 60%
51% 52%
45% 35%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
End 2015 End 2016 End 2017 End 2018 End 2019 Sep-20
% of SOE % of non SOE
15
03
Outlook, positioning &
performance
Source: Morgan Stanley, as of 13 October 2020. 16
“First in, first out” economic recovery leading to improved earnings outlook
• China Q2 GDP rebounded to 3.2%, first major economy to report positive GDP numbers since Covid
• The Oct 1-8 Golden Week period resulted in 640 million people travelling domestically
• Economic recovery should support outlook for earnings growth into 2021
October 2020
February 2020
Photo source: CarbonBrief. This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation. 17
Opportunities in a mixture of ‘new’ and ‘old’ economy sectors
Theme Rationale
Domestic tourism Internal travel at the expense of outbound tourism. Duty free stores, hotels to benefit.
Construction machinery Infrastructure spending increased to provide economic support.
Chinese companies winning market share from foreign competitors
Healthcare / biotech Surge in biotech spending over the last decade – widening range of investment opportunities
Solar Grid parity expected in 2021 i.e. cost of solar the same as traditional energy sources
‘Self sufficiency’ 5 year plan a sign of future capex – 5G, semiconductors, renewables
18 Source: Allianz Global Investors, as of September 30, 2020. Investment involves risks. Past performance is not indicative of future performance. This is no recommendation or solicitation to buy or sell any particular security. This is for guidance
only.
Performance of sectors within MSCI China A Onshore Index by calendar year
Significant level of volatility and rotation within the China A shares market
Top Performer Bottom Performer
Portfolio construction important to manage ‘non-fundamental’ risk factors
MSCI China A Onshore Index YTD 2020 2019 2018 2017 2016 2015 2014 2013
Communication Services 18.67 27.03 (26.99) (11.73) (3.99) 25.70 43.03 20.50
Consumer Discretionary 23.06 38.43 (33.55) 22.54 (21.53) 22.76 22.01 26.23
Consumer Staples 45.79 72.51 (24.51) 73.49 (0.39) 13.45 13.82 (3.25)
Energy (13.56) 13.38 (26.36) 11.37 (10.52) (21.33) 18.14 (23.14)
Financials 1.67 36.66 (21.07) 27.97 (12.39) (12.97) 89.82 (2.47)
Health Care 49.70 33.80 (30.14) 21.12 (16.02) 35.73 4.89 34.91
Industrials 18.11 23.63 (31.78) 9.35 (23.78) 12.20 52.31 6.05
Information Technology 31.66 59.18 (39.87) 29.35 (29.06) 48.05 9.56 45.14
Materials 13.22 25.27 (34.88) 21.16 (17.59) 1.58 35.51 (23.11)
Real Estate (3.07) 30.23 (25.72) 19.79 (23.31) 30.62 77.04 (15.43)
Utilities 4.54 4.50 (13.82) 3.78 (22.56) 2.94 82.15 2.54
19 Source: IDS, as of September 30, 2020. The benchmark refers to the MSCI China A Onshore Index (Net) In USD. The Data above are supplemental to the composite returns in the GIPS® compliant presentation, please see additional disclosure in the Appendix. The account information set forth above is for a representative portfolio, is provided for illustrative purposes only and reflects one account within the composite. Characteristics of the representative portfolio shown here may differ from those of the composite and of the other accounts in the composite. The information provided in this report should not be considered a recommendation of any particular security or strategy. There is no assurance that any security discussed herein will remain in an account's portfolio at the time you receive this document. Investment involves risks. Past performance is not indicative of future performance. Individual performance will vary.
AllianzGI China A-Shares
Representative Account – Supplemental Information
Portfolio Targets Portfolio Snapshot
Portfolio Benchmark*
61 716
1.08 1.62
31.68 19.73
4.20 2.29
36.8bn 43.1bn
*MSCI CHINA A ONSHORE TOTAL RETURN (NET) IN USD All figures shown above are weighted average as of 30 Sep 2020
Market cap (Ave.) USD
Positions Yield (%) P/E (x) P/Book (x)
Risk Characteristics
Benchmark 1.00 20.70%
Stock specific risk 55%
Systematic/Factor risk 45%
Source: Based on APT World model in USD, 30 Sep 2020 Beta
Total volatility
Expected tracking error
Portfolio 0.97 20.71%
5.23%
Portfolio (%) Benchmark (%)
11.3 8.5
Consumer Staples 16.3 14.3
Energy 0.8 1.2
Financials 18.4 21.6
Health Care 9.4 10.8
Industrials 14.1 12.0
Information Technology 13.6 16.0
Materials 8.3 7.9
Communication Services 0.0 2.5
Utilities 0.7 1.7
2.8 3.4
4.3 0.0
100.0 100.0
Sector
Consumer Discretionary
Real Estate Liquidity Total
Portfolio Concentration
Portfolio Benchmark
20% 14%
33% 20%
54% 28%
Top 5 positions
Top 10 positions
Top 20 positions
20 Source: IDS, as of October 31, 2020. Inception Date: March 2009. Performance of less than one year has not been annualized. The benchmark refers to the MSCI China A Onshore Total Return (Net) in USD. The account information set forth above is for a representative portfolio, is provided for illustrative purposes only and reflects one account within the composite. Characteristics of the representative portfolio shown here may differ from those of the composite and of the other accounts in the composite. The information provided in this report should not be considered a recommendation of any particular security or strategy. Investment involves risks. Past performance is not indicative of future performance. Individual performance will vary. Gross returns were calculated on a total return basis, including all dividends and interest, accrued income, realized and unrealized gains or losses, and are net of all brokerage commissions and execution costs, and do not give effect to investment advisory fees which would reduce such returns. Net returns, where appropriate, were calculated on a total return basis, including all dividends and interest, accrued income, realized and unrealized gains or losses, and are net of all brokerage commissions, execution cost, and investment advisory fees. Unless otherwise noted, index returns are presented as net returns, which reflect both price performance and income from dividend payments, if any, but do not reflect fees, brokerage commissions or other expenses of investing.
AllianzGI China A-Shares Equity
Representative Account – Supplemental Information
8.3
47.6
62.8
23.8 22.6
14.9 15.7
2.6
23.3
32.4
3.9 2.6 3.5 6.3
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0
3 Months Year To Date 1 Year 3 Years (p.a.) 5 Years (p.a.) 10 Years (p.a.) Since Inception (p.a.)
R e tu rn (% )
Representative Account MSCI CHINA A ONSHORE TOTAL RETURN (NET) IN USD
Gross performance in USD (%)
21
Performance attribution by sector
AllianzGI China A Shares: Stock selection the main performance driver
YTD 2020 Attribution 2019 Attribution 2018 Attribution 2017 Attribution 2016 Attribution
GICS Sector Sector
Allocation
Stock Selection
Sector Allocation
Stock Selection
Sector Allocation
Stock Selection
Sector Allocation
Stock Selection
Sector Allocation
Stock Selection
Communication Services* .04% .00% .00% .13% -.08% -.22% .29% .00% -.10% .00%
Consumer Disc. .14% 1.53% .01% -1.00% .02% 2.38% .02% 4.24% -.20% .10%
Consumer Staples .81% 4.81% .99% 1.38% .17% -.55% .99% 2.70% .05% 1.60%
Energy .09% -.07% .11% 1.58% .00% -.15% -.09% -.21% -.17% .20%
Financials .92% 1.00% .08% 2.06% -.68% .46% -.67% 3.23% -.26% .58%
Health Care -.18% .53% .10% 2.93% .32% 1.04% .02% 3.35% .00% 1.26%
Industrials .02% 6.35% -.70% 10.50% .13% 1.93% .01% 8.49% -.54% .37%
Information Technology -.08% 3.72% .08% 5.61% .16% -1.37% .17% 4.08% -.37% .83%
Materials .25% 3.06% .57% 1.17% .17% .43% -.34% .05% -.10% .84%
Real Estate .15% -.13% -.18% .55% -.03% .05% .06% 1.32% .11% -.02%
Utilities .19% .05% .63% .18% -.28% .09% .60% .08% .16% .00%
Total Equity 2.34% 20.84% 1.69% 25.07% -.08% 4.08% 1.04% 27.34% -1.41% 5.76%
Source: IDS, as of September 30, 2020. The benchmark refers to the MSCI China A Onshore Total Return (Net) in USD. * Communication Services sector was created during the 2018 GICS sector classification changes. The data above are supplemental to the composite returns in the GIPS® compliant presentation. Investment involves risks. Past performance is not indicative of future performance. Individual performance will vary. The account information set forth above is for a representative portfolio, is provided for illustrative purposes only and reflects one account within the composite. Characteristics of the representative portfolio shown here may differ from those of the composite and of the other accounts in the composite. The information provided in this report should not be considered a recommendation of any particular security or strategy. There is no assurance that any security discussed herein will remain in an account's portfolio at the time you receive this document. The securities holdings identified above do not represent all of the securities purchased, sold or recommended for the representative account. Additional information about the methodology used to calculate the performance attribution is available upon request.
Representative Account – Supplemental Information
22 Market and economic conditions are subject to rapid change, all opinions and views expressed constitute judgments as of the date of the writing and may change at anytime without notice and with no obligation to update. Past performance, or
any prediction, projection or forecast, is not indicative of future performance.
Summary
China equities have been resilient with lower
volatility than other global markets year to date
China’s future economic growth drivers
increasingly well represented in the investment universe
Economic momentum improving as recovery from Covid-19
continues, expect
accelerating earnings
growth into the new
year
23
Q&A
24
Appendix
25 Inception Date : May 2009
Source: Allianz Global Investors. Past performance is no guarantee of future results. Individual performance will vary. Gross returns were calculated on a total return basis, including all dividends and interest, accrued income, realized and unrealized gains or losses, and are net of all brokerage commissions and execution costs, and do not give effect to investment advisory fees which would reduce such returns. Net returns, where appropriate, were calculated on a total return basis, including all dividends and interest, accrued income, realized and unrealized gains or looses, and are net of all brokerage commissions, execution cost, and investment advisory fees. Unless otherwise noted, index returns are presented as total returns, which reflect both price performance and income from dividend payments, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Please see the Appendix for additional disclosures and GIPS ® presentation for the composite presented above.
AllianzGI China A-Share Equity
Composite Performance
Composite performance (Gross returns % in US$) as at 30/9/2020
China A-Shares Composite MSCI China A Onshore Total Return (Net) IinUSD 19.25
40.82
62.51
41.68
25.17 25.14 24.46 23.38
15.31 14.93
13.82
19.15
31.48
20.31
3.69 6.27
4.25
7.36
4.43 5.60
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0
Three Months YTD 1 Year 2 Years (% p.a.) 3 Years (% p.a.) 4 Years (% p.a.) 5 Years (% p.a.) 7 Years (% p.a.) 10 Years (% p.a.) Since Inception
(% p.a.)
Performance in %
26
AllianzGI China A-Share Equity
Gross composite performance in US dollars and disclosure notes
For the purposes of compliance with the Global Investment Performance Standards (GIPS®) the "firm" is defined as Allianz Global Investors. Allianz Global Investors is a global asset management business, operating under the marketing name Allianz Global Investors through affiliated entities worldwide. It is defined as the group of firms that coordinate their research, investment and/or trading activities (the "Global Investment Platform"). In the case of certain firms, such coordination may be limited to common supervision by the firm's Global Chief Investment Officer. The firm claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Allianz Global Investors, and/or its predecessor firm, has been independently verified for the periods 1 January 2007 to 31 December 2018. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. As of 31 December 2018, the firm had approximately USD504 billion in assets under management. Also operating under the marketing name Allianz Global Investors, there are certain investment advisory firms that are not part of the Global Investment Platform that have approximately USD74 billion in assets under management. While these firms are affiliates of the firm they are excluded from the definition of the firm for purposes of GIPS and their assets under management are therefore excluded from Total Firm Assets. For periods ending before 31 December 2012, the firm was defined as a global investment advisory organization, consisting of separate affiliated firms, which operated under the brand name RCM ("RCM Global"), and the Global Investment Platform consisted only of those entities included within the RCM Global GIPS Firm definition. In 2012, through a global restructuring of the Allianz Global Investors business, the Global Investment Platform was expanded to include additional investment advisory firms. Total Firm Assets prior to 2012 reflect only those assets of RCM Global. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request. To obtain a list and description of all of Allianz Global Investors' composites, or for a complete list of the firms that comprise Allianz Global Investors and their periods of verification, please write to Allianz Global Investors Asia Pacific Limited, 27/F ICBC Tower, 3 Garden Road Central, Hong Kong.
This composite was created in May 2009 and includes all fee-paying, discretionary China A-share equity portfolios managed by the firm that invest in the shares of companies that are incorporated in China and that are listed as A-shares on the stock exchanges of Shanghai or Shenzhen with the investment objective to achieve long-term capital growth. The benchmark applied to the composite is MSCI China A Onshore Total Return (Net) Index which tracks the performance of a China A-share equity universe and includes A-share securities listed on both Shanghai and Shenzhen Stock Exchanges. In contrast to the benchmark, the portfolios forming this composite do contain cash. The portfolios within this composite may and do invest in non-benchmark securities. Unless otherwise shown in the composite table, no composites contain carve-outs from balanced portfolios. All data as of 31 December 2019 unless otherwise noted. Performance results are expressed in the currency stated in the heading of this presentation page.
The standard management fee scale for segregated accounts for this product starts at 0.80% p.a. on the first US$50 million and will be lower by tiers whilst the management fees for mutual funds are much higher in general. Details can be provided upon request. Actual fees may vary depending on, among other things, the type of client, the amounts of assets under management and may include performance based fee.
Past performance is no guarantee of future results. Individual account performance will vary. Gross returns were calculated on a total return basis, including all dividends and interest, accrued income, realized and unrealized gains or losses, and are net of all brokerage commissions, execution costs and irrecoverable withholding taxes on dividends, interests and capital gains, and do not give effect to investment management fees (asset based and, where applicable, performance based) which would reduce such returns. Net returns, where appropriate, were calculated on a total return basis, including all dividends and interest, accrued income, realized and unrealized gains or losses, and are net of all brokerage commissions, execution cost, irrecoverable withholding taxes on dividends, interests and capital gains, and investment management fees. Currency hedging may be effected as a normal part of the discretionary fund management where it is considered beneficial in order to minimize exposures to fluctuations in exchange rates prevailing between the different country currencies and the portfolio base currency. Composite returns include any benefits or costs of such currency hedging transactions. The dispersion of annual returns is measured by the standard deviation across equal-weighted account returns represented within the composite for the full year. Additional information regarding policies for calculating and reporting returns and a complete list and description of all of the firm’s composites are available upon request. Unless otherwise noted, index returns are presented as total returns, which reflect both price performance and income from dividend payments, if any, but do not reflect fees, brokerage commissions or other expenses of investing.
Internal dispersion is not presented where there are fewer than six accounts in the composite for the whole period. “NA” has been reported under “3yr Standard Deviation” when 36 monthly returns are not available.
Source: Allianz Global Investors, as at 31 December 2019. Composite 5177 – Equity MSCI China A-share; inception May 2009
Period Gross
Com posite Return (%)
Benchm ark (%)
Delta (%)
Tracking Error (%)
Inform ation Ratio
3yr Standard Deviation Com posite (%)
3yr Standard Deviation Benchm ark (%)
Dispersion (%)
Num ber of Portfolios
NAV (USD m n)
Total Firm Assets (USD m n)
Period Com posite Gross Return
p.a. (%)
Benchm ark p.a. (%)
2019 62.19 37.48 24.71 5.77 4.28 18.57 18.93 NA 2 1,527.53 NA 1 Year 62.19 37.48
2018 -24.13 -32.99 8.86 7.38 1.20 21.95 21.54 NA 2 490.87 503,933 2 Years 10.93 -4.02
2017 48.99 20.28 28.71 5.75 4.99 26.16 27.45 NA 1 181.21 554,012 3 Years 22.39 3.48
2016 -4.29 -19.11 14.81 14.36 1.03 31.29 30.52 NA 1 27.24 464,587 4 Years 15.09 -2.70
2015 22.04 7.08 14.96 7.65 1.95 27.59 27.65 NA 1 34.48 435,785 5 Years 16.45 -0.82
2014 43.25 46.53 -3.28 11.35 -0.29 24.21 23.47 NA 1 73.12 429,247 6 Years 20.54 5.85
2013 1.96 0.75 1.20 5.82 0.21 18.48 21.61 NA 1 56.63 420,927 7 Years 17.69 5.11
2012 12.14 9.48 2.66 5.16 0.52 20.58 23.34 NA 1 64.29 359,447 8 Years 16.98 5.64
2011 -23.05 -22.91 -0.14 3.83 -0.04 NA NA NA 1 75.77 137,567 9 Years 11.66 2.01
2010 2.36 -4.37 6.72 6.42 1.05 NA NA NA 1 113.52 149,654 10 Years 10.70 1.35
27
Key contacts
Rosalie Brown
Northern England & Scotland Tel: +44 (0) 79 4900 5771
E-Mail: [email protected]
Matthew Couzens
London
Tel: +44 (0) 77 0100 3973 Office: +44 (0) 203 246 1524
E-Mail: [email protected]
Henry Jones
Southern England & Channel Islands Tel: +44 (0) 75 5754 4652
E-Mail: [email protected]
Neda Avramova
Global Banks
Office: +44 (0) 203 246 7485
E-Mail: [email protected]
Harry Bush
London
Tel: +44 (0)203 246 7467 E-Mail: [email protected]
Natalie Goodman
Client Services Manager Tel: +44 (0) 203 246 7521
E-Mail: [email protected]
Paul Neal
Client Services Manager Tel: +44 (0) 203 246 7123 E-Mail: [email protected]
Allianz Global Investors GmbH, UK Branch
London 199 Bishopsgate London EC2M 3TY
28 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. Allianz China A-
Shares is a sub-fund of Allianz Global Investors Fund SICAV, an open-ended investment company with variable share capital organised under the laws of Luxembourg. The value of the units/shares which belong to the Unit/Share Classes of the Sub-Fund that are not denominated in the base currency may be subject to a strongly increased volatility. The volatility of other Unit/Share Classes may be different. Past performance is not a reliable indicator of future results. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency. This is for information only and not to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. This is for distribution only as permitted by applicable law and in particular not available to residents and/or nationals of the USA. The investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge, experience or specific needs of any particular person and are not guaranteed. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable at the time of publication. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. For a free copy of the sales prospectus, incorporation documents, daily fund prices, key investor information, latest annual and semi-annual financial reports, contact the management company Allianz Global Investors GmbH in the fund’s country of domicile, Luxembourg, or the issuer at the address indicated below or www.allianzgi-
regulatory.eu. Please read these documents, which are solely binding, carefully before investing.
This is a marketing communication issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established a branch in the United Kingdom, Allianz Global Investors GmbH, UK branch, 199 Bishopsgate, London, EC2M 3TY, www.allianzglobalinvestors.co.uk, which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk). Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. 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 GmbH.
