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Singapore
Prospectus
Allianz Global Investors Fund
18 October 2024
Information For Singapore Investors
- Singapore Prospectus
ALLIANZ GLOBAL INVESTORS FUND
ALLIANZ ADVANCED FIXED INCOME SHORT ALLIANZ GLOBAL EQUITY INSIGHTS
DURATION ALLIANZ GLOBAL EQUITY UNCONSTRAINED
ALLIANZ ALL CHINA EQUITY ALLIANZ GLOBAL FLOATING RATE NOTES
ALLIANZ AMERICAN INCOME PLUS
ALLIANZ ASIA PACIFIC INCOME ALLIANZ GLOBAL HI-TECH GROWTH
ALLIANZ ASIAN MULTI INCOME PLUS ALLIANZ GLOBAL HIGH YIELD
ALLIANZ ASIAN SMALL CAP EQUITY ALLIANZ GLOBAL INCOME
ALLIANZ BEST STYLES EUROLAND EQUITY ALLIANZ GLOBAL INTELLIGENT CITIES
ALLIANZ BEST STYLES EUROPE EQUITY SRI INCOME
ALLIANZ BEST STYLES GLOBAL EQUITY ALLIANZ GLOBAL METALS AND MINING
ALLIANZ CHINA A OPPORTUNITIES ALLIANZ GLOBAL MULTI-ASSET CREDIT
ALLIANZ CHINA A-SHARES ALLIANZ GLOBAL MULTI ASSET
ALLIANZ CHINA EQUITY SUSTAINABILITY BALANCED
ALLIANZ CHINA FUTURE TECHNOLOGIES ALLIANZ GLOBAL OPPORTUNISTIC BOND
ALLIANZ CHINA HEALTHY LIVING ALLIANZ GLOBAL SMALL CAP EQUITY
ALLIANZ CHINA STRATEGIC BOND ALLIANZ GLOBAL SUSTAINABILITY
ALLIANZ CLEAN PLANET ALLIANZ GLOBAL WATER
ALLIANZ CYBER SECURITY ALLIANZ GREEN BOND
ALLIANZ DYNAMIC ASIAN HIGH YIELD BOND ALLIANZ HIGH DIVIDEND ASIA PACIFIC
ALLIANZ DYNAMIC MULTI ASSET STRATEGY EQUITY
SRI 15 ALLIANZ HKD INCOME
ALLIANZ DYNAMIC MULTI ASSET STRATEGY ALLIANZ HONG KONG EQUITY
SRI 50 ALLIANZ INCOME AND GROWTH
ALLIANZ DYNAMIC MULTI ASSET STRATEGY ALLIANZ INDIA EQUITY
SRI 75 ALLIANZ JAPAN EQUITY
ALLIANZ EMERGING ASIA EQUITY ALLIANZ LITTLE DRAGONS
ALLIANZ EMERGING MARKETS SELECT BOND ALLIANZ MULTI ASSET LONG / SHORT
ALLIANZ EMERGING MARKETS SHORT ALLIANZ ORIENTAL INCOME
DURATION BOND ALLIANZ PET AND ANIMAL WELLBEING
ALLIANZ EMERGING MARKETS SRI BOND ALLIANZ POSITIVE CHANGE
ALLIANZ EMERGING MARKETS SRI ALLIANZ RENMINBI FIXED INCOME
CORPORATE BOND ALLIANZ SELECT INCOME AND GROWTH
ALLIANZ EURO HIGH YIELD BOND ALLIANZ SGD INCOME
ALLIANZ EUROLAND EQUITY GROWTH ALLIANZ SMART ENERGY
ALLIANZ EUROPE EQUITY GROWTH ALLIANZ STRATEGIC BOND
ALLIANZ EUROPE EQUITY GROWTH SELECT ALLIANZ THEMATICA
ALLIANZ EUROPE INCOME AND GROWTH ALLIANZ TOTAL RETURN ASIAN EQUITY
ALLIANZ EUROPEAN EQUITY DIVIDEND ALLIANZ US EQUITY FUND
ALLIANZ FLEXI ASIA BOND ALLIANZ US EQUITY PLUS
ALLIANZ FOOD SECURITY ALLIANZ US HIGH YIELD
ALLIANZ GEM EQUITY HIGH DIVIDEND ALLIANZ US INVESTMENT GRADE CREDIT
ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE ALLIANZ US LARGE CAP VALUE
ALLIANZ GLOBAL CREDIT SRI ALLIANZ US SHORT DURATION HIGH INCOME
ALLIANZ GLOBAL EQUITY GROWTH BOND
ESTABLISHED IN LUXEMBOURG
SINGAPORE PROSPECTUS
18 OCTOBER 2024
This Singapore Prospectus is a replacement prospectus lodged pursuant to Section 298 of the
Securities and Futures Act 2001 of Singapore and replaces the prospectus for Allianz Global
Investors Fund that was registered by the Monetary Authority of Singapore on 9 July 2024. This
Singapore Prospectus incorporates and is not valid without the attached Luxembourg Prospectus
dated 18 October 2024, for the Allianz Global Investors Fund (the “Luxembourg Prospectus”).
Unless the context otherwise requires, terms defined in the Luxembourg Prospectus shall have the
same meaning when used in this Singapore Prospectus except where specifically provided for by
this Singapore Prospectus. Allianz Global Investors Fund is incorporated under the laws of the
i
Grand Duchy of Luxembourg and is constituted outside Singapore. Allianz Global Investors Fund
has appointed Allianz Global Investors Singapore Limited (whose details appear in the Directory of
this Singapore Prospectus) as its Singapore Representative and agent for service of process.
ii
TABLE OF CONTENTS
CONTENTS PAGE
IMPORTANT INFORMATION ...................................................................................................................................................iv
DIRECTORY...............................................................................................................................................................................vii
1. THE COMPANY ......................................................................................................................................................... 1
2. THE SUB-FUNDS ...................................................................................................................................................... 1
3. MANAGEMENT AND ADMINISTRATION.............................................................................................................. 4
4. SINGAPORE REPRESENTATIVE AND OTHER PARTIES .............................................................................. 14
5. INVESTMENT OBJECTIVES AND POLICIES..................................................................................................... 16
6. FEES, CHARGES AND EXPENSES .................................................................................................................... 34
7. RISK FACTORS ....................................................................................................................................................... 35
8. SUBSCRIPTION FOR SHARES ............................................................................................................................ 36
9. REDEMPTION OF SHARES .................................................................................................................................. 40
10. CONVERSION OF SHARES.................................................................................................................................. 44
11. OBTAINING PRICE INFORMATION IN SINGAPORE ....................................................................................... 44
12. LIQUIDITY RISK MANAGEMENT ......................................................................................................................... 45
13. PERFORMANCE OF THE SUB-FUNDS.............................................................................................................. 45
14. SOFT DOLLAR COMMISSIONS / ARRANGEMENTS.....................................................................................295
15. CONFLICT OF INTERESTS .................................................................................................................................295
16. MEETINGS AND REPORTS ................................................................................................................................295
17. OTHER MATERIAL INFORMATION ...................................................................................................................295
18. QUERIES AND COMPLAINTS ............................................................................................................................298
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IMPORTANT INFORMATION
The collective investment schemes offered in this Singapore Prospectus (as listed in Paragraph 2.1
of this Singapore Prospectus) (each a “Sub-Fund” and, collectively, the “Sub-Funds”) are
established as sub-funds of the Allianz Global Investors Fund (the “Company”) and are each a
recognised scheme under the Securities and Futures Act 2001 of Singapore (the “SFA”). A copy of
this Singapore Prospectus has been lodged with the Monetary Authority of Singapore (the “MAS”).
The MAS assumes no responsibility for the contents of this Singapore Prospectus. The registration
of this Singapore Prospectus by the MAS does not imply that the SFA or any other legal or regulatory
requirements have been complied with. The MAS has not, in any way, considered the investment
merits of the Sub-Funds.
This Singapore Prospectus is a replacement prospectus lodged with the MAS on 18 October 2024
pursuant to Section 298 of the SFA. This Singapore Prospectus replaces the prospectus for the
Company that was registered by the MAS on 9 July 2024 (the “Registered Singapore Prospectus”)
and shall be valid for a period of 12 months from the date of registration (i.e. up to and including 8
July 2025) and shall expire on 9 July 2025.
The Company is established as an umbrella fund. One or more Share Classes may be created within
each Sub-Fund. Please refer to Paragraph 2.2 of this Singapore Prospectus for more details on the
Share Classes in respect of each Sub-Fund being offered in this Singapore Prospectus.
You should note that sub-funds referred to in the Luxembourg Prospectus which are not
listed in Paragraph 2.1 of this Singapore Prospectus are not available to investors in
Singapore and such references are not and should not be construed as an offer of shares in
such other sub-funds in Singapore.
The Company was incorporated in Luxembourg and is registered under Part I of the Luxembourg
Law of 17 December 2010 on undertakings for collective investment, as amended from time to time.
Subject to specific investment restrictions of a Sub-Fund, financial derivative instruments may be
either (i) used for efficient portfolio management (including hedging) purposes and/or (ii) for
investment purposes. You may refer to Paragraph 5.2 of this Singapore Prospectus for further
information.
The Directors have taken all reasonable care to ensure that the facts stated in this Singapore
Prospectus are true and accurate in all material respects and that there are no other material facts
the omission of which makes any statement of fact or opinion in this Singapore Prospectus
misleading. The Directors accept responsibility accordingly.
The distribution of this Singapore Prospectus and the offering of Shares may be restricted in certain
jurisdictions. This Singapore Prospectus is not an offer or solicitation in any jurisdiction where such
offer or solicitation is unlawful, where the person making the offer or solicitation is not authorised to
make it or a person receiving the offer or solicitation may not lawfully receive it.
You should inform yourself as to (a) the legal requirements within your country for the purchase of
Shares, (b) any foreign exchange restrictions which may apply to you, and (c) the income and other
tax consequences of purchase, conversion and redemption of Shares.
You are advised to carefully consider the risk factors set out in the Luxembourg Prospectus and
under Paragraph 7 of this Singapore Prospectus.
If you are in any doubt about the contents of this Singapore Prospectus, you should consult your
stockbroker, bank manager, solicitor, accountant or other independent financial adviser. Shares are
offered on the basis of the information contained in this Singapore Prospectus and the documents
referred to in this Singapore Prospectus. No person is authorised to give any information or to make
iv
any representations concerning the Company or the Sub-Funds other than as contained in this
Singapore Prospectus. Any purchase made by any person on the basis of statements or
representations not contained in or inconsistent with the information and representations contained
in this Singapore Prospectus will be solely at the risk of the purchaser.
The delivery of this Singapore Prospectus or the issue of Shares in any Sub-Fund shall not, under
any circumstances, create any implication that the affairs of the Company and/or the Sub-Funds
have not changed since the date of this Singapore Prospectus. To reflect material changes, this
Singapore Prospectus may be updated from time to time and you should investigate whether any
more recent Singapore Prospectus is available.
You may wish to consult your independent financial adviser about the suitability of a particular Sub-
Fund for your investment needs.
The Shares are capital markets products other than prescribed capital markets products (as defined
in the Securities and Futures (Capital Markets Products) Regulations 2018) and Specified
Investment Products and MAS Notice FAA-N16 on Recommendations on Investment Products).
You should also note that references in this Singapore Prospectus to “Singapore shareholder” refer
to a Singapore shareholder of the Sub-Funds (or relevant Sub-Fund) as entered into the Singapore
Subsidiary Register. If you invest in the Sub-Funds indirectly through an intermediary (for instance,
the Singapore Representative or any of its appointed Singapore distributors) which makes the
investment in its own name on your behalf, that intermediary will be entered into the register as the
“Singapore shareholder” instead of you. References in this Singapore Prospectus to “Singapore
shareholder” may therefore mean the intermediary and not you.
References in the Luxembourg Prospectus to: “Prospective Investors should be capable of bearing
a financial loss and should not attach any importance to capital protection” shall be deemed deleted
and replaced with “Prospective Investors should be capable of bearing a financial loss”.
Investment Restrictions applying to US Person
The Company is not and will not be registered in the United States of America under the Investment
Company Act of 1940 as amended. The Shares of the Company have not been and will not be
registered in the United States of America under the Securities Act of 1933 as amended (the
“Securities Act”) or under the securities laws of any state of the United States of America. The
Shares made available under this offer may not be directly or indirectly offered or sold in the United
States of America or to or for the benefit of any US Person (as defined in Rule 902 of Regulation S
under the Securities Act). If you apply for Shares, you may be required to declare that you are not a
US Person and are not applying for Shares on behalf of any US Person nor acquiring Shares with
the intent to sell them to a US Person. Should you become a US Person, you may be subject to US
withholding taxes and tax reporting.
The Company, the Singapore Representative, the Singapore Registrar and/or the Transfer Agent,
for the purpose of FATCA compliance and compliance with relevant laws and regulations relating to
OECD Common Reporting Standards, such as the Income Tax (International Tax Compliance
Agreements)(Common Reporting Standard) Regulations 2016, may be required to obtain and/or
disclose personal data relating to certain US persons and/or persons of other nationalities and/or
non-participant Foreign Financial Institutions to the US Internal Revenue Service or other tax
authorities. The information on investors or on beneficial owners, beneficiaries, direct or indirect
shareholders or other persons associated with such shareholders that are not natural persons, may
be communicated to the local tax authorities as well as to authorities in other jurisdictions. To the
extent permitted under applicable laws, by applying for Shares, you are deemed to have provided
consent and to have obtained from your associated persons their consent to the Company, the
v
Singapore Representative, the Singapore Registrar and/or the Transfer Agent for taking the
foregoing actions.
When disclosing or reporting any personal data, the Company, the Singapore Representative, the
Singapore Registrar and/or the Transfer Agent shall comply with all applicable regulations and rules
governing personal data use from time to time.
IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS FOR FUTURE
REFERENCE
vi
DIRECTORY
BOARD OF DIRECTORS OF THE COMPANY
Silvana Pacitti
Oliver Drissen
Hanna Duer
Carina Feider
Heiko Tilmont
REGISTERED OFFICE
6A, Route de Trèves, LU-2633 Senningerberg, Grand-Duchy of Luxembourg
MANAGEMENT COMPANY
Allianz Global Investors GmbH
Bockenheimer Landstrasse 42 – 44, DE-60323 Frankfurt/Main, Germany
Allianz Global Investors GmbH, acting through the Luxembourg Branch
6A, route de Trèves LU-2633 Senningerberg
(“AllianzGI, Luxembourg Branch”)
UCI ADMINISTRATION AGENT
Allianz Global Investors GmbH, acting through the Luxembourg Branch
6A, route de Trèves, LU-2633 Senningerberg
DEPOSITARY
State Street Bank International GmbH, Luxembourg Branch, 49 Avenue J.F. Kennedy, LU-1855
Luxembourg
REGISTRAR AGENT
State Street Bank International GmbH, Luxembourg Branch, 49 Avenue J.F. Kennedy, LU-1855
Luxembourg
Paying and Information Agents may be appointed in various countries or jurisdictions in which the
Sub-Funds are sold.
SINGAPORE REGISTRAR AND TRANSFER AGENT
State Street Bank and Trust Company, Singapore Branch, 168 Robinson Road #33-01, Capital
Tower, Singapore 068912
INDEPENDENT AUDITOR
vii
PricewaterhouseCoopers Société cooperative, 2, rue Gerhard Mercator, LU-1014 Luxembourg
SINGAPORE REPRESENTATIVE AND AGENT FOR SERVICE OF PROCESS IN SINGAPORE
Allianz Global Investors Singapore Limited (Company Registration No: 199907169Z) 79 Robinson
Road, #09-03, Singapore 068897
LEGAL ADVISERS AS TO SINGAPORE LAW
Allen & Gledhill LLP, One Marina Boulevard, #28-00, Singapore 018989
You may wish to refer to the Directory under Section I of the Luxembourg Prospectus for further
information.
viii
1. THE COMPANY
1.1 The Company was incorporated for an unlimited period as a société anonyme on 9 August
1999 under the laws of the Grand Duchy of Luxembourg and qualifies as an open-ended
société d’investissement à capital variable under the Part I of the Luxembourg Law of 17
December 2010 on undertakings for collective investment, as amended from time to time.
1.2 The Company is organised in the form of an umbrella fund. Separate Share Classes may be
issued in respect of each sub-fund constituted under the Company. Please refer to Paragraph
2 below for further details.
1.3 The Company’s deed of incorporation, including the Articles, was published on 16 September
1999 in the Mémorial. All amendments to the Articles have been published in the Mémorial. If
the Articles are amended, such amendments shall be filed with the Luxembourg Trade and
Companies’ register and published in the RESA.
1.4 You may inspect copies of the Company’s deed of incorporation, including the Articles, free of
charge, at the operating office of the Singapore Representative during normal Singapore
business hours. You may obtain copies of the Company’s deed of incorporation, including the
Articles, the latest copies of the annual and semi-annual reports and the latest copies of the
semi-annual accounts and annual accounts of the Company free of charge from the Singapore
Representative upon request.
1.5 Full details of the Company are set out in the Luxembourg Prospectus under Section III headed
“General Information on the Company”.
2. THE SUB-FUNDS
2.1 The sub-funds which are currently being offered in Singapore pursuant to this Singapore
Prospectus are (each a “Sub-Fund” and, collectively, the “Sub-Funds”):
Sub-Fund Base Currency
Allianz Advanced Fixed Income Short Duration EUR
Allianz All China Equity USD
Allianz American Income USD
Allianz Asia Pacific Income USD
Allianz Asian Multi Income Plus USD
Allianz Asian Small Cap Equity USD
Allianz Best Styles Euroland Equity EUR
Allianz Best Styles Europe Equity SRI* EUR
Allianz Best Styles Global Equity EUR
Allianz China A Opportunities USD
Allianz China A-Shares USD
Allianz China Equity USD
Allianz China Future Technologies USD
Allianz China Healthy Living USD
1
Sub-Fund Base Currency
Allianz China Strategic Bond USD
Allianz Clean Planet* USD
Allianz Cyber Security USD
Allianz Dynamic Asian High Yield Bond USD
Allianz Dynamic Multi Asset Strategy SRI 15* EUR
Allianz Dynamic Multi Asset Strategy SRI 50* EUR
Allianz Dynamic Multi Asset Strategy SRI 75* EUR
Allianz Emerging Asia Equity USD
Allianz Emerging Markets Select Bond USD
Allianz Emerging Markets Short Duration Bond USD
Allianz Emerging Markets SRI Bond* USD
Allianz Emerging Markets SRI Corporate Bond* USD
Allianz Euro High Yield Bond EUR
Allianz Euroland Equity Growth EUR
Allianz Europe Equity Growth EUR
Allianz Europe Equity Growth Select EUR
Allianz Europe Income and Growth EUR
Allianz European Equity Dividend EUR
Allianz Flexi Asia Bond USD
Allianz Food Security* USD
Allianz GEM Equity High Dividend EUR
Allianz Global Artificial Intelligence USD
Allianz Global Credit SRI* USD
Allianz Global Multi Asset Sustainability Balanced* USD
Allianz Global Equity Growth USD
Allianz Global Equity Insights USD
Allianz Global Equity Unconstrained EUR
Allianz Global Floating Rate Notes Plus USD
Allianz Global Hi-Tech Growth USD
Allianz Global High Yield USD
Allianz Global Income USD
Allianz Global Intelligent Cities Income USD
Allianz Global Metals and Mining EUR
2
Sub-Fund Base Currency
Allianz Global Multi-Asset Credit USD
Allianz Global Opportunistic Bond USD
Allianz Global Small Cap Equity USD
Allianz Global Sustainability* EUR
Allianz Global Water* USD
Allianz Green Bond* EUR
Allianz High Dividend Asia Pacific Equity USD
Allianz HKD Income HKD
Allianz Hong Kong Equity HKD
Allianz Income and Growth USD
Allianz India Equity USD
Allianz Japan Equity USD
Allianz Little Dragons USD
Allianz Multi Asset Long / Short USD
Allianz Oriental Income USD
Allianz Pet and Animal Wellbeing USD
Allianz Positive Change* USD
Allianz Renminbi Fixed Income RMB
Allianz Select Income and Growth USD
Allianz SGD Income SGD
Allianz Smart Energy* USD
Allianz Strategic Bond USD
Allianz Thematica USD
Allianz Total Return Asian Equity USD
Allianz US Equity Fund USD
Allianz US Equity Plus USD
Allianz US High Yield USD
Allianz US Investment Grade Credit USD
Allianz US Large Cap Value USD
Allianz US Short Duration High Income Bond USD
*These Sub-Funds are ESG Funds under Circular No. CFC 02/2022 on the Disclosure and
Reporting Guidelines for ESG Funds (“ESG Circular”) issued by the MAS.
3
The Management Company may permit co-management of assets of one or more Sub-Funds
with one or more other sub-funds constituted under the Company and/or with other
undertakings for collective investment managed by the Management Company. In such event,
assets of the various sub-funds constituted under the Company (including the Sub-Funds) with
the same Depositary will be managed jointly. Please refer to “Part A: General Investment
Principles applicable to all Sub-Funds (“General Investment Principles”)” under Appendix 1 of
the Luxembourg Prospectus for further details.
2.2 One or more Share Classes may be created within each Sub-Fund. Each Share Class may
have different characteristics including, but not limited to, fee structures, dividend policy,
permitted investors, minimum investment amount, Reference Currency and hedging policies.
In addition, Share Classes may contain an additional name which can be found in Appendix 6
of the Luxembourg Prospectus.
2.3 Shares may be issued in either registered or bearer form. Shares may or may not be issued in
global form. Fractional shares are issued to one thousandth of a Share with smaller fractions
being rounded.
2.4 Some or all Share Classes in each Sub-Fund which have been launched, as may be
determined by the Board, in its absolute discretion, are available for subscription by Singapore
investors. As of the date of this Singapore Prospectus, Share Classes A, A3, AM, AMf, AMg,
AMi, AMgi, AMgi2, AMgi3, AMgi7, AMg2, AMg3, AMg7, AQ, AT, AT2, AT3, AT4, C3, CT2, CT3,
E, ET, I, IM, IT, IT2, IT4, IT8, P, PM, PMg, PQ, PT, PT10, R, RM, RT, RT10 and RT11 issued
in the following currencies: USD, EUR, AUD, GBP, NZD, SGD, RMB, JPY, HKD, CAD and CHF
which have been launched in respect of a Sub-Fund are generally available for subscription by
Singapore investors.
In addition to Paragraph 17.1 below, which sets out the general Distribution Policy of the Sub-
Funds, please also refer to the Luxembourg Prospectus under Section IX headed “The Shares”
for further details of the different Share Classes.
The Board may, in its absolute discretion, create additional, or remove, Share Classes in
respect of any Sub-Fund and may offer, or cease to offer, any Share Classes to Singapore
investors for subscription. In this regard, other Share Classes (other than those listed in
this Paragraph 2.4) may be subsequently available after the date of this Singapore
Prospectus and you may therefore wish to check with Singapore distributors on
the Share Classes in respect of a Sub-Fund which you can subscribe for.
2.5 You should note that any sub-fund referenced in the Luxembourg Prospectus, but which
has not been listed in Paragraph 2.1 above, is not available for subscription by investors
in Singapore and the Shares of such sub-funds are not being offered for sale within
Singapore pursuant to this Singapore Prospectus nor may such an offer be made.
3. MANAGEMENT AND ADMINISTRATION
3.1 Directors
The Directors are responsible for monitoring the daily business activities of the Company. The
directors of the Company are as follows:
(i) Silvana Pacitti;
(ii) Oliver Drissen;
(iii) Hanna Duer;
4
(iv) Carina Feider; and
(v) Heiko Tilmont.
The list of directors of the Company may be changed from time to time without notice.
3.2 Management Company and its Directors and Key Executives
3.2.1 Management Company
The Company has appointed Allianz Global Investors GmbH (the “Management Company”)
to act as its management company.
The Management Company is responsible, subject to the supervision of the Directors, for the
provision of investment management services, administrative duties and services required by
Luxembourg law, in particular for the registration of the Company, for the preparation of
documentation, for drawing-up distribution notifications, for processing and dispatching the
Prospectus and Key Information Documents, for preparing financial statements and other
investor relations documents, for liaising with the administrative authorities, and marketing
services to the Company.
The Management Company has been managing collective investment schemes and
discretionary funds since 1956. The Management Company is authorised and regulated by the
Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). The Management Company is part of
Allianz Global Investors.
Allianz Global Investors is a diversified active investment manager with total assets under
management over EUR 553 billion as of 31 March 2024. Its teams can be found in 21 offices
worldwide. With around 600 investment professionals and an integrated investment platform, it
covers all major business centers and growth markets. Allianz Global Investors’ global
capabilities are delivered through local teams to ensure best-in-class service.
The Management Company may delegate certain services and functions to external service
providers as described in this Singapore Prospectus and the Luxembourg Prospectus.
In particular, you should note that the Management Company has, at its own expense, and
while retaining its own responsibility, control and coordination of the acts and omission of any
such delegates, delegated the fund management in respect of certain Sub-Funds to the
Investment Managers for the purpose of efficient management or may consult with third parties
such as the Investment Advisors (as set out in Paragraph 3.3 below).
You should refer to Paragraphs 3.3.1 to 3.3.5 below for details of the entities that have
been appointed by the Management Company to manage the Sub-Funds.
Please refer to the Luxembourg Prospectus under Section IV headed “Management of the
Company” for further details on the Management Company and the delegation by the
Management Company of certain of its services and functions.
Past performance of the Management Company is not necessarily indicative of its future
performance or of the Sub-Funds.
3.2.2 Directors of the Management Company
The list of directors of the Management Company may be changed from time to time
without notice.
Alexandra Auer
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Alexandra Auer is Global Head of Products, Operations and Technology at Allianz Global
Investors, and a member of the firm’s Executive Committee.
Before taking on her current role at AllianzGI in January 2020, Alexandra was the Business
Division Head for Asset Management. As Chief Operating Officer and a member of the Board
of Management of Allianz Asset Management GmbH, the holding company for the asset
management segment of Allianz Group, her responsibilities included: Compliance, Executive
Office, Finance, Legal, Risk Management and Allianz Asset Management US, a shared service
unit.
Prior to becoming business division head for Asset Management, Alexandra was head of the
Executive Office and before that served in Allianz Asset Management’s Internal Audit function.
Before joining Allianz Asset Management in 2008, Alexandra worked at
PricewaterhouseCoopers AG, where she specialized in financial services sector audits.
Alexandra holds a graduate degree in Business Administration from the University of Passau,
Germany, where she focused on insurance management, risk theory, financial planning, and
organization & human resources management.
Ingo Mainert
Ingo Mainert is Managing Director and Chief Investment Officer Multi Asset Europe at Allianz
Global Investors. He is a member of the European Executive Committee and the Global Policy
Council.
He began his professional career at Commerzbank AG in 1988, where following training in
securities he was first a stock market strategist and then a fixed income and currencies analyst
in the Economics Department. In 2001 he was appointed Chief Economist of Asset
Management. From 2004 to 2008 he was Head of Private Banking Asset Management, as well
as being responsible as CIO for the entire portfolio management of Cominvest from 2006, which
was merged in 2009 during the takeover of Dresdner Bank by Commerzbank into Allianz Global
Investors.
Mr Mainert is deputy chairman at DVFA – Society of Investment Professionals in Germany and
a member of the Issuer Market Advisory Committee (IMAC) of the Deutsche Börse. He is also
a representative of the European Fund and Asset Management Association (EFAMA) in the
Bond Market Contact Group (BMCG) of the European Central Bank (ECB) and an honorary
associate member of the Objections Committee at Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).
Mr Mainert obtained his diploma in business administration from Johann Wolfgang Goethe-
University, Frankfurt/Main, and completed his Certified Investment Analyst/DVFA qualification.
Dr. Thomas Schindler
Thomas Schindler is Chief Financial Officer (CFO) for Allianz Global Investors and a member
of its Executive Committee. As CFO, Thomas is responsible for the firm’s financial steering and
its governance functions, which include Legal, Compliance and Risk Management.
From 2019 until 2023, Thomas was Global General Counsel for AllianzGI, responsible for all
legal and compliance-related matters globally, as well as for Risk Management team from 2020.
He joined AllianzGI in 2015 as General Counsel Europe and a member of the regional
Executive Committee.
6
Before this, Thomas started at Allianz Group in 2006 as Corporate Counsel at the Global
Corporate Centre of Allianz Asset Management AG, and then became Head of the Executive
Office. He began his career as an attorney with Freshfields Bruckhaus Deringer in 2004.
Thomas is a fully qualified German lawyer with a law degree and a Ph.D. (Dr. jur.) from the
University of Regensburg and holds a master’s degree in European and Comparative Law from
the University of Oxford.
Dr. Robert Schmidt
Dr. Robert Schmidt is General Counsel Europe.
Robert is responsible for all legal and regulatory matters in Europe. He has been a member of
the Board of Management of Allianz Global Investors GmbH since 1 October 2023.
Robert joined Allianz Global Investors in April 2010. Previously, Robert spent five years working
as an attorney with the international law firm Noerr LLP, focusing on asset management,
corporate law, private equity and Mergers & Acquisitions.
Robert was awarded a Ph.D. from the Johannes Gutenberg University Mainz. He holds a
Master of Private Laws from the University of Stellenbosch and is a fully qualified German
lawyer with a degree from the University of Regensburg.
Petra Trautschold
Petra Trautschold is Global Head of Human Resources at Allianz Global Investors, currently
based in London.
She joined Allianz Global Investors in April 2008 in Munich. Prior to her current role, which
Petra assumed in 2012, she held various positions within HR. Between 2008 and 2012, Petra
was Deputy Global Head of Human Resources at Allianz Global Investors. In addition, she held
the position of interim Head of Human Resources at Allianz Global Investors US in 2009 as
well as interim Head of Human Resources at Allianz Global Investors Europe in 2010.
She was appointed as Member of the Management Board of Allianz Global Investors GmbH as
of 1 May 2018.
Petra has more than 25 years of experience in Human Resources having worked in several
countries and industries. Prior to joining Allianz Global Investors, she was Head of Human
Resources for Investment Management Europe and Asia Pacific at JP Morgan Asset
Management, based in London. Before that she was Head of Human Resources at Deutsche
BA (British Airways).
Petra has a degree in Business Management from the University of Goettingen, Germany.
Birte Trenkner
Birte Trenkner is Head of Global Accounting & Financial Management of Allianz Global
Investors.
Birte joined the Frankfurt office of Allianz Global Investors in 2003. She covered the functions
of Head of Finance Germany from 2003 to 2008 and Head of Accounting, Tax and Regulatory
Reporting Europe from 2009 to 2015.
As from 2015, Birte has taken the lead of regional and global changes initiatives / projects within
Finance and Controlling as well as other functions, developing and applying efficient and
standardized global processes. She has also overseen the global adherence to the Transfer
7
Pricing framework and acted as major point of contact for the centralized tax function (GTX)
with regard to regional and global tax matters. Besides, she has been leading the global
accounting function, including overall responsibility for International Financial Reporting
Standard Group Reporting and Allianz Global Investors Audit Committee presentations.
Furthermore, she has developed strategies for globally managing capital, liquidity and dividend
planning.
Prior to joining Allianz Global Investors, Birte worked as a Manager at KPMG Deutsche
Treuhand-Gesellschaft in Frankfurt from 1997 to 2003.
Birte holds a Master of Business Administration obtained at the J.W. Goethe University in
Frankfurt.
3.2.3 Key Executives of the Management Company
There are no key executives of the Management Company in relation to the Sub-Funds apart
from the Directors of the Management Company.
3.3 Investment Managers, Sub-Investment Managers and Investment Advisors
The Investment Managers will manage the day-to-day business of the portfolio (under the
supervision, control and responsibility of the Management Company) and provide other related
services.
The role of the Investment Advisor is to provide advice, draw-up reports and make
recommendations to the Investment Manager or to the Sub-Investment Manager as to the
management of a Sub-Fund and advise the Investment Manager or to the Sub-Investment
Manage in the selection of assets for a portfolio.
Please refer to the Luxembourg Prospectus under Section IV.3. headed “Portfolio
Management” for further details.
Some of the Investment Managers have completely or partially delegated their fund
management duties to sub-investment managers (“Sub-Investment Managers”). If the
Investment Manager has so delegated, the name of the Sub-Investment Manager is set out in
the table under Paragraph 3.3.6 below. The name of the Investment Advisor which the
Management Company may consult with in respect of a Sub-Fund is also set out in the same
table.
Information on the respective Investment Managers and Sub-Investment Managers is set out
in Paragraphs 3.3.1 to 3.3.5 below.
Past performance of the Investment Managers and/or of the Sub-Investment Managers
is not necessarily indicative of their future performance or of the Sub-Funds.
3.3.1 Voya Investment Management Co. LLC (“Voya IM”)
Voya IM is a limited liability company domiciled in USA with its principal place of business at
230 Park Avenue, New York, NY 10169, United States.
Voya IM is registered as an investment adviser under the U.S. Investment Advisers Act of 1940,
and is authorised to provide investment management services, regulated by the United States
Securities and Exchange Commission.
Voya IM has been managing collective investment schemes and discretionary funds since
1972.
3.3.2 Allianz Global Investors Singapore Limited (“AllianzGI SG”)
8
AllianzGI SG is part of Allianz Global Investors, with its registered office at 79 Robinson Road,
#09-03, Singapore 068897 and is domiciled in Singapore. It was established in 1999 as Allianz
Asset Management (Singapore) Limited and has been managing collective investment
schemes and discretionary funds since its establishment. AllianzGI SG is regulated by the
Monetary Authority of Singapore.
3.3.3 Allianz Global Investors Asia Pacific Limited (“AllianzGI AP”)
AllianzGI AP is part of Allianz Global Investors, with its registered office at 32/F, 2 Pacific Place,
88 Queensway, Admiralty, Hong Kong and is domiciled in Hong Kong. AllianzGI AP is regulated
by the Hong Kong Securities and Futures Commission and has been managing collective
investment schemes and discretionary funds since its establishment in 2007.
3.3.4 Allianz Global Investors Japan Co., Ltd. (“AllianzGI JP”)
AllianzGI JP is part of Allianz Global Investors, with its registered office at Ark Hills South Tower
19F, 1-4-5 Roppongi, Minato-ku, Tokyo 106-0032 Japan and is domiciled in Japan. AllianzGI
JP is regulated by the Securities and Exchange Surveillance Commission and has been
managing collective investment schemes and discretionary funds since its establishment in
2004.
3.3.5 Allianz Global Investors UK Limited (“AllianzGI UK”)
AllianzGI UK is part of Allianz Global Investors, with its registered office at 199 Bishopsgate
GB-London EC2M 3TY and is domiciled in the United Kingdom. AllianzGI UK is regulated by
the Financial Conduct Authority and has been managing collective investment schemes and
discretionary funds since 2023.
3.3.6 Investment Managers, Sub-Investment Managers and Investment Advisors of Sub-
Funds
Investment management may be performed by the Management Company in Germany (as
indicated by “AllianzGI”) or by the Management Company acting through its France Branch
(as indicated by “AllianzGI France Branch”). The Management Company operates its
headquarters in Germany as well as AllianzGI France Branch under the licence granted by
BaFin in Germany. Investment management may also be delegated to a specific Investment
Manager.
The Investment Manager, Sub-Investment Manager and Investment Advisor (where applicable)
of each Sub-Fund are set out in the table below:
Sub-
Investment Investment
Sub-Fund Investment
Manager Advisors
Manager
Allianz Advanced Fixed Income
AllianzGI Nil Nil
Short Duration
Allianz All China Equity AllianzGI AP Nil AllianzGI SG
Allianz American Income Voya IM Nil Nil
Co-managed by
AllianzGI AP
Allianz Asia Pacific Income Nil Nil
and AllianzGI
SG
9
Sub-
Investment Investment
Sub-Fund Investment
Manager Advisors
Manager
Allianz Asian Multi Income Plus AllianzGI AP AllianzGI SG* Nil
Allianz Asian Small Cap Equity AllianzGI AP Nil Nil
Allianz Best Styles Euroland
AllianzGI Nil Nil
Equity
Allianz Best Styles Europe
AllianzGI Nil Nil
Equity SRI
Allianz Best Styles Global Equity AllianzGI Nil Nil
Allianz China A Opportunities AllianzGI AP Nil Nil
Allianz China A-Shares AllianzGI AP Nil AllianzGI SG
Allianz China Equity AllianzGI AP Nil Nil
Allianz China Future
AllianzGI AP Nil Nil
Technologies
Allianz China Healthy Living AllianzGI AP Nil Nil
Co-managed by
AllianzGI AP
Allianz China Strategic Bond Nil Nil
and AllianzGI
SG
Co-managed by
Allianz Clean Planet AllianzGI and Nil Nil
AllianzGI AP
Allianz Cyber Security Voya IM Nil Nil
Co-managed by
Allianz Dynamic Asian High AllianzGI AP
Nil Nil
Yield Bond and AllianzGI
SG
Allianz Dynamic Multi Asset
AllianzGI Nil Nil
Strategy SRI 15
Allianz Dynamic Multi Asset
AllianzGI Nil Nil
Strategy SRI 50
Allianz Dynamic Multi Asset
AllianzGI Nil Nil
Strategy SRI 75
Allianz Emerging Asia Equity AllianzGI AP Nil Nil
Co-managed by
Allianz Emerging Markets Select AllianzGI UK
Nil Nil
Bond and AllianzGI
AP
10
Sub-
Investment Investment
Sub-Fund Investment
Manager Advisors
Manager
Co-managed by
Allianz Emerging Markets Short AllianzGI UK
Nil Nil
Duration Bond and AllianzGI
AP
Allianz Emerging Markets SRI
AllianzGI UK Nil Nil
Bond
Co-managed by
Allianz Emerging Markets SRI AllianzGI UK
Nil Nil
Corporate Bond and AllianzGI
AP
AllianzGI
Allianz Euro High Yield Bond Nil Nil
France Branch
Allianz Euroland Equity Growth AllianzGI Nil Nil
Co-managed by
Allianz Europe Equity Growth AllianzGI and Nil Nil
AllianzGI UK
Allianz Europe Equity Growth
AllianzGI Nil Nil
Select
AllianzGI
Allianz Europe Income and (including
Nil Nil
Growth AllianzGI
France Branch)
Co-managed by
Allianz European Equity
AllianzGI and Nil Nil
Dividend
AllianzGI UK
Co-managed by
AllianzGI AP
Allianz Flexi Asia Bond Nil Nil
and AllianzGI
SG
Co-managed by
Allianz Food Security Allianz GI and Nil Nil
AllianzGI UK
Allianz GEM Equity High
AllianzGI Nil Nil
Dividend
Allianz Global Artificial
Voya IM Nil Nil
Intelligence
Co-managed by
Allianz Global Credit SRI AllianzGI and Nil Nil
AllianzGI UK
11
Sub-
Investment Investment
Sub-Fund Investment
Manager Advisors
Manager
Allianz Global Equity Growth AllianzGI Nil Nil
Allianz Global Equity Insights Voya IM Nil Nil
Allianz Global Equity
AllianzGI Nil Nil
Unconstrained
Co-managed by
Allianz Global Floating Rate
AllianzGI and Nil Nil
Notes Plus
AllianzGI UK
Allianz Global Hi-Tech Growth AllianzGI UK Nil Nil
Allianz Global High Yield AllianzGI UK Nil Nil
Allianz Global Income Voya IM Nil Nil
Allianz Global Intelligent Cities
Voya IM Nil Nil
Income
Co-managed by
Allianz Global Metals and Mining AllianzGI and Nil Nil
AllianzGI AP
Allianz Global Multi-Asset Credit AllianzGI UK Nil Nil
Co-managed by
AllianzGI,
AllianzGI UK,
Allianz Global Multi Asset
AllianzGI AP, Nil Nil
Sustainability Balanced
AllianzGI JP
and AllianzGI
SG
Allianz Global Opportunistic
AllianzGI UK Nil Nil
Bond
Co-managed by AllianzGI AP
Allianz Global Small Cap Equity AllianzGI and and AllianzGI Nil
AllianzGI UK JP*
Allianz Global Sustainability AllianzGI UK Nil Nil
Allianz Global Water AllianzGI Nil Nil
Co-managed by
AllianzGI
(including its
Allianz Green Bond Nil Nil
France Branch)
and AllianzGI
UK
Allianz High Dividend Asia
AllianzGI AP Nil Nil
Pacific Equity
12
Sub-
Investment Investment
Sub-Fund Investment
Manager Advisors
Manager
Allianz HKD Income AllianzGI AP Nil Nil
Allianz Hong Kong Equity AllianzGI AP Nil Nil
Allianz Income and Growth Voya IM Nil Nil
Co-managed by
AllianzGI AP
Allianz India Equity Nil Nil
and AllianzGI
SG
Allianz Japan Equity AllianzGI AP AllianzGI JP* Nil
Allianz Little Dragons AllianzGI AP Nil Nil
Co-managed by
Allianz Multi Asset Long / Short AllianzGI and Nil Nil
Allianz UK
Allianz Oriental Income AllianzGI AP Nil Nil
Allianz Pet and Animal
AllianzGI Nil Nil
Wellbeing
Allianz Positive Change AllianzGI UK Nil Nil
Co-managed by
AllianzGI AP
Allianz Renminbi Fixed Income Nil Nil
and AllianzGI
SG
Allianz Select Income and
Voya IM Nil Nil
Growth
Allianz SGD Income AllianzGI SG Nil Nil
Co-managed by
Allianz Smart Energy AllianzGI and Nil Nil
AllianzGI AP
Allianz Strategic Bond AllianzGI UK Nil Nil
Allianz Thematica AllianzGI Nil Nil
Allianz Total Return Asian Equity AllianzGI AP Nil Nil
Allianz US Equity Fund Voya IM Nil Nil
Allianz US Equity Plus Voya IM Nil Nil
Allianz US High Yield Voya IM Nil Nil
Allianz US Investment Grade
Voya IM Nil Nil
Credit
Allianz US Large Cap Value Voya IM Nil Nil
13
Sub-
Investment Investment
Sub-Fund Investment
Manager Advisors
Manager
Allianz US Short Duration High
Voya IM Nil Nil
Income Bond
* You are directed to refer to Appendix 5 of the Luxembourg Prospectus for further
details on the sub-investment management arrangement in place for that Sub-Fund.
4. SINGAPORE REPRESENTATIVE AND OTHER PARTIES
4.1 The Singapore Representative and Agent for Service of Process
4.1.1 Allianz Global Investors Singapore Limited has been appointed by the Company as the
representative for the Sub-Funds in Singapore (the "Singapore Representative") for the
purposes of performing administrative and other related functions relating to the offer of Shares
under Section 287 of the SFA and such other functions as the MAS may prescribe.
4.1.2 Key functions carried out by the Singapore Representative include:
(i) facilitating:
(a) the issue and redemption of Shares in the Sub-Funds:
(b) the publishing of the issue and redemption prices of Shares in the Sub-Funds;
(c) the sending of reports of the Sub-Funds to Singapore shareholders;
(d) the furnishing of such books relating to the issue and redemption of Shares as
the MAS may require;
(e) the inspection of instruments constituting the Company and the Sub-Funds;
and
(ii) maintaining a local record of shareholders who subscribed for or purchased Shares in
Singapore (“Singapore Subsidiary Register”) or any other facility that enables
extraction of the equivalent information.
4.1.3 State Street Bank and Trust Company, Singapore Branch is appointed as the Singapore
registrar and transfer agent (the “Singapore Registrar”) for the Sub-Funds to keep and
maintain the Singapore Subsidiary Register.
4.1.4 The Singapore Subsidiary Register is available for inspection by Singapore shareholders at the
operating office of the Singapore Registrar and Singapore Representative upon prior
appointment and subject to such obligations of confidentiality as the Company and the
Singapore Representative may impose.
4.1.5 Entries in the Singapore Subsidiary Register (or such other facility) are conclusive evidence of
the number of Shares in any Sub-Fund or Share Class of Sub-Fund held by each Singapore
shareholder and such entries shall prevail in the event of any discrepancy with the details
appearing on any statement of holding, unless the Singapore shareholder proves to the
satisfaction of the Company that such entries are incorrect.
4.1.6 The Singapore Representative has also been appointed by the Company to act as the
Company’s local agent in Singapore to accept service of process on behalf of the Company.
4.2 The Independent Auditor
14
PricewaterhouseCoopers Société cooperative has been appointed by the Company as its
independent auditor.
4.3 UCI Administration / UCI Administration Agent
The Company has appointed the Management Company acting through its Luxembourg
Branch as its UCI Administration Agent.
The UCI Administration activity may be split into three functions:
(i) The registrar function, which encompasses all tasks necessary to the maintenance of
the UCITS’s (including all Sub-Funds) shareholder register. The reception and
execution of orders relating to shares subscriptions and redemptions, and the
distribution of income (including the liquidation proceeds) are part of the registrar
function.
(ii) The NAV calculation and accounting function, which covers the legal and sub-fund
management accounting services and, the valuation and pricing (including tax returns).
(iii) The client communication function, which is comprised of the production and delivery
of the confidential documents intended for investors.
In its capacity as UCI Administration Agent, the Management Company therefore is responsible
for the (i) registrar function, the (ii) NAV calculation and accounting function, and the (iii) client
communication function.
The Management Company in its function as the Company’s UCI Administration Agent has
outsourced the (i) registrar function, and the (ii) NAV calculation and accounting function to
State Street Bank International GmbH, Luxembourg Branch, who will take on the formal role as
UCI Administration Agent for these functions.
State Street Bank International GmbH, Luxembourg Branch is referred to - as far as the
registrar function is regarded - as the “Registrar Agent”. In this function, State Street Bank
International GmbH, Luxembourg Branch is responsible for issuing and redeeming Shares,
keeping the register of Shareholders and auxiliary services associated therewith. State Street
Bank International GmbH, Luxembourg Branch may make use of the services of third parties.
Please refer to the Luxembourg Prospectus under Section VI. headed “UCI Administration /
UCI Administration Agent” for further details.
4.4 Depositary
The Company has appointed State Street Bank International GmbH, acting through its
Luxembourg Branch as its depositary within the meaning of the law pursuant to the depositary
agreement (the “Depositary”). The Depositary is regulated by the Commission de Surveillance
du Secteur Financier.
The Depositary may, at its own discretion, appoint sub-custodians in certain markets. Each
sub-custodian must satisfy stringent operating requirements for structure, communications,
asset servicing activities, local market expertise and reporting. Key areas of focus in the
Depositary’s assessment of a potential sub-custodian include practices, procedures and
internal controls, financial strength and reputation and standing in the relevant market.
Please refer to the Luxembourg Prospectus under Section V headed “Depositary” for further
details on the Depositary and information on the custodial arrangement in respect of assets of
the Company.
15
4.5 Other parties
The Management Company has delegated certain services and functions to third parties.
Please refer to the Luxembourg Prospectus under Section IV headed “Management of the
Company” and Section VI headed “UCI Administration / UCI Administration Agent” for
information on services and functions delegated to third parties.
Please also refer to the Luxembourg Prospectus under Section VII headed “Distributors” and
Section VIII headed “Paying and Information Agents” for further details on the other parties
appointed in respect of the Company.
5. INVESTMENT OBJECTIVES AND POLICIES
The investment objectives and policies and approaches of the Sub-Funds are set out in
Appendix 1 of the Luxembourg Prospectus.
For easy reference, the investment objectives and policies of the Sub-Funds are summarised
and reproduced below.
5.1 Investment objective and focus
You are directed to review the full investment objective and policy of each Sub-Fund in
the Luxembourg Prospectus as set out in Appendix 1 of the Luxembourg Prospectus, the
information on the investor profile for the Sub-Funds as set out in Appendix 6 of the Luxembourg
Prospectus as well as the relevant information about the strategy’s scope, details, and
requirements and applied exclusion criteria as set out in the pre-contractual template for each
of the ESG Funds under the ESG Circular. You should be aware there may be a risk of loss on
an investment in a Sub-Fund. You should consult your financial adviser if in doubt whether a
Sub-Fund is suitable for you.
Sub-Fund Investment Objective / Focus
Long-term capital growth above the average
long-term return of the short duration European
Allianz Advanced Fixed Income Short
Bond Markets by investing in global Bond
Duration
Markets with Euro exposure in accordance with
E/S characteristics.
Long-term capital growth by investing in
onshore and offshore Equity Markets of the
Allianz All China Equity
PRC, Hong Kong and Macau in accordance
with E/S characteristics.
Long term capital growth and income by
Allianz American Income investing in Debt Securities of American Bond
Markets with a focus on the US Bond Markets.
Long-term capital growth and income by
Allianz Asia Pacific Income investing in Asia Pacific Equity and Bond
Markets.
Long-term capital growth and income by
Allianz Asian Multi Income Plus investing in Asia Pacific Equity and Bond
Markets.
16
Sub-Fund Investment Objective / Focus
Long-term capital growth by investing in Asian
Allianz Asian Small Cap Equity Equity Markets excluding Japan, with a focus on
small-sized companies.
Long-term capital growth by investing in
developed Eurozone Equity Markets. The
Investment Manager may engage in foreign
currency overlay and thus assume separate
Allianz Best Styles Euroland Equity
foreign currency risks with regard to currencies
of OECD member states, even if the Sub-Fund
does not include any assets denominated in
these respective currencies.
Long-term capital growth by investing in
European Equity Markets in accordance with
E/S characteristics.
The Investment Manager may engage in foreign
Allianz Best Styles Europe Equity SRI currency overlay and thus assume separate
foreign currency risks with regard to currencies
of OECD member states, even if the Sub-Fund
does not include any assets denominated in
these respective currencies.
Long-term capital growth by investing in global
Allianz Best Styles Global Equity
Equity Markets.
Long-term capital growth by investing in China
A-Shares Equity Markets of the PRC with a
Allianz China A Opportunities
focus on large capitalization companies in
accordance with E/S characteristics.
Long-term capital growth by investing in China
Allianz China A-Shares A-Shares Equity Markets of the PRC in
accordance with E/S characteristics.
Long-term capital growth by investing in Equity
Allianz China Equity Markets of the PRC, Hong Kong and Macau in
accordance with E/S characteristics.
Long-term capital growth by investing in Equity
Markets of the PRC (onshore and offshore),
Allianz China Future Technologies Hong Kong and Macau with a focus on
companies with an engagement in the
development of future technologies.
Long-term capital growth by investing in Equity
Markets of the PRC (onshore and offshore),
Allianz China Healthy Living Hong Kong and Macau with a focus on
companies with an engagement in the area of
healthcare and a healthy lifestyle.
17
Sub-Fund Investment Objective / Focus
Long-term capital growth and income by
Allianz China Strategic Bond investing in the PRC, Hong Kong, Taiwan and
Macau Bond Markets.
Long-term capital growth by investing in global
Equity Markets with a focus on companies with
an engagement in a cleaner environment in
accordance with E/S characteristics.
At least 80% of the Sub-Fund’s net asset value
Allianz Clean Planet (except instruments for which no sustainable
investment share can reasonably be calculated,
e.g., cash, derivatives and deposits) will be
invested in issuers pursuing business activities
that contribute to one or more SDGs and/or EU
Taxonomy objectives.
Long-term capital growth by investing in the
global Equity Markets with a focus on
Allianz Cyber Security companies whose business will benefit from or
is currently related to cyber security in
accordance with E/S characteristics.
Long-term capital growth and income by
Allianz Dynamic Asian High Yield
investing in high yield rated Debt Securities of
Bond
Asian Bond Markets.
Long term capital growth by investing in a broad
range of asset classes, with a focus on global
Equity, Bond and Money Markets in order to
achieve over the medium-term a performance
comparable to a balanced portfolio within a
volatility range of 3% to 7% in accordance with
E/S characteristics.
The assessment of the volatility of the capital
markets by the Investment Manager is an
important factor in this process, with the aim of
typically not falling below or exceeding a
Allianz Dynamic Multi Asset Strategy
volatility of the Share price within a range of 3%
SRI 15
to 7% on a medium to long-term average,
similar to a portfolio consisting of 85% global
Bond Markets (hedged to EUR) and 15% global
Equity Markets.
At least 70% of the Sub-Fund’s portfolio is
internally scored (as described in the pre-
contractual template for the Sub-Fund attached
to the Luxembourg prospectus of the
Company), calculated based on the Sub-Fund’s
net asset value except instruments that are not
scored by nature, e.g., cash and deposits.
18
Sub-Fund Investment Objective / Focus
Long term capital growth by investing in a broad
range of asset classes, with a focus on global
Equity, Bond and Money Markets in order to
achieve over the medium-term a performance
comparable to a balanced portfolio within a
volatility range of 6% to 12% in accordance with
E/S characteristics.
The assessment of the volatility of the capital
markets by the Investment Manager is an
important factor in this process, with the aim of
typically not falling below or exceeding a
Allianz Dynamic Multi Asset Strategy
volatility of the Share price within a range of 6%
SRI 50
to 12% on a medium to long-term average,
similar to a portfolio consisting of 50% global
Bond Markets (hedged to EUR) and 50% global
Equity Markets.
At least 70% of the Sub-Fund’s portfolio is
internally scored (as described in the pre-
contractual template for the Sub-Fund attached
to the Luxembourg prospectus of the
Company), calculated based on the Sub-Fund’s
net asset value except instruments that are not
scored by nature, e.g., cash and deposits.
Long term capital growth by investing in a broad
range of asset classes, with a focus on global
Equity, Bond and Money Markets in order to
achieve over the medium-term a performance
comparable to a balanced portfolio within a
volatility range of 10% to 16% in accordance
with E/S characteristics.
The assessment of the volatility of the capital
markets by the Investment Manager is an
important factor in this process, with the aim of
Allianz Dynamic Multi Asset Strategy
typically not falling below or exceeding a
SRI 75
volatility of the Share price within a range of
10% to 16% on a medium to long-term average,
similar to a portfolio consisting of 25% global
Bond Markets (hedged to EUR) and 75% global
Equity Markets.
At least 70% of the Sub-Fund’s portfolio is
internally scored (as described in the pre-
contractual template for the Sub-Fund attached
to the Luxembourg prospectus of the
Company), calculated based on the Sub-Fund’s
19
Sub-Fund Investment Objective / Focus
net asset value except instruments that are not
scored by nature, e.g., cash and deposits.
Long-term capital growth by investing in
Equities of Asian Emerging Markets (excluding
Allianz Emerging Asia Equity Japan, Hong Kong and Singapore) and/or of
countries which are constituents of the MSCI
Emerging Frontier Markets Asia.
Superior risks adjusted returns through a
Allianz Emerging Markets Select
complete market cycle by investing in emerging
Bond
Bond Markets.
Long-term capital growth and income by
Allianz Emerging Markets Short
investing in short duration Debt Securities of
Duration Bond
emerging Bond Markets denominated in USD.
Long term capital growth by investing in
sovereign and quasi-sovereign Debt Securities
of global Emerging Markets in accordance with
E/S characteristics.
At least 90% of the Sub-Fund’s portfolio is
Allianz Emerging Markets SRI Bond internally scored (as described in the pre-
contractual template for the Sub-Fund attached
to the Luxembourg prospectus of the
Company), calculated based on the Sub-Fund’s
net asset value except instruments that are not
scored by nature, e.g., cash and deposits.
Long term capital growth by investing in
corporate Debt Securities of global Emerging
Markets in accordance with E/S characteristics.
At least 90% of the Sub-Fund’s portfolio is
Allianz Emerging Markets SRI internally scored (as described in the pre-
Corporate Bond contractual template for the Sub-Fund attached
to the Luxembourg prospectus of the
Company), calculated based on the Sub-Fund’s
net asset value except instruments that are not
scored by nature, e.g., cash and deposits.
Allianz Euro High Yield Bond Long-term capital growth by investing in high
yield rated Debt Securities denominated in EUR
in accordance with E/S characteristics.
Long-term capital growth by investing in the
Equity Markets of the Eurozone with a focus on
Allianz Euroland Equity Growth
growth stocks in accordance with E/S
characteristics.
Long-term capital growth by investing in
Allianz Europe Equity Growth
European Equity Markets with a focus on
20
Sub-Fund Investment Objective / Focus
growth stocks in accordance with E/S
characteristics.
Allianz Europe Equity Growth Select Long-term capital growth by investing in
European Equity Markets with a focus on
growth stocks of large market capitalisation
companies in accordance with E/S
characteristics.
Long term capital growth and income by
Allianz Europe Income and Growth investing in European corporate Debt Securities
and Equities.
Long-term capital growth by investing in
companies of European Equity Markets that are
Allianz European Equity Dividend
expected to achieve permanent dividend
returns in accordance with E/S characteristics.
Long-term capital growth and income by
investing in Debt Securities of Asian Bond
Allianz Flexi Asia Bond Markets denominated in EUR, USD, GBP, JPY,
AUD, NZD or any Asian currency in accordance
with E/S characteristics.
Long-term capital growth by investing in global
Equity Markets with a focus on companies with
an engagement in the area of food security in
accordance with E/S characteristics. .
At least 80% of the Sub-Fund’s net asset value
Allianz Food Security (except instruments for which no sustainable
investment share can reasonably be calculated,
e.g., cash, derivatives and deposits) will be
invested in issuers pursuing business activities
that contribute to one or more SDGs and/or EU
Taxonomy objectives.
Long-term capital growth by investing in global
emerging Equity Markets with a focus on
Equities which will result in a portfolio of
Allianz GEM Equity High Dividend
investments with a potential dividend yield
above the market average when the portfolio is
considered as a whole.
Long-term capital growth by investing in the
global Equity Markets with a focus on the
Allianz Global Artificial Intelligence
evolution of artificial intelligence in accordance
with E/S characteristics.
Long-term capital growth by investing in global
Allianz Global Credit SRI Bond Markets in accordance with E/S
characteristics.
21
Sub-Fund Investment Objective / Focus
Long term capital growth by investing in a broad
range of asset classes, with a focus on global
Equity, Bond and Money Markets in order to
achieve over the medium-term a performance
comparable to a balanced portfolio consisting of
50% global Equity Markets and 50% global
Allianz Global Multi Asset Bond Markets in accordance with E/S
Sustainability Balanced characteristics.
At least 70% of the Sub-Fund’s net assets are
invested into direct investments which are
selected with respect to sustainability aspects
and Target Funds which promote environmental
or social characteristics, or which have
Sustainable Investments as an objective.
Long-term capital growth by investing in global
Allianz Global Equity Growth Equity Markets with a focus on growth stocks in
accordance with E/S characteristics.
Long-term capital growth by investing in global
Equity Markets to achieve a concentrated
Allianz Global Equity Insights
equity portfolio with a focus on stock selection
in accordance with E/S characteristics.
Long-term capital growth by investing in global
Equity Markets to achieve a concentrated equity
Allianz Global Equity Unconstrained
portfolio with a focus on stock selection in
accordance with E/S characteristics.
The Sub-Fund aims to capture income from a
Allianz Global Floating Rate Notes global universe of floating-rate notes. The Sub-
Plus Fund seeks potential for long-term capital
growth in accordance with E/S characteristics.
Long-term capital growth by investing in global
Equity Markets with a focus on the information
Allianz Global Hi-Tech Growth technology sector or on an industry which
forms part of this sector in accordance with E/S
characteristics.
Long-term capital growth by investing in high
Allianz Global High Yield yield rated Debt Securities of global Bond
Markets in accordance with E/S characteristics.
22
Sub-Fund Investment Objective / Focus
Long term income and capital growth by
investing in a broad range of asset classes, in
Allianz Global Income
particular in global Equity and global Bond
Markets.
Long-term income and capital growth by
investing in global Equity and Bond Markets
Allianz Global Intelligent Cities with a focus on companies whose business will
Income benefit from or is currently related to evolution
of intelligent cities and connected communities
in accordance with E/S characteristics.
Long-term capital growth by investing in global
Equity Markets with a focus on natural
resources. Natural resources may comprise of
Allianz Global Metals and Mining
nonferrous metals, iron and other ores, steel,
coal, precious metals, diamonds or industrial
salts and minerals.
Long-term returns in excess of SECURED
OVERNIGHT FINANCING RATE (SOFR) by
Allianz Global Multi-Asset Credit
investing in global Bond Markets in accordance
with E/S characteristics.
Long-term capital growth and income by
investing in global Bond Markets. As part of the
investment process, the Investment Manager
Allianz Global Opportunistic Bond
applies an opportunistic approach, which
provides in particular that a spectrum of macro
and credit opportunities are accessed.
Long-term capital growth by investing in global
Allianz Global Small Cap Equity Equity Markets with a focus on small-sized
companies.
Long-term capital growth by investing in global
Equity Markets of developed countries in
accordance with E/S characteristics. The
Investment Manager may engage in foreign
currency overlay and thus assume separate
foreign currency risks with regard to currencies
of OECD member states, even if the Sub-Fund
does not include any assets denominated in
Allianz Global Sustainability
these respective currencies.
At least 90% of the Sub-Fund’s portfolio is
internally scored (as described in the pre-
contractual template for the Sub-Fund attached
to the Luxembourg prospectus of the
Company), calculated based on the Sub-Fund’s
net asset value except instruments that are not
scored by nature, e.g., cash and deposits.
23
Sub-Fund Investment Objective / Focus
Long-term capital growth by investing in global
Equity Markets with a focus on companies with
an engagement in the area of water resource
management in accordance with E/S
characteristics.
At least 80% of the Sub-Fund’s net asset value
Allianz Global Water
(except instruments for which no sustainable
investment share can reasonably be calculated,
e.g., cash, derivatives and deposits) will be
invested in issuers pursuing business activities
that contribute to one or more SDGs and/or EU
Taxonomy objectives.
Long-term capital growth by investing in
Investment Grade rated Green Bonds of the
global Bond Markets denominated in currencies
of OECD countries. At least 80% of the Sub-
Allianz Green Bond
Fund’s net asset value will be invested in
Sustainable Investments, and a minimum of
85% of the Sub-Fund assets will be invested in
Green Bonds.
Long-term capital growth by investing in a
portfolio of Asia Pacific (excluding Japan)
Allianz High Dividend Asia Pacific
Equity Market securities, with a potential
Equity
dividend yield above the market average in
accordance with E/S characteristics.
Long-term income by investing in Debt
Allianz HKD Income
Securities denominated in Hong Kong Dollar.
Long-term capital growth by investing in Hong
Allianz Hong Kong Equity
Kong Equity Markets.
Long term capital growth and income by
investing in corporate Debt Securities and
Allianz Income and Growth
Equities of US and/or Canadian Equity and
Bond Markets.
Long-term capital growth by investing in Equity
Allianz India Equity Markets of the Indian Subcontinent, including
India, Pakistan, Sri Lanka and Bangladesh.
Long-term capital growth by investing in
Allianz Japan Equity Japanese Equity Markets in accordance with
E/S characteristics.
Long-term capital growth by investing in Asian
Allianz Little Dragons
Equity Markets, excluding Japan, with a focus
on small-sized and mid-sized companies.
Generate long term capital growth through
Allianz Multi Asset Long / Short
investments in a broad range of asset classes.
24
Sub-Fund Investment Objective / Focus
The Sub-Fund seeks to generate superior risk
adjusted returns throughout a market cycle. The
investment policy is geared towards generating
appropriate annualised returns while taking into
account the opportunities and risks of a Long /
Short multi asset strategy
Long-term capital growth by investing in Asia-
Allianz Oriental Income
Pacific Equity and Bond Markets.
Long-term capital growth by investing in global
Equity Markets with a focus on the evolution and
Allianz Pet and Animal Wellbeing
development of pet and animal wellbeing in
accordance with E/S characteristics.
Long-term capital growth by investing in global
Equity Markets in accordance with E/S
characteristics with a focus on companies with
an engagement in one or more United Nations’
SDGs, and hence create positive outcomes for
environment and society.
Allianz Positive Change At least 80% of the Sub-Fund’s net asset value
(except instruments for which no sustainable
investment share can reasonably be calculated,
e.g., cash, derivatives and deposits) will be
invested in issuers pursuing business activities
that contribute to one or more SDGs and/or EU
Taxonomy objectives.
Long-term capital growth by investing in Bond
Allianz Renminbi Fixed Income
Markets of the PRC, denominated in CNY.
Long term capital growth and income by
investing in corporate Debt Securities and
Allianz Select Income and Growth
Equities of US and/or Canadian Equity and
Bond Markets.
Long-term capital growth and income in SGD
Allianz SGD Income terms by investing in Debt Securities of global
Bond Markets.
Long-term capital growth by investing in global
Equity Markets with a focus on companies with
an engagement in the area of transition of
energy usage in accordance with E/S
characteristics.
Allianz Smart Energy
At least 80% of the Sub-Fund’s net asset value
(except instruments for which no sustainable
investment share can reasonably be calculated,
e.g., cash, derivatives and deposits) will be
invested in issuers pursuing business activities
25
Sub-Fund Investment Objective / Focus
that contribute to one or more SDGs and/or EU
Taxonomy objectives.
Long-term capital growth by investing in global
Bond Markets. The investment policy is geared
toward generating appropriate annualised
returns above the markets based on global
Allianz Strategic Bond
government and corporate bonds by taking into
account the opportunities and risks of a strategy
in long and short positions in the global Bond
Markets.
Long-term capital growth by investing in global
Equity Markets with a focus on theme and stock
Allianz Thematica
selection in accordance with E/S
characteristics.
Long-term capital growth and income by
investing in the equity markets of the Republic
of Korea, Taiwan, Thailand, Hong Kong,
Allianz Total Return Asian Equity
Malaysia, Indonesia, the Philippines, Singapore
and/or the PRC in accordance with E/S
characteristics.
Long-term capital growth by investing in
companies of US Equity Markets with a
Allianz US Equity Fund
minimum market capitalisation of USD 500
million.
Long-term capital growth and income by
Allianz US Equity Plus
investing in US Equity Markets.
Long-term capital growth and income by
Allianz US High Yield investing in high yield rated corporate bonds of
US Bond Markets.
Long-term capital growth and income by
investing in investment grade rated corporate
Allianz US Investment Grade Credit Debt Securities of US Bond Markets
denominated in USD in accordance with E/S
characteristics.
Long-term capital growth by investing in the US
Allianz US Large Cap Value Equity Markets with a focus on value stocks in
accordance with E/S characteristics.
Long-term income and lower volatility by
Allianz US Short Duration High investing in short duration high yield rated
Income Bond corporate Debt Securities of US Bond Markets
in accordance with E/S characteristics.
26
No guarantee can be given that the investment objective of any of the Sub-Funds will be
achieved. You should be aware there may be a risk of loss on an investment in a Sub-
Fund.
You should note that the NAV of the Sub-Funds may likely have a high volatility due to
the investment policies or portfolio management techniques employed in respect of
those Sub-Funds.
5.2 Investment Principles and Investment Restrictions
Details on the investments that may be made by the Sub-Funds as well as the investment
principles and investment restrictions on such investments are set out in Appendix 1 of the
Luxembourg Prospectus.
Subject to specific investment restrictions of a Sub-Fund, financial derivative instruments may
be either (i) used for efficient portfolio management (including hedging) purposes and/or (ii) for
the purpose of optimising returns or in other words investment purposes.
Please refer to Appendix 1 and Appendix 4 of the Luxembourg Prospectus for further
information including on the types of financial derivatives that may be used, the extent to which
that Sub-Funds may be leveraged through the use of financial derivative instruments,
quantitative limits on the use of financial derivative instruments, the possible outcome of the
use of financial derivative instruments on the risk profile of the Sub-Funds.
The Management Company will use for each Sub-Fund either the commitment approach, the
relative Value-at-Risk approach or the absolute Value-at-Risk approach to determine the Sub-
Fund’s global exposure including financial derivatives. The commitment approach measures
the global exposure related solely to positions on financial derivative instruments which are
converted into equivalent positions on the underlying assets. The relative Value-at-Risk
approach and the absolute Value-at-Risk approach are as described in ESMA Guidelines 10-
788. The approach applied for each Sub-Fund and, for Sub-Funds that use the Value-at-Risk
approach, the expected level of leverage of derivatives for each Sub-Fund is set out in Appendix
4 of the Luxembourg Prospectus. You should note the possibility of higher leverage levels.
For those Sub-Funds for which the relative Value-at-Risk approach is used, the respective
reference portfolio is additionally outlined in Appendix 4. The Value-at-Risk of the Sub-Funds
may not exceed 2 times the Value-at-Risk of the reference portfolios. The reference portfolios
are used as they are considered to be consistent with the investment objectives, policies and
limits of the Sub-Funds.
For those Sub-Funds for which the absolute Value-at-Risk approach is used, the absolute
Value-at-Risk limit is 14.14% within a 10-day holding period as this is the applicable
Luxembourg regulatory limit.
The approach applied by each Sub-Fund is set out below.
Sub-Fund Name Approach
Allianz Advanced Fixed Income Short Duration Relative Value-at-Risk
Allianz All China Equity Relative Value-at-Risk
Allianz American Income Commitment Approach
Allianz Asia Pacific Income Commitment Approach
27
Sub-Fund Name Approach
Allianz Asian Multi Income Plus Commitment Approach
Allianz Asian Small Cap Equity Relative Value-at-Risk
Allianz Best Styles Euroland Equity Relative Value-at-Risk
Allianz Best Styles Europe Equity SRI Relative Value-at-Risk
Allianz Best Styles Global Equity Relative Value-at-Risk
Allianz China A Opportunities Relative Value-at-Risk
Allianz China A-Shares Relative Value-at-Risk
Allianz China Equity Relative Value-at-Risk
Allianz China Future Technologies Commitment Approach
Allianz China Healthy Living Commitment Approach
Allianz China Strategic Bond Relative Value-at-Risk
Allianz Clean Planet Commitment Approach
Allianz Cyber Security Commitment Approach
Allianz Dynamic Asian High Yield Bond Relative Value-at-Risk
Allianz Dynamic Multi Asset Strategy SRI 15 Commitment Approach
Allianz Dynamic Multi Asset Strategy SRI 50 Commitment Approach
Allianz Dynamic Multi Asset Strategy SRI 75 Commitment Approach
Allianz Emerging Asia Equity Relative Value-at-Risk
Allianz Emerging Markets Select Bond Relative Value-at-Risk
Allianz Emerging Markets Short Duration Bond Relative Value-at-Risk
Allianz Emerging Markets SRI Bond Relative Value-at-Risk
Allianz Emerging Markets SRI Corporate Bond Relative Value-at-Risk
Allianz Euro High Yield Bond Relative Value-at-Risk
Allianz Euroland Equity Growth Relative Value-at-Risk
Allianz Europe Equity Growth Relative Value-at-Risk
Allianz Europe Equity Growth Select Relative Value-at-Risk
Allianz Europe Income and Growth Absolute Value-at-Risk
Allianz European Equity Dividend Relative Value-at-Risk
Allianz Flexi Asia Bond Commitment Approach
Allianz Food Security Commitment Approach
Allianz GEM Equity High Dividend Relative Value-at-Risk
28
Sub-Fund Name Approach
Allianz Global Artificial Intelligence Commitment Approach
Allianz Global Credit SRI Relative Value-at-Risk
Allianz Global Multi Asset Sustainability Balanced Absolute Value-at-Risk
Allianz Global Equity Growth Relative Value-at-Risk
Allianz Global Equity Insights Relative Value-at-Risk
Allianz Global Equity Unconstrained Relative Value-at-Risk
Allianz Global Floating Rate Notes Plus Relative Value-at-Risk
Allianz Global Hi-Tech Growth Relative Value-at-Risk
Allianz Global High Yield Relative Value-at-Risk
Allianz Global Income Commitment Approach
Allianz Global Intelligent Cities Income Commitment Approach
Allianz Global Metals and Mining Relative Value-at-Risk
Allianz Global Multi-Asset Credit Absolute Value-at-Risk
Allianz Global Opportunistic Bond Relative Value-at-Risk
Allianz Global Small Cap Equity Relative Value-at-Risk
Allianz Global Sustainability Relative Value-at-Risk
Allianz Global Water Commitment Approach
Allianz Green Bond Relative Value-at-Risk
Allianz High Dividend Asia Pacific Equity Relative Value-at-Risk
Allianz HKD Income Commitment Approach
Allianz Hong Kong Equity Relative Value-at-Risk
Allianz Income and Growth Commitment Approach
Allianz India Equity Commitment Approach
Allianz Japan Equity Relative Value-at-Risk
Allianz Little Dragons Commitment Approach
Allianz Multi Asset Long / Short Absolute Value-at-Risk
Allianz Oriental Income Commitment Approach
Allianz Pet and Animal Wellbeing Commitment Approach
Allianz Positive Change Commitment Approach
Allianz Renminbi Fixed Income Commitment Approach
Allianz Select Income and Growth Commitment Approach
29
Sub-Fund Name Approach
Allianz SGD Income Absolute Value-at-Risk
Allianz Smart Energy Commitment Approach
Allianz Strategic Bond Absolute Value-at-Risk
Allianz Thematica Commitment Approach
Allianz Total Return Asian Equity Commitment Approach
Allianz US Equity Fund Relative Value-at-Risk
Allianz US Equity Plus Commitment Approach
Allianz US High Yield Commitment Approach
Allianz US Investment Grade Credit Relative Value-at-Risk
Allianz US Large Cap Value Relative Value-at-Risk
Allianz US Short Duration High Income Bond Commitment Approach
You may obtain supplementary information relating to the risk management methods employed
by the Company, including quantitative limits that are applied and any recent developments in
the risk and yield characteristics of the main categories of investments from the Singapore
Representative.
The Management Company will ensure that the risk management and compliance procedures
employed are adequate and have been or will be implemented and it has the necessary
expertise to manage the risks relating to the use of financial derivative instruments.
The Company may not enter into securities (reverse) repurchase agreements and into
securities lending transactions.
As at the date of this Singapore Prospectus, a Sub-Fund may from time to time, subject to the
specific investment restrictions of the Sub-Fund: (a) invest in commodity ETFs and commodity
derivatives with underlying assets in precious metals such as gold and silver, which are in the
view of the Investment Manager highly correlated based on their historical returns; and (b)
invest in commodity ETFs or commodity derivatives with exposures to commodity sectors such
as energy, agriculture and base metals.
Specific investment strategies in line with Article 8 and 9 of Regulation (EU) 2019/2088 of the
European Parliament and of the Council of 27 November 2019 on sustainability related-
disclosures in the financial services sector (the “Sustainability-related Disclosure
Regulation”) have features that to some extent could limit certain risks:
x if a Sub-Fund’s specific Investment Strategy (as defined in the Luxembourg
Prospectus)is carried out in accordance with Article 9 of the Sustainability-related
Disclosure Regulation, all relevant information to be disclosed pursuant to Article 5 of
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June
2020 of the establishment of a framework to facilitate sustainable investment (the
“Taxonomy Regulation”) may be found in Appendix 10 of the Luxembourg Prospectus
and the pre-contractual templates for the Sub-Funds, as annexed to the Luxembourg
Prospectus. Sub-Funds are managed in accordance with Article 9(1), (2) or (3) of the
30
Sustainability-related Disclosure Regulation if they have sustainable investment as their
objective;
x if a Sub-Fund’s specific Investment Strategy is carried out in accordance with Article 8 of
the Sustainability-related Disclosure Regulation, all relevant information to be disclosed
pursuant to Article 6 of the Taxonomy Regulation in this regard may be found in Appendix
10 of the Luxembourg Prospectus and the pre-contractual templates for the Sub-Funds,
as annexed to the Luxembourg Prospectus. Sub-Funds are managed in accordance with
Article 8(1) of the Sustainability-related Disclosure Regulation if they promote, amongst
other characteristics, environmental or social characteristics, or a combination of those
characteristics, provided that the companies in which the investments are made follow
good governance practices; and
x where a Sub-Fund’s investment strategy is neither carried out in accordance with Article
9 nor Article 8 of the Sustainability-related Disclosure Regulation, such Sub-Fund may
be found in Appendix 10 of the Luxembourg Prospectus and the pre-contractual
templates for the Sub-Funds, as annexed to the Luxembourg Prospectus, by explicitly
stating that Sub-Fund’s investments do not consider the EU criteria for environmentally
sustainable economic activities.
The Management Company considers PAI Indicators (as defined in the Luxembourg
Prospectus) on sustainability factors in a similar manner as described before during all
investment decisions to be taken for a Sub-Fund. Further details are included in the
Management Company’s Principal Adverse Impact Statement available on the website
www.allianzglobalinvestors.com.
All Sub-Funds will refrain from direct investing in securities of issuers which, in the opinion of
the Board, engage in undesirable business activities. Undesirable business activities comprise
particularly of those relating to certain controversial weapons or coal. The exclusion policy
applies to corporate issuers only. The Sub-Funds might invest in securities baskets such as
indices which can contain securities falling under the aforementioned exclusion criteria. Debt
securities of issuers which are in scope of the exclusion policy may be kept until the earlier of
either maturity of the respective instrument or 30 June 2022 provided such instrument has been
acquired on behalf of the respective Sub-Fund prior the enforcement of the exclusion policy.
Please refer to Appendix 1 of the Luxembourg Prospectus for more information on the
exclusions policy.
5.3 Central Provident Fund Investment Scheme
5.3.1 Definitions
Approved Bank any bank appointed by the CPF Board to be an approved bank
for the purpose of the CPF Regulations
CPF Act the Central Provident Fund Act 1953 of Singapore as modified
from time to time
CPF the Central Provident Fund
CPF Board the Central Provident Fund Board, established pursuant to the
CPF Act
CPF Investment Account an account opened by an investor with an Approved Bank in
which monies withdrawn from his CPF Ordinary Account are
deposited for the purpose of investments under the CPFIS
31
CPF Investment Guidelines the investment guidelines for funds included under the CPFIS
issued by the CPF Board as modified from time to time
CPF Ordinary Account the account referred to by the CPF Board as the ordinary
account
CPFIS the CPF Investment Scheme (as defined in the CPF
Regulations) or such other scheme as will replace or supersede
the CPF Investment Scheme
CPF Regulations the Central Provident Scheme (Investment Schemes)
Regulations and any terms, conditions or directions as may from
time to time be lawfully imposed or given by the CPF Board or
other relevant competent authority and will include the terms
and conditions in respect of CPFIS issued by the CPF Board
thereunder, as the same will be modified, re-enacted or
reconstituted from time to time
CPF Special Account the account referred to by the CPF Board as the special account
SRS the scheme referred to by the Ministry of Finance as the
Supplementary Retirement Scheme or such other scheme as
will replace or supersede the Supplementary Retirement
Scheme from time to time SRS Account an account opened
by an investor pursuant to the SRS with a bank which has been
approved as an SRS Operator by the Ministry of Finance
SRS Operator the bank with which an investor has opened an SRS Account
5.3.2 CPFIS – Ordinary Account
The following Sub-Funds are included under the CPFIS-Ordinary Account:
Sub-Funds CPFIS risk classification
Higher Risk – Narrowly Focused –
Allianz All China Equity
Country – Greater China
Allianz Best Styles Global Equity# Higher Risk – Broadly Diversified
Higher Risk – Narrowly Focused –
Allianz China A-Shares^
Country – Greater China
Higher Risk – Narrowly Focused -
Allianz Europe Equity Growth*
Regional – Europe
Higher Risk – Narrowly Focused – Sector
Allianz Global Artificial Intelligence#
– Others
Allianz Global Equity Growth# † Higher Risk – Broadly Diversified
Higher Risk – Narrowly Focused -
Allianz Oriental Income#
Regional – Asia
Allianz Thematica‡ Higher Risk – Broadly Diversified
#
Only Share Classes E and/or ET are included under the CPFIS-Ordinary Account.
32
*Only the SGD Share Class is included under the CPFIS-Ordinary Account. This Sub-
Fund is closed to further subscriptions using CPF monies. New investments into this
Sub-Fund may only be subscribed for using cash or SRS monies.
^
Only Share Classes E, ET and/or PT(USD) are included under the CPFIS-Ordinary
Account.
† This Sub-Fund will be closed to further subscriptions using CPF monies with effect
from 19 August 2024 or such other date as may be approved by the CPF Board. Following
such closure, new investments into this Sub-Fund may only be subscribed for using
cash or SRS monies.
‡ This Sub-Fund will be included under the CPFIS with effect from 4 August 2024 or such
other date as may be approved by the CPF Board. Only Share Classes E and/or ET will
be included under the CPFIS-Ordinary Account.
The CPF interest rate for the Ordinary Account (“OA”) is based on the 3-month average of
major local banks’ interest rate, subject to the legislated minimum interest of 2.5% per annum.
The interest rate for OA is reviewed quarterly.
The CPF interest rate for the Special Account (“SA”) and Medisave Account (collectively, the
“SMA”) is computed based on the 12-month average yield of 10-year Singapore Government
Securities (“10YSGS”) plus 1%, subject to the current floor interest rate of 4% per annum. The
interest rate for SMA is reviewed quarterly.
New Retirement Account (“RA”) savings are invested in Special Singapore Government
Securities SSGS which earn a fixed coupon equal to either the 12-month average yield of the
10YSGS plus 1% at the point of issuance, or 4%, whichever is higher. The interest rate of the
RA is reviewed annually. The interest credited to the RA is based on the weighted average
interest of the entire portfolio of these SSGS invested using new and existing RA savings.
As announced in September 2023, the Government will (i) increase the interest earned on SMA
monies to 4.04% per annum until 31 December 2023 and maintain the 4% per annum minimum
rate for interest earned on all SMA monies for the period 1 January 2024 to 31 December 2024,
and (ii) maintain the 4% per annum minimum rate for interest earned on all RA monies until 31
December 2024. Thereafter, interest rates on all CPF account monies will be subject to a
minimum rate of 2.5% per annum (unless the Government extends the 4% floor rate for interest
earned on all SMA and RA monies).
For CPF members below 55 years old, the CPF Board will pay an extra interest rate of 1% per
annum on the first S$60,000 of a CPF member’s combined balances (capped at S$20,000 for
OA). Only monies in excess of S$20,000 in the OA and S$40,000 in the Special Account can
be invested under the CPFIS.
CPF members aged 55 and above will earn an additional 2% interest on the first S$30,000 of
their combined CPF balances (capped at S$20,000 for OA), and an extra 1% interest on the
next S$30,000.
You should note that the applicable interest rates for each of the CPF accounts may be varied
by the CPF Board from time to time. Subscriptions using CPF monies shall at all times be
subject to, amongst others, the regulations and such directions or requirements imposed by the
CPF Board from time to time.
5.3.3 CPF Investment Guidelines
33
In respect of a Sub-Fund included under the CPFIS, the Management Company shall ensure
compliance by the Sub-Fund with the CPF Investment Guidelines in addition to all the relevant
investment guidelines and restrictions as set out in this Singapore Prospectus.
6. FEES, CHARGES AND EXPENSES
6.1 Payable by you if you invest in the Sub-Funds
Fees payable by you if you invest in the Sub-Funds#
Subscription Fee Currently up to 5%*
Redemption Fee Currently up to 3%
Conversion Fee Currently up to 5%
#
The exact fees and charges applicable to each Share Class in respect of the Sub-Funds on
offer are set out in Appendix 2 of the Luxembourg Prospectus, save that in relation to Share
Classes C3 and CT3 of Allianz Dynamic Multi Asset Strategy SRI 15, Allianz Dynamic Multi
Asset Strategy SRI 50, Allianz Dynamic Multi Asset Strategy SRI 75 and Allianz Income and
Growth:
(i) during the applicable initial offer period, the sales charge is 0%; and
(ii) the Redemption Fee
(a) up to 3% for the first year from the launch date of the relevant Share Class;
(b) up to 2% for the second year from the launch date of the relevant Share Class;
(c) up to 1% for the third year from the launch date of the relevant Share Class;
and
(d) 0% for the fourth year from the launch date of the relevant Share Class and
thereafter.
*Where shares are purchased using CPF monies, the sales charge is 0%.
You should check with the appointed Singapore distributors of the Sub-Funds to confirm
whether any additional taxes, commissions and other fees incurred in Singapore on the
issuance or redemption of Shares may be charged by the appointed Singapore distributors.
6.2 Fees payable by the Sub-Funds
Fees payable by each Sub-Fund
Currently up to 3.25% p.a.*
(a) Retained by Management Company:
28.57% to 100% of All-in-Fee1
All-in-Fee#
(b) Paid by Management Company to
financial adviser (trailer fee): 0% to 71.43 %
(with a median2 of 37.64%) of All-in-Fee1
1 Your financial adviser is required to disclose to you the amount of trailer fee it receives from the Management
Company.
2 The median trailer fee is derived based on the trailer fees payable to Singapore distributors of all CPFIS trailer-
bearing Share Classes of the Sub-Funds.
34
Restructuring Fee Currently nil
# The fees and expenses of the Investment Managers, UCI Administration Agent and
Depositary will be covered by the All-in-Fee.
* The applicable All-in-Fee payable by each Share Class is set out in Appendix 2 of the
Luxembourg Prospectus.
You should refer to the Luxembourg Prospectus under Section XII headed “Fees and
Expenses” and Appendix 2 of the Luxembourg Prospectus for a more detailed
description of the fees and charges listed above and other fees and charges which may
be payable by the Sub-Funds.
7. RISK FACTORS
7.1 General
You should consider and satisfy yourself as to the risks of investing in any of the Sub-Funds.
These risks may adversely impact the net asset value of the Sub-Funds and cause you to lose
some or all of your investment. There can be no assurance that the Sub-Funds will achieve
their investment objectives. The value of the Shares in any Sub-Fund and the income accruing
to the Shares, if any, may fall or rise, and you may not realise the value of your initial investment.
7.1.1 Currency Risk
If a Sub-Fund directly or indirectly (via derivatives) holds assets denominated in currencies
other than its Base Currency or if a Share Class of the Sub-Fund is designated in a currency
other than the Base Currency of the Sub-Fund (each a “foreign currency”), it is exposed to a
currency risk that if foreign currency positions have not been hedged or if there is any change
in the relevant exchange control regulations, the NAV of the Sub-Fund or that Share Class may
be affected unfavorably. Any devaluation of the foreign currency against the Base Currency of
the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall,
and as a result may have an adverse impact on the Sub-Fund and/or the investors.
Subject to the specific investment restrictions of a Sub-Fund, the Management Company may
use financial derivative instruments to hedge the foreign currency exposure and currency
hedging transactions may be entered into in relation to one or more Share Classes. Hedging
can be used in particular to reflect the different currency-hedged Share Classes. Please refer
to Appendix 1 of the Luxembourg Prospectus for further information on the use of financial
derivative instruments and to Sections IX.3.2 and 3.3 of the Luxembourg Prospectus headed
“Reference Currency” and “Currency hedged Share Class(es)” for further information on the
different hedging policies applicable to different Share Classes.
You should note that the Sub-Funds are not normally fully invested in assets denominated in
Singapore dollars, the Base Currency of the Sub-Funds is not Singapore dollars and the
Reference Currency of the Share Classes you invest into may not be Singapore Dollars. Unless
otherwise indicated in respect of the particular Sub-Fund or Share Class, the Management
Company does not intend to hedge against currency fluctuations between the Singapore Dollar
and that of the Sub-Fund Base Currency and / or the Reference Currency of the Share Classes
of the respective Sub-Funds. If your Reference Currency is Singapore dollars, you may
therefore be exposed to an additional exchange rate risk.
7.1.2 Redemption Risk
There is no ready secondary market in Singapore for the Sub-Funds. Consequently, you may
only redeem your Shares in the manner described in paragraph 9 of this Singapore Prospectus.
35
The right to redeem Shares in the Sub-Funds may also be suspended under certain
circumstances as further described in paragraph 9.3 and paragraph 12 of this Singapore
Prospectus.
7.1.3 Other Risk Factors
You should refer to the Luxembourg Prospectus under Section XV.1. headed “General Risk
Factors applicable to All Sub-Funds unless otherwise stated” and Appendix 1, Part A under the
heading “6. Use of Techniques and Instruments” for information on risk factors that may be
associated with an investment in a Sub-Fund including company-specific risk, concentration
risk, counterparty risk, country and region risk, creditworthiness and downgrading risk, dilution
and swing pricing risk, distribution out of capital risk, general market risk, interest rate risks,
liquidity risk, sovereign debt risk and use of derivatives risk.
7.2 Risks specific to the Sub-Funds
You should refer to the Luxembourg Prospectus under Section XV.2. headed “Sub-Fund-
Specific Risk Factors” and Section XV.3. headed “Sub-Fund-Specific Risk Factors on an
Individual Basis” for information on risk factors that may be specific to a Sub-Fund. You should
consider the same before making any investment decision.
The above should not be considered to be an exhaustive list of the risks which you
should consider before investing into the Sub-Funds. You should be aware that an
investment in any of the Sub-Funds may be exposed to other risks of an exceptional
nature from time to time.
8. SUBSCRIPTION FOR SHARES
8.1 Subscription Procedure
You may purchase Shares through the Singapore Representative or appointed Singapore
distributors.
You should make your application for Shares on a Singapore share application form as may be
prescribed by the Singapore Representative or the appointed Singapore distributor through
whom you are purchasing Shares. You should send your application, together with:
x the payment for the Shares (by cheque or telegraphic or bank transfer or such other
payment mode as may be prescribed by the Singapore Representative or the
appointed Singapore distributor, as the case may be); and
x such documents as may be required by the Company, Singapore Representative
and/or the relevant appointed Singapore distributor,
to the Singapore Representative or the relevant appointed Singapore distributor.
The Company and the Singapore Representative reserve the right to reject, wholly or in part,
any application for Shares on any grounds or to request further details or evidence of identity
from an applicant for, or transferee of, Shares.
The Singapore Representative reserves the right to reject the processing of an application
unless subscription monies have been received by the Singapore Representative in cleared
funds.
Cash payments and any third party payments (whether by cheque or telegraphic or bank
transfer) will not under any circumstances be accepted. You shall bear the costs and expenses
associated with returning such payments, which will be deducted against the returned
36
amount. Any money returnable will be held without payment of interest pending receipt of the
remittance.
Subscription monies will be invested net of any applicable Subscription Fee and any bank
charges. If your subscription monies are overdue, interest may be levied on the amount due on
a daily basis until payment in full is received and/or any provisional allotment of Shares may be
cancelled (in which case, the Singapore Representative shall be entitled to claim from you the
amount, if any, by which the original issue price together with any accrued interest exceeds the
redemption price prevailing on the cancellation date).
As at the date of this Singapore Prospectus, the Company currently accepts subscriptions for
shares in Singapore Dollars, US Dollars and Euros and may, in its discretion, accept
subscriptions for Shares in other freely convertible currencies other than Singapore Dollars, US
Dollars and Euros. You shall bear the costs and expenses associated with converting the
subscription monies into the Reference Currency of the relevant Share Class of the relevant
Sub-Fund, and any risks associated with fluctuations in foreign exchange.
The Company reserves the right to suspend without prior notice the issue of Shares in one or
more or all of the Sub-Funds or in one or more or all Share Classes.
You should refer to the Luxembourg Prospectus under Section IX.4. headed “Dealing in
Shares”, Section IX.5. headed “Subscriptions” and Appendix 6 for further details.
In-kind subscriptions are currently not available in Singapore.
8.2 Minimum Initial Investment Amount and Minimum Subsequent Investment Amount
Any minimum initial investment amount for the Share Classes is indicated in the Luxembourg
Prospectus under Section IX.3.4. headed “Minimum Investment Amount”.
You may make an additional investment in a Share Class for a lower amount if the combined
value of your Shares in that Share Class, after your additional investment and the deduction of
any Subscription Fee, is at least equivalent to the minimum initial investment amount of that
Share Class. Please refer to the Luxembourg Prospectus under Section IX.3.4. headed
“Minimum Investment Amount” and Appendix 6 for further details.
If no minimum initial investment amount for a Share Class has been indicated in the
Luxembourg Prospectus, please note that you will nonetheless be subject to a minimum initial
investment amount of 1,000 and a minimum subsequent investment amount of 500 in the
Reference Currency of the relevant Share Class, save in respect of Share Classes
denominated in JPY, which shall have an initial investment amount of JPY100,000 and a
minimum subsequent investment amount of JPY50,000.
The Singapore Representative reserves the right at any time to impose, vary or waive the
applicable minimum investment requirements in respect of any Share Class generally or in any
particular case. You should also note that the appointed Singapore distributors may impose a
different minimum initial investment amount and / or subsequent investment amount than that
set out above and you should confirm with the relevant Singapore distributor whether different
minimum requirements apply.
8.3 Initial Offer Period and Initial Subscription Price
A Sub-Fund or Share Class which has not been launched may, upon the launch of such relevant
Share Class(es) of the Sub-Fund, be offered at an initial purchase price during an initial offer
period determined by the Company.
37
Please refer to the Luxembourg Prospectus under Appendix 6 for the initial subscription price
during the initial offer period (if any).
Although Share Classes C3 and CT3 of Allianz Dynamic Multi Asset Strategy SRI 15, Allianz
Dynamic Multi Asset Strategy SRI 50, Allianz Dynamic Multi Asset Strategy SRI 75 and Allianz
Income and Growth will be closed for subscription after the end of the applicable initial offer
period except where distributions from Distribution Shares of Share Classes C3 and CT3 are
being reinvested, the Management Company may in its absolute discretion open Share Classes
C3 and CT3 of the five aforementioned Sub-Funds for subscription after the end of the
applicable initial offer period.
You may wish to check with the Singapore Representative or any appointed Singapore
distributor on the Share Classes (if any) which are at that time in an initial offer period.
The Company reserves the right not to issue Shares in any such Share Class and to return to
you your application monies received (without interest) in the event the Company is of the
opinion that it is not in the interest of investors or not economically efficient to proceed with that
Sub-Fund or Share Class.
After the close of the initial offer period for any Share Class, Shares of that Share Class will be
issued on a forward pricing basis and the issue price of Shares shall not be ascertainable at
the time of application.
8.4 Dealing Deadline and Pricing Basis
Other than during an initial offer period, all Shares shall be issued on a forward pricing basis.
Accordingly, the issue price of Shares shall not be ascertainable at the time of application.
The Subscription Price per Share of a Share Class is determined on each Valuation Day and
based on the NAV per Share of the relevant Share Class. The NAV per Share of a Share Class
is calculated in the Base Currency of the Sub-Fund. If Shares are issued with other Reference
Currencies, such NAV will be published in the currency in which that Share Class is
denominated.
A Sub-Fund may suffer reduction of the NAV per Share due to investors purchasing, selling
and/or switching in and out of Shares of a Sub-Fund at a price that does not reflect the dealing
costs associated with this Sub-Fund’s portfolio trades undertaken by the Investment Manager
to accommodate cash inflows or outflows.
In order to reduce this impact and to protect Shareholders’ interests, a swing pricing mechanism
(the “Swing Pricing Mechanism”) may be adopted by the Company as part of the general
valuation policy. The Swing Pricing Mechanism may be applied across all Sub-Funds. However,
the Swing Pricing Mechanism is currently only applied to certain Sub-Funds which are explicitly
mentioned on the webpage https://regulatory.allianzgi.com. The extent of the adjustment will
be reset by the Company on a periodic basis to reflect an approximation of current dealing
costs. The estimation procedure for the value of the adjustment captures the main factors
causing dealing cost (e.g. bid/ask spreads, transaction related taxes or duties, brokerage fees
etc.). Such price adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 3% of
the original NAV per Share. The value of the adjustment is determined by the Management
Company’s valuation team and approved by an internal swing pricing committee. On a regular
basis (minimally twice a year) the value of the adjustment is reviewed by the Management
Company’s valuation team and the review results are approved by the swing pricing committee.
38
The value of the pre-determined threshold, which triggers the application of the adjustment and
the value of the adjustment are dependent on the prevailing market conditions as measured by
several commonly used metrics (e.g. implied volatility, various indices etc.).
In order to be dealt with on a specific Dealing Day, your subscription application must be
received by the Singapore Representative by the Singapore Dealing Deadline as follows:
(iii) (for all Sub-Funds except the Allianz Emerging Markets Select Bond, Allianz Emerging
Markets Short Duration Bond, Allianz Emerging Markets SRI Bond and Allianz
Emerging Markets SRI Corporate Bond) 5 p.m. (Singapore time) on that Dealing Day
(provided that Dealing Day is also a Singapore Business Day3); and
(iv) (for the Allianz Emerging Markets Select Bond, Allianz Emerging Markets Short
Duration Bond, Allianz Emerging Markets SRI Bond and Allianz Emerging Markets SRI
Corporate Bond) 5 p.m. (Singapore time) on the Dealing Day preceding that specific
Dealing Day (provided that the Dealing Day preceding that specific Dealing Day is also
a Singapore Business Day3).
The Singapore Representative reserves the right to change its Singapore Dealing
Deadline from time to time if necessitated by a change in the dealing procedures of the
Company.
Orders received and accepted by the Singapore Representative before the Singapore Dealing
Deadline for a Dealing Day will be dealt with at the Subscription Price for that Dealing Day.
Orders received and accepted by the Singapore Representative after the Singapore Dealing
Deadline for a Dealing Day will be dealt with at the Subscription Price for the next Dealing Day,
provided that day is also a Singapore Business Day.
Please refer to the Luxembourg Prospectus under Section IX.4. headed “Dealing in Shares”,
Section IX.5. headed “Subscriptions”, Section IX.10. headed “Income Equalisation” and Section
XI.1. headed “Calculation of NAV per Share” for further details.
Appointed Singapore distributors may impose their own dealing procedure and
additional requirements on supporting documents and payment of cleared funds. You
should confirm the applicable dealing procedures (including the applicable Singapore
Dealing Deadline) with your Singapore distributor.
8.5 Regular Savings Plan
You may apply for Shares of the Sub-Funds via a RSP with a minimum monthly contribution of
100 in the Reference Currency of the relevant Share Class (save in respect of Share Classes
denominated in JPY, which shall have a minimum monthly contribution of JPY10,000), or such
amount as the Singapore Representative may agree from time to time. The Singapore
Representative has the discretion to waive the requirement that a new subscriber satisfy the
minimum initial investment amount in Paragraph 8.2 of this Singapore Prospectus before
applying for Shares via a RSP.
You must complete a Direct Debit Authorisation (“DDA”) Form authorising the payment for the
RSP and submit the DDA Form together with the application form.
The monthly contribution for the RSP shall be deducted (from your relevant bank account, CPF
Investment Account, CPF Special Account or SRS Account as the case may be) as authorised
in the DDA Form and the application form. The debit date shall be on the 8th of each month (or
3“Singapore Business Day” means a day (other than a Saturday or Sunday) on which banks in Singapore are
open for business.
39
the next Singapore Business Day if that day is not a Singapore Business Day). After the monthly
contribution is received by the Singapore Representative, the investment shall be made and
the Shares shall be allotted on or about the 10th of each month (provided that day is both a
Singapore Business Day and a Dealing Day, or the next day that is both a Singapore Business
Day and a Dealing Day).
You may cease your participation in the RSP without penalty by giving not less than 30 days’
prior notice in writing to the Singapore Representative.
8.6 Numerical Example of How Number of Allotted Shares are Calculated
The following is an illustration of how the number of Shares in a Sub-Fund that you will receive
based on an investment amount of S$1000 (converted to USD 794) and a notional Subscription
Price of USD 1.00 and a 5% Subscription Fee (The actual Subscription Price of the Shares will
fluctuate according to the NAV per Share of the relevant Sub-Fund) is calculated:-
USD 1.00 + USD 0.05 = USD 1.05
Subscription Subscription Fee (5% of Subscription Price
Price USD 1.00) (inclusive of
Subscription Fee)
USD 794.00 ÷ USD 1.05 = 756.19
Your Subscription Price No. of Shares
investment (inclusive of Subscription
Fee)
Please note that the Reference Currency of the relevant Share Class in the above illustration
is USD and therefore the Singapore dollar investment amount was converted into USD by the
Singapore Representative at your risk and expense before calculating the number of Shares
allotted.
You should check with your appointed Singapore distributor of the Sub-Funds to confirm
whether any additional taxes, commissions and other fees incurred in Singapore on the
issuance or redemption of Shares which may be charged, as well as the calculation
methodology of the Subscription Fee, which may differ from the above numerical example.
8.7 Trade Confirmations
Following settlement, a trade confirmation will be sent by the Paying Agent to the Singapore
Registrar, normally 1 day after the relevant Dealing Day. You should contact the Singapore
Representative or your Singapore distributor for details on when you may expect to receive the
trade confirmations confirming ownership of the number of Shares issued to you as the trade
confirmation policy may vary amongst the appointed Singapore distributors and the Singapore
Representative. The trade confirmation will provide full details of the transaction.
8.8 Cancellation of subscription
There is no cancellation period for the Shares of the Sub-Funds. Some Singapore distributors
may, at their own discretion and in their own capacity, offer a cancellation period for subscription
of shares. You should check with your Singapore distributor for further details.
9. REDEMPTION OF SHARES
9.1 Redemption Procedure
40
Shares may be redeemed on any Dealing Day (provided that Dealing Day is also a Singapore
Business Day). You must redeem your Shares via the same Singapore distributor through
whom you originally purchased the Shares or, if the Shares were purchased through the
Singapore Representative, through the Singapore Representative.
You should make requests for redemption of Shares on a share redemption form as may be
prescribed by the Singapore Representative or the appointed Singapore distributors. You
should send your redemption request, together with such documents (including your bank
account information if the Shares are registered in your name individually) as may be required
by the Singapore Representative and / or the relevant Singapore distributor, to that Singapore
distributor (or the Singapore Representative, as the case may be) before the applicable
Singapore Dealing Deadline (as described in paragraph 9.3) for your redemption request to be
processed on any particular Dealing Day.
You should refer to the Luxembourg Prospectus under Section IX.6.1. headed “The
Redemption Process” for further details on the redemption procedure. You should also note
that the Company may under certain circumstances compulsorily redeem your Shares - further
details are set out in the Luxembourg Prospectus under Section IX.6.2. headed “Compulsory
Redemption of Shares”.
In-kind redemptions are currently not available in Singapore.
9.2 Minimum Holding Amount and Minimum Realisation Amount
The minimum holding for each Share Class is the same as the minimum investment amount as
set out in paragraph 8.2 above. The minimum realisation amount for each Share Class will be
such minimum number of Shares whose aggregated NAV shall be at least 1,000 in the
Reference Currency of the relevant Share Class.
If you submit a realisation request which would result in the NAV of your residual holding in the
relevant Share Class falling below the minimum holding amount, the Singapore Representative
has the right to effect or procure the redemption of your residual Shares.
The Singapore Representative reserves the right at any time to impose, vary or waive the
applicable minimum holding and minimum realisation amounts in respect of any Share Class
generally or in any particular case. You should also note that the appointed Singapore
distributors may impose their own requirements in respect of minimum holding amounts and
minimum realisation amounts and you should confirm with your Singapore distributor whether
different minimum requirements apply.
9.3 Dealing Deadline and Pricing Basis
The redemption price per Share is calculated on a forward pricing basis. Therefore, the
redemption price of Shares will not be ascertainable at the time of the redemption request.
The Redemption Price for the Shares is determined on each Valuation Day and based on the
NAV per Share of the relevant Share Class. The NAV per Share of a Share Class is calculated
in the Base Currency of the Sub-Fund. If Shares are issued with other Reference Currencies,
such NAV will be published in the currency in which that Share Class is denominated.
In order to be dealt with on a specific Dealing Day, your redemption request must be received
by the Singapore Representative prior to the Singapore Dealing Deadline (as described in
Paragraph 8.4 of this Singapore Prospectus).
41
The Singapore Representative reserves the right to change its Singapore Dealing
Deadline from time to time if necessitated by a change in the dealing procedures of the
Company.
Redemption requests received and accepted by the Singapore Representative before the
Singapore Dealing Deadline for a Dealing Day will be dealt with at the Redemption Price for
that Dealing Day. Orders received and accepted by the Singapore Representative after the
Singapore Dealing Deadline for a Dealing Day will be dealt with at the Redemption Price for
the next Dealing Day, provided that day is also a Singapore Business Day.
Please refer to the Luxembourg Prospectus under Section IX.4. headed “Dealing in Shares”,
Section IX.6. headed “Redemptions”, Section IX.10. headed “Income Equalisation”, Section
XI.1. headed “Calculation of NAV per Share” and Section XI.3. headed “Protection of
Shareholders in case of a NAV Calculation Error” for further details.
Appointed Singapore distributors may impose their own dealing procedures, additional
requirements on supporting documents and timing for redemption and payment of
redemption proceeds. You should confirm the applicable dealing procedures (including
the applicable Singapore Dealing Deadline) with your Singapore distributor.
If redemption requests (including the redemption portion of conversion applications) exceed
10% of the Shares in issue or NAV of the relevant Sub-Fund on any Dealing Day, the Directors
may in their absolute discretion defer some or all of such applications for such period of time
(which shall not exceed two (2) Valuation Days) that the Company considers to be in the best
interest of that Sub-Fund, provided that, on the first Valuation Day following this period, such
deferred redemption and conversion applications will be given priority and settled ahead of
newer applications received after this period.
Please refer to Appendix 6 of the Luxembourg Prospectus for further details.
9.4 Numerical examples of calculation of redemption proceeds
The following is an illustration of the calculation of redemption proceeds that you will receive if
you realise 1,000 Shares and based on a notional Redemption Price of USD 1.10 (The actual
Redemption Price of the Shares will fluctuate according to the NAV per Share of the relevant
Sub-Fund):-
1,000 x USD 1.10 = USD 1,100.00
Your Redemption Redemption
holding Price proceeds
The following is an illustration of the calculation of redemption proceeds that you will receive if
you realise 1,000 Shares and based on a notional Redemption Price of USD 1.10 (The actual
Redemption Price of the Shares will fluctuate according to the NAV per Share of the relevant
Sub-Fund) and a Redemption Fee of 1%:-
1,000 x USD 1.10 = USD 1,100.00
Your Redemption Gross
holding Price redemption
proceeds
42
USD 1,100.00 - USD 11.00 = USD 1,089.00
Gross Redemption Net redemption
redemption Fee proceeds
proceeds (1%)
Please note that the Reference Currency of the relevant Share Class in the above illustrations
is USD. Therefore the redemption proceeds will be calculated in USD and paid in USD, unless
you or the approved distributor (as the case may be) has instructed payment of the redemption
proceeds to be in Singapore dollars, in which event, the redemption proceeds will be converted
into Singapore dollars at such prevailing exchange rates as shall be determined by the
Singapore Representative at your expense and risk before they are paid to you.
You should check with your appointed Singapore distributor of the Sub-Funds to confirm
whether any additional taxes, commissions and other fees incurred in Singapore on the
issuance or redemption of Shares which may be charged, as well as the calculation
methodology of the Redemption Fee, which may differ from the above numerical example.
9.5 Payment of Redemption Proceeds
Redemption proceeds are normally paid out in the Reference Currency of the relevant Share
Class.
Redemption proceeds will normally be made to the Registrar Agent within six (6) Valuation
Days after the relevant trade date unless the realisation of Shares has been suspended or
affected by legal provisions, such as exchange control regulations or other circumstances and
provided that all the documents evidencing the redemption have been received by the Paying
Agent of the Company in Luxembourg.
Where an error in the calculation of the NAV of the relevant Sub-Fund reaching or exceeding
the Materiality Threshold (as defined in the Luxembourg Prospectus) results in the payment to
you of redemption proceeds which are less than the amount of redemption proceeds you would
have been paid had such error not occurred, further payment of redemption proceeds will be
made to recompense you at the earliest opportunity, in accordance with the remedial plans and
procedures set out in the Luxembourg Prospectus. Please refer to Section XI.3. headed
“Protection of Shareholders in case of a NAV Calculation Error” for further details.
If you have invested via an appointed Singapore distributor, your redemption proceeds will
normally be paid by the Company to that Singapore distributor through the Singapore Registrar
if the Shares are registered under the name of that Singapore distributor.
You will receive the proceeds of redemption from the Singapore distributor in accordance with
such instructions as agreed between you and that Singapore distributor.
You should contact your Singapore distributor for further details (including the period within
which the redemption proceeds will be paid out to you by that Singapore distributor and any
bank or administrative charges which you may have to pay for such transmission) as the
payment policy amongst the appointed Singapore distributors may vary.
If you are individually registered with the Company, payment of the Redemption Price is made
by electronic bank transfer to the account provided by you or, at your risk, by cheque to the last
43
recorded address provided by you. The Company does not usually charge a transfer fee for
bank transfers. However, your bank may charge such a fee for accepting the payment.
If you have purchased Shares with CPF monies from your CPF Investment Account or CPF
Special Account, any monies payable to you in respect of such Shares shall be paid by
transferring the monies to the relevant Approved Bank for credit to your CPF Investment
Account or CPF Ordinary Account or by transferring the monies to your CPF Special Account
(as the case may be) or otherwise in accordance with the provisions of any applicable laws,
regulations or guidelines. Where your CPF Investment Account, CPF Ordinary Account or CPF
Special Account (as the case may be) has been closed, the monies shall be paid to you in
accordance with any applicable laws, regulations or guidelines.
If you have purchased Shares with monies from your SRS Account, any monies payable to you
in respect of such Shares shall be paid by transferring the monies to the relevant SRS Operator
for credit to your SRS Account or otherwise in accordance with the provisions of any applicable
laws, regulations or guidelines. Where your SRS Account has been closed, the monies shall
be paid to you in accordance with any applicable laws, regulations or guidelines.
10. CONVERSION OF SHARES4
You may convert any or all of your Shares in a Sub-Fund into Shares of another Share Class
of such Sub-Fund or into Shares of another Sub-Fund, subject to payment of a Conversion
Fee, if any (as set out in Paragraph 6.1 of this Singapore Prospectus), and provided that the
applicable minimum investment amount of the new Share Class and any additional
requirements applicable to the issue of such new Shares are satisfied.
Shares purchased with CPF monies from your CPF Investment Account may only be converted
to Shares in a Sub-Fund of the Company which may be purchased with monies from CPF
Investment Account and Shares purchased with CPF monies from your CPF Special Account
may only be converted to Shares in a Sub-Fund of the Company which may be purchased with
monies from CPF Special Accounts.
Conversions may only be effected where it is possible to both redeem the Shares in question
and subscribe for the requested Shares. The same procedures apply to the submission of
conversion applications as those which apply to the issue and redemption of Shares. You
should note in addition that, as a condition of your conversion, the new Sub-Fund or
Share Class subscribed into as a result of the conversion must be available to you for
subscription.
Please refer to the Luxembourg Prospectus under Section IX.7. headed “Conversions” for
further details on conversion procedures.
11. OBTAINING PRICE INFORMATION IN SINGAPORE
You may obtain the indicative NAV of the Shares of a Share Class of a Sub-Fund from the
Singapore Representative’s website: sg.allianzgi.com. The NAV of the Shares are usually
published on the website within two (2) Business Days immediately succeeding each Valuation
Day.
The indicative NAV of the Shares may also be available from other publications or media in
Singapore at the initiative of third party publishers. You should note that the publication and the
frequency of the publication of the prices in such third party publications or media are
dependent on the publication policies of the relevant media concerned. The Company, the
4More commonly referred to in Singapore as “switching”.
44
Management Company and the Singapore Representative do not accept any responsibility for
any errors on the part of the relevant third party publishers concerned in the prices published
or for any non-publication or late publication of prices by such publisher.
12. LIQUIDITY RISK MANAGEMENT
The Company has in place liquidity risk management tools, such as the ability to suspend
redemptions in certain situations, swing pricing and redemption gates to help manage the
liquidity of the Sub-Fund in various ways, as described below. Such tools may, in the relevant
circumstances, impact your redemption rights.
Swing Pricing: Please refer to paragraph 8.4 for further details.
Temporary Suspension of the Calculation of the NAV and Issue, Conversion and
Redemption of Shares: The Company may temporarily suspend the calculation of the NAV
per Share of each Sub-Fund or Share Class as well as any dealing in any Shares in the
circumstances described in the Luxembourg Prospectus under Section XI.2. headed
“Temporary Suspension of the Calculation of NAV and Resulting Suspension of Dealing”.
Redemption Gate: Please refer to paragraph 9.3 for further details.
13. PERFORMANCE OF THE SUB-FUNDS
13.1 Performance of the Sub-Funds and their benchmarks (as at 30 April 2024):
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Advanced
Fixed Income
Short Duration A
-1.29 -1.99 -1.12 -0.36 -0.06
(EUR)
(Inception Date: 26
March 2013)
Benchmark:
BLOOMBERG Euro
2.95 -0.51 -0.28 0.08 0.27
Aggregate 1-3 Year
Total Return
Allianz Advanced
Fixed Income
Short Duration AT
-1.28 -1.99 -1.12 N/A -0.73
(EUR)
(Inception Date: 27
October 2016)
45
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
BLOOMBERG Euro
2.95 -0.51 -0.28 N/A -0.17
Aggregate 1-3 Year
Total Return
Allianz Advanced
Fixed Income
Short Duration IT
1.75 -0.91 -0.42 N/A -0.14
(EUR)
(Inception Date: 11
March 2016)
Benchmark:
BLOOMBERG Euro
2.95 -0.51 -0.28 N/A -0.12
Aggregate 1-3 Year
Total Return
Allianz Advanced
Fixed Income
Short Duration P
1.72 -0.95 -0.46 N/A -0.11
(EUR)
(Inception Date: 5
October 2015)
Benchmark:
BLOOMBERG Euro
2.95 -0.51 -0.28 N/A -0.07
Aggregate 1-3 Year
Total Return
Allianz Advanced
Fixed Income
Short Duration RT
1.45 -1.43 N/A N/A -1.04
(H2-CHF)
(Inception Date: 14
August 2019)
Benchmark:
BLOOMBERG Euro
Aggregate 1-3 Year 0.56 -1.68 N/A N/A -1.18
Total Return
(hedged into CHF)
46
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Advanced
Fixed Income
Short Duration RT
3.71 -0.33 -0.11 N/A -0.07
(EUR)
(Inception Date: 18
October 2017)
Benchmark:
BLOOMBERG Euro
2.95 -0.51 -0.28 N/A -0.21
Aggregate 1-3 Year
Total Return
Allianz Advanced
Fixed Income
Short Duration
3.79 -0.24 N/A N/A -0.08
RT10 (EUR)
(Inception Date: 27
June 2019)
Benchmark:
BLOOMBERG Euro
2.95 -0.51 N/A N/A -0.34
Aggregate 1-3 Year
Total Return
Allianz All China
Equity A (EUR)
-16.57 -19.24 -2.20 N/A 0.12
(Inception Date: 20
February 2019)
Benchmark: #
MSCI China All -6.20 -12.00 -2.20 N/A -2.12
Shares Total Return
(Net) in EUR Note 17
Allianz All China
Equity A (USD)
-18.67 -22.46 N/A N/A -4.75
(Inception Date: 6
November 2019)
Benchmark: MSCI
China All Shares
-9.15 -15.41 N/A N/A -3.31
Total Return (Net) in
USDNote 17
47
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz All China
Equity AT (EUR)
-16.62 N/A N/A N/A -21.90
(Inception Date: 8
December 2021)
Benchmark: MSCI
China All Shares
-6.20 N/A N/A N/A -12.67
Total Return (Net) in
EURNote 17
Allianz All China
Equity AT (HKD)
-18.96 N/A N/A N/A -22.65
(Inception Date: 14
January 2022)
Benchmark: MSCI
China All Shares
-9.48 N/A N/A N/A -13.78
HKD Total Return
(Net) in HKDNote 17
Allianz All China
Equity AT (USD)
-18.67 -22.44 -3.06 N/A -2.29
(Inception Date: 5
December 2017)
Benchmark: MSCI
China All Shares
-9.15 -15.41 -3.45 N/A -3.44
Total Return (Net) in
USD Note 17
Allianz All China
Equity AT (H2-
EUR) -20.44 -24.21 -5.18 N/A -3.14
(Inception Date: 20
February 2019)
Benchmark: # MSCI
China All Shares
EUR Hedged Total -6.96 -14.85 -3.87 N/A -3.73
Return (Net) in
EURNote 17
Allianz All China
Equity ET (SGD)
-12.43 N/A N/A N/A -16.13
(Inception Date: 1
March 2023)
48
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
China All Shares
SGD Unhedged -7.14 N/A N/A N/A -10.39
Total Return (Net) in
SGD Note 17
Allianz All China
Equity IT (EUR)
-13.50 -17.78 N/A N/A -16.70
(Inception Date: 17
March 2021)
Benchmark: MSCI
China All Shares
-6.20 -12.00 N/A N/A -12.20
Total Return (Net) in
EUR Note 17
Allianz All China
Equity IT (USD)
-15.42 -20.91 -1.51 N/A 1.26
(Inception Date: 11
February 2019)
Benchmark: MSCI
China All Shares
-9.15 -15.41 -3.45 N/A -0.94
Total Return (Net) in
USDNote 17
Allianz All China
Equity AT (H2-
RMB) -21.35 -23.43 -3.58 N/A -4.01
(Inception Date: 13
April 2018)
Benchmark: MSCI
China All Shares
CNY Hedged Total -8.81 -14.07 -2.37 N/A -1.96
Return (Net) in
CNYNote 17
Allianz All China
Equity AT (H2-
SGD) -20.33 -23.40 -4.15 N/A -4.69
(Inception Date: 13
April 2018)
49
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
China All Shares
SGD Hedged Total -6.68 -13.67 -2.68 N/A -2.22
Return (Net) in SGD
Note 17
Allianz All China
Equity P (EUR)
-13.36 -17.69 -0.70 N/A 1.65
(Inception Date: 20
February 2019)
Benchmark: # MSCI
China All Shares
-6.20 -12.00 -2.20 N/A -2.12
Total Return Net in
EUR Note 17
Allianz All China
Equity PT (H2-
RMB) -18.32 N/A N/A N/A -22.12
(Inception Date: 7
January 2022)
Benchmark: MSCI
China All Shares
CNY Hedged Total -8.81 N/A N/A N/A -11.87
Return Net in CNY
Note 17
Allianz All China
Equity PT (GBP)
-15.99 -18.17 N/A N/A -2.57
(Inception Date: 3
February 2020)
Benchmark: MSCI
China All Shares
-8.81 -12.52 N/A N/A -2.43
Total Return Net in
GBP Note 17
Allianz All China
Equity PT (SGD)
-13.76 N/A N/A N/A -20.42
(Inception Date: 1
February 2023)
Benchmark: MSCI
China All Shares
SGD Unhedged -7.14 N/A N/A N/A -12.75
Total Return Net in
SGD Note 17
50
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz All China
Equity PT (USD)
-15.45 -20.94 -1.52 N/A -1.05
(Inception Date: 9
July 2018)
Benchmark: MSCI
China All Shares
-9.15 -15.41 -3.45 N/A -2.17
Total Return Net in
USD Note 17
Allianz All China
Equity RT (USD)
-13.85 -20.50 -1.28 N/A -0.76
(Inception Date: 27
June 2018)
Benchmark: MSCI
China All Shares
-9.15 -15.41 -3.45 N/A -1.98
Total Return Net in
USD Note 17
Allianz American
Income AM (H2-
AUD) -3.17 -4.39 N/A N/A -4.14
(Inception Date: 16
December 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AM (H2-
JPY) -7.31 N/A N/A N/A -4.65
(Inception Date: 3
January 2023)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AM (H2-
RMB) -4.70 -4.20 N/A N/A -3.73
(Inception Date: 16
December 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AM (HKD)
-2.21 -3.22 N/A N/A -3.07
(Inception Date: 16
December 2020)
51
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AM (USD)
-1.73 -3.39 0.25 N/A 0.81
(Inception Date: 1
March 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AMf (USD)
-1.73 -3.45 N/A N/A -3.56
(Inception Date: 16
February 2021)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AMg (USD)
-1.73 -3.39 N/A N/A -0.79
(Inception Date: 15
April 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AMg (H2-
AUD) -3.13 -4.40 N/A N/A -1.66
(Inception Date: 15
April 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income AT (USD)
-1.73 -3.39 N/A N/A -0.79
(Inception Date: 15
April 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income IT (USD)
1.80 -1.80 N/A N/A 0.61
(Inception Date: 15
April 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz American
Income RT (USD)
3.75 N/A N/A N/A -1.65
(Inception Date: 24
June 2021)
Benchmark: N/A* N/A N/A N/A N/A N/A
52
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Asian Multi
Income Plus AM
(H2-AUD) -4.13 -11.63 -4.46 N/A -1.09
(Inception Date: 15
September 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AM
(H2-RMB) -4.93 -10.76 -2.88 N/A 0.40
(Inception Date: 6
May 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AM
(HKD) -2.59 -9.83 -2.78 0.17 0.39
(Inception Date: 16
August 2011)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AM
(USD) -2.24 -10.05 -2.72 0.08 1.32
(Inception Date: 17
May 2010)
Benchmark: N/A Note1 N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(H2-AUD) -4.14 -11.61 -4.44 N/A 0.03
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(H2-CAD) -3.12 -10.67 -3.52 N/A 0.23
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
53
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Asian Multi
Income Plus AMg
(H2-EUR) -4.22 -11.99 -4.84 N/A -1.13
(Inception Date: 11
November 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(H2-GBP) -2.90 -10.90 -3.96 N/A -0.24
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(H2-NZD) -2.84 -10.73 -3.70 N/A 0.63
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(H2-RMB) -4.93 -10.78 -2.85 N/A 1.83
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(H2-SGD) -4.09 -11.00 -3.63 N/A 0.29
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AMg
(HKD) -2.60 -9.82 -2.79 N/A 1.13
(Inception Date: 13
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
54
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Asian Multi
Income Plus AMg
(USD) -2.24 -10.04 -2.72 N/A 1.03
(Inception Date: 13
October 2015)
Benchmark: N/A Note1 N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus AT
(USD) -2.24 -10.03 -2.71 0.07 0.91
(Inception Date: 21
October 2011)
Benchmark: N/A
Note1
N/A N/A N/A N/A N/A
Allianz Asian Multi
Income Plus IT
(USD) 1.27 -8.58 -1.54 1.02 3.22
(Inception Date: 15
July 2009)
Benchmark: N/A
Note1
N/A N/A N/A N/A N/A
Allianz Asia Pacific
Income A (USD)
-8.62 -0.02 -3.66 -2.60 2.81
(Inception Date: 3
October 2008)
Benchmark: N/A (2)30 N/A N/A N/A N/A N/A
Allianz Asia Pacific
Income A (EUR)
-5.99 4.15 -2.75 0.00 8.01
(Inception Date: 24
October 2008)
Benchmark: N/A (2)30 N/A N/A N/A N/A N/A
Allianz Asian Small
Cap Equity A
(EUR) 17.30 N/A N/A N/A -6.49
(Inception Date: 5
January 2022)
55
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC ASIA EX JAPAN
SMALL CAP EUR
23.76 N/A N/A N/A 2.68
UNHEDGED TOTAL
RETURN (NET) IN
EUR
Allianz Asian Small
Cap Equity P (EUR)
22.13 N/A N/A N/A -4.31
(Inception Date: 5
January 2022)
Benchmark: MSCI
AC ASIA EX JAPAN
SMALL CAP EUR
23.76 N/A N/A N/A 2.68
UNHEDGED TOTAL
RETURN (NET) IN
EUR
Allianz Best Styles
Euroland Equity A
(EUR) 9.80 5.45 5.99 5.27 6.04
(Inception Date: 31
May 2010)
Benchmark: MSCI
European Economic
and Monetary Union 12.80 7.25 7.70 6.19 6.85
EUR Total Return
Net Note 2
Allianz Best Styles
Euroland Equity
AT (EUR) 9.79 5.44 5.98 5.26 2.13
(Inception Date: 4
June 2007)
Benchmark: MSCI
European Economic
and Monetary Union 12.80 7.25 7.70 6.19 2.82
EUR Total Return
Net Note 2
56
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Best Styles
Euroland Equity I
(EUR) 13.75 7.17 7.28 6.24 4.84
(Inception Date: 12
July 2005)
Benchmark: MSCI
European Economic
and Monetary Union 12.80 7.25 7.70 6.19 4.65
EUR Total Return
Net Note 2
Allianz Best Styles
Europe Equity SRI
A (EUR) 9.40 6.04 N/A N/A 9.42
(Inception Date: 10
September 2020)
Benchmark: MSCI
Europe Extended
SRI 5% Issuer 11.35 7.47 N/A N/A 10.90
Capped Total
Return (Net) (EUR)
Allianz Best Styles
Europe Equity SRI
P (EUR) 13.30 7.72 N/A N/A 10.96
(Inception Date: 10
September 2020)
Benchmark: MSCI
Europe Extended
SRI 5% Issuer 11.35 7.47 N/A N/A 10.90
Capped Total
Return (Net) (EUR)
Allianz Best Styles
Europe Equity SRI
RT (EUR) 15.45 8.32 N/A N/A 7.96
(Inception Date: 16
October 2019)
57
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
Europe Extended
SRI 5% Issuer 11.35 7.47 N/A N/A 8.34
Capped Total
Return (Net) (EUR)
Allianz Best Styles
Global Equity A
(EUR)5 21.51 10.22 10.38 N/A 9.78
(Inception Date: 27
June 2014)
Benchmark: MSCI
WORLD Total 22.23 9.88 11.50 N/A 11.33
Return Net
Allianz Best Styles
Global Equity AT
(H-EUR) 18.79 5.95 8.19 N/A 7.36
(Inception Date: 16
December 2015)
Benchmark: MSCI
WORLD hedged in
18.44 5.70 9.32 N/A 9.03
EUR Total Return
(Net) in EUR
Allianz Best Styles
Global Equity ET
(H2-SGD) 21.59 11.19 11.50 N/A 12.79
(Inception Date: 31
January 2019)
Benchmark: # MSCI
WORLD Total
18.78 6.95 10.72 N/A 12.01
Return Net (hedged
into SGD)
Allianz Best Styles
Global Equity I
(EUR) 25.89 12.00 11.72 N/A 8.28
(Inception Date: 23
April 2015)
5 The Allianz Best Styles Global Equity was first launched on 6 August 2013.
58
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
WORLD Index EUR
22.23 9.88 11.50 N/A 9.04
Total Return (Net) in
EUR
Allianz Best Styles
Global Equity I (H-
EUR) 22.92 N/A N/A N/A 20.01
(Inception Date: 21
November 2022)
Benchmark: MSCI
WORLD Total
18.44 N/A N/A N/A 16.81
Return Net (hedged
into EUR)
Allianz Best Styles
Global Equity IT
(H-EUR) 22.95 12.19 13.78 N/A 10.68
(Inception Date: 15
October 2014)
Benchmark: MSCI
WORLD Total
18.44 5.70 9.32 N/A 9.19
Return Net (hedged
into EUR)
Allianz Best Styles
Global Equity IT
(USD) 23.65 7.93 10.95 N/A 10.54
(Inception Date: 11
March 2016)
Benchmark: MSCI
WORLD Total 18.39 5.63 10.46 N/A 11.02
Return (Net) in USD
Allianz Best Styles
Global Equity P
(EUR) 25.84 11.96 11.68 N/A 11.03
(Inception Date: 15
May 2014)
Benchmark: MSCI
WORLD Total
22.23 9.88 11.50 N/A 11.67
Return (Net) in EUR
59
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Best Styles
Global Equity PT
(EUR) 25.84 11.96 11.68 N/A 10.91
(Inception Date: 1
September 2016)
Benchmark: MSCI
WORLD Total 22.23 9.88 11.50 N/A 11.40
Return (Net) in EUR
Allianz Best Styles
Global Equity RT
(EUR) 28.23 12.58 12.01 N/A 8.98
(Inception Date: 24
February 2015)
Benchmark: MSCI
THE WORLD
HEDGED IN EUR 22.23 9.88 11.50 N/A 9.61
TOTAL RETURN
(NET) IN EUR
Allianz Best Styles
Global Equity RT
(H-EUR) 12.53 4.41 7.41 N/A 6.10
(Inception Date: 6
December 2017)
Benchmark: MSCI
THE WORLD
HEDGED IN EUR 18.44 5.70 9.32 N/A 8.33
TOTAL RETURN
(NET) IN EUR
Allianz China A
Opportunities A
(EUR) -18.55 -18.10 N/A N/A -16.80
(Inception Date: 05
March 2021)
Benchmark: MSCI
China A EUR
-10.09 -8.37 N/A N/A -8.36
Unhedged Total
Return (Net) in EUR
60
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China A
Opportunities AT
(H2-EUR) -22.30 -23.18 N/A N/A -21.46
(Inception Date: 05
March 2021)
Benchmark: MSCI
China A EUR
-8.09 -9.70 N/A N/A -9.74
Hedged Total
Return (Net) in EUR
Allianz China A
Opportunities AT
(EUR) -18.38 -18.23 N/A N/A -20.29
(Inception Date: 18
February 2021)
Benchmark: MSCI
China A EUR
-10.09 -8.37 N/A N/A -10.90
Unhedged Total
Return (Net) in EUR
Allianz China A
Opportunities AT
(USD) -20.66 -21.50 N/A N/A -23.22
(Inception Date: 18
February 2021)
Benchmark: MSCI
China A USD Total -12.92 -11.92 N/A N/A -14.22
Return (Net) in USD
Allianz China A
Opportunities IT
(USD) -17.48 -19.93 N/A N/A -21.73
(Inception Date: 18
February 2021)
Benchmark: MSCI
China A USD Total -12.92 -11.92 N/A N/A -14.22
Return (Net) in USD
Allianz China A
Opportunities P
(EUR) -15.16 -16.60 N/A N/A -15.33
(Inception Date: 5
March 2021)
61
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
China A EUR
-10.09 -8.37 N/A N/A -8.36
Unhedged Total
Return (Net) in EUR
Allianz China A
Opportunities PT
(CHF) -16.07 -19.92 N/A N/A -19.36
(Inception Date: 27
January 2021)
Benchmark: MSCI
China A CHF
-10.27 -11.76 N/A N/A -11.85
Unhedged Total
Return (Net) in CHF
Allianz China A
Opportunities PT
(USD) -17.50 -19.96 N/A N/A -19.97
(Inception Date: 27
January 2021)
Benchmark: MSCI
China A USD Total -12.92 -11.92 N/A N/A -12.68
Return (Net) in USD
Allianz China A
Opportunities RT
(CHF) -14.38 -19.36 N/A N/A -18.85
(Inception Date: 27
January 2021)
Benchmark: MSCI
China A CHF
-10.27 -11.76 N/A N/A -11.85
Unhedged Total
Return (Net) in CHF
Allianz China A
Opportunities RT
(EUR) -13.75 -16.13 N/A N/A -16.43
(Inception Date: 27
January 2021)
Benchmark: MSCI
China A EUR
-10.09 -8.37 N/A N/A -9.32
Unhedged Total
Return (Net) in EUR
62
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China A
Opportunities RT
(USD) -15.94 -19.52 N/A N/A -19.56
(Inception Date: 27
January 2021)
Benchmark: MSCI
China A USD Total -12.92 -11.92 N/A N/A -12.68
Return (Net) in USD
Allianz China A-
Shares A (EUR)
-19.85 -18.15 N/A N/A -0.97
(Inception Date: 23
October 2019)
Benchmark: # MSCI
China A Onshore
-10.97 -8.72 N/A N/A 1.14
EUR Total Return
(Net) in EUR
Allianz China A-
Shares A (H2-EUR)
-23.71 -23.18 N/A N/A -3.85
(Inception Date: 23
October 2019)
Benchmark: # MSCI
China A Onshore
-7.99 -9.69 N/A N/A -0.59
EUR Hedged Total
Return (Net) in EUR
Allianz China A-
Shares AT (EUR)
-19.53 N/A N/A N/A -24.36
(Inception Date: 25
July 2022)
Benchmark: # MSCI
China A Onshore
-10.97 N/A N/A N/A -14.16
EUR Total Return
(Net) in EUR
Allianz China A-
Shares AT (HKD)
-22.17 -21.23 N/A N/A -1.84
(Inception Date: 23
October 2019)
63
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # MSCI
China A Onshore
-14.09 -12.05 N/A N/A 0.48
HKD Total Return
(Net) in HKD
Allianz China A-
Shares AT (H-USD)
-15.74 N/A N/A N/A -17.44
(Inception Date: 1
August 2022)
Benchmark: # MSCI
China A USD
-6.02 N/A N/A N/A -4.89
Hedged Total
Return (Net) in USD
Allianz China A-
Shares AT (RMB)
-18.36 -18.36 N/A N/A -13.24
(Inception Date: 2
November 2020)
Benchmark: MSCI
China A Onshore
-9.87 -8.91 N/A N/A -5.30
RMB Total Return
(Net) in RMB
Allianz China A-
Shares AT (SGD)
-20.43 -20.76 N/A N/A -1.76
(Inception Date: 23
October 2019)
Benchmark: # MSCI
China A Onshore
-11.86 -11.53 N/A N/A 0.45
SGD Total Return
(Net) in SGD
Allianz China A-
Shares AT (USD)
-21.88 -21.43 N/A N/A -1.79
(Inception Date: 23
October 2019)
Benchmark: MSCI
China A Onshore
-13.77 -12.26 N/A N/A 0.56
USD Total Return
(Net) in USD
Allianz China A-
Shares ET (H-SGD)
-12.69 N/A N/A N/A -15.99
(Inception Date: 1
August 2022)
64
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
China A Onshore
-7.77 N/A N/A N/A -6.41
SGD Hedged Total
Return (Net) in SGD
Allianz China A-
Shares ET (SGD)
-15.92 N/A N/A N/A -20.70
(Inception Date: 1
August 2022)
Benchmark: MSCI
China A Onshore
-11.86 N/A N/A N/A -12.56
SGD Total Return
(Net) in SGD
Allianz China A-
Shares IT (EUR)
-16.51 -16.43 N/A N/A -4.09
(Inception Date: 17
June 2020)
Benchmark: MSCI
China A Onshore
-10.97 -8.72 N/A N/A -0.22
EUR Total Return
(Net) in EUR
Allianz China A-
Shares IT (USD)
-18.75 -19.85 N/A N/A -0.16
(Inception Date: 23
October 2019)
Benchmark: MSCI
China A Onshore
-13.77 -12.26 N/A N/A 0.56
Total Return (Net) in
USD
Allianz China A-
Shares P (EUR)
-16.66 -16.52 N/A N/A 0.74
(Inception Date: 23
October 2019)
Benchmark: # MSCI
China A Onshore
-10.97 -8.72 N/A N/A 1.14
EUR Total Return
(Net) in EUR
Allianz China A-
Shares PT (GBP)
-19.36 -16.96 N/A N/A -0.95
(Inception Date: 27
December 2019)
65
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
China A Onshore
-13.45 -9.27 N/A N/A 0.36
GBP Total Return
(Net) in GBP
Allianz China A-
Shares PT (USD)
-18.78 -19.88 N/A N/A -0.20
(Inception Date: 23
October 2019)
Benchmark: MSCI
China A Onshore
-13.77 -12.26 N/A N/A 0.56
Total Return (Net) in
USD
Allianz China A-
Shares RT (H2-
CHF) -20.51 -22.02 N/A N/A -15.06
(Inception Date: 9
October 2020)
Benchmark: MSCI
China A Onshore
-9.94 -10.74 N/A N/A -7.41
CHF Hedged Total
Return (Net) in CHF
Allianz China A-
Shares RT (H2-
EUR) -18.97 -21.21 N/A N/A -1.97
(Inception Date: 23
October 2019)
Benchmark:# MSCI
China A Onshore
-7.99 -9.69 N/A N/A -0.59
EUR Hedged Total
Return (Net) in EUR
Allianz China A-
Shares RT (USD)
-17.24 -19.43 N/A N/A 0.14
(Inception Date: 23
October 2019)
Benchmark: MSCI
China A Onshore
-13.77 -12.26 N/A N/A 0.56
Total Return (Net) in
USD
66
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China
Equity A (EUR)
-12.52 -17.31 -4.98 3.53 0.89
(Inception Date: 13
January 2011)
Benchmark: MSCI
China 10/40 EUR
Unhedged Total -4.19 -13.51 -4.09 5.12 2.85
Return (Net) in EUR
Note 20
Allianz China
Equity A (USD)
-14.77 -20.60 -5.83 0.90 3.26
(Inception Date: 3
October 2008)
Benchmark: MSCI
China 10/40 USD
-7.21 -16.85 -4.98 2.43 4.07
Total Return (Net) in
USDNote 20
Allianz China
Equity A (HKD)
-15.13 -20.40 -5.88 1.04 -0.47
(Inception Date: 3
January 2011)
Benchmark: MSCI
China 10/40 HKD
Unhedged Total -7.55 -16.66 -5.04 2.52 1.39
Return (Net) in HKD
Note 20
Allianz China
Equity AT (SGD)
-12.89 -19.64 -5.45 2.13 0.84
(Inception Date: 11
August 2009)
Benchmark: MSCI
China 10/40 SGD
Unhedged Total -5.15 -16.17 -4.95 3.28 1.69
Return (Net) in
SGDNote 20
Allianz China
Equity AT (USD)
-14.81 -20.61 -5.83 0.88 -0.70
(Inception Date: 13
January 2011)
67
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
China 10/40 USD
-7.21 -16.85 -4.98 2.43 1.16
Total Return (Net) in
USD Note 20
Allianz China
Equity AT (H2-
RMB) -17.61 -21.67 -6.30 1.68 2.13
(Inception Date: 11
April 2012)
Benchmark: MSCI
China 10/40 RMB
Hedged Total -9.58 -16.99 -4.40 -2.22 -1.85
Return (Net) in
RMBNote 20
Allianz China
Equity IT (USD)
-9.63 -18.49 -3.95 2.42 5.93
(Inception Date: 19
January 2009)
Benchmark: MSCI
China 10/40 USD
-7.21 -16.85 -4.98 2.43 5.59
Total Return (Net) in
USD Note 20
Allianz China
Equity P (USD)
-9.67 -18.52 -3.99 2.38 1.57
(Inception Date: 21
January 2013)
Benchmark: MSCI
China 10/40 USD
-7.21 -16.85 -4.98 2.43 1.31
Total Return (Net) in
USD Note 20
Allianz China
Equity PT (EUR)
-7.24 -15.22 -3.13 4.99 3.78
(Inception Date: 5
November 2012)
Benchmark: MSCI
China 10/40 EUR
Unhedged Total -4.19 -13.51 -4.09 5.12 3.69
Return (Net) in EUR
Note 20
68
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China
Equity RT (USD)
-9.76 -18.62 -4.09 N/A 3.47
(Inception Date: 11
February 2016)
Benchmark: MSCI
China 10/40 USD
-7.21 -16.85 -4.98 N/A 4.56
Total Return (Net) in
USDNote 20
Allianz China
Future
Technologies AT
-14.64 N/A N/A N/A -17.27
(H2-EUR)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-6.96 N/A N/A N/A -10.84
EUR Hedged Total
Return (Net) in EUR
Allianz China
Future
Technologies AT
-15.50 N/A N/A N/A -17.60
(H2-RMB)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-8.81 N/A N/A N/A -11.75
RMB Hedged Total
Return (Net) in RMB
Allianz China
Future
Technologies AT
-14.48 N/A N/A N/A -16.44
(H2-SGD)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-6.68 N/A N/A N/A -9.64
SGD Hedged Total
Return (Net) in SGD
69
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China
Future
Technologies AT
-8.70 N/A N/A N/A -11.22
(H-USD)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-4.77 N/A N/A N/A -7.88
USD Hedged Total
Return (Net) in USD
Allianz China
Future
Technologies AT
-13.13 N/A N/A N/A -15.25
(HKD)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-9.48 N/A N/A N/A -12.26
HKD Total Return
(Net) in HKD
Allianz China
Future
Technologies AT
-12.73 N/A N/A N/A -14.94
(USD)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-9.15 N/A N/A N/A -12.11
Total Return (Net) in
USD
Allianz China
Future
Technologies RT
-9.58 N/A N/A N/A -14.31
(H2-EUR)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-6.96 N/A N/A N/A -10.84
EUR Hedged Total
Return (Net) in EUR
70
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China
Future
Technologies RT
-5.14 N/A N/A N/A -13.66
(EUR)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-6.20 N/A N/A N/A -14.16
Total Return (Net) in
EUR
Allianz China
Future
Technologies RT
-7.59 N/A N/A N/A -11.87
(USD)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-9.15 N/A N/A N/A -12.11
Total Return (Net) in
USD
Allianz China
Future
Technologies AT
-16.41 N/A N/A N/A -18.77
(H2-CHF)
(Inception Date: 5
July 2022)
Benchmark: MSCI
China All Shares
-9.01 N/A N/A N/A -12.33
CHF Hedged Total
Return (Net) in CHF
Allianz China
Future
Technologies RT
-11.24 N/A N/A N/A -15.72
(H2-CHF)
(Inception Date: 5
July 2022
Benchmark: MSCI
China All Shares
-9.01 N/A N/A N/A -12.33
CHF Hedged Total
Return (Net) in CHF
71
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz China
Healthy Living AT
(USD) -28.85 N/A N/A N/A -24.06
(Inception Date: 14
July 2022)
Benchmark: MSCI
China All Shares
-9.15 N/A N/A N/A -9.82
Total Return (Net) in
USD
Allianz China
Strategic Bond A
(USD) 1.80 -7.76 -4.39 -1.50 -0.70
(Inception Date: 18
October 2011)
Benchmark: J.P.
MORGAN Asia
Credit China Index 2.14 1.62 1.71 1.09 1.14
USD Unhedged
Return in USD Note 3
Allianz China
Strategic Bond A
(H2-EUR) -0.09 -9.41 -6.16 -3.18 -2.11
(Inception Date: 18
October 2011)
Benchmark: J.P.
MORGAN Asia
Credit China Index 0.25 0.71 0.42 -0.54 -0.20
EUR Hedged Return
in EUR Note 3
Allianz China
Strategic Bond AT
(H2-CHF) -2.23 -10.37 -6.88 -3.81 -2.89
(Inception Date: 30
March 2012)
72
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN Asia
Credit China Index -2.01 -0.23 -0.14 -0.95 -0.75
CHF Hedged Return
in CHF Note 3
Allianz China
Strategic Bond AT
(H2-EUR) -0.05 -9.40 -6.16 -3.18 -2.31
(Inception Date: 17
February 2012)
Benchmark: J.P.
MORGAN Asia
Credit China Index 0.25 0.71 0.42 -0.54 -0.38
EUR Hedged Return
in EUR Note 3
Allianz Clean
Planet A (EUR)
6.90 1.11 N/A N/A 7.93
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Clean
Planet AT (EUR)
6.81 1.15 N/A N/A 8.21
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Clean
Planet AT (USD)
4.16 -2.88 N/A N/A 5.27
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.05
Total Return Net
73
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Clean
Planet IT (EUR)
11.05 3.07 N/A N/A 10.04
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Clean
Planet RT (EUR)
13.02 3.52 N/A N/A 10.40
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Clean
Planet RT (USD)
10.32 -0.46 N/A N/A 7.61
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.05
Total Return Net
Allianz Cyber
Security A (EUR)
38.77 3.23 N/A N/A 1.62
(Inception Date: 9
February 2021)
Benchmark: MSCI
AC World (ACWI)
Information
37.96 13.83 N/A N/A 13.27
Technology EUR
Unhedged Total
Return (Net) in EUR
Allianz Cyber
Security AT (EUR)
38.71 3.09 N/A N/A 1.53
(Inception Date: 9
February 2021)
74
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC World (ACWI)
Information
37.96 13.83 N/A N/A 13.27
Technology EUR
Unhedged Total
Return (Net) in EUR
Allianz Cyber
Security AT (H2-
SGD) 32.90 N/A N/A N/A 1.43
(Inception Date: 25
April 2022)
Benchmark: MSCI
AC World (ACWI)
Information
33.45 N/A N/A N/A 18.18
Technology Hedged
in SGD Total Return
(Net) in SGD
Allianz Cyber
Security AT (USD)
35.37 -0.62 N/A N/A -1.99
(Inception Date: 9
February 2021)
Benchmark: MSCI
AC World (ACWI)
Information 33.62 9.42 N/A N/A 9.01
Technology Total
Return (Net) in USD
Allianz Cyber
Security IT (EUR)
44.08 N/A N/A N/A -0.26
(Inception Date: 5
April 2022)
Benchmark: MSCI
AC World (ACWI)
Information
37.96 N/A N/A N/A 11.97
Technology EUR
Unhedged Total
Return (Net) in EUR
Allianz Cyber
Security IT (USD)
40.78 1.35 N/A N/A -0.10
(Inception Date: 9
February 2021)
75
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC World (ACWI)
Information 33.62 9.42 N/A N/A 9.01
Technology Total
Return (Net) in USD
Allianz Cyber
Security P (EUR)
46.71 6.24 N/A N/A 4.44
(Inception Date: 9
February 2021)
Benchmark: MSCI
AC World (ACWI)
Information
37.96 13.83 N/A N/A 13.27
Technology EUR
Unhedged Total
Return (Net) in EUR
Allianz Cyber
Security RT (EUR)
47.07 N/A N/A N/A 0.74
(Inception Date: 5
April 2022)
Benchmark: MSCI
AC World (ACWI)
Information
37.96 N/A N/A N/A 11.97
Technology EUR
Unhedged Total
Return (Net) in EUR
Allianz Cyber
Security RT (USD)
43.39 1.85 N/A N/A 0.34
(Inception Date: 9
February 2021)
Benchmark: MSCI
AC World (ACWI)
Information 33.62 9.42 N/A N/A 9.01
Technology Total
Return (Net) in USD
Allianz Dynamic
Asian High Yield
Bond A (H2-EUR) -0.60 -16.71 -11.13 N/A -8.19
(Inception Date: 15
March 2017)
76
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # J.P.
MORGAN JACI
Non-Investment
6.76 -7.99 -3.58 N/A -2.40
Grade Custom
Hedged Index Level
Return in EUR Note 27
Allianz Dynamic
Asian High Yield
Bond AM (H2-AUD) -0.11 -16.04 -10.38 N/A -8.29
(Inception Date: 18
December 2017)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
Grade Custom 7.13 -7.38 -3.50 N/A -2.76
Hedged Index Level
Return in EUR Note
27
Allianz Dynamic
Asian High Yield
Bond AM (H2-SGD) -0.37 -15.80 -9.99 N/A -8.09
(Inception Date: 18
December 2017)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
7.06 -6.83 -2.88 N/A -2.27
Grade Custom
Hedged Index Level
Return in SGD Note 27
Allianz Dynamic
Asian High Yield
Bond AM (HKD) 1.04 -14.91 -9.38 N/A -7.40
(Inception Date: 18
December 2017)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
Grade Custom 8.53 -5.70 -2.20 N/A -1.73
Unhedged Index
Level Return in
HKDNote 27
77
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Asian High Yield
Bond AM (USD) 1.38 -15.13 -9.35 N/A -7.40
(Inception Date: 18
December 2017)
Benchmark: J.P.
MORGAN JACI
Non-Investment
8.92 -5.92 -1.52 N/A -0.44
Grade Custom USD
Unhedged Return in
USDNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
-0.10 -16.06 -10.37 N/A -3.47
AUD)
(Inception Date: 25
September 2015)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
7.13 -7.38 -3.50 N/A -2.05
Grade Custom
Hedged Index Level
Return in AUDNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
0.75 -15.37 -9.76 N/A -3.51
CAD)
(Inception Date: 6
October 2015)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
7.99 -6.40 -2.77 N/A -1.63
Grade Custom
Hedged Index Level
Return in CADNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
-0.49 -16.70 -11.13 N/A -5.36
EUR)
(Inception Date: 11
November 2015)
78
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # J.P.
MORGAN JACI
Non-Investment
6.76 -7.99 -3.58 N/A -2.02
Grade Custom
Hedged Index Level
Return in EURNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
0.97 -15.54 -10.12 N/A -3.99
GBP)
(Inception Date: 6
October 2015)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
8.22 -6.68 -2.96 N/A -1.74
Grade Custom
Hedged Index Level
Return in GBP Note 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
1.16 -15.27 -9.75 N/A -3.01
NZD)
(Inception Date: 6
October 2015)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
8.32 -6.64 -2.92 N/A -1.71
Grade Custom
Hedged Index Level
Return in NZDNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
-1.36 -15.64 -9.31 N/A -2.17
RMB)
(Inception Date: 6
October 2015)
79
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # J.P.
MORGAN JACI
Non-Investment
4.70 -7.09 -2.43 N/A -1.43
Grade Custom
Hedged Index Level
Return in RMBNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (H2-
-0.37 -15.82 -9.97 N/A -3.62
SGD)
(Inception Date: 6
October 2015)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
7.06 -6.83 -2.88 N/A -1.69
Grade Custom
Hedged Index Level
Return in SGDNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (HKD) 1.02 -14.92 -9.40 N/A -2.93
(Inception Date: 25
September 2015)
Benchmark: # J.P.
MORGAN JACI
Non-Investment
Grade Custom 8.53 -5.70 -2.20 N/A -1.29
Unhedged Index
Level Return in
HKDNote 27
Allianz Dynamic
Asian High Yield
Bond AMg (SGD) 3.30 -14.43 -9.30 N/A -5.68
(Inception Date: 17
October 2016)
80
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # J.P.
MORGAN JACI
Non-Investment
Grade Custom 11.34 -5.14 -2.24 N/A -1.49
Unhedged Index
Level Return in SGD
Note 27
Allianz Dynamic
Asian High Yield
Bond AMg (USD) 1.39 -15.10 -9.35 N/A -3.03
(Inception Date: 25
September 2015)
Benchmark: J.P.
MORGAN JACI
Non-Investment
8.92 -5.92 -1.52 N/A 1.91
Grade Custom USD
Unhedged Return in
USD Note 27
Allianz Dynamic
Asian High Yield
Bond AT (USD) 1.38 -15.13 -9.34 N/A -5.78
(Inception Date: 23
January 2017)
Benchmark: J.P.
MORGAN JACI
Non-Investment
8.92 -5.92 -1.52 N/A 0.34
Grade Custom USD
Unhedged Return in
USD Note 27
Allianz Dynamic
Asian High Yield
Bond AT (H2-EUR) -0.48 -16.66 N/A N/A -11.92
(Inception Date: 18
November 2019)
Benchmark: J.P.
MORGAN JACI
Non-Investment
6.76 -7.99 N/A N/A -4.37
Grade Custom
Hedged Index Level
Return in EURNote 27
81
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Asian High Yield
Bond I (H2-EUR) 3.17 -15.30 -9.97 N/A -3.39
(Inception Date: 3
October 2014)
Benchmark: J.P.
MORGAN JACI
Non-Investment
6.76 -7.99 -3.58 N/A 0.01
Grade Custom Index
(hedged into EUR)
Note 27
Allianz Dynamic
Asian High Yield
Bond IT (USD) 5.13 -13.68 -8.16 N/A -5.52
(Inception Date:11
May 2017)
Benchmark: J.P.
MORGAN JACI
Non-Investment
8.92 -5.92 -1.52 N/A -0.08
Grade Custom USD
Unhedged Return in
USD Note 27
Allianz Dynamic
Asian High Yield
Bond P (H2-EUR) 3.08 -15.30 -10.00 N/A -8.33
(Inception Date: 6
December 2017)
Benchmark: J.P.
MORGAN JACI
Non-Investment
6.76 -7.99 -3.58 N/A -2.68
Grade Custom
Hedged Index Level
Return in EURNote 27
Allianz Dynamic
Asian High Yield
Bond R (USD) 7.12 -13.23 -7.90 N/A -5.98
(Inception Date: 4
January 2019)
82
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN JACI
Non-Investment
8.92 -5.92 -1.52 N/A 0.07
Grade Custom USD
Unhedged Return in
USD Note 27
Allianz Dynamic
Asian High Yield
Bond RT (USD) 7.12 -13.19 -7.89 N/A -5.95
(Inception Date: 4
January 2019)
Benchmark: J.P.
MORGAN JACI
Non-Investment
8.92 -5.92 -1.52 N/A 0.07
Grade Custom USD
Unhedged Return in
USD Note 27
Allianz Dynamic
Multi Asset
Strategy SRI 15 A
4.72 -1.59 0.63 N/A 1.09
(EUR)
(Inception Date: 4
December 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 AQ 0.98
4.73 -1.58 0.63 N/A
(EUR)
(Inception Date: 29
March 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 AT
4.72 -1.58 0.63 N/A 0.89
(EUR)
(Inception Date: 30
January 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
83
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Multi Asset
Strategy SRI 15
2.56 -2.55 -0.03 N/A 0.45
AT2 (H2-CHF)
(Inception Date: 15
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15
4.19 -2.08 0.13 N/A 0.19
CT2 (EUR)
(Inception Date: 5
October 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 I
6.33 -0.73 1.38 N/A 1.96
(EUR)
(Inception Date: 27
August 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 IT
6.33 -0.73 1.38 N/A 1.42
(EUR)
(Inception Date: 24
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 IT
8.38 N/A N/A N/A 0.52
(H2-USD)
(Inception Date: 28
January 2022)
Benchmark: N/A* N/A N/A N/A N/A N/A
84
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Multi Asset
Strategy SRI 15 IT2
6.43 -0.64 N/A N/A 0.95
(EUR)
(Inception Date: 28
September 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 R
8.35 -0.17 1.68 N/A 1.55
(EUR)
(Inception Date: 10
October 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 15 RT
8.35 -0.17 1.69 N/A 1.67
(EUR)
(Inception Date: 31
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 A
10.63 1.98 4.20 4.64 4.78
(EUR)
(Inception Date: 19
March 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 AQ
12.62 N/A N/A N/A 10.72
(H2-USD)
(Inception Date: 1
March 2023)
Benchmark: N/A* N/A N/A N/A N/A N/A
85
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Multi Asset
Strategy SRI 50 AQ
10.64 1.98 4.20 N/A 4.32
(EUR)
(Inception Date: 29
March 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 AT
10.63 1.98 4.20 N/A 3.94
(EUR)
(Inception Date: 3
September 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50
8.58 1.18 3.72 N/A 4.17
AT2 (H2-CHF)
(Inception Date: 15
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50
10.36 1.72 3.94 N/A 4.02
CT2 (EUR)
(Inception Date: 5
October 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 IT
15.82 N/A N/A N/A 5.90
(H2-USD)
(Inception Date: 16
May 2022)
Benchmark: N/A* N/A N/A N/A N/A N/A
86
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Multi Asset
Strategy SRI 50 IT
13.82 3.56 5.54 N/A 5.05
(EUR)
(Inception Date: 3
September 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 IT2
13.96 3.68 N/A N/A 7.38
(EUR)
(Inception Date: 28
September 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 P
13.78 3.52 5.50 N/A 4.54
(EUR)
(Inception Date: 7
December 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 50 RT
15.86 4.04 5.76 N/A 5.29
(EUR)
(Inception Date: 31
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75 A
14.68 5.15 7.79 N/A 7.90
(EUR)
(Inception Date: 29
March 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
87
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Multi Asset
Strategy SRI 75 AQ
14.69 5.15 7.79 N/A 7.91
(EUR)
(Inception Date: 29
March 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75 AT
14.68 5.16 7.79 N/A 6.55
(EUR)
(Inception Date: 2
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75
12.29 4.11 7.06 N/A 7.47
AT2 (H2-CHF)
(Inception Date: 15
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75
14.28 4.78 7.41 N/A 7.33
CT2 (EUR)
(Inception Date: 05
October 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75 I
19.03 7.04 9.29 N/A 8.56
(EUR)
(Inception Date: 27
August 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
88
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Dynamic
Multi Asset
Strategy SRI 75 IT
19.02 7.04 9.30 N/A 8.09
(EUR)
(Inception Date: 24
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75 IT2
19.17 7.16 N/A N/A 12.43
(EUR)
(Inception Date: 28
September 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75 P 7.72
18.98 7.00 9.26 N/A
(EUR)
(Inception Date: 17
March 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Dynamic
Multi Asset
Strategy SRI 75 RT
21.25 7.62 9.60 N/A 8.96
(EUR)
(Inception Date: 31
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Emerging
Asia Equity A
(USD) 2.18 -11.94 1.27 2.23 5.96
(Inception Date: 3
October 2008)
Benchmark: MSCI
Emerging Frontier
9.79 -7.04 2.59 4.56 6.37
Markets Asia Total
Return Net (in USD)
89
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Emerging
Asia Equity AT
(HKD) 1.81 -11.73 1.21 2.33 2.76
(Inception Date: 1
March 2011)
Benchmark: MSCI
Emerging Frontier
Markets Asia USD 9.39 -6.82 2.53 4.65 3.90
Total Return (Net) in
HKD
Allianz Emerging
Asia Equity IT
(USD) 8.38 -9.60 3.29 3.77 5.14
(Inception Date: 27
June 2013)
Benchmark: MSCI
Emerging Frontier
9.79 -7.04 2.59 4.56 5.29
Markets Asia Total
Return Net (in USD)
Allianz Emerging
Asia Equity RT
(EUR) 11.04 -5.98 4.09 N/A 3.51
(Inception Date: 4
August 2015)
Benchmark: MSCI
Emerging Frontier
13.36 -3.29 3.56 N/A 5.32
Markets Asia Total
Return Net (in EUR)
Allianz Emerging
Markets Select
Bond A (H2-EUR) 3.09 -4.93 N/A N/A -2.66
(Inception Date: 28
August 2019)
90
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN Emerging
Markets Blended
(JEMB) Equal 4.55 -3.58 N/A N/A -1.60
Weighted Total
Return (hedged into
EUR) Note 14
Allianz Emerging
Markets Select
Bond AMg (USD) 5.04 -2.99 -0.06 N/A -0.35
(Inception Date: 13
April 2018)
Benchmark: J.P.
MORGAN Emerging
Markets Blended
5.81 -2.11 0.80 N/A 1.11
(JEMB) Equal
Weighted Return in
USD Note 14
Allianz Emerging
Markets Select
Bond AT (USD) 5.03 -2.94 N/A N/A -1.38
(Inception Date: 16
October 2020)
Benchmark: J.P.
MORGAN Emerging
Markets Blended
5.81 -2.11 N/A N/A -1.00
(JEMB) Equal
Weighted Return in
USD Note 14
Allianz Emerging
Markets Select
Bond I (USD) 11.06 -0.73 1.65 N/A 2.43
(Inception Date: 28
October 2014)
Benchmark: J.P.
MORGAN Emerging
Markets Blended
5.81 -2.11 0.80 N/A 2.29
(JEMB) Equal
Weighted Return in
USD Note 14
91
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Emerging
Markets Select
Bond IM (USD) 11.06 -0.73 N/A N/A 0.64
(Inception Date: 16
October 2020)
Benchmark: J.P.
MORGAN Emerging
Markets Blended
5.81 -2.11 N/A N/A -1.00
(JEMB) Equal
Weighted Return in
USD Note 14
Allianz Emerging
Markets Select
Bond IT (USD) 10.73 -1.02 N/A N/A 0.34
(Inception Date: 16
October 2020)
Benchmark: J.P.
MORGAN Emerging
Markets Blended
5.81 -2.11 N/A N/A -1.00
(JEMB) Equal
Weighted Return in
USD Note 14
Allianz Emerging
Markets Select
Bond P (H2-EUR) 8.87 -2.76 N/A N/A -1.02
(Inception Date: 28
August 2019)
Benchmark: J.P.
MORGAN Emerging
Markets Blended
(JEMB) Equal 4.55 -3.58 N/A N/A -1.60
Weighted Total
Return (hedged into
EUR) Note 14
Allianz Emerging
Markets Short
Duration Bond AM
0.24 -4.20 -1.20 N/A -0.58
(H2-EUR)
(Inception Date: 4
June 2014)
92
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.59 N/A 0.30
FINANCING RATE
(SOFR) (hedged into
EUR) Note 15
Allianz Emerging
Markets Short
Duration Bond AT
0.25 -4.14 -1.17 N/A -0.52
(H2-EUR)
(Inception Date: 12
August 2014)
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.59 N/A 0.30
FINANCING RATE
(SOFR) (hedged into
EUR) Note 15
Allianz Emerging
Markets Short
Duration Bond AT
1.97 N/A N/A N/A 2.50
(USD)
(Inception Date: 10
May 2022)
Benchmark: #
SECURED
OVERNIGHT
5.51 N/A N/A N/A 4.37
FINANCING RATE
(SOFR) (in USD) Note
15
Allianz Emerging
Markets Short
Duration Bond I
5.77 -2.14 0.26 0.58 0.61
(H2-EUR)
(Inception Date: 1
April 2014)
93
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.59 0.29 0.29
FINANCING RATE
(SOFR) (hedged into
EUR) Note 15
Allianz Emerging
Markets Short
Duration Bond IT
7.59 -0.39 2.13 N/A 2.22
(USD)
(Inception Date: 4
April 2017)
Benchmark: #
SECURED
OVERNIGHT
5.51 2.91 2.24 N/A 1.58
FINANCING RATE
(SOFR) (in USD) Note
15
Allianz Emerging
Markets SRI Bond
A (H2-EUR) -2.72 -7.15 N/A N/A -3.83
(Inception Date: 15
May 2019)
Benchmark: J.P.
MORGAN ESG
Emerging Market
Bond (EMBI) Global 4.27 -5.83 N/A N/A -2.18
Diversified Total
Return (hedged into
EUR)
Allianz Emerging
Markets SRI Bond I
(H2-EUR) 0.87 -5.58 N/A N/A -2.59
(Inception Date: 15
May 2019)
94
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN ESG
Emerging Market
Bond (EMBI) Global 4.27 -5.83 N/A N/A -2.18
Diversified Total
Return (hedged into
EUR)
Allianz Emerging
Markets SRI Bond
P (H2-EUR) 0.83 -5.63 N/A N/A -2.61
(Inception Date: 15
May 2019)
Benchmark: J.P.
MORGAN ESG
Emerging Market
Bond (EMBI) Global 4.27 -5.83 N/A N/A -2.18
Diversified Total
Return (hedged into
EUR)
Allianz Emerging
Markets SRI Bond
RT (H2-EUR) 2.84 -5.01 N/A N/A -1.50
(Inception Date: 7
May 2020)
Benchmark: J.P.
MORGAN ESG
Emerging Market
Bond (EMBI) Global 4.27 -5.83 N/A N/A -1.76
Diversified Total
Return (hedged into
EUR)
Allianz Emerging
Markets SRI
Corporate Bond
0.07 -4.02 N/A N/A -0.47
AMg (USD)
(Inception Date: 15
May 2019)
95
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond 7.60 0.03 N/A N/A 2.63
(CEMBI) Broad
Diversified Total
Return
Allianz Emerging
Markets SRI
Corporate Bond AT
-1.59 -5.61 N/A N/A -2.29
(H2-EUR)
(Inception Date: 3
June 2019)
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond
3.05 -1.87 N/A N/A 0.08
(CEMBI) Broad
Diversified Total
Return (hedged into
EUR)
Allianz Emerging
Markets SRI
Corporate Bond I
2.02 -3.99 N/A N/A -0.91
(H2-EUR)
(Inception Date: 15
May 2019)
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond
(CEMBI) Broad
Diversified USD
Unhedged Total 3.05 -1.87 N/A N/A 0.23
Return Hedged
(Initial Value
Hedging to EUR
(Rollover on Every
Last Day of a
Month)
96
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Emerging
Markets SRI
Corporate Bond IT
1.99 -4.01 N/A N/A -0.94
(H2-EUR)
(Inception Date: 29
May 2020)
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond 3.05 -1.87 N/A N/A -0.18
(CEMBI) Broad
Diversified Total
Return
Allianz Emerging
Markets SRI
Corporate Bond RT
1.74 N/A N/A N/A -4.92
(H2-CHF)
(Inception Date: 18
June 2021)
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond
3.15 N/A N/A N/A -3.50
(CEMBI) Broad
Diversified Hedged
in CHF Total Return
in CHF
Allianz Emerging
Markets SRI
Corporate Bond RT
5.54 N/A N/A N/A -2.57
(H2-GBP)
(Inception Date: 18
June 2021)
97
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond
(CEMBI) Broad
Diversified USD
Unhedged Total 6.97 N/A N/A N/A -1.18
Return Hedged
(Initial Value
Hedging) to EUR
(Rollover on Every
Last Day of a
Month)
Allianz Emerging
Markets SRI
Corporate Bond RT
3.94 N/A N/A N/A -3.95
(H2-EUR)
(Inception Date: 18
June 2021)
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond
(CEMBI) Broad
Diversified USD
Unhedged Total 3.05 N/A N/A N/A -2.44
Return Hedged
(Initial Value
Hedging) to EUR
(Rollover on Every
Last Day of a
Month)
Allianz Emerging
Markets SRI
Corporate Bond RT
5.90 N/A N/A N/A -2.13
(USD)
(Inception Date: 18
June 2021)
98
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN ESG
Corporate Emerging
Market Bond 7.60 N/A N/A N/A -0.42
(CEMBI) Broad USD
Unhedged Total
Return in USD
Allianz Euro High
Yield Bond A
(EUR) 6.88 -1.05 0.73 1.90 3.76
(Inception Date: 9
February 2010)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 3.10 5.41
(HEC4) Including
Transaction Costs
Unhedged in EUR
Allianz Euro High
Yield Bond AM
(EUR) 6.89 -1.05 0.74 1.90 2.46
(Inception Date: 1
March 2013)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 3.10 3.91
(HEC4) Including
Transaction Costs
Unhedged in EUR
Allianz Euro High
Yield Bond AM
(H2-USD) 8.69 0.69 2.53 3.58 3.99
(Inception Date: 1
March 2013)
99
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: ICE
BOFAML Euro High
Yield BB-B 12.48 2.67 3.94 4.91 5.56
Constrained (hedged
into USD)
Allianz Euro High
Yield Bond AT
(EUR) 6.89 -1.05 0.73 1.90 3.76
(Inception Date: 9
February 2010)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 3.10 5.41
(HEC4) Including
Transaction Costs
Unhedged in EUR
Allianz Euro High
Yield Bond AT (H2-
USD) 8.64 0.72 N/A N/A 2.17
(Inception Date: 16
October 2020)
Benchmark: ICE
BOFAML Euro High
12.48 2.67 N/A N/A 4.14
Yield BB-B
Constrained
Allianz Euro High
Yield Bond I (EUR)
10.77 0.53 1.93 N/A 1.86
(Inception Date: 8
December 2017)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 N/A 2.05
(HEC4) Including
Transaction Costs
Unhedged in EUR
100
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Euro High
Yield Bond IM (H2-
USD) 12.71 2.30 N/A N/A 3.62
(Inception Date: 16
October 2020)
Benchmark: ICE
BOFAML Euro High
Yield BB-B 12.48 2.67 N/A N/A 4.14
Constrained (hedged
into USD)
Allianz Euro High
Yield Bond IT
(EUR) 10.77 0.53 1.93 2.81 4.60
(Inception Date: 9
February 2010)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 3.10 5.41
(HEC4) Including
Transaction Costs
Unhedged in EUR
Allianz Euro High
Yield Bond IT8 (H-
EUR) 10.77 0.52 1.92 N/A 2.42
(Inception Date: 5
October 2016)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 6.96 -3.16 0.83 N/A 0.55
(HEC4) Including
Transaction Costs
Hedged in USD
Allianz Euro High
Yield Bond P (EUR)
10.72 0.49 1.89 2.78 3.18
(Inception Date: 9
January 2013)
101
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 3.10 3.77
(HEC4) Including
Transaction Costs
Unhedged in EUR
Allianz Euro High
Yield Bond R
(EUR) 10.65 0.43 1.83 N/A 2.40
(Inception Date: 20
April 2015)
Benchmark: ICE
BOFAML Euro High
Yield BB-B
Constrained EUR 10.44 0.74 1.97 N/A 2.79
(HEC4) Including
Transaction Costs
Unhedged in EUR
Allianz Euro High
Yield Bond RT (H2-
CHF) 8.27 -0.65 N/A N/A 0.74
(Inception Date: 18
July 2019)
Benchmark: ICE
BOFAML Euro High
Yield BB-B 7.78 -0.41 N/A N/A 0.66
Constrained (hedged
into CHF)
Allianz Euroland
Equity Growth A
(EUR)6 2.04 -3.96 3.31 5.68 5.87
(Inception Date: 16
October 2006)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 7.70 4.77
Cap Growth Return
Net in EUR
6 The Allianz Euroland Equity Growth was first launched on 2 October 2006.
102
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Euroland
Equity Growth AT
(H2-CHF) -0.29 -5.03 2.53 4.98 5.10
(Inception Date: 4
December 2013)
Benchmark: S&P
Eurozone Large Mid
Cap Growth Total 7.44 3.35 6.93 6.78 7.05
Return Net (hedged
into CHF)
Allianz Euroland
Equity Growth AT
(EUR) 2.03 -3.97 3.31 5.68 5.86
(Inception Date: 16
October 2006)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 7.70 4.77
Cap Growth Return
Net in EUR
Allianz Euroland
Equity Growth AT
(H2-USD) 4.19 -1.64 5.66 7.48 7.52
(Inception Date: 4
December 2013)
Benchmark: S&P
Eurozone Large Mid
Cap Growth Total 12.83 7.09 10.22 9.56 9.76
Return Net (hedged
into USD)
Allianz Euroland
Equity Growth I
(EUR) 5.98 -2.17 4.84 6.93 7.07
(Inception Date: 4
October 2006)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 7.70 4.89
Cap Growth Return
Net in EUR
103
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Euroland
Equity Growth IT
(EUR) 5.97 -2.17 4.84 6.93 7.07
(Inception Date: 4
October 2006)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 7.70 4.89
Cap Growth Return
Net in EUR
Allianz Euroland
Equity Growth PT
(H2-CHF) 3.44 -3.30 3.97 N/A 3.68
(Inception Date: 1
June 2015)
Benchmark: S&P
Eurozone Large Mid
Cap Growth Total 7.44 3.35 6.93 N/A 5.37
Return Net (hedged
into CHF)
Allianz Euroland
Equity Growth PT
(EUR) 5.93 -2.21 4.80 N/A 4.78
(Inception Date: 18
August 2015)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 N/A 6.68
Cap Growth Return
Net in EUR
Allianz Euroland
Equity Growth R
(EUR) 7.95 -1.65 5.11 N/A 5.92
(Inception Date: 1
October 2015)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 N/A 8.09
Cap Growth Return
Net in EUR
104
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Euroland
Equity Growth RT
(EUR) 7.95 -1.65 5.11 N/A 5.92
(Inception Date: 1
October 2015)
Benchmark: S&P
Eurozone Large Mid
10.30 4.72 7.85 N/A 8.09
Cap Growth Return
Net in EUR
Allianz Europe
Equity Growth A
(EUR)7 5.28 -1.34 5.86 7.16 7.70
(Inception Date: 16
October 2006)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 7.05 5.35
Cap Growth Total
Return Net (EUR)
Allianz Europe
Equity Growth A
(GBP) 1.90 -1.94 5.63 7.62 10.51
(Inception Date: 3
August 2009)
Benchmark: S&P
Europe Large Mid
5.35 4.80 7.46 7.47 8.47
Cap Growth Total
Return Net (GBP)
Allianz Europe
Equity Growth AT
(EUR) 5.28 -1.34 5.86 7.16 7.70
(Inception Date: 16
October 2006)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 7.05 5.35
Cap Growth Total
Return Net (EUR)
7 The Allianz Europe Equity Growth was first launched on 2 October 2006.
105
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Equity Growth AT
(H2-SGD) 5.49 -0.09 7.13 8.25 8.94
(Inception Date: 1
October 2012)
Benchmark: # S&P
Europe Large Mid
Cap Growth Total 8.13 6.02 6.61 3.25 2.80
Return (hedged into
SGD)
Allianz Europe
Equity Growth AT
(H2-USD) 7.47 1.06 8.23 8.90 9.22
(Inception Date: 6
December 2012)
Benchmark: # S&P
Europe Large Mid
Cap Growth Total 10.26 7.15 9.38 8.73 9.55
Return Net (hedged
into USD)
Allianz Europe
Equity Growth AT
(H-CHF) 3.57 -2.06 5.17 6.76 7.69
(Inception Date: 22
October 2012)
Benchmark: S&P
Europe Large Mid
Cap Growth Total 5.28 3.56 4.80 2.37 2.05
Return Net (hedged
into CHF)
Allianz Europe
Equity Growth I
(EUR) 9.34 0.51 7.42 8.43 8.98
(Inception Date: 4
October 2006)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 7.05 5.50
Cap Growth Total
Return Net (EUR)
106
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Equity Growth I
(USD) 6.40 -3.60 6.38 N/A 5.37
(Inception Date: 7
July 2014)
Benchmark: S&P
Europe Large Mid
4.95 1.35 6.59 N/A 4.15
Cap Growth Total
Return Net (USD)
Allianz Europe
Equity Growth IT
(EUR) 9.33 0.50 7.42 8.43 8.98
(Inception Date: 4
October 2006)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 7.05 5.50
Cap Growth Total
Return Net (EUR)
Allianz Europe
Equity Growth IT
(H2-USD) 11.65 2.90 9.84 10.17 10.21
(Inception Date: 2
May 2013)
Benchmark: # S&P
Europe Large Mid
Cap Growth Total 10.26 7.15 7.50 3.68 3.34
Return Net (hedged
into USD)
Allianz Europe
Equity Growth P
(EUR) 9.30 0.47 7.38 8.39 9.96
(Inception Date: 15
June 2012)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 7.05 8.81
Cap Growth Total
Return Net (EUR)
107
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Equity Growth P
(GBP) 5.76 -0.21 7.09 8.78 10.28
(Inception Date: 4
January 2012)
Benchmark: S&P
Europe Large Mid
5.35 4.80 7.46 7.47 8.85
Cap Growth Total
Return Net (GBP)
Allianz Europe
Equity Growth PT
(EUR) 9.29 0.47 7.38 8.39 8.54
(Inception Date: 1
October 2013)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 7.05 7.44
Cap Growth Total
Return Net (EUR)
Allianz Europe
Equity Growth R
(EUR) 11.37 1.03 7.70 N/A 7.67
(Inception Date: 31
August 2017)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 N/A 7.35
Cap Growth Total
Return Net (EUR)
Allianz Europe
Equity Growth RT
(H2-USD) 13.72 3.54 10.14 N/A 9.59
(Inception Date: 10
October 2017)
Benchmark:# S&P
Europe Large Mid
Cap Growth Total 10.26 7.15 7.50 N/A 5.67
Return Net (Hedged
into USD)
108
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Equity Growth RT
(EUR) 11.38 1.04 7.70 N/A 7.62
(Inception Date: 14
August 2017)
Benchmark: S&P
Europe Large Mid
8.36 5.43 7.60 N/A 7.24
Cap Growth Total
Return Net (EUR)
Allianz Europe
Equity Growth
Select A (EUR) 5.39 -0.42 6.98 7.40 7.59
(Inception Date: 2
May 2013)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 7.27 7.60
Currency) Return
Net in EUR
Allianz Europe
Equity Growth
Select A (H2-USD) 7.54 2.04 9.40 N/A 7.77
(Inception Date: 12
February 2015)
Benchmark: # S&P
Europe Large Cap
Growth Total Return 10.74 8.77 10.11 N/A 5.36
Net (hedged into
USD)
Allianz Europe
Equity Growth
Select AT (EUR) 5.39 -0.43 6.98 7.40 7.59
(Inception Date: 2
May 2013)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 7.27 7.60
Currency) Return
Net in EUR
109
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Equity Growth
Select AT (H2-
5.64 0.82 8.24 N/A 6.33
SGD)
(Inception Date: 13
March 2015)
Benchmark: # S&P
Europe Large Cap
Growth Total Return 8.65 7.64 7.14 N/A 3.84
Net (hedged into
SGD)
Allianz Europe
Equity Growth
Select AT (H2-USD) 7.68 2.09 9.42 N/A 7.11
(Inception Date: 13
March 2015)
Benchmark: # S&P
Europe Large Cap
Growth Total Return 10.74 8.77 10.11 N/A 5.41
Net (hedged into
USD)
Allianz Europe
Equity Growth
Select I (EUR) 9.47 1.45 8.57 8.68 8.84
(Inception Date: 2
May 2013)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 7.27 7.60
Currency) Return
Net in EUR
Allianz Europe
Equity Growth
Select IT (EUR) 9.47 1.45 8.56 8.68 8.84
(Inception Date: 2
May 2013)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 7.27 7.60
Currency) Return
Net in EUR
110
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Equity Growth
Select IT (H2-USD) 11.83 3.97 11.02 N/A 8.19
(Inception Date: 22
May 2015)
Benchmark: # S&P
Europe Large Cap
Growth Total Return 10.74 8.77 10.11 N/A 5.53
Net (hedged into
USD)
Allianz Europe
Equity Growth
Select P (EUR) 9.42 1.40 8.52 8.63 8.79
(Inception Date: 2
May 2013)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 7.27 7.60
Currency) Return
Net in EUR
Allianz Europe
Equity Growth
Select R (EUR) 11.50 1.97 8.84 N/A 6.34
(Inception Date: 23
March 2015)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 N/A 5.38
Currency) Return
Net in EUR
Allianz Europe
Equity Growth
Select RT (EUR) 11.50 1.97 8.84 N/A 7.15
(Inception Date: 18
February 2015)
Benchmark: S&P
Europe Large Cap
Growth (Euro 8.83 7.02 8.21 N/A 6.10
Currency) Return
Net in EUR
111
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Income and
Growth AM (EUR) 6.60 0.57 1.08 N/A 0.84
(Inception Date: 5
May 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AM (H2-
7.07 1.27 1.79 N/A 2.24
AUD)
(Inception Date: 14
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AM (H2-
7.77 1.90 2.38 N/A 2.54
CAD)
(Inception Date: 14
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AM (H2-
8.07 1.73 2.03 N/A 2.03
GBP)
(Inception Date: 14
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AM (H2-
7.58 1.84 2.63 N/A 2.64
HKD)
(Inception Date: 14
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
112
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Income and
Growth AM (H2-
8.41 2.26 2.49 N/A 2.80
NZD)
(Inception Date: 14
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AM (H2-
6.67 1.58 2.25 N/A 2.45
SGD)
(Inception Date: 14
August 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AM (H2-
8.52 2.48 3.01 N/A 2.47
USD)
(Inception Date: 14
April 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AMg (EUR) 6.60 0.56 1.08 N/A 2.17
(Inception Date: 1
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AMg (H2-
7.07 1.30 1.80 N/A 3.48
AUD)
(Inception Date: 1
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
113
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Europe
Income and
Growth AMg (H2-
7.50 1.82 2.60 N/A 3.64
HKD)
(Inception Date: 1
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AMg (H2-
6.72 1.57 2.27 N/A 3.52
SGD)
(Inception Date: 1
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AMg (H2-
8.50 2.46 3.03 N/A 4.20
USD)
(Inception Date: 1
June 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AT (H2-
7.50 1.82 N/A N/A 2.26
HKD)
(Inception Date: 15
March 2021)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Europe
Income and
Growth AT (H2-
8.56 2.49 3.06 N/A 3.06
USD)
(Inception Date: 2
October 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
114
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz European
Equity Dividend A
(EUR) 9.06 5.15 2.55 3.14 4.86
(Inception Date: 10
January 2011)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 6.72 7.28
(Net) in EUR
Allianz European
Equity Dividend
AM (H2-AUD) 9.16 5.87 2.92 4.37 5.59
(Inception Date: 2
October 2013)
Benchmark: # MSCI
Europe Total Return
10.83 8.16 6.49 3.19 3.02
Net (hedged into
AUD)
Allianz European
Equity Dividend
AM (EUR) 9.05 5.16 2.55 3.14 4.28
(Inception Date: 2
October 2013)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 6.72 7.32
(Net) in EUR
Allianz European
Equity Dividend
AM (H2-GBP) 10.58 6.28 3.28 N/A 2.67
(Inception Date: 16
October 2017)
Benchmark: # MSCI
Europe Total Return
11.97 8.72 7.09 N/A 5.38
Net (hedged into
GBP)
Allianz European
Equity Dividend
AM (H2-HKD) 10.15 6.69 4.18 4.32 5.42
(Inception Date: 2
October 2013)
115
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # MSCI
Europe Total Return
11.83 9.21 7.90 3.88 3.66
Net (hedged into
HKD)
Allianz European
Equity Dividend
AM (H2-NZD) 10.77 6.98 3.76 N/A 5.45
(Inception Date: 1
April 2016)
Benchmark: # MSCI
Europe Total Return
12.17 8.96 7.03 N/A 4.29
Net in NZD (hedged
into NZD)
Allianz European
Equity Dividend
AM (H2-RMB) 7.68 6.50 4.54 5.83 6.23
(Inception Date: 18
February 2014)
Benchmark: # MSCI
Europe Total Return
8.40 8.88 8.05 3.95 3.87
Net in CNY (hedged
into CNY)
Allianz European
Equity Dividend
AM (H2-SGD) 9.09 6.20 3.62 4.19 4.61
(Inception Date: 14
April 2014)
Benchmark: # MSCI
Europe Total Return
10.75 8.86 7.30 3.59 3.57
Net in SGD (hedged
into SGD)
Allianz European
Equity Dividend
AM (H2-USD) 10.90 7.28 4.56 4.77 5.84
(Inception Date: 2
October 2013)
Benchmark: # MSCI
Europe Total Return
12.92 10.00 8.21 4.02 3.80
Net (hedged into
USD)
116
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz European
Equity Dividend
AMg (H2-USD) 11.09 7.37 4.66 N/A 4.35
(Inception Date: 4
November 2015)
Benchmark: # MSCI
Europe Total Return
12.92 10.00 8.21 N/A 4.75
Net (hedged into
USD)
Allianz European
Equity Dividend AT
(EUR) 9.05 5.14 2.55 3.14 7.89
(Inception Date: 10
March 2009)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 6.72 10.41
(Net) in EUR
Allianz European
Equity Dividend I
(EUR) 13.26 7.11 4.06 4.36 5.59
(Inception Date: 9
October 2013)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 6.72 7.52
(Net) in EUR
Allianz European
Equity Dividend IT
(EUR) 13.26 7.11 4.06 4.36 9.05
(Inception Date: 10
March 2009)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 6.72 10.41
(Net) in EUR
Allianz European
Equity Dividend IT
(H2-USD) 15.41 9.46 6.25 N/A 5.91
(Inception Date: 2
November 2015)
117
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
USD Total Return 12.92 10.00 8.21 N/A 4.75
Net
Allianz European
Equity Dividend P
(EUR) 13.23 7.07 4.03 4.32 5.16
(Inception Date: 4
February 2014)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 6.72 7.32
(Net) in EUR
Allianz European
Equity Dividend PT
(EUR) 13.22 7.07 4.03 N/A 3.63
(Inception Date: 18
August 2015)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 N/A 5.73
(Net) in EUR
Allianz European
Equity Dividend RT
(EUR) 15.37 7.68 4.34 N/A 3.14
(Inception Date: 25
March 2015)
Benchmark: MSCI
Europe Total Return 10.98 8.15 7.80 N/A 5.29
(Net) in EUR
Allianz Flexi Asia
Bond A (H2-EUR)
-5.06 -12.65 -8.28 -3.65 -3.64
(Inception Date: 15
April 2013)
Benchmark: J.P.
MORGAN JACI
Composite Total
1.75 1.44 0.86 0.43 0.39
Return Hedged
Index Level Return
in EUR Note 4
118
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Flexi Asia
Bond AM (H2-AUD)
-4.55 -11.97 -7.42 -1.95 -0.92
(Inception Date: 3
July 2012)
Benchmark: J.P.
MORGAN JACI
Composite Total
2.12 1.64 0.98 0.49 0.41
Return Hedged
Index Level Return
in AUD Note 4
Allianz Flexi Asia
Bond AM (H2-CAD)
-3.96 -11.34 -6.87 -2.25 -1.43
(Inception Date: 3
July 2012)
Benchmark: J.P.
MORGAN JACI
Composite Total
2.89 2.04 1.22 0.61 0.51
Return Hedged
Index Level Return
in CAD Note 4
Allianz Flexi Asia
Bond AM (H2-EUR)
-4.92 -12.64 -8.26 -3.62 -3.50
(Inception Date: 1
March 2013)
Benchmark: J.P.
MORGAN JACI
Composite Total
1.75 1.44 0.86 0.43 0.39
Return Hedged
Index Level Return
in EUR Note 4
Allianz Flexi Asia
Bond AM (H2-GBP)
-3.60 -11.48 -7.21 -2.69 -2.62
(Inception Date: 1
March 2013)
Benchmark: J.P.
MORGAN JACI
Composite Total
3.11 2.05 1.23 0.61 0.55
Return Hedged
Index Level Return
in GBP Note 4
119
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Flexi Asia
Bond AM (H2-NZD)
-3.44 -11.17 -6.84 -1.39 -0.55
(Inception Date: 17
July 2012)
Benchmark: J.P.
MORGAN JACI
Composite Total
3.31 2.18 1.30 0.65 0.55
Return Hedged
Index Level Return
in NZD Note 4
Allianz Flexi Asia
Bond AM (H2-RMB)
-5.84 -11.59 -6.36 -0.71 0.05
(Inception Date: 3
July 2012)
Benchmark: J.P.
MORGAN JACI
Composite Total
-0.29 0.70 0.42 0.21 0.18
Return Hedged
Index Level Return
in RMB Note 4
Allianz Flexi Asia
Bond AM (H2-SGD)
-4.89 -11.74 -7.10 -2.32 -2.32
(Inception Date: 1
March 2013)
Benchmark: J.P.
MORGAN JACI
Composite Total
1.95 1.66 0.99 0.50 0.44
Return Hedged
Index Level Return
in SGD Note 4
Allianz Flexi Asia
Bond AM (HKD)
-3.59 -10.82 -6.54 -1.87 -1.22
(Inception Date: 3
July 2012)
Benchmark: J.P.
MORGAN JACI
Composite Total
3.33 2.51 1.50 0.75 0.63
Return Unhedged
Index Level Return
in HKD Note 4
120
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Flexi Asia
Bond AM (SGD)
-1.49 -10.27 -6.49 N/A -3.89
(Inception Date: 17
October 2016)
Benchmark: J.P.
MORGAN JACI
Composite Total
6.01 2.66 1.59 N/A 1.05
Return Unhedged
Index Level Return
in SGD Note 4
Allianz Flexi Asia
Bond AM (USD)
-3.26 -11.04 -6.49 -1.96 -1.30
(Inception Date: 3
July 2012)
Benchmark: J.P.
MORGAN JACI
3.71 2.38 1.42 1.39 1.38
Composite Total
Return Note 4
Allianz Flexi Asia
Bond AMg (USD)
-3.26 -11.03 -6.49 N/A -2.40
(Inception Date: 4
November 2015)
Benchmark: J.P.
MORGAN JACI
3.71 2.38 1.42 N/A 1.46
Composite Total
Return Note 4
Allianz Flexi Asia
Bond AT (USD)
-3.26 -11.04 -6.50 -1.96 -1.30
(Inception Date: 3
July 2012)
Benchmark: J.P.
MORGAN JACI
3.71 2.38 1.42 1.39 1.38
Composite Total
Return Note 4
Allianz Flexi Asia
Bond I (EUR)
2.96 -5.73 -4.36 1.58 0.96
(Inception Date: 3
July 2012)
121
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: J.P.
MORGAN JACI
Composite Total
7.08 2.14 1.28 0.64 0.54
Return Unhedged
Index Level Return
in EUR Note 4
Allianz Flexi Asia
Bond IT (USD)
0.31 -9.53 -5.27 -0.96 -0.55
(Inception Date: 3
September 2012)
Benchmark: J.P.
MORGAN JACI
3.71 2.38 1.42 1.39 1.26
Composite Total
Return Note 4
Allianz Flexi Asia
Bond PQ (H2-GBP)
-0.07 -10.02 -6.03 -1.73 -1.66
(Inception Date: 3
June 2013)
Benchmark: J.P.
MORGAN JACI
Composite Total
3.11 2.05 1.23 0.61 0.56
Return Hedged
Index Level Return
in GBP Note 4
Allianz Flexi Asia
Bond RM (USD)
2.21 -9.06 -5.00 N/A -3.56
(Inception Date: 1
June 2018)
Benchmark: J.P.
MORGAN JACI
3.71 2.38 1.42 N/A 1.20
Composite Total
Return Note 4
Allianz Food
Security A (EUR)
-7.22 -11.15 N/A N/A -5.41
(Inception Date: 6
October 2020)
122
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Food
Security AT (EUR)
-7.26 -11.15 N/A N/A -5.45
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Food
Security AT (USD)
-9.57 -14.67 N/A N/A -7.93
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.05
Total Return Net
Allianz Food
Security IT (EUR)
-3.63 -9.34 N/A N/A -3.67
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.11
Total Return (Net) in
EUR
Allianz Food
Security P (GBP)
-5.08 -9.50 N/A N/A -4.97
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI)
17.91 7.82 N/A N/A 11.15
Total Return (Net) in
GBP
Allianz Food
Security RT (USD)
-4.35 -12.61 N/A N/A -5.95
(Inception Date: 6
October 2020)
123
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.05
Total Return Net
Allianz GEM Equity
High Dividend AM
(H2-AUD) 14.90 1.28 5.69 N/A 7.49
(Inception Date: 2
August 2016)
Benchmark: # MSCI
Emerging Markets
Total Return Net 10.83 -4.76 2.07 N/A 1.33
(hedged into AUD)
Note 5
Allianz GEM Equity
High Dividend AM
(H2-RMB) 13.14 1.89 7.19 N/A 7.40
(Inception Date: 13
April 2018)
Benchmark: # MSCI
Emerging Markets
8.50 -4.14 3.43 N/A 2.82
Total Return Net
(hedged into CNY)
Allianz GEM Equity
High Dividend AM
(H2-USD) 16.72 2.77 7.32 N/A 6.81
(Inception Date: 15
February 2018)
Benchmark: # MSCI
Emerging Markets
Total Return Net 13.07 -2.93 4.02 N/A 3.22
(hedged into USD)
Note 5
Allianz GEM Equity
High Dividend AMg
(HKD) 11.19 -2.97 4.39 N/A 6.79
(Inception Date: 6
October 2015)
124
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # MSCI
Emerging Markets
9.48 -5.47 2.24 N/A 1.30
Total Return Net
(HKD) Note 5
Allianz GEM Equity
High Dividend AMg
(USD) 11.84 -3.07 4.38 N/A 6.52
(Inception Date: 6
October 2015)
Benchmark: MSCI
Emerging Markets
9.88 -5.69 1.89 N/A 6.12
Total Return Net in
USD Note 5
Allianz GEM Equity
High Dividend AT
(EUR) 14.68 0.92 5.39 7.36 2.00
(Inception Date: 15
June 2007)
Benchmark: MSCI
Emerging Markets
13.45 -1.89 2.85 6.79 3.69
Total Return Net in
EUR Note 5
Allianz GEM Equity
High Dividend AT
(USD) 11.79 -3.05 4.45 4.71 -0.86
(Inception Date: 25
February 2008)
Benchmark: MSCI
Emerging Markets
9.88 -5.69 1.89 4.05 0.91
Total Return Net in
USD Note 5
Allianz GEM Equity
High Dividend I
(EUR) 19.26 2.94 7.08 8.76 3.48
(Inception Date: 29
May 2007)
Benchmark: MSCI
Emerging Markets
13.45 -1.89 2.85 6.79 4.04
Total Return Net in
EUR Note 5
125
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz GEM Equity
High Dividend IT
(USD) 16.31 -1.25 6.13 N/A 4.05
(Inception Date: 5
January 2018)
Benchmark: MSCI
Emerging Markets
9.88 -5.69 1.89 N/A 0.24
Total Return Net in
USD Note 5
Allianz Global
Artificial
Intelligence A
37.52 -3.57 12.72 N/A 14.57
(EUR)
(Inception Date: 31
August 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 16.29
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
Allianz Global
Artificial
Intelligence AT
37.50 -3.58 12.77 N/A 14.02
(EUR)
(Inception Date: 2
May 2017)
126
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 15.38
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
Allianz Global
Artificial
Intelligence AT
33.58 -7.18 11.64 N/A 12.46
(HKD)
(Inception Date: 8
December 2017)
Benchmark: # 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
25.31 7.96 14.42 N/A 13.51
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in HKD Note 18
Allianz Global
Artificial
Intelligence AT
34.05 -7.42 11.70 N/A 13.82
(USD)
(Inception Date: 31
March 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI 25.77 7.71 14.49 N/A 15.45
World Information
Technology Total
Return Net Note 18
127
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Artificial
Intelligence AT
31.33 -9.73 9.01 N/A 11.02
(H2-EUR)
(Inception Date: 31
March 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
EUR) + 50% MSCI 25.23 7.15 12.94 N/A 13.72
World Information
Technology Total
Return Net (hedged
into EUR) Note 18
Allianz Global
Artificial
Intelligence AT
26.44 -10.65 8.75 N/A 11.69
(H2-JPY)
(Inception Date: 11
October 2018)
Benchmark: # 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
JPY) + 50% MSCI 20.35 5.29 10.50 N/A 9.40
World Information
Technology Total
Return Net (hedged
into JPY) Note 18
Allianz Global
Artificial
Intelligence AT
30.07 -8.38 11.38 N/A 10.74
(H2-RMB)
(Inception Date: 17
July 2018)
128
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
CNY) + 50% MSCI 23.12 8.39 13.25 N/A 11.34
World Information
Technology Total
Return Net (hedged
into CNY) Note 18
Allianz Global
Artificial
Intelligence AT
31.56 -8.61 10.47 N/A 11.23
(H2-SGD)
(Inception Date: 8
December 2017)
Benchmark: # 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
SGD) + 50% MSCI 25.51 8.40 12.51 N/A 9.65
World Information
Technology Total
Return Net (hedged
into SGD) Note 18
Allianz Global
Artificial
Intelligence ET
38.68 N/A N/A N/A -8.17
(H2-SGD)
(Inception Date: 12
July 2021)
Benchmark: # 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
SGD) + 50% MSCI 25.51 N/A N/A N/A 6.59
World Information
Technology Total
Return Net (hedged
into SGD) Note 18
129
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Artificial
Intelligence I (EUR) 42.88 -1.73 14.50 N/A 15.38
(Inception Date: 31
March 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 15.45
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
Allianz Global
Artificial
Intelligence IT
43.05 -1.60 14.55 N/A 15.59
(EUR)
(Inception Date: 2
May 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 15.38
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
Allianz Global
Artificial
Intelligence IT
39.41 -5.56 13.50 N/A 12.98
(USD)
(Inception Date: 27
June 2018)
130
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI 25.77 7.71 14.49 N/A 14.18
World Information
Technology Total
Return Net Note 18
Allianz Global
Artificial
Intelligence IT (H2-
36.57 -7.93 10.77 N/A 12.43
EUR)
(Inception Date: 2
May 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
EUR) + 50% MSCI 25.23 7.15 12.94 N/A 13.33
World Information
Technology Total
Return Net (hedged
into EUR) Note 18
Allianz Global
Artificial
Intelligence P
42.93 -1.65 14.59 N/A 14.83
(EUR)
(Inception Date: 17
April 2019)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 15.88
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
131
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Artificial
Intelligence P
39.24 N/A N/A N/A 11.71
(USD)
(Inception Date: 7
June 2022)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI 25.77 N/A N/A N/A 15.28
World Information
Technology Total
Return Net Note 18
Allianz Global
Artificial
Intelligence PT
38.38 -2.35 14.25 N/A 15.83
(GBP)
(Inception Date: 26
April 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI 26.24 11.38 15.41 N/A 15.80
World Information
Technology Total
Return Net Note 18
Allianz Global
Artificial
Intelligence PT
33.55 -8.87 9.97 N/A 11.94
(H2-CHF)
(Inception Date: 26
April 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
CHF) + 50% MSCI 22.08 5.87 10.51 N/A 7.38
World Information
Technology Total
Return Net (hedged
into CHF) Note 18
132
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Artificial
Intelligence PT
38.40 -6.82 11.72 N/A 13.63
(H2-GBP)
(Inception Date: 31
March 2017)
Benchmark: # 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
GBP) + 50% MSCI 26.57 8.09 12.02 N/A 8.33
World Information
Technology Total
Return Net (hedged
into GBP) Note 18
Allianz Global
Artificial
Intelligence R
45.53 -1.24 14.79 N/A 15.50
(EUR)
(Inception Date: 10
October 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 15.97
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
Allianz Global
Artificial
Intelligence RT
39.14 -7.44 11.02 N/A 11.03
(H2-EUR)
(Inception Date: 10
October 2017)
133
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI 25.23 7.15 12.94 N/A 12.64
World Information
Technology Total
Return Net Note 18
Allianz Global
Artificial
Intelligence RT
45.76 -1.07 14.81 N/A 15.94
(EUR)
(Inception Date: 26
April 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net + 50% MSCI
World Information
29.85 12.05 15.57 N/A 15.64
Technology Total
Return (Net)
Rebased Last
Business Day of
Month in EUR Note 18
Allianz Global
Artificial
Intelligence RT
41.99 -5.07 13.80 N/A 13.96
(USD)
(Inception Date: 15
November 2017)
Benchmark: 50%
MSCI AC World
(ACWI) Total Return
Net (hedged into
GBP) + 50% MSCI 25.77 7.71 14.49 N/A 13.53
World Information
Technology Total
Return Net (hedged
into GBP) Note 18
134
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Credit SRI AT
(USD) -0.17 N/A N/A N/A -6.09
(Inception Date: 15
June 2021)
Benchmark:
BLOOMBERG
Global Aggregate
1.25 N/A N/A N/A -4.94
Credit Total Return
Unhedged Return in
USD
Allianz Global
Credit SRI IT (USD)
1.30 -4.61 -0.51 N/A 0.40
(Inception Date: 4
November 2016)
Benchmark:
BLOOMBERG
Global Aggregate
1.25 -4.32 -0.11 N/A 0.77
Credit Total Return
Unhedged Return in
USD
Allianz Global
Credit SRI IT (H-
EUR) 0.66 -4.69 -1.57 N/A -0.47
(Inception Date: 14
December 2016)
Benchmark: #
BLOOMBERG
Global Aggregate
0.85 -4.33 -2.00 N/A -1.36
Credit Total Return
Unhedged Return in
EUR
Allianz Global
Credit SRI IT8 (H-
EUR) (Inception 0.76 -4.78 -1.14 0.00 -0.61
Date: 1 August
2018)
135
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
BLOOMBERG
Global Aggregate
0.85 -4.33 -2.00 0.00 -1.75
Credit Total Return
Hedged Return in
EUR
Allianz Global Multi
Asset
Sustainability
8.77 0.28 0.65 N/A 0.71
Balanced A (EUR)
(Inception Date: 17
November 2015)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
Balanced AMg (H2- 4.23 -5.10 -1.57 N/A -1.97
AUD)
(Inception Date: 16
August 2018)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
Balanced AMg (H2- 3.88 -5.65 -2.18 N/A -2.81
EUR)
(Inception Date: 16
August 2018)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
Balanced AMg (H2- 5.41 -4.45 -1.19 N/A -1.80
GBP)
(Inception Date: 16
August 2018)
136
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
Balanced AMg (H2- 2.78 -4.42 -0.17 N/A -0.91
RMB)
(Inception Date: 4
September 2018)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
Balanced AMg (H2- 4.08 -4.62 -0.97 N/A -1.49
SGD)
(Inception Date: 16
August 2018)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
Balanced AMg 6.04 -3.69 -0.15 N/A -0.66
(USD)
(Inception Date: 16
August 2018)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
Allianz Global Multi
Asset
Sustainability
9.66 -2.18 1.11 N/A 0.55
Balanced IT (USD)
(Inception Date: 16
August 2018)
Benchmark: N/A *
Note 23 and 25
N/A N/A N/A N/A N/A
137
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Equity Growth A
(EUR) 10.76 -2.95 N/A N/A 4.11
(Inception Date: 6
July 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 12.56
Total Return (Net) in
EUR
Allianz Global
Equity Growth AT
(EUR) 10.48 -3.11 N/A N/A 4.03
(Inception Date: 6
July 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 12.56
Total Return (Net) in
EUR
Allianz Global
Equity Growth AT
(USD) 7.98 -6.83 N/A N/A 2.14
(Inception Date: 10
July 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.95
Total Return Net
Allianz Global
Equity Growth AT
(H2-EUR) 5.58 -9.21 N/A N/A -0.25
(Inception Date: 10
July 2020)
Benchmark: MSCI
AC World (ACWI) 17.59 4.39 N/A N/A 10.19
Total Return Net
Allianz Global
Equity Growth IT
(EUR) 15.06 -1.10 N/A N/A 5.91
(Inception Date: 6
July 2020)
138
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 12.56
Total Return (Net) in
EUR
Allianz Global
Equity Growth IT
(H2-EUR) 9.62 -7.61 N/A N/A 1.33
(Inception Date: 10
July 2020)
Benchmark: MSCI
AC World (ACWI) 17.59 4.39 N/A N/A 10.19
Total Return Net
Allianz Global
Equity Growth IT
(USD) 12.16 N/A N/A N/A -5.78
(Inception Date: 15
June 2021)
Benchmark: MSCI
AC World (ACWI) 17.46 N/A N/A N/A 3.43
Total Return Net
Allianz Global
Equity Growth PT
(EUR) 17.48 -0.60 N/A N/A 5.71
(Inception Date: 10
July 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 12.62
Total Return (Net) in
EUR
Allianz Global
Equity Growth R
(EUR) 17.25 N/A N/A N/A 3.50
(Inception Date: 21
February 2022)
Benchmark: MSCI
AC World (ACWI)
21.28 N/A N/A N/A 8.28
Total Return (Net) in
EUR
139
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Equity Growth RT
(EUR) 17.21 -0.69 N/A N/A 6.20
(Inception Date: 6
July 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 12.56
Total Return (Net) in
EUR
Allianz Global
Equity Growth RT
(USD) 14.25 N/A N/A N/A 0.00
(Inception Date: 24
June 2021)
Benchmark: MSCI
AC World (ACWI) 17.46 N/A N/A N/A 3.53
Total Return Net
Allianz Global
Equity Insights A
(EUR) 8.19 0.13 9.77 N/A 8.11
(Inception Date: 15
February 2017)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 N/A 9.47
Total Return (Net) in
EUR*
Allianz Global
Equity Insights AT
(EUR) 8.19 0.14 9.71 N/A 8.36
(Inception Date: 7
March 2017)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 N/A 9.50
Total Return (Net) in
EUR *
140
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Equity Insights AT
(USD) 5.42 N/A N/A N/A 4.44
(Inception Date: 31
August 2022)
Benchmark: MSCI
AC World (ACWI) 17.46 N/A N/A N/A 15.37
Total Return Net*
Allianz Global
Equity Insights IT
(EUR) 12.54 2.06 11.47 N/A 9.83
(Inception Date: 7
March 2017)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 N/A 9.50
Total Return (Net) in
EUR *
Allianz Global
Equity Insights P
(EUR) 12.64 2.05 11.50 N/A 11.59
(Inception Date: 12
April 2018)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 N/A 11.15
Total Return (Net) in
EUR *
Allianz Global
Equity Insights PT
(USD) 9.38 N/A N/A N/A 7.20
(Inception Date: 31
August 2022)
Benchmark: MSCI
AC World (ACWI) 17.46 N/A N/A N/A 15.37
Total Return Net*
141
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Equity
Unconstrained A
14.51 2.77 7.27 10.17 11.45
(EUR)
(Inception Date: 19
December 2008)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 11.04 7.41
EUR Total Return
(Net) Note 7
Allianz Global
Equity
Unconstrained AT
14.51 N/A N/A N/A 5.13
(EUR)
(Inception Date: 22
February 2022)
Benchmark: # MSCI
AC World (ACWI)
21.28 N/A N/A N/A 8.73
USD Total Return
(Net) IN EUR Note 7
Allianz Global
Equity
Unconstrained AT
11.63 -1.38 6.33 7.43 9.50
(USD)
(Inception Date: 19
December 2008)
Benchmark: # MSCI
AC World (ACWI)
17.46 4.27 9.45 8.19 5.87
USD Total Return
(Net) Note 7
Allianz Global
Equity
Unconstrained I
19.09 4.82 N/A N/A 7.71
(EUR)
(Inception Date: 7
January 2021)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 10.55
EUR Total Return
(Net) Note 7
142
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Equity
Unconstrained IT
16.13 0.68 8.03 N/A 10.90
(USD)
(Inception Date: 17
May 2016)
Benchmark: MSCI
AC World (ACWI)
17.46 4.27 9.45 N/A 10.47
USD Total Return
(Net) Note 7
Allianz Global
Floating Rate
Notes Plus A3 (H2-
1.28 0.15 0.00 N/A -0.11
EUR)
(Inception Date: 7
September 2018)
Benchmark:
SECURED
OVERNIGHT
3.71 1.20 0.58 N/A 0.48
FINANCING RATE
(SOFR) (hedged into
EUR) Note 19
Allianz Global
Floating Rate
Notes Plus A3
3.11 1.89 1.77 N/A 1.79
(USD)
(Inception Date: 7
September 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus AM (H2-
1.71 0.99 0.95 N/A 1.23
AUD)
(Inception Date: 23
January 2019)
143
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
4.18 2.05 1.39 N/A 1.32
FINANCING RATE
(SOFR) (hedged into
AUD) Note 19
Allianz Global
Floating Rate
Notes Plus AM (H2-
3.04 1.91 1.52 N/A 1.77
NZD)
(Inception Date: 23
January 2019)
Benchmark: #
SECURED
OVERNIGHT
5.51 2.97 2.02 N/A 1.91
FINANCING RATE
(SOFR) (hedged into
NZD) Note 19
Allianz Global
Floating Rate
Notes Plus AM
2.61 2.03 1.60 N/A 1.87
(HKD)
(Inception Date: 23
January 2019)
Benchmark: #
SECURED
OVERNIGHT
5.12 3.15 1.99 N/A 1.89
FINANCING RATE
(SOFR) (hedged into
HKD) Note 19
Allianz Global
Floating Rate
Notes Plus AM
3.05 1.80 1.69 N/A 1.95
(USD)
(Inception Date: 23
January 2019)
144
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus AMg
2.55 2.03 1.62 N/A 1.67
(HKD)
(Inception Date: 1
August 2018)
Benchmark: #
SECURED
OVERNIGHT
5.12 3.15 1.99 N/A 1.73
FINANCING RATE
(SOFR) (hedged into
HKD) Note 19
Allianz Global
Floating Rate
Notes Plus AMg
3.05 1.83 1.70 N/A 1.77
(USD)
(Inception Date: 16
July 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus AMg
1.70 0.97 0.93 N/A 1.04
(H2-AUD)
(Inception Date: 2
November 2018)
145
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
4.18 2.05 1.39 N/A 1.26
FINANCING RATE
(SOFR) (hedged into
AUD) Note 19
Allianz Global
Floating Rate
Notes Plus AMg
1.41 1.16 1.16 N/A 1.20
(H2-SGD)
(Inception Date: 16
July 2018)
Benchmark: #
SECURED
OVERNIGHT
3.85 2.28 1.61 N/A 1.39
FINANCING RATE
(SOFR) (hedged into
SGD) Note 19
Allianz Global
Floating Rate
Notes Plus AMg3
1.48 1.20 1.23 N/A 1.24
(H2-SGD)
(Inception Date: 16
August 2018)
Benchmark: #
SECURED
OVERNIGHT
3.85 2.28 1.61 N/A 1.41
FINANCING RATE
(SOFR) (hedged into
SGD) Note 19
Allianz Global
Floating Rate
Notes Plus AMg3
2.73 2.18 1.73 N/A 1.75
(HKD)
(Inception Date: 16
August 2018)
146
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: #
SECURED
OVERNIGHT
5.12 3.15 1.99 N/A 1.74
FINANCING RATE
(SOFR) (hedged into
HKD) Note 19
Allianz Global
Floating Rate
Notes Plus AMg3
3.11 1.87 1.77 N/A 1.79
(USD)
(Inception Date: 16
August 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus AT
3.05 1.82 1.69 N/A 1.68
(USD)
(Inception Date: 7
February 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.31
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus AT (H2-
1.25 0.08 -0.07 N/A -0.30
EUR)
(Inception Date: 7
February 2018)
147
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
3.71 1.20 0.58 N/A 0.40
FINANCING RATE
(SOFR) (hedged into
EUR) Note 19
Allianz Global
Floating Rate
Notes Plus AT (H2-
1.39 0.98 1.06 N/A 1.08
SGD)
(Inception Date: 1
August 2018)
Benchmark: #
SECURED
OVERNIGHT
3.85 2.28 1.61 N/A 1.40
FINANCING RATE
(SOFR) (hedged into
SGD) Note 19
Allianz Global
Floating Rate
Notes Plus AT3
-0.91 -0.93 -0.77 N/A -0.85
(H2-CHF)
(Inception Date: 8
August 2018)
Benchmark:
SECURED
OVERNIGHT
1.32 0.01 -0.17 N/A -0.15
FINANCING RATE
(SOFR) (hedged into
CHF) Note 19
Allianz Global
Floating Rate
Notes Plus AT3
1.28 0.13 -0.02 N/A -0.15
(H2-EUR)
(Inception Date: 8
August 2018)
148
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
3.71 1.20 0.58 N/A 0.47
FINANCING RATE
(SOFR) (hedged into
EUR) Note 19
Allianz Global
Floating Rate
Notes Plus AT3
3.12 1.87 1.77 N/A 1.79
(USD)
(Inception Date: 8
August 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus IT
6.35 3.08 2.57 N/A 2.46
(USD)
(Inception Date: 7
February 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.31
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus IT (H2-
4.48 1.31 0.77 N/A 0.44
EUR)
(Inception Date: 7
February 2018)
149
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
3.71 1.20 0.58 N/A 0.40
FINANCING RATE
(SOFR) (hedged into
EUR) Note 19
Allianz Global
Floating Rate
Notes Plus P (H2-
4.45 1.29 0.76 N/A 0.42
EUR)
(Inception Date: 7
February 2018)
Benchmark:
SECURED
OVERNIGHT
3.71 1.20 0.58 N/A 0.40
FINANCING RATE
(SOFR) (hedged into
EUR) Note 19
Allianz Global
Floating Rate
Notes Plus P (H2-
6.03 2.67 1.91 N/A 1.74
GBP)
(Inception Date: 4
September 2018)
Benchmark: #
SECURED
OVERNIGHT
5.17 2.50 1.62 N/A 0.00
FINANCING RATE
(SOFR) (hedged into
GBP) Note 19
Allianz Global
Floating Rate
Notes Plus PQ
6.33 3.05 2.54 N/A 2.45
(USD)
(Inception Date: 14
May 2018)
150
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.34
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus RT
8.42 3.70 2.90 N/A 2.85
(USD)
(Inception Date: 16
July 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus RT10
6.64 2.05 1.23 N/A 0.97
(H2-EUR)
(Inception Date: 8
August 2018)
Benchmark:
SECURED
OVERNIGHT
3.71 1.20 0.58 N/A 0.47
FINANCING RATE
(SOFR) (hedged into
EUR) Note 19
Allianz Global
Floating Rate
Notes Plus RT10
8.19 3.14 2.22 N/A 2.01
(H2-GBP)
(Inception Date: 8
August 2018)
151
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:#
SECURED
OVERNIGHT
5.17 2.50 1.62 N/A 1.41
FINANCING RATE
(SOFR) (hedged into
GBP) Note 19
Allianz Global
Floating Rate
Notes Plus RT10
8.60 3.84 3.05 N/A 2.95
(USD)
(Inception Date: 8
August 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
19
Allianz Global
Floating Rate
Notes Plus RT10
4.34 0.98 0.48 N/A 0.28
(H2-CHF)
(Inception Date: 8
August 2018)
Benchmark:
SECURED
OVERNIGHT
1.32 0.01 -0.17 N/A -0.15
FINANCING RATE
(SOFR) (hedged into
CHF) Note 19
Allianz Global High
Yield A (USD)
5.93 -0.56 1.78 N/A 2.84
(Inception Date: 7
December 2016)
152
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: ICE
BOFAML Global
High Yield
Constrained USD 10.06 0.91 3.32 N/A 4.28
(HW0C) Including
Transaction Costs
Hedged in USD
Allianz Global High
Yield AMg (H2-
SGD) 4.17 -1.31 N/A N/A 0.64
(Inception Date: 1
October 2019)
Benchmark: # ICE
BOFAML Global
High Yield
Constrained
8.12 0.03 N/A N/A 2.03
Including
Transaction Costs
SGD Hedged in
SGD
Allianz Global High
Yield IT (USD)
7.66 0.42 2.66 N/A 3.71
(Inception Date: 8
November 2016)
Benchmark: ICE
BOFAML Global
High Yield
Constrained USD 10.06 0.91 3.32 N/A 4.31
(HW0C) Including
Transaction Costs
Hedged in USD
Allianz Global High
Yield IT (H2-EUR)
5.65 -1.45 0.66 N/A 1.33
(Inception Date: 14
December 2016)
153
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # ICE
BOFAML Global
High Yield
Constrained EUR 7.92 -1.09 0.87 N/A 0.59
(HW0C) Including
Transaction Costs
Hedged in EUR
Allianz Global Hi-
Tech Growth A
(USD) 29.39 1.21 13.02 12.23 11.27
(Inception Date: 3
October 2008)
Benchmark: MSCI
World Information
34.21 10.90 19.45 18.76 16.59
Technology Total
Return (Net) in USD
Allianz Global Hi-
Tech Growth IT
(USD) 37.25 3.92 15.29 N/A 14.25
(Inception Date: 20
August 2018)
Benchmark: MSCI
World Information
34.21 10.90 19.45 N/A 18.57
Technology Total
Return (Net) in USD
Allianz Global
Income A (H-EUR)
4.48 N/A N/A N/A -0.62
(Inception Date: 19
April 2022)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Global
Income A (EUR)
8.10 N/A N/A N/A 1.70
(Inception Date: 19
April 2022)
Benchmark: N/A* N/A N/A N/A N/A N/A
154
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Income A (USD)
5.70 N/A N/A N/A 1.35
(Inception Date: 19
April 2022)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Global
Income AMg (USD)
5.78 -1.15 N/A N/A 1.47
(Inception Date: 15
October 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Global
Income AT (USD)
5.78 N/A N/A N/A -0.16
(Inception Date: 1
April 2022)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Global
Intelligent Cities
Income AM (H2-
8.66 -4.71 N/A N/A -4.28
AUD)
(Inception Date: 1
April 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.57 2.73 N/A N/A 3.25
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AM (H2-
8.28 -5.08 N/A N/A -4.64
EUR)
(Inception Date: 1
April 2021)
155
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.20 2.14 N/A N/A 2.66
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AM (H2-
9.57 -3.99 N/A N/A -3.58
GBP)
(Inception Date: 1
April 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
13.62 3.22 N/A N/A 3.75
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AM (H2-
7.26 N/A N/A N/A -3.72
RMB)
(Inception Date: 3
May 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
10.20 N/A N/A N/A 3.34
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
156
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Intelligent Cities
Income AM (H2-
8.51 -3.99 N/A N/A -3.38
SGD)
(Inception Date: 15
January 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.49 3.45 N/A N/A 5.02
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AM (HKD) 10.28 -2.75 N/A N/A -2.10
(Inception Date: 15
January 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
ICE BOFAML US
Corporate & High
Yield Index Including 12.42 2.29 N/A N/A 3.90
Transaction Costs
HKD Unhedged
Rebased Last
Business Day of
Month in HKD
Note 21 and 24
Allianz Global
Intelligent Cities
Income AM (USD) 10.70 -2.98 N/A N/A -2.40
(Inception Date: 15
January 2021)
157
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.84 1.69 N/A N/A 3.29
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AMg (H2-
8.63 N/A N/A N/A -4.70
AUD)
(Inception Date: 3
May 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.57 N/A N/A N/A 2.69
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AMg (H2-
7.23 -3.87 N/A N/A -3.37
RMB)
(Inception Date: 1
April 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
10.20 3.38 N/A N/A 3.97
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
158
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Intelligent Cities
Income AMg (H2-
8.65 N/A N/A N/A -3.73
SGD)
(Inception Date: 3
May 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.49 N/A N/A N/A 3.42
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AMg (HKD) 10.24 N/A N/A N/A -2.61
(Inception Date: 3
May 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
ICE BOFAML US
Corporate & High
Yield Index Including 12.42 N/A N/A N/A 2.22
Transaction Costs
HKD Unhedged
Rebased Last
Business Day of
Month in HKD
Note 21 and 24
Allianz Global
Intelligent Cities
Income AMg (USD) 10.70 N/A N/A N/A -2.80
(Inception Date: 3
May 2021)
159
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.84 N/A N/A N/A 1.62
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income AT (HKD) 10.29 -2.75 N/A N/A 8.76
(Inception Date: 24
June 2019)
Benchmark: #
70% MSCI AC
World (ACWI) Total
Return Net + 30%
ICE BOFAML US
Corporate & High
Yield Index Including 12.42 2.29 N/A N/A 6.64
Transaction Costs
HKD Unhedged
Rebased Last
Business Day of
Month in HKD
Note 21 and 24
Allianz Global
Intelligent Cities
Income AT (USD) 10.69 -2.97 N/A N/A 8.73
(Inception Date: 24
June 2019)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.84 1.69 N/A N/A 7.66
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
160
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Intelligent Cities
Income AT (H2-
8.08 N/A N/A N/A -6.56
EUR)
(Inception Date: 23
July 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.20 N/A N/A N/A 1.01
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Intelligent Cities
Income RT (USD) 17.04 -0.68 N/A N/A 0.49
(Inception Date: 1
February 2021)
Benchmark:
70% MSCI AC
World (ACWI) Total
Return Net + 30%
12.84 1.69 N/A N/A 3.49
ICE BOFAML US
Corporate & High
Yield Index
Note 21 and 24
Allianz Global
Metals and Mining
A (EUR) -0.70 3.34 7.60 2.97 -2.63
(Inception Date: 22
February 2011)
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 10.50 5.96 12.97 8.21 2.12
Unhedged EUR
Total Return (Net) in
EUR Note 8
161
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Metals and Mining
AT (EUR) -0.70 3.34 7.60 2.97 -2.57
(Inception Date: 12
April 2011)
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 10.50 5.96 12.97 8.21 2.34
Unhedged EUR
Total Return (Net) in
EUR Note 8
Allianz Global
Metals and Mining
AT (USD) -3.12 N/A N/A N/A 10.68
(Inception Date: 1
September 2022)
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 7.02 N/A N/A N/A 0.00
Unhedged USD
Total Return (Net) in
USD Note 8
Allianz Global
Metals and Mining I
(EUR) 3.15 5.26 9.18 4.19 -1.55
(Inception Date: 22
February 2011)
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 10.50 5.96 12.97 8.21 2.12
Unhedged EUR
Total Return (Net) in
EUR Note 8
Allianz Global
Metals and Mining
IT (EUR) 3.15 5.27 9.19 4.19 -1.48
(Inception Date: 12
April 2011)
162
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 10.50 5.96 12.97 8.21 2.34
Unhedged EUR
Total Return (Net) in
EUR Note 8
Allianz Global
Metals and Mining
IT (USD) 0.41 N/A N/A N/A 13.47
(Inception Date: 1
September 2022)
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 7.02 N/A N/A N/A 19.38
Unhedged USD
Total Return (Net) in
USD Note 8
Allianz Global
Metals and Mining
RT (EUR) 5.06 5.82 N/A N/A 7.11
(Inception Date: 9
March 2021)
Benchmark:
MSCI ACWI Metals
& Mining 30% Buffer
10/40 (1994) 10.50 5.96 N/A N/A 7.05
Unhedged EUR
Total Return (Net) in
EUR Note 8
Allianz Global
Multi-Asset Credit
A (H2-EUR)
1.62 -1.49 -0.71 N/A -0.38
(Inception Date: 14
November 2016)
163
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.62 N/A 0.42
FINANCING RATE
(SOFR) (hedged into
EUR) Note 22
Allianz Global
Multi-Asset Credit
AMg (USD) 3.50 0.28 1.13 N/A 1.56
(Inception Date: 1
August 2018)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.33
FINANCING RATE
(SOFR) (in USD) Note
22
Allianz Global
Multi-Asset Credit
AT (USD) 3.50 0.30 1.13 N/A 1.55
(Inception Date: 22
February 2017)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.16
FINANCING RATE
(SOFR) (in USD) Note
22
Allianz Global
Multi-Asset Credit
AT (H2-EUR) 1.66 -1.47 -0.71 N/A -0.44
(Inception Date: 8
November 2016)
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.62 N/A 0.42
FINANCING RATE
(SOFR) (hedged into
EUR) Note 22
164
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Multi-Asset Credit I
(H2-EUR) 3.20 -0.64 0.01 N/A -0.02
(Inception Date: 16
June 2017)
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.62 N/A 0.45
FINANCING RATE
(SOFR) (hedged into
EUR) Note 22
Allianz Global
Multi-Asset Credit
IT (USD) 5.07 1.15 1.87 N/A 2.26
(Inception Date: 31
October 2016)
Benchmark:
SECURED
OVERNIGHT
5.51 2.91 2.31 N/A 2.10
FINANCING RATE
(SOFR) (in USD) Note
22
Allianz Global
Multi-Asset Credit
IT (H2-EUR) 3.18 -0.65 0.01 N/A 0.26
(Inception Date: 14
December 2016)
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.62 N/A 0.42
FINANCING RATE
(SOFR) (hedged into
EUR) Note 22
Allianz Global
Multi-Asset Credit
P (H2-EUR) 5.21 -0.02 0.38 N/A 0.46
(Inception Date: 8
November 2016)
165
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: #
SECURED
OVERNIGHT
3.71 1.20 0.62 N/A 0.42
FINANCING RATE
(SOFR) (hedged into
EUR) Note 22
Allianz Global
Opportunistic
Bond A (EUR) -0.44 1.36 1.33 N/A 1.21
(Inception Date: 5
November 2015)
Benchmark:
SECURED
OVERNIGHT
8.94 7.04 3.92 N/A 2.29
FINANCING RATE
(SOFR) Return in
EUR Note 6
Allianz Global
Opportunistic
Bond AMf (USD) -3.36 -2.70 N/A N/A -2.78
(Inception Date: 16
February 2021)
Benchmark:
SECURED
OVERNIGHT
5.51 2.89 N/A N/A 2.70
FINANCING RATE
(SOFR) Return in
USD Note 6
Allianz Global
Opportunistic
Bond AMg (HKD) -3.69 -2.47 0.45 N/A 1.09
(Inception Date: 1
December 2016)
Benchmark: #
SECURED
OVERNIGHT
5.12 3.13 2.21 N/A 1.48
FINANCING RATE
(SOFR) Return in
HKD Note 6
166
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Opportunistic
Bond AMg (USD) -3.35 -2.71 0.45 N/A 0.94
(Inception Date: 1
December 2016)
Benchmark:
SECURED
OVERNIGHT
5.51 2.89 1.97 N/A 1.98
FINANCING RATE
(SOFR) Return in
USD Note 6
Allianz Global
Opportunistic
Bond AMg (H2-
-4.73 -3.64 N/A N/A -1.11
AUD)
(Inception Date: 1
August 2019)
Benchmark: #
SECURED
OVERNIGHT
4.18 2.03 N/A N/A 1.43
FINANCING RATE
(SOFR) hedged into
AUD Note 6
Allianz Global
Opportunistic
Bond AMg (H2-
-5.06 -4.51 N/A N/A -1.96
EUR)
(Inception Date: 1
August 2019)
Benchmark: #
SECURED
OVERNIGHT
3.71 1.18 N/A N/A 0.62
FINANCING RATE
(SOFR) hedged into
EUR Note 6
Allianz Global
Opportunistic
Bond AMg (H2-
-3.71 -3.26 N/A N/A -0.91
GBP)
(Inception Date: 1
August 2019)
167
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: #
SECURED
OVERNIGHT
5.17 2.49 N/A N/A 1.67
FINANCING RATE
(SOFR) hedged into
GBP Note 6
Allianz Global
Opportunistic
Bond AMg (H2-
-6.01 N/A N/A N/A -3.62
RMB)
(Inception Date: 3
January 2023)
Benchmark:
MONEY MARKET
SECURED
OVERNIGHT 1.57 N/A N/A N/A 1.62
FINANCING RATE
(SOFR) hedged into
RMB
Allianz Global
Opportunistic
Bond AMg (H2-
-4.98 -3.44 N/A N/A -0.79
SGD)
(Inception Date: 1
August 2019)
Benchmark: #
SECURED
OVERNIGHT
FINANCING RATE
(SOFR) Hedged
3.85 2.27 N/A N/A 1.66
(Initial Value
Hedging) to SGD
(Rollover on Every
Last Day of a
Month) Note 6
Allianz Global
Opportunistic
Bond AT (H2-SGD) -4.99 N/A N/A N/A -1.39
(Inception Date: 20
September 2022)
168
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
FINANCING RATE
(SOFR) Hedged
3.85 N/A N/A N/A 3.73
(Initial Value
Hedging) to SGD
(Rollover on Every
Last Day of a
Month) Note 6
Allianz Global
Opportunistic
Bond AT (H2-EUR) -5.24 N/A N/A N/A -3.38
(Inception Date: 19
December 2022)
Benchmark: #
SECURED
OVERNIGHT
3.71 N/A N/A N/A 3.27
FINANCING RATE
(SOFR) hedged into
EUR Note 6
Allianz Global
Opportunistic
Bond AT (HKD) -3.77 -2.66 N/A N/A -2.49
(Inception Date: 15
January 2021)
Benchmark:
SECURED
OVERNIGHT 5.12 3.13 N/A N/A 2.90
FINANCING RATE
(SOFR) in HKD Note 6
Allianz Global
Opportunistic
Bond AT (USD) -3.36 -2.71 N/A N/A -2.00
(Inception Date: 16
October 2020)
169
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
SECURED
OVERNIGHT
5.51 2.89 N/A N/A 2.45
FINANCING RATE
(SOFR) Return in
USD Note 6
Allianz Global
Opportunistic
Bond IM (USD) 0.22 -1.06 N/A N/A -0.48
(Inception Date: 16
October 2020)
Benchmark:
SECURED
OVERNIGHT
5.51 2.89 N/A N/A 2.45
FINANCING RATE
(SOFR) Return in
USD Note 6
Allianz Global
Opportunistic
Bond IT (H2-EUR) -1.79 N/A N/A N/A -0.67
(Inception Date: 19
December 2022)
Benchmark:
SECURED
OVERNIGHT
3.71 N/A N/A N/A 3.27
FINANCING RATE
(SOFR) hedged into
EUR
Allianz Global
Opportunistic
Bond IT (USD) 0.10 -1.19 N/A N/A -0.56
(Inception Date: 16
October 2020)
Benchmark:
SECURED
OVERNIGHT
5.51 2.89 N/A N/A 2.45
FINANCING RATE
(SOFR) Return in
USD Note 6
170
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Opportunistic
Bond PMg (USD) 0.06 -1.25 N/A N/A 0.34
(Inception Date: 4
May 2020)
Benchmark:
SECURED
OVERNIGHT
5.51 2.89 N/A N/A 2.22
FINANCING RATE
(SOFR) Return in
USD Note 6
Allianz Global
Opportunistic
Bond PMg (H2-
-1.63 -1.97 N/A N/A -0.28
SGD)
(Inception Date: 4
May 2020)
Benchmark:
SECURED
OVERNIGHT
3.85 2.27 N/A N/A 1.75
FINANCING RATE
(SOFR) hedged into
SGD Note 6
Allianz Global
Small Cap Equity
AT (EUR) 12.93 -0.79 6.38 N/A 5.60
(Inception Date: 10
October 2018)
Benchmark: MSCI
World Small Cap
13.58 2.20 7.11 N/A 7.41
Total Return Net
(hedged into EUR)
Allianz Global
Small Cap Equity
AT (USD) 9.96 -4.80 5.30 4.81 5.17
(Inception Date: 13
September 2013)
171
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
World Small Cap
10.00 -1.76 6.11 6.56 7.17
Total Return Net in
USD
Allianz Global
Small Cap Equity
AT (H-EUR) 10.80 -4.19 4.58 4.72 5.00
(Inception Date: 13
September 2013)
Benchmark: MSCI
World Small Cap
11.37 -0.53 5.72 6.53 7.06
Total Return Net
(hedged into EUR)
Allianz Global
Small Cap Equity
IT (USD) 14.35 -2.92 6.98 6.18 7.04
(Inception Date: 18
June 2013)
Benchmark: MSCI
World Small Cap
10.00 -1.76 6.11 6.56 7.64
Total Return Net in
USD
Allianz Global
Small Cap Equity
IT (H-EUR) 15.36 -2.35 6.26 5.94 6.20
(Inception Date: 13
September 2013)
Benchmark: MSCI
World Small Cap
11.37 -0.53 5.72 6.53 7.06
Total Return Net
(hedged into EUR)
Allianz Global
Sustainability A
(EUR) 11.91 6.07 9.01 9.73 7.46
(Inception Date: 2
January 2003)
172
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: DOW
JONES Sustainability
18.59 9.69 11.33 10.83 8.16
World Total Return
Net
Allianz Global
Sustainability A
(USD) 9.12 1.89 8.03 7.01 7.69
(Inception Date: 2
January 2003)
Benchmark: DOW
JONES Sustainability
14.85 5.44 10.29 7.99 8.33
World Total Return
Net (USD)
Allianz Global
Sustainability AM
(HKD) 8.64 2.23 N/A N/A 13.55
(Inception Date: 16
March 2020)
Benchmark: # DOW
JONES Sustainability
15.02 6.23 N/A N/A 0.00
World Total Return
Net (HKD)
Allianz Global
Sustainability AM
(USD) 9.08 1.90 N/A N/A 7.86
(Inception Date: 1
August 2019)
Benchmark: DOW
JONES Sustainability
14.85 5.44 N/A N/A 10.54
World Total Return
Net (USD)
Allianz Global
Sustainability AM
(H2-AUD) 11.97 6.41 N/A N/A 14.70
(Inception Date: 16
March 2020)
173
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: DOW
JONES Sustainability
World Total Return
16.35 6.97 N/A N/A 18.01
Net AUD Hedged
Index Total Return
Net in AUD
Allianz Global
Sustainability AM
(H2-CAD) 13.01 7.38 N/A N/A 15.63
(Inception Date: 16
March 2020)
Benchmark: DOW
JONES Sustainability
World Total Return
17.23 8.03 N/A N/A 18.97
Net CAD Hedged
Index Total Return
Net in CAD
Allianz Global
Sustainability AM
(H2-RMB) 10.90 7.46 N/A N/A 16.51
(Inception Date: 16
March 2020)
Benchmark: DOW
JONES Sustainability
World Total Return
13.84 7.73 N/A N/A 18.17
Net RMB Hedged
Index Total Return
Net in RMB
Allianz Global
Sustainability AM
(H2-SGD) 11.90 7.10 N/A N/A 8.73
(Inception Date: 2
January 2020)
Benchmark: DOW
JONES Sustainability
World Total Return
16.21 7.75 N/A N/A 10.04
Net SGD Hedged
Index Total Return
Net in SGD
174
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Sustainability AM
(H2-USD) 13.80 8.02 N/A N/A 9.67
(Inception Date: 2
January 2020)
Benchmark: DOW
JONES Sustainability
World Total Return
Hedged (Initial Value 20.85 11.75 N/A N/A 12.12
Hedging) to USD
(Rollover on Every
Last Day of a Month)
Allianz Global
Sustainability AMg
(USD) 9.15 1.87 N/A N/A 7.99
(Inception Date: 1
August 2019)
Benchmark: DOW
JONES Sustainability
14.85 5.44 N/A N/A 10.54
World Total Return
Net (USD)
Allianz Global
Sustainability AMg
(H2-RMB) 10.94 7.45 N/A N/A 16.52
(Inception Date: 16
March 2020)
Benchmark: DOW
JONES Sustainability
World RMB Hedged 13.84 7.73 N/A N/A 18.17
Index Total Return
Net in RMB
Allianz Global
Sustainability AT
(EUR) 11.91 6.07 N/A N/A 9.44
(Inception Date: 30
July 2020)
Benchmark: DOW
JONES Sustainability
18.59 9.69 N/A N/A 13.20
World Total Return
Net (EUR)
175
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Sustainability AT
(H-EUR) 9.26 3.05 N/A N/A 5.31
(Inception Date: 29
December 2020)
Benchmark: DOW
JONES Sustainability
World EUR Hedged 15.97 6.50 N/A N/A 8.80
Index Total Return
Net in EUR
Allianz Global
Sustainability AT
(HKD) 9.09 2.20 N/A N/A 4.83
(Inception Date: 15
January 2021)
Benchmark: DOW
JONES Sustainability
15.02 6.23 N/A N/A 8.14
World Total Return
Net (HKD)
Allianz Global
Sustainability AT
(USD) 9.18 1.93 N/A N/A 9.97
(Inception Date: 29
April 2020)
Benchmark: DOW
JONES Sustainability
14.85 5.44 N/A N/A 12.95
World Total Return
Net (USD)
Allianz Global
Sustainability IT
(EUR) 16.25 8.06 10.62 N/A 11.59
(Inception Date: 8
March 2018)
Benchmark: DOW
JONES Sustainability 18.59 9.69 11.33 N/A 11.28
World Total Return
Net
176
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Sustainability IT
(USD) 13.54 3.84 N/A N/A 9.02
(Inception Date: 13
July 2020)
Benchmark: DOW
JONES Sustainability
14.85 5.44 N/A N/A 10.79
World Total Return
Net (USD)
Allianz Global
Sustainability IT4
(EUR) 16.73 8.50 N/A N/A 11.10
(Inception Date: 18
September 2019)
Benchmark: DOW
JONES Sustainability
18.59 9.69 N/A N/A 11.56
World Total Return
Net
Allianz Global
Sustainability P
(EUR) 16.20 8.02 10.58 N/A 11.44
(Inception Date: 15
June 2016)
Benchmark: DOW
JONES Sustainability
18.59 9.69 11.33 N/A 12.49
World Total Return
Net
Allianz Global
Sustainability PT
(USD) 13.26 3.59 N/A N/A 7.37
(Inception Date: 12
October 2020)
Benchmark: DOW
JONES Sustainability
14.85 5.44 N/A N/A 9.36
World Total Return
Net (USD)
177
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Sustainability RM
(H2-USD) 20.12 10.56 12.98 N/A 13.43
(Inception Date: 1
August 2018)
Benchmark: DOW
JONES Sustainability
World Index Total
Return Hedged
20.85 11.75 10.96 N/A 9.46
(Initial Value
Hedging) to USD
(Rollover on Every
Last Day of a Month)
Allianz Global
Sustainability RT
(EUR) 18.37 8.62 10.90 N/A 9.27
(Inception Date: 27
March 2015)
Benchmark: DOW
JONES Sustainability
18.59 9.69 11.33 N/A 9.14
World Total Return
Net
Allianz Global
Water A (EUR)
14.57 5.19 N/A N/A 9.41
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 13.01
Total Return Net
Allianz Global
Water AT (EUR)
14.57 5.16 8.46 N/A 10.23
(Inception Date: 24
October 2018)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 N/A 11.88
Total Return (Net) in
EUR
178
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Water AT (USD)
11.69 1.03 N/A N/A 6.12
(Inception Date: 18
December 2019)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 8.94
Total Return Net
Allianz Global
Water AT (H2-EUR)
9.22 -1.45 4.92 N/A 6.30
(Inception Date: 24
October 2018)
Benchmark: # MSCI
AC World (ACWI)
17.59 4.39 7.39 N/A 6.67
Total Return Net
(hedged into EUR)
Allianz Global
Water AT3 (CHF)
14.36 1.67 N/A N/A 6.98
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.04 4.46 N/A N/A 10.03
NETR CHF Total
Return (Net) in CHF
Allianz Global
Water AT3 (EUR)
15.23 5.83 N/A N/A 10.03
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 13.01
Total Return (Net) in
EUR
Allianz Global
Water AT3 (USD)
12.30 1.61 N/A N/A 7.25
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.11
Total Return Net
179
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Water AT4 (USD)
12.28 1.59 N/A N/A 5.10
(Inception Date: 4
December 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 7.12
Total Return Net
Allianz Global
Water I (USD)
16.14 3.06 9.20 N/A 8.46
(Inception Date: 29
August 2018)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 9.45 N/A 8.44
Total Return Net
Allianz Global
Water IT (EUR)
19.19 7.29 10.17 N/A 11.88
(Inception Date: 24
October 2018)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 10.48 N/A 11.88
Total Return (Net) in
EUR
Allianz Global
Water IT (USD)
16.03 N/A N/A N/A 0.49
(Inception Date: 26
November 2021)
Benchmark: MSCI
AC World (ACWI) 17.46 N/A N/A N/A 3.04
Total Return Net
Allianz Global
Water IT4 (EUR)
19.33 7.48 N/A N/A 9.11
(Inception Date: 20
December 2019)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 9.70
Total Return (Net) in
EUR
180
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Water P (EUR)
21.29 N/A N/A N/A 7.69
(Inception Date: 22
March 2022)
Benchmark: MSCI
AC World (ACWI)
21.28 N/A N/A N/A 6.55
Total Return (Net) in
EUR
Allianz Global
Water P (USD)
18.25 N/A N/A N/A 11.75
(Inception Date: 7
June 2022)
Benchmark: MSCI
AC World (ACWI) 17.46 N/A N/A N/A 9.77
Total Return Net
Allianz Global
Water R (USD)
18.30 3.61 9.49 N/A 8.70
(Inception Date: 29
August 2018)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 9.45 N/A 8.44
Total Return Net
Allianz Global
Water RT (EUR)
21.28 7.64 10.31 N/A 12.01
(Inception Date: 24
October 2018)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 10.48 N/A 11.88
Total Return Net
Allianz Global
Water RT (H2-CHF)
13.15 0.05 N/A N/A 3.32
(Inception Date: 14
December 2020)
Benchmark: MSCI
AC World (ACWI)
14.72 3.20 N/A N/A 6.34
Total Return Net
(hedged into CHF)
181
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Global
Water RT (H2-EUR)
15.51 0.95 N/A N/A 4.20
(Inception Date: 14
December 2020)
Benchmark: MSCI
AC World (ACWI) 17.59 4.39 N/A N/A 7.45
Total Return Net
Allianz Global
Water RT (USD)
18.30 3.59 N/A N/A 6.79
(Inception Date: 14
December 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 7.39
Total Return Net
Allianz Global
Water RT10 (CHF)
21.42 4.49 N/A N/A 9.68
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI) 21.04 4.46 N/A N/A 10.03
Total Return Net
Allianz Global
Water RT10 (EUR)
22.17 8.61 N/A N/A 12.65
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 13.01
Total Return Net
Allianz Global
Water RT10 (GBP)
18.31 7.99 N/A N/A 10.70
(Inception Date: 1
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.91 7.82 N/A N/A 10.95
Total Return Net
Allianz Global
Water RT10 (USD)
19.17 4.37 N/A N/A 9.84
(Inception Date: 1
October 2020)
182
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.11
Total Return Net
Allianz Global
Water RT11 (USD)
19.18 4.36 N/A N/A 7.80
(Inception Date: 4
December 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 7.12
Total Return Net
Allianz Green Bond
A (EUR)
(Inception Date: 3 -2.43 -8.38 N/A N/A -6.20
March 2020)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 N/A N/A -4.04
(hedged into EUR)
Note 29
Allianz Green Bond
AM (H2-USD)
-0.55 -6.70 N/A N/A -5.41
(Inception Date: 17
August 2020)
Benchmark: ICE
BOFAML Green
Bond (USD) 4.50 -3.34 N/A N/A -2.88
(hedged into USD)
Note 29
Allianz Green Bond
AMf (H2-USD)
-0.47 -6.67 N/A N/A -6.63
(Inception Date: 16
February 2021)
Benchmark: ICE
BOFAML Green
Bond (USD) 4.50 -3.34 N/A N/A -3.50
(hedged into USD)
Note 29
183
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Green Bond
AT (EUR)
-2.43 -8.38 -4.13 N/A -2.51
(Inception Date: 11
January 2017)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 -2.06 N/A -0.86
(hedged into EUR)
Note 29
Allianz Green Bond
AT (H2-USD)
-0.63 -6.69 -2.32 N/A -1.26
(Inception Date: 2
November 2018)
Benchmark: # ICE
BOFAML Green
Bond (USD) 4.50 -3.34 -1.38 N/A -1.26
(hedged into USD)
Note 29
Allianz Green Bond
I (EUR)
0.98 -7.00 -3.06 N/A -1.09
(Inception Date: 17
November 2015)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 -2.06 N/A -0.45
(hedged into EUR)
Note 29
Allianz Green Bond
IT (H2-USD)
2.88 -5.30 -1.24 N/A -0.20
(Inception Date: 2
November 2018)
Benchmark: # ICE
BOFAML Green
Bond (USD) 4.50 -3.34 -1.38 N/A -1.26
(hedged into USD)
Note 29
Allianz Green Bond
IT (EUR)
0.98 -7.00 -3.06 N/A -2.02
(Inception Date: 8
March 2018)
184
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 -2.06 N/A -1.10
(hedged into EUR)
Note 29
Allianz Green Bond
IT4 (EUR)
1.17 -6.83 N/A N/A -4.13
(Inception Date: 20
December 2019)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 N/A N/A -3.18
(hedged into EUR)
Note 29
Allianz Green Bond
P (EUR)
0.94 N/A N/A N/A -8.32
(Inception Date: 1
October 2021)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 N/A N/A N/A -6.26
(hedged into EUR)
Note 29
Allianz Green Bond
PT (H2-USD)
2.87 -5.27 N/A N/A -1.66
(Inception Date: 12
June 2019)
Benchmark: # ICE
BOFAML Green
Bond (USD) 4.50 -3.34 N/A N/A -1.41
(hedged into USD)
Note 29
Allianz Green Bond
PT (EUR)
0.94 -7.03 -3.10 N/A -1.86
(Inception Date: 5
October 2016)
185
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 -2.06 N/A -1.09
(hedged into EUR)
Note 29
Allianz Green Bond
R (EUR)
2.91 -6.45 -2.75 N/A -0.93
(Inception Date: 17
November 2015)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 -2.06 N/A -0.45
(hedged into EUR)
Note 29
Allianz Green Bond
RT (EUR)
2.92 -6.45 -2.75 N/A -1.88
(Inception Date: 4
January 2018)
Benchmark: ICE
BOFAML Green
Bond (EUR) 2.47 -5.20 -2.06 N/A -1.23
(hedged into EUR)
Note 29
Allianz Green Bond
AT (H2-CHF)
-4.62 -9.43 -4.92 N/A -3.79
(Inception Date: 3
January 2018)
Benchmark: ICE
BOFAML Green
-0.05 -6.37 -3.68 N/A -2.92
Bond (CHF) (hedged
into CHF) Note 29
Allianz Green Bond
PT (H2-CHF)
-1.43 -8.17 -3.94 N/A -2.62
(Inception Date: 6
July 2017)
Benchmark: ICE
BOFAML Green
-0.05 -6.37 -3.68 N/A -2.71
Bond (CHF) (hedged
into CHF) Note 29
186
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz High
Dividend Asia
Pacific Equity A
3.85 -3.02 2.24 N/A 4.01
(EUR)
(Inception Date: 7
January 2016)
Benchmark: MSCI
AC Asia Pacific
11.03 -2.04 3.52 N/A 7.09
Excl. Japan Total
Return Net
Allianz High
Dividend Asia
Pacific Equity AM
3.84 -3.24 2.23 N/A 4.00
(EUR)
(Inception Date: 7
January 2016)
Benchmark: MSCI
AC Asia Pacific
11.03 -2.04 3.52 N/A 7.09
Excl. Japan Total
Return Net
Allianz High
Dividend Asia
Pacific Equity AM
1.18 -6.80 1.39 N/A 3.91
(USD)
(Inception Date: 7
January 2016)
Benchmark: MSCI
AC Asia Pacific
7.54 -5.83 2.55 N/A 6.93
Excl. Japan Total
Return Net in USD
Allianz High
Dividend Asia
Pacific Equity AT
3.78 -3.11 2.12 N/A 3.46
(EUR)
(Inception Date: 7
July 2016)
Benchmark: MSCI
AC Asia Pacific
11.03 -2.04 3.52 N/A 6.52
Excl. Japan Total
Return Net
187
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz High
Dividend Asia
Pacific Equity I
10.28 -0.04 4.57 5.73 6.02
(EUR)
(Inception Date: 6
October 2005)
Benchmark: MSCI
AC Asia Pacific
11.03 -2.04 3.52 6.73 6.94
Excl. Japan Total
Return Net
Allianz High
Dividend Asia
Pacific Equity I (H-
7.85 -2.84 2.85 N/A 4.34
EUR)
(Inception Date: 7
January 2016)
Benchmark: MSCI
AC Asia Pacific
Excl. Japan Total 9.84 -3.68 2.45 N/A 5.62
Return Net (hedged
into EUR)
Allianz High
Dividend Asia
Pacific Equity RT
9.95 N/A N/A N/A -0.51
(EUR)
(Inception Date: 13
June 2022)
Benchmark: MSCI
AC Asia Pacific
11.03 N/A N/A N/A 1.97
Excl. Japan Total
Return Net
Allianz HKD
Income AM (HKD)
-2.56 -1.82 0.05 0.96 0.86
(Inception Date: 1
March 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
188
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz HKD
Income AM (USD)
-2.24 -2.08 0.10 0.86 0.78
(Inception Date: 1
March 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz HKD
Income AMg (HKD)
-2.55 N/A N/A N/A -0.11
(Inception Date: 3
January 2023)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz HKD
Income AMg (USD)
-2.28 N/A N/A N/A -0.27
(Inception Date: 3
January 2024)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz HKD
Income AT (HKD)
-2.56 -1.82 0.04 N/A 0.89
(Inception Date: 15
September 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz HKD
Income AT (USD)
-2.15 -2.02 0.14 N/A 0.39
(Inception Date: 10
October 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Hong Kong
Equity A (HKD)
-16.59 -17.17 -7.03 -0.95 -1.06
(Inception Date: 4
October 2010)
Benchmark: FTSE
MPF Hong Kong
Index Total Return -8.78 -12.72 -7.21 1.06 1.44
Net Return in HKD
Note 28
189
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Hong Kong
Equity A (USD)
-16.28 -17.37 -6.97 -1.03 2.60
(Inception Date: 3
October 2008)
Benchmark: FTSE
MPF Hong Kong
-8.44 -12.93 -7.15 0.97 3.07
Index Total Return
Net (in USD) Note 28
Allianz Hong Kong
Equity AT (HKD)
-16.59 -17.18 -7.04 -0.95 -1.06
(Inception Date: 17
June 2011)
Benchmark: FTSE
MPF Hong Kong
Index Total Return -8.78 -12.72 -7.21 1.06 1.67
Net Return in HKD
Note 28
Allianz Hong Kong
Equity AT (SGD)
-14.60 -16.50 -6.79 0.01 0.40
(Inception Date: 11
August 2009)
Benchmark: FTSE
MPF Hong Kong
-6.41 -12.20 -7.12 1.81 1.60
Index Total Return
Net (in SGD) Note 28
Allianz Hong Kong
Equity IT (USD)
-11.20 -15.16 -5.10 0.46 3.95
(Inception Date: 3
October 2008)
Benchmark: FTSE
MPF Hong Kong
-8.44 -12.93 -7.15 0.97 3.07
Index Total Return
Net (in USD) Note 28
Allianz Income and
Growth A (USD)
8.55 -1.06 5.57 5.65 6.01
(Inception Date: 1
October 2013)
190
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A Note
13
N/A N/A N/A N/A N/A
Allianz Income and
Growth A (H2-EUR)
6.59 -2.96 3.48 3.89 5.31
(Inception Date: 17
July 2012)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
AUD) 6.82 -2.49 3.93 5.28 6.66
(Inception Date: 15
October 2012)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
CAD) 7.66 -1.73 4.74 5.09 5.70
(Inception Date: 2
May 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
EUR) 6.62 -2.96 3.51 3.85 4.47
(Inception Date: 2
May 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
GBP) 8.04 -1.79 4.46 4.68 5.25
(Inception Date: 2
May 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
JPY) 2.33 -4.36 2.83 0.00 2.50
(Inception Date: 4
September 2018)
Benchmark: N/A* N/A N/A N/A N/A N/A
191
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Income and
Growth AM (H2-
NZD) 8.49 -1.51 4.77 5.98 6.12
(Inception Date: 2
December 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
RMB) 5.29 -1.83 5.48 6.71 7.23
(Inception Date: 14
June 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (H2-
SGD) 6.75 -1.90 4.73 5.13 5.78
(Inception Date: 1
July 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (HKD)
8.15 -0.81 5.51 5.75 6.37
(Inception Date: 1
March 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AM (USD)
8.54 -1.05 5.58 5.65 6.59
(Inception Date: 16
October 2012)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg2 (H2-
AUD) 6.91 -2.52 3.94 N/A 4.88
(Inception Date: 15
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
192
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Income and
Growth AMg2 (H2-
CAD) 7.65 -1.73 4.76 N/A 5.31
(Inception Date: 15
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg2 (H2-
GBP) 8.00 -1.90 4.33 N/A 4.75
(Inception Date: 15
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg2 (H2-
RMB) 5.29 -1.79 5.53 N/A 6.48
(Inception Date: 15
May 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg2 (H2-
SGD) 6.70 -1.95 4.69 N/A 5.31
(Inception Date: 15
February 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg2
(HKD) 8.14 -0.83 5.50 N/A 6.06
(Inception Date: 14
July 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg2
(USD) 8.54 -1.07 5.59 N/A 6.17
(Inception Date: 15
February 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
193
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Income and
Growth AMg7
(USD) 8.54 -1.07 N/A N/A 5.00
(Inception Date: 03
February 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AMg7 (H2-
AUD) 6.85 -2.57 N/A N/A 3.23
(Inception Date: 03
February 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AQ (H2-
EUR) 6.55 -3.00 3.45 N/A 4.08
(Inception Date: 9
January 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AQ (USD)
8.54 -1.07 5.57 N/A 6.35
(Inception Date: 9
January 2017)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AT (HKD)
8.16 -0.82 N/A N/A 2.99
(Inception Date: 1
September 2020)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AT (USD)
8.54 -1.06 5.58 5.65 6.99
(Inception Date: 18
November 2011)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth AT (H2-
EUR) 6.51 -3.01 3.44 N/A 3.74
(Inception Date: 12
August 2014)
194
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth IM (USD)
12.53 0.60 N/A N/A 6.77
(Inception Date: 16
December 2019)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth IT (H2-
EUR) 10.50 -1.39 4.80 4.88 6.22
(Inception Date: 7
November 2011)
Benchmark N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth IT (USD)
12.53 0.60 6.94 6.70 7.21
(Inception Date: 27
August 2013)
Benchmark: N/A Note
13
N/A N/A N/A N/A N/A
Allianz Income and
Growth P (EUR)
15.34 4.69 7.81 9.38 9.36
(Inception Date: 4
February 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth P (USD)
12.48 0.56 6.89 6.66 6.55
(Inception Date: 1
April 2014)
Benchmark: N/A Note
13
N/A N/A N/A N/A N/A
Allianz Income and
Growth P (H2-EUR)
10.25 -1.52 4.68 4.78 4.76
(Inception Date: 10
April 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
195
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Income and
Growth PM (H2-
GBP) 11.70 -0.32 5.65 5.66 6.09
(Inception Date: 3
June 2013)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth PM (USD)
12.49 0.57 6.90 N/A 6.63
(Inception Date: 5
May 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth PT (USD)
12.48 0.56 6.89 N/A 7.27
(Inception Date: 24
February 2017)
Benchmark: N/A Note
13
N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (H2-
AUD) 12.79 -0.38 5.54 N/A 8.12
(Inception Date: 18
February 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (H2-
CAD) 13.70 0.46 6.40 N/A 8.31
(Inception Date: 18
February 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (H2-
EUR) 12.44 -0.88 5.04 N/A 5.98
(Inception Date: 1
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
196
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Income and
Growth RM (H2-
GBP) 14.04 0.39 6.09 N/A 6.06
(Inception Date: 15
December 2014)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (H2-
RMB) 11.23 0.40 7.16 N/A 9.86
(Inception Date: 18
February 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (H2-
SGD) 12.57 0.18 6.30 N/A 8.28
(Inception Date: 18
February 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (HKD)
14.26 1.43 7.21 N/A 8.33
(Inception Date: 1
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RM (USD)
14.66 1.18 7.25 N/A 8.18
(Inception Date: 1
October 2015)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RT (H2-
EUR) 12.42 -0.89 5.01 N/A 7.11
(Inception Date: 11
February 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Income and
Growth RT (USD)
14.66 1.17 7.27 N/A 8.19
(Inception Date: 1
October 2015)
197
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz India Equity
I (USD)8
38.14 14.69 12.46 9.80 6.47
(Inception Date: 30
December 2009)
Benchmark: MSCI
India Total Return 34.40 13.52 11.94 10.07 6.87
(Net) in USD
Allianz Japan
Equity A (USD)
10.71 0.47 4.75 5.16 4.79
(Inception Date: 3
October 2008)
Benchmark: TOPIX
Total Return Net in 18.00 2.61 6.24 6.74 5.99
USD
Allianz Japan
Equity AT (EUR)
13.61 4.46 5.49 N/A 5.68
(Inception Date: 24
August 2015)
Benchmark: TOPIX
21.83 6.75 7.24 N/A 7.39
Total Return Net
Allianz Japan
Equity AT (H-EUR)
34.57 15.49 13.40 N/A 10.43
(Inception Date: 24
August 2015)
Benchmark: # TOPIX
Total Return Net 43.71 19.50 14.68 N/A 8.79
hedged into EUR
Allianz Japan
Equity AT (H-USD)
34.57 15.49 13.40 N/A 10.43
(Inception Date: 15
March 2016)
8 The Allianz India Equity was first launched on 17 December 2008.
198
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # TOPIX
Total Return Net
Hedged (Initial
Value Hedging) to 43.71 19.50 14.68 N/A 8.79
USD (Rollover on
Every Last Day of a
Month)
Allianz Japan
Equity IT (H-EUR)
39.20 16.55 13.87 N/A 9.40
(Inception Date: 18
September 2014)
Benchmark: # TOPIX
Total Return Net
Heged (Initial Value
Hedging) to EUR 41.20 17.34 12.99 N/A 6.55
(Rollover on Every
Last Day of a
Month)
Allianz Japan
Equity IT (USD)
17.30 3.08 6.72 6.62 6.08
(Inception Date: 3
October 2008)
Benchmark: TOPIX
Total Return Net in 18.00 2.61 6.24 6.74 5.99
USD
Allianz Little
Dragons A (USD)
0.41 -10.18 0.45 0.18 3.32
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Excl. Japan
Mid Cap Total 5.09 -4.66 2.00 3.46 6.05
Return (Net) in USD
Note 9
Allianz Little
Dragons AT (USD)
0.41 -10.18 0.45 0.18 3.31
(Inception Date: 3
October 2008)
199
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC Asia Excl. Japan
Mid Cap Total 5.09 -4.66 2.00 3.46 6.05
Return (Net) in USD
Note 9
Benchmark: MSCI
AC Asia Excl. Japan
8.50 -0.82 2.96 6.18 9.43
Mid Cap Total
Return Net Note 9
Allianz Little
Dragons CT2
(EUR)
3.27 -6.18 1.67 3.01 6.71
(Inception Date: 12
December 2008)
Benchmark: MSCI
AC Asia Excl. Japan
Mid Cap Total 8.50 -0.82 2.96 6.18 9.43
Return (Net) in EUR
Note 9
Allianz Multi Asset
Long / Short AT
(H2-EUR) -2.17 -0.57 1.37 N/A 0.87
(Inception Date: 15
November 2016)
Benchmark:
UNITED STATES
SOFR SECURED
OVERNIGHT
FINANCING RATE 3.71 1.18 0.36 N/A -0.05
INDEX RETURN
HEDGED (INITIAL
VALUE HEDGING)
TO EUR
Allianz Multi Asset
Long / Short AT
(USD) -0.27 N/A N/A N/A -3.17
(Inception Date: 22
November 2022)
200
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
UNITED STATES
SOFR SECURED
OVERNIGHT 5.51 N/A N/A N/A 5.20
FINANCING RATE
INDEX RETURN IN
USD
Allianz Oriental
Income A (EUR)
10.29 -1.01 11.22 N/A 9.36
(Inception Date: 29
March 2018)
Benchmark: MSCI
AC Asia Pacific
14.92 0.70 4.81 N/A 4.96
Total Return (Net) in
EUR
Allianz Oriental
Income A (H-USD)
19.34 3.11 15.44 11.43 10.53
(Inception Date: 18
February 2014)
Benchmark: # MSCI
AC Asia Pacific
Hedged in USD 22.53 5.06 7.68 3.77 3.69
Total Return (Net) in
USD
Allianz Oriental
Income A (USD)
7.71 -4.77 10.41 8.09 7.87
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Pacific
11.30 -3.20 3.83 4.87 5.83
Total Return (Net) in
USD
Allianz Oriental
Income AT (EUR)
10.49 -0.85 11.41 10.77 9.28
(Inception Date: 7
December 2009)
201
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC Asia Pacific
14.92 0.70 4.81 7.63 7.50
Total Return (Net) in
EUR
Allianz Oriental
Income AT (HKD)
7.22 -4.53 N/A N/A -3.62
(Inception Date: 15
March 2021)
Benchmark: MSCI
AC Asia Pacific
10.90 -2.98 N/A N/A -2.92
Total Return (Net) in
HKD
Allianz Oriental
Income AT (USD)
7.71 -4.77 10.41 8.09 7.87
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Pacific
11.30 -3.20 3.83 4.87 5.83
Total Return (Net) in
USD
Allianz Oriental
Income AT (SGD)
9.70 -3.98 10.48 8.98 6.80
(Inception Date: 11
August 2009)
Benchmark: MSCI
AC Asia Pacific
13.77 -2.40 3.87 5.74 5.09
Total Return (Net) in
SGD
Allianz Oriental
Income AT (H2-
RMB) 4.21 -5.83 N/A N/A 10.32
(Inception Date: 22
April 2020)
Benchmark: MSCI
AC Asia Pacific
Hedged in RMB 17.82 3.87 N/A N/A 13.14
Total Return (Net) in
RMB
202
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Oriental
Income I (USD)
14.12 -2.35 12.49 9.59 9.17
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Pacific
11.30 -3.20 3.83 4.87 5.83
Total Return (Net) in
EUR
Allianz Oriental
Income IT (EUR)
17.15 1.68 N/A N/A 1.88
(Inception Date: 13
April 2021)
Benchmark: MSCI
AC Asia Pacific
14.92 0.70 N/A N/A 0.46
Total Return (Net) in
EUR
Allianz Oriental
Income IT (USD)
14.12 -2.35 12.49 9.59 9.15
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Pacific
11.30 -3.20 3.83 4.87 5.83
Total Return (Net) in
USD
Allianz Oriental
Income P (EUR)
17.10 1.73 13.57 0.00 11.45
(Inception Date: 29
March 2018)
Benchmark: MSCI
AC Asia Pacific
14.92 0.70 4.81 0.00 4.96
Total Return (Net) in
EUR
Allianz Oriental
Income P (USD)
14.07 -2.38 12.45 9.54 9.13
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Pacific
11.30 -3.20 3.83 4.87 5.83
Total Return (Net) in
USD
203
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Oriental
Income RT (EUR)
16.77 1.50 13.28 N/A 10.21
(Inception Date: 4
August 2015)
Benchmark: MSCI
AC Asia Pacific
14.92 0.70 4.81 N/A 5.14
Total Return (Net) in
EUR
Allianz Pet and
Animal Wellbeing
A (H2-CHF) -11.68 -12.37 1.49 N/A 2.65
(Inception Date: 7
March 2019)
Benchmark: # MSCI
AC World (ACWI)
14.72 3.20 6.72 N/A 6.52
Total Return Net
hedged into EUR
Allianz Pet and
Animal Wellbeing
A (H2-EUR) -9.71 -11.47 2.28 N/A 2.88
(Inception Date: 22
January 2019)
Benchmark: # MSCI
AC World (ACWI)
17.59 4.39 7.39 N/A 6.99
Total Return Net
hedged into EUR
Allianz Pet and
Animal Wellbeing
A (EUR) -5.16 -5.63 5.59 N/A 6.47
(Inception Date: 22
January 2019)
Benchmark: # MSCI
AC World (ACWI)
21.28 8.47 8.81 N/A 8.34
Total Return (Net) in
EUR
204
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Pet and
Animal Wellbeing
A (USD) -7.54 -9.34 4.67 N/A 5.05
(Inception Date: 5
April 2019)
Benchmark: # MSCI
AC World (ACWI) 17.46 4.27 8.19 N/A 8.06
Total Return Net
Allianz Pet and
Animal Wellbeing
AT (H2-EUR) -9.71 -11.47 2.28 N/A 2.88
(Inception Date: 22
January 2019)
Benchmark: # MSCI
AC World (ACWI)
17.59 4.39 7.39 N/A 6.99
Total Return Net
hedged into EUR
Allianz Pet and
Animal Wellbeing
AT (EUR) -5.14 -5.60 5.60 N/A 6.47
(Inception Date: 22
January 2019)
Benchmark: # MSCI
AC World (ACWI)
21.28 8.47 8.81 N/A 8.34
Total Return (Net) in
EUR
Allianz Pet and
Animal Wellbeing
AT (USD) -7.54 N/A N/A N/A -10.39
(Inception Date: 15
June 2021)
Benchmark: # MSCI
AC World (ACWI) 17.46 N/A N/A N/A 3.43
Total Return Net
Allianz Pet and
Animal Wellbeing
IT (EUR) -1.54 -3.73 7.35 N/A 8.21
(Inception Date: 22
January 2019)
205
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # MSCI
AC World (ACWI)
21.28 8.47 8.81 N/A 8.34
Total Return (Net) in
EUR
Allianz Pet and
Animal Wellbeing
IT (USD) -3.87 N/A N/A N/A -8.59
(Inception Date: 15
June 2021)
Benchmark: # MSCI
AC World (ACWI) 17.46 N/A N/A N/A 3.43
Total Return Net
Allianz Pet and
Animal Wellbeing
P (EUR) 0.46 -3.17 7.67 N/A 9.00
(Inception Date: 7
March 2019)
Benchmark: # MSCI
AC World (ACWI)
21.28 8.47 8.81 N/A 8.54
Total Return (Net) in
EUR
Allianz Pet and
Animal Wellbeing
R (EUR) 0.47 -3.19 7.61 N/A 8.78
(Inception Date: 6
February 2019)
Benchmark: # MSCI
AC World (ACWI) 21.28 8.47 8.81 N/A 8.41
Total Return Net
Allianz Pet and
Animal Wellbeing
RT (EUR) 0.54 -3.16 7.62 N/A 8.46
(Inception Date: 22
January 2019)
Benchmark: # MSCI
AC World (ACWI) 21.28 8.47 8.81 N/A 8.34
Total Return Net
206
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Pet and
Animal Wellbeing
RT (USD) -2.05 -7.04 6.61 N/A 7.23
(Inception Date: 22
January 2019)
Benchmark: # MSCI
AC World (ACWI) 17.46 4.27 8.19 N/A 7.74
Total Return Net
Allianz Pet and
Animal Wellbeing
RT (H2-EUR) -4.28 N/A N/A N/A -11.38
(Inception Date: 11
August 2021)
Benchmark: # MSCI
AC World (ACWI) 17.59 N/A N/A N/A 2.82
Total Return Net
Allianz Pet and
Animal Wellbeing
RT (H2-GBP) -3.07 -8.30 N/A N/A -5.23
(Inception Date: 26
March 2021)
Benchmark: # MSCI
AC World (ACWI) 19.03 5.42 N/A N/A 6.54
Total Return Net
Allianz Positive
Change A (EUR)
-0.94 -4.68 N/A N/A -0.62
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 13.11
Total Return Net
Allianz Positive
Change AT (EUR)
-0.94 -4.62 N/A N/A -0.64
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 13.11
Total Return Net
207
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Positive
Change AT (USD)
-3.48 -8.40 N/A N/A -3.26
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.05
Total Return Net
Allianz Positive
Change IT (EUR)
2.85 -3.01 N/A N/A 0.88
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 13.11
Total Return Net
Allianz Positive
Change PT10
(EUR) 5.43 N/A N/A N/A -1.56
(Inception Date: 10
May 2021)
Benchmark: MSCI
AC World (ACWI) 21.28 N/A N/A N/A 8.65
Total Return Net
Allianz Positive
Change RT (USD)
2.08 -6.17 N/A N/A -1.16
(Inception Date: 6
October 2020)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 10.05
Total Return Net
Allianz Renminbi
Fixed Income A
(USD) -3.78 -2.15 0.82 1.45 1.76
(Inception Date: 21
June 2011)
208
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # J.P.
MORGAN
Government Bond -
Emerging Markets
-0.11 0.03 2.32 1.64 1.27
(GBI-EM) Broad
China 1-10 Year
Total Return in USD
Note 10
Allianz Renminbi
Fixed Income A
(H2-EUR) 1.49 0.84 1.88 1.15 1.49
(Inception Date: 21
June 2011)
Benchmark: # J.P.
MORGAN
Government Bond -
Emerging Markets 6.56 3.08 1.84 0.55 0.43
(GBI-EM) Broad
China 1-10 Year
Total Return Note 10
Allianz Renminbi
Fixed Income P
(USD) -0.52 -0.78 1.86 2.19 2.45
(Inception Date: 21
June 2011)
Benchmark: # J.P.
MORGAN
Government Bond -
Emerging Markets
-0.11 0.03 2.32 1.64 1.27
(GBI-EM) Broad
China 1-10 Year
Total Return in USD
Note 10
Allianz Renminbi
Fixed Income PT
(RMB) 4.12 3.14 N/A N/A 2.99
(Inception Date: 1
February 2021)
209
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: # J.P.
MORGAN
Government Bond -
Emerging Markets
4.41 3.85 N/A N/A 3.90
(GBI-EM) Broad
China 1-10 Year
Total Return in RMB
Note 10
Allianz Renminbi
Fixed Income RT
(RMB) 4.05 3.07 N/A N/A 2.87
(Inception Date: 1
February 2021)
Benchmark: # J.P.
MORGAN
Government Bond -
Emerging Markets
4.41 3.85 N/A N/A 3.90
(GBI-EM) Broad
China 1-10 Year
Total Return in RMB
Note 10
Allianz Select
Income and
Growth AM (USD) 6.09 N/A N/A N/A -4.65
(Inception Date: 8
December 2021)
Benchmark: N/A N/A N/A N/A N/A N/A
Allianz Select
Income and
Growth AM (H2-
4.36 N/A N/A N/A -6.37
AUD)
(Inception Date: 8
December 2021)
Benchmark: N/A N/A N/A N/A N/A N/A
210
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Select
Income and
Growth AM (H2-
3.90 N/A N/A N/A -6.87
EUR)
(Inception Date: 8
December 2021)
Benchmark: N/A N/A N/A N/A N/A N/A
Allianz Select
Income and
Growth AM (H2-
5.52 N/A N/A N/A -5.57
GBP)
(Inception Date: 8
December 2021)
Benchmark: N/A N/A N/A N/A N/A N/A
Allianz Select
Income and
Growth AM (H2-
4.18 N/A N/A N/A -5.71
SGD)
(Inception Date: 8
December 2021)
Benchmark: N/A N/A N/A N/A N/A N/A
Allianz SGD
Income AMg (SGD)
1.86 -3.87 0.05 N/A 1.01
(Inception Date: 26
October 2018)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz Smart
Energy A (EUR)
-9.91 -5.45 N/A N/A -5.13
(Inception Date: 7
January 2021)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 10.55
Total Return (Net) in
EUR
211
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Smart
Energy AT (EUR)
-10.04 N/A N/A N/A -10.21
(Inception Date: 30
November 2021)
Benchmark: MSCI
AC World (ACWI)
21.28 N/A N/A N/A 5.68
Total Return (Net) in
EUR
Allianz Smart
Energy AT (USD)
-12.31 -9.22 N/A N/A 6.62
(Inception Date: 30
October 2019)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 9.79
Total Return Net
Allianz Smart
Energy AT (H2-
EUR) -14.43 -11.68 N/A N/A 3.87
(Inception Date: 30
October 2019)
Benchmark: MSCI
AC World (ACWI) 17.59 4.39 N/A N/A 8.94
Total Return Net
Allianz Smart
Energy AT (H2-
SGD) -14.18 N/A N/A N/A -14.97
(Inception Date: 15
November 2021)
Benchmark: MSCI
AC World (ACWI) 17.92 N/A N/A N/A 2.80
Total Return Net
Allianz Smart
Energy IT (USD)
-8.96 -7.53 N/A N/A 8.24
(Inception Date: 30
October 2019)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 9.79
Total Return Net
212
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Smart
Energy IT (H2-EUR)
-11.10 -9.95 N/A N/A 5.58
(Inception Date: 30
October 2019)
Benchmark: MSCI
AC World (ACWI)
17.59 4.39 N/A N/A 8.94
Total Return Net
hedged into EUR
Allianz Smart
Energy P (EUR)
-4.56 -3.02 N/A N/A 9.67
(Inception Date: 30
October 2019)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 10.76
Total Return (Net) in
EUR
Allianz Smart
Energy RT (USD)
-7.18 -7.01 N/A N/A 8.61
(Inception Date: 30
October 2019)
Benchmark: MSCI
AC World (ACWI) 17.46 4.27 N/A N/A 9.79
Total Return Net
Allianz Strategic
Bond A (H2-EUR)
-16.43 -13.08 N/A N/A -4.53
(Inception Date: 20
November 2019)
Benchmark:
BLOOMBERG
Global Aggregate -0.01 -3.75 N/A N/A -2.29
Total Return
(hedged into EUR)
Allianz Strategic
Bond AT (USD)
-14.78 -11.46 N/A N/A -7.46
(Inception Date: 20
April 2020)
213
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
BLOOMBERG
Global Aggregate 1.94 -1.91 N/A N/A -1.23
Total Return
(hedged into USD)
Allianz Strategic
Bond AT (H2-CHF)
-18.24 -14.09 N/A N/A -12.22
(Inception Date: 30
July 2020)
Benchmark:
BLOOMBERG
Global Aggregate -2.40 -4.91 N/A N/A -4.61
Total Return
(hedged into CHF)
Allianz Strategic
Bond AT (H2-EUR)
-16.40 -13.10 N/A N/A -4.54
(Inception Date: 20
November 2019)
Benchmark:
BLOOMBERG
Global Aggregate -0.01 -3.75 N/A N/A -2.29
Total Return
(hedged into EUR)
Allianz Strategic
Bond AT (H2-SGD)
-15.84 -12.04 N/A N/A -10.58
(Inception Date: 17
August 2020)
Benchmark:
BLOOMBERG
Global Aggregate 0.17 -2.65 N/A N/A -2.48
Total Return
(hedged into SGD)
Allianz Strategic
Bond IT (H2-EUR)
-15.22 -12.39 N/A N/A -3.90
(Inception Date: 20
November 2019)
214
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
BLOOMBERG
Global Aggregate -0.01 -3.75 N/A N/A -2.29
Total Return
(hedged into EUR)
Allianz Strategic
Bond P (H2-EUR)
-13.50 -11.81 N/A N/A -10.41
(Inception Date: 5
August 2020)
Benchmark:
BLOOMBERG
Global Aggregate -0.01 -3.75 N/A N/A -3.64
Total Return
(hedged into EUR)
Allianz Strategic
Bond RT (H2-CHF)
-15.41 -12.86 N/A N/A -4.34
(Inception Date: 20
November 2019)
Benchmark:
BLOOMBERG
Global Aggregate -2.40 -4.91 N/A N/A -3.19
Total Return
(hedged into CHF)
Allianz Strategic
Bond RT (H2-EUR)
-13.53 -11.83 N/A N/A -3.55
(Inception Date: 4
November 2019)
Benchmark:
BLOOMBERG
Global Aggregate -0.01 -3.75 N/A N/A -2.28
Total Return
(hedged into EUR)
Allianz Strategic
Bond RT (H2-GBP)
-12.24 -10.67 N/A N/A -9.21
(Inception Date: 30
July 2020)
215
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark:
BLOOMBERG
Global Aggregate 1.34 -2.60 N/A N/A -2.58
Total Return
(hedged into GBP)
Allianz Strategic
Bond RT (USD)
-11.82 -10.16 N/A N/A -1.82
(Inception Date: 4
November 2019)
Benchmark:
BLOOMBERG
Global Aggregate 1.94 -1.91 N/A N/A -0.59
Total Return
(hedged into USD)
Allianz Thematica
A (EUR)
8.95 1.68 8.86 N/A 10.39
(Inception Date: 8
December 2016)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 10.48 N/A 10.01
Total Return Net
Allianz Thematica
AMg (HKD)
5.75 -2.15 N/A N/A 5.83
(Inception Date: 18
February 2020)
Benchmark: MSCI
AC World (ACWI)
17.03 4.51 N/A N/A 8.64
Total Return Net
(hedged into HKD)
Allianz Thematica
AMg (USD)
6.18 -2.36 7.87 N/A 7.88
(Inception Date: 15
April 2019)
Benchmark: MSCI
AC World (ACWI)
17.46 4.27 9.45 N/A 9.51
Total Return Net in
USD
216
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Thematica
AMg (H2-AUD)
3.88 -4.57 N/A N/A 5.95
(Inception Date: 1
August 2019)
Benchmark: # MSCI
AC World (ACWI)
17.97 4.77 N/A N/A 7.92
Total Return Net
(hedged into AUD)
Allianz Thematica
AMg (H2-RMB)
2.98 -3.28 N/A N/A 7.69
(Inception Date: 15
July 2019)
Benchmark: # MSCI
AC World (ACWI)
15.57 5.62 N/A N/A 9.71
Total Return Net
(hedged into CNY)
Allianz Thematica
AMg (H2-SGD)
4.00 -3.60 N/A N/A 7.19
(Inception Date: 1
August 2019)
Benchmark: # MSCI
AC World (ACWI)
17.92 5.63 N/A N/A 9.06
Total Return Net
(hedged into SGD)
Allianz Thematica
AT (EUR)
8.91 1.73 N/A N/A 8.99
(Inception Date: 2
May 2019)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 10.59
Total Return Net
Allianz Thematica
AT (USD) 6.18 -2.36 7.89 N/A 9.13
(Inception Date: 25
January 2019)
Benchmark: MSCI
AC World (ACWI)
17.46 4.27 9.45 N/A 10.74
Total Return Net in
USD
217
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Thematica
AT (H2-SGD)
4.01 -3.59 N/A N/A 7.16
(Inception Date: 1
August 2019)
Benchmark: # MSCI
AC World (ACWI)
17.92 5.63 N/A N/A 9.06
Total Return Net
(hedged into SGD)
Allianz Thematica I
(EUR)
13.07 3.58 N/A N/A 3.93
(Inception Date: 1
March 2021)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 9.73
Total Return Net
Allianz Thematica
IT (EUR)
12.96 3.41 N/A N/A 11.08
(Inception Date: 28
June 2019)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 11.15
Total Return Net
Allianz Thematica
IT (USD)
10.25 -0.56 N/A N/A 9.70
(Inception Date: 28
June 2019)
Benchmark: MSCI
AC World (ACWI)
17.46 4.27 N/A N/A 9.71
Total Return Net in
USD
Allianz Thematica
IT4 (EUR)
13.34 3.76 N/A N/A 10.71
(Inception Date: 20
December 2019)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 N/A N/A 9.70
Total Return Net
218
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Thematica
P (EUR)
13.10 3.51 10.39 N/A 11.78
(Inception Date: 8
December 2016)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 10.48 N/A 10.01
Total Return Net
Allianz Thematica
PT (USD)
10.17 N/A N/A N/A -0.92
(Inception Date: 4
October 2021)
Benchmark: MSCI
AC World (ACWI)
17.46 N/A N/A N/A 4.49
Total Return Net in
USD
Allianz Thematica
R (EUR)
15.36 4.14 10.86 N/A 11.71
(Inception Date: 8
March 2019)
Benchmark: MSCI
AC World (ACWI) 21.28 8.47 10.48 N/A 11.55
Total Return Net
Allianz Thematica
RT (H2-CHF)
7.34 N/A N/A N/A -2.79
(Inception Date: 21
March 2022)
Benchmark: MSCI
AC World (ACWI)
14.72 N/A N/A N/A 3.55
Total Return Net
(hedged into CHF)
Allianz Thematica
RT (H2-EUR)
9.81 N/A N/A N/A -1.35
(Inception Date: 21
March 2022)
Benchmark: MSCI
AC World (ACWI)
17.59 N/A N/A N/A 5.12
Total Return (Net) in
EUR
219
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz Thematica
RT (H2-GBP)
11.35 -1.45 N/A N/A 9.00
(Inception Date: 2
August 2019)
Benchmark: MSCI
AC World (ACWI)
19.03 5.42 N/A N/A 8.63
Total Return Net
(hedged into GBP)
Allianz Thematica
RT (EUR)
15.21 4.07 N/A N/A 11.40
(Inception Date: 28
June 2019)
Benchmark: MSCI
AC World (ACWI)
21.28 8.47 N/A N/A 11.15
Total Return Net
Allianz Thematica
RT (USD)
12.31 -0.04 N/A N/A 10.01
(Inception Date: 28
June 2019)
Benchmark: MSCI
AC World (ACWI)
17.46 4.27 N/A N/A 9.71
Total Return Net in
USD
Allianz Total
Return Asian
Equity A (USD) -0.84 -13.66 1.52 2.74 5.76
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Excl. Japan
7.52 -7.21 1.81 4.03 6.35
Total Return (Net) in
USD Note 11
Allianz Total
Return Asian
Equity A (EUR) 1.73 -10.09 2.45 N/A 2.40
(Inception Date: 5
June 2015)
220
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC Asia Excl. Japan
11.01 -3.47 2.77 N/A 3.59
Total Return (Net) in
EUR Note 11
Allianz Total
Return Asian
Equity AM (H2-
-2.69 -15.39 -0.54 1.98 2.67
AUD)
(Inception Date: 4
February 2014)
Benchmark: MSCI
AC Asia Excl. Japan
Total Hedged into 10.15 -5.30 2.00 1.00 0.97
AUD Total Return
(Net) in AUD Note 11
Allianz Total
Return Asian
Equity AM (H2-
-2.74 -14.68 0.47 N/A 1.42
SGD)
(Inception Date: 15
September 2014)
Benchmark: # MSCI
AC Asia Excl. Japan
Hedged into SGD 10.13 -4.50 3.31 N/A 1.70
Total Return (Net) in
SGD Note 11
Allianz Total
Return Asian
Equity AM (HKD) -1.21 -13.41 1.47 2.85 3.46
(Inception Date: 4
February 2014)
Benchmark: MSCI
AC Asia Excl. Japan
NETR HKD Total 7.12 -6.99 1.75 4.12 4.72
Return (Net) in HKD
Note 11
Allianz Total
Return Asian
Equity AM (USD) -0.84 -13.67 1.52 2.74 3.38
(Inception Date: 4
February 2014)
221
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC Asia Excl. Japan
7.52 -7.21 1.81 4.03 4.65
Total Return (Net) in
USD Note 11
Allianz Total
Return Asian
Equity AMg (USD) -0.84 -13.67 1.52 N/A 3.55
(Inception Date: 13
October 2015)
Benchmark: MSCI
AC Asia Excl. Japan
7.52 -7.21 1.81 N/A 5.12
Total Return (Net) in
USD Note 11
Allianz Total
Return Asian
Equity AT (HKD) -1.20 -13.45 1.46 2.84 4.41
(Inception Date: 17
July 2012)
Benchmark: MSCI
AC Asia Excl. Japan
NETR HKD Total 7.12 -6.99 1.75 4.12 5.01
Return (Net) in HKD
Note 11
Allianz Total
Return Asian
Equity AT (USD) -0.84 -13.66 1.52 2.74 5.76
(Inception Date: 3
October 2008)
Benchmark: MSCI
AC Asia Excl. Japan
7.52 -7.21 1.81 4.03 6.35
Total Return (Net) in
USD Note 11
Allianz Total
Return Asian
Equity AT4 (HKD) -1.29 -13.48 N/A N/A -6.74
(Inception Date: 5
October 2020)
222
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC Asia Excl. Japan
NETR HKD Total 7.12 -6.99 N/A N/A -0.10
Return (Net) in HKD
Note 11
Allianz Total
Return Asian
Equity IT (JPY) 21.97 N/A N/A N/A 18.77
(Inception Date: 19
April 2023)
Benchmark: MSCI
AC Asia Excl. Japan
24.26 N/A N/A N/A 22.85
Total Return (Net) in
JPY Note 11
Allianz Total
Return Asian
Equity IT2 (USD) 5.18 -11.36 3.55 N/A 3.52
(Inception Date: 1
April 2015)
Benchmark: MSCI
AC Asia Excl. Japan
7.52 -7.21 1.81 N/A 3.44
Total Return (Net)
in USD Note 11
Allianz Total
Return Asian
Equity P (EUR) 7.87 -7.67 4.54 N/A 6.20
(Inception Date: 5
October 2015)
Benchmark: MSCI
AC Asia Excl. Japan
NETR EUR Total 11.01 -3.47 2.77 N/A 6.22
Return (Net) in EUR
Note 11
Allianz Total
Return Asian
Equity PT (USD) 5.14 -11.39 3.51 4.24 7.10
(Inception Date: 3
October 2008)
223
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: MSCI
AC Asia Excl. Japan
7.52 -7.21 1.81 4.03 6.35
Total Return (Net) in
USD Note 11
Allianz US Equity
Fund A (EUR)9
28.55 6.13 10.34 11.76 10.66
(Inception Date: 25
March 2010)
Benchmark: S&P
26.65 12.42 14.26 15.37 14.88
500 Total Return
Allianz US Equity
Fund A (USD)
25.30 1.93 9.36 9.02 7.49
(Inception Date: 15
February 2008)
Benchmark: S&P
500 Total Return in 22.66 8.07 13.19 12.41 10.64
USD
Allianz US Equity
Fund A (H-EUR)
22.95 -0.33 N/A N/A 6.76
(Inception Date: 17
December 2019)
Benchmark: S&P
500 Total Return
19.84 5.57 N/A N/A 10.30
Hedged in EUR
Return in EUR
Allianz US Equity
Fund AT (EUR)
28.57 6.09 N/A N/A 10.15
(Inception Date: 17
December 2019)
Benchmark: S&P
26.65 12.42 N/A N/A 13.88
500 Total Return
Allianz US Equity
Fund AT (USD)
25.30 1.93 9.34 9.01 9.31
(Inception Date: 1
March 2012)
9 The Allianz US Equity Fund was first launched on 12 December 2006.
224
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: S&P
500 Total Return in 22.66 8.07 13.19 12.41 13.41
USD
Allianz US Equity
Fund AT (SGD)
27.61 2.76 9.35 9.85 9.31
(Inception Date: 11
August 2009)
Benchmark: S&P
500 Total Return in 25.38 8.96 13.24 13.34 13.37
SGD
Allianz US Equity
Fund AT (H-EUR)
22.95 -0.36 N/A N/A 6.75
(Inception Date: 17
December 2019)
Benchmark: S&P
500 Total Return
19.84 5.57 N/A N/A 10.30
Hedged in EUR
Return in EUR
Allianz US Equity
Fund IT (USD)
30.16 3.83 N/A N/A 10.86
(Inception Date: 17
December 2019)
Benchmark: S&P
500 Total Return in 22.66 8.07 N/A N/A 12.78
USD
Allianz US Equity
Plus AM (USD)
22.17 3.79 11.30 N/A 11.95
(Inception Date: 5
April 2016)
Benchmark: N/A* N/A N/A N/A N/A N/A
Allianz US Equity
Plus AM (H2-RMB)
18.37 2.83 11.05 N/A 9.77
(Inception Date: 4
September 2018)
Benchmark: N/A* N/A N/A N/A N/A N/A
225
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US High
Yield AM (H2-AUD)
1.35 -2.01 -0.44 1.01 3.16
(Inception Date: 2
December 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (H2-CAD)
1.98 -1.35 0.14 0.72 2.47
(Inception Date: 2
December 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (H2-EUR)
0.86 -2.76 -1.27 -0.65 1.14
(Inception Date: 2
December 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (H2-GBP)
2.30 -1.56 -0.28 0.22 1.95
(Inception Date: 2
December 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (H2-NZD)
2.66 -1.11 0.19 1.61 2.89
(Inception Date: 17
July 2012)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (H2-RMB)
-0.35 -1.61 0.72 2.18 3.43
(Inception Date: 11
April 2012)
226
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (H2-SGD)
1.00 -1.74 -0.05 0.63 1.88
(Inception Date: 15
June 2012)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (HKD)
2.32 -0.74 0.57 1.13 2.64
(Inception Date: 16
August 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AM (USD)
2.70 -0.97 0.64 1.05 3.05
(Inception Date: 2
August 2010)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AT (USD)
2.70 -0.96 0.64 1.04 2.67
(Inception Date: 21
October 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AT (H2-EUR)
0.70 -2.80 -1.29 -0.64 0.49
(Inception Date: 31
July 2012)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield AT (HKD)
2.31 -0.71 0.57 1.13 2.70
(Inception Date: 21
October 2011)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
227
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US High
Yield I (H2-EUR)
4.28 -1.69 -0.36 0.16 1.56
(Inception Date: 11
June 2012)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield IM (USD)
6.24 0.49 1.79 N/A 1.72
(Inception Date: 16
January 2018)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield IT (USD)
6.24 0.49 1.75 1.94 3.91
(Inception Date: 2
August 2010)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield IT8 (H2-EUR)
4.09 -1.42 -0.29 N/A 0.04
(Inception Date: 26
January 2017
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield P (H2-EUR)
4.26 -1.40 -0.23 N/A 0.09
(Inception Date: 29
March 2018)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
Allianz US High
Yield RT (H2-CHF)
4.03 -1.88 N/A N/A -0.71
(Inception Date: 19
July 2019)
Benchmark: N/A* Note
16
N/A N/A N/A N/A N/A
228
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US Short
Duration High
Income Bond A
2.48 -1.07 0.69 N/A 1.17
(H2-EUR)10
(Inception Date: 1
April 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond A
4.26 0.68 2.58 N/A 2.75
(USD)
(Inception Date: 8
November 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
3.90 0.92 2.49 N/A 2.84
(HKD)
(Inception Date: 16
August 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
6.29 1.54 2.73 N/A 2.32
(SGD)
(Inception Date: 15
March 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
4.26 0.67 2.57 N/A 3.23
(USD)
(Inception Date: 10
December 2015)
10 The Allianz US Short Duration High Income Bond was first launched on 22 September 2015.
229
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
2.80 -0.30 1.63 N/A 2.21
(H2-AUD)
(Inception Date: 1
December 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
2.41 -1.02 0.74 N/A 1.21
(H2-EUR)
(Inception Date: 7
March 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
3.85 0.19 1.74 N/A 1.79
(H2-GBP)
(Inception Date: 1
December 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
1.21 0.05 2.73 N/A 3.13
(H2-RMB)
(Inception Date: 2
May 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AM
2.56 -0.04 1.93 N/A 2.10
(H2-SGD)
(Inception Date: 16
August 2016)
230
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AMg
4.26 0.68 N/A N/A 2.03
(USD)
(Inception Date: 18
February 2020)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AMg
2.83 -0.27 N/A N/A 1.48
(H2-AUD)
(Inception Date: 15
November 2019)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond AT
2.43 -1.08 0.69 N/A 1.18
(H2-EUR)
(Inception Date: 8
March 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US
Investment Grade
Credit A (H2-EUR) -5.30 N/A N/A N/A -5.50
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -1.11 N/A N/A N/A -1.34
Investment Grade
(hedged into EUR)
231
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US
Investment Grade
Credit A (USD) -3.38 N/A N/A N/A -3.58
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate 1.00 N/A N/A N/A 0.76
Investment Grade
(USD)
Allianz US
Investment Grade
Credit AT (H2-EUR) -5.29 N/A N/A N/A -5.48
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -1.11 N/A N/A N/A -1.34
Investment Grade
(hedged into EUR)
Allianz US
Investment Grade
Credit AT (USD) -3.40 N/A N/A N/A -3.60
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate 1.00 N/A N/A N/A 0.76
Investment Grade
(USD)
Allianz US
Investment Grade
Credit I (H2-EUR) -0.15 N/A N/A N/A -0.44
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -3.05 N/A N/A N/A -3.24
Investment Grade
(hedged into EUR)
232
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US
Investment Grade
Credit I (USD) 0.15 N/A N/A N/A -0.15
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate 1.00 N/A N/A N/A 0.76
Investment Grade
(USD)
Allianz US
Investment Grade
Credit IT (H2-EUR) -0.14 N/A N/A N/A -0.43
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -3.05 N/A N/A N/A -3.24
Investment Grade
(hedged into EUR)
Allianz US
Investment Grade
Credit IT (USD) 0.03 N/A N/A N/A -0.26
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate 1.00 N/A N/A N/A 0.76
Investment Grade
(USD)
Allianz US
Investment Grade
Credit P (H2-EUR) -0.16 N/A N/A N/A -0.45
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -3.05 N/A N/A N/A -3.24
Investment Grade
(hedged into EUR)
233
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US
Investment Grade
Credit P USD 2.09 N/A N/A N/A 1.76
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -0.98 N/A N/A N/A -1.19
Investment Grade
(USD)
Allianz US
Investment Grade
Credit PT (H2-EUR) -0.18 N/A N/A N/A -0.47
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -3.05 N/A N/A N/A -3.24
Investment Grade
(hedged into EUR)
Allianz US
Investment Grade
Credit R (H2-EUR) -0.22 N/A N/A N/A -0.51
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -1.11 N/A N/A N/A -1.34
Investment Grade
(hedged into EUR)
Allianz US
Investment Grade
Credit R (USD) 1.82 0.00 0.00 0.00 1.52
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate 1.00 0.00 0.00 0.00 0.76
Investment Grade
(USD)
234
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US
Investment Grade
Credit RT (H2-EUR) -0.20 0.00 0.00 0.00 -0.49
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate -1.11 0.00 0.00 0.00 -1.34
Investment Grade
(hedged into EUR)
Allianz US
Investment Grade
Credit RT (USD) 1.89 0.00 0.00 0.00 1.59
(Inception Date: 25
April 2023)
Benchmark:
Bloomberg US
Corporate 1.00 0.00 0.00 0.00 0.79
Investment Grade
(USD)
Allianz US Short
Duration High
Income Bond AT
4.26 0.68 2.57 N/A 3.18
(USD)
(Inception Date: 8
March 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond IM
8.01 2.30 3.82 N/A 3.67
(USD)
(Inception Date: 18
December 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
235
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US Short
Duration High
Income Bond IT
8.00 2.30 3.82 N/A 4.21
(USD)
(Inception Date: 8
March 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond IT
6.19 0.59 1.94 N/A 1.66
(H2-EUR)
(Inception Date: 20
March 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond P
7.97 2.26 3.78 N/A 4.20
(USD)
(Inception Date: 10
December 2015)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond P
6.12 0.53 1.91 N/A 1.61
(H2-EUR)
(Inception Date: 5
April 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond PM
7.96 2.26 3.78 N/A 4.41
(USD)
(Inception Date: 19
February 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
236
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US Short
Duration High
Income Bond PT
3.74 -0.62 1.10 N/A 0.80
(H2-CHF)
(Inception Date: 15
May 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond PT
7.96 2.26 3.77 N/A 3.56
(USD)
(Inception Date: 26
June 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond R
10.07 2.90 4.14 N/A 3.82
(USD)
(Inception Date: 10
October 2017)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond R
8.19 1.15 2.29 N/A 2.34
(H2-EUR)
(Inception Date: 11
April 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Allianz US Short
Duration High
Income Bond RT
5.89 -0.02 N/A N/A 1.52
(H2-CHF)
(Inception Date: 19
July 2019)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
237
Since
Sub-Fund / Share One Year Three Year Five Year Ten Year
Inception
Class (%) (%) (%) (%)
(%)
<--- (average annual compounded return) -->
Allianz US Short
Duration High
Income Bond RT
8.07 1.06 2.22 N/A 2.29
(H2-EUR)
(Inception Date: 11
April 2016)
Benchmark: N/A Note
12
N/A N/A N/A N/A N/A
Source: Performance figures provided by IDS GmbH – Analysis and Reporting Services,
Munich.
Notes:
Where there has been a change in the benchmark of a Sub-Fund as disclosed in the notes
below, the performance data in respect of the previous benchmark has been kept and chain-
linked to the current benchmark, to the extent that performance data of the benchmark is
disclosed in the table above.
1. There is no benchmark for the Allianz Asian Multi Income Plus because this Sub-Fund
is not managed against a benchmark. The previous benchmark (which was used for
reference purposes only) was 2/3 MSCI AC Asia Pacific ex Japan High Dividend Yield
Index + 1/3 JP Morgan Asia Credit – Non Investment Grade Index and was changed
from 50% HSBC Asian Local Bond, 50% MSCI AC Far East ex Japan Total Return
(Net) with effect from 7 February 2015 to reflect a change in the investment objective
and policy of the Allianz Asian Multi Income Plus. Prior to that, the benchmark for the
Allianz Asian Multi Income Plus was changed from 50% Bloomberg Asia REIT Price,
50% HSBC Asian Local Bond to 50% HSBC Asian Local Bond, 50% MSCI AC Far East
ex Japan Total Return (Net) on 7 October 2011 to reflect a change in the investment
policy of the Allianz Asian Multi Income Plus.
2. The benchmark for Allianz Best Styles Euroland Equity was changed from EURO
STOXX 50 Total Return to MSCI European Economic and Monetary Union EUR Total
Return with effect from 1 October 2016 to better reflect the investment strategy.
3. The benchmark for Allianz China Strategic Bond was changed from Hong Kong RMB
Savings Deposit Rate with effect from 15 July 2016 in line with the revised investment
objective and policy of the Sub-Fund. With effect from 1 September 2019, no
benchmark is applied to the Allianz China Strategic Bond because no appropriate
benchmarks are currently available for this Sub-Fund. With effect from 29 December
2022, the benchmark for Allianz China Strategic Bond became J.P. MORGAN Asia
Credit China Index as it is representative of the Sub-Fund’s investment universe.
4. The benchmark for Allianz Flexi Asia Bond was removed with effect from 1 March 2017
as the benchmark was no longer reflective of the Sub-Fund’s investment strategy and
there is no appropriate benchmark currently available for the Sub-Fund. Prior to that,
the benchmark for Allianz Flexi Asia Bond AM (USD), AM (SGD), Amg (USD), AT
238
(USD) and IT (USD) was 50% Citigroup Asian Government Bond Investable Index +
50% JP Morgan Asia Credit Index (JACI) Composite (which was changed from 50%
HSBC Asian Local Bond Index + 50% JP Morgan Asia Credit Index (JACI) Composite
to 50% Citigroup Asian Government Bond Investable Index + 50% JP Morgan Asia
Credit Index (JACI) Composite with effect from 15 April 2016 as the HSBC index was
no longer available). Prior to that, the benchmark for Allianz Flexi Asia Bond AM (USD),
Amg (USD), AT (USD) and IT (USD) was changed from HSBC Asian Local Bond Index
to 50% HSBC Asian Local Bond Index + 50% JP Morgan Asia Credit Index (JACI)
Composite on 1 May 2015 to better reflect the investment strategy of the Allianz Flexi
Asia Bond. With effect from 29 December 2022, J.P. MORGAN JACI Composite Total
Return was introduced as the benchmark for Allianz Flexi Asia Bond as a general
reference and in particular, for the key performance indicator of the Sustainability Key
Performance Indicator Strategy.
5. The benchmark for Allianz GEM Equity High Dividend was changed from the 25%
MSCI Brazil Total Return (Net) + 25% MSCI Russia Total Return (Net) + 25% MSCI
India Total Return (Net) + 25% MSCI China Total Return (Net) to the MSCI Emerging
Markets Total Return Net with effect from 15 July 2016 to reflect a change in the
investment objective and policy of the Allianz GEM Equity High Dividend.
6. The previous benchmark for Allianz Global Opportunistic Bond, the JPMorgan Global
Government Bond Index, was removed from 1 September 2018 due to change in
investment strategy. With effect from 29 November 2019, a benchmark, the US Dollar
3 Months LIBOR, was introduced for the Allianz Global Opportunistic Bond due to a
change in investment strategy. With effect from 31 August 2020, the benchmark of the
Allianz Global Opportunistic Bond was changed to the SECURED OVERNIGHT
FINANCING RATE (SOFR) because it is expected that the publication of LIBOR will
cease in or before 2023. While the performance data in respect of the previous
benchmarks have been kept and chain-linked to the current benchmark, the
performance of the benchmark for the period from 1 September 2018 to 28 November
2019 was deemed to be 0%, as no benchmark was adopted for the Allianz Global
Opportunistic Bond during this period.
7. The Allianz Global Equity Unconstrained had no benchmark prior to 17 September
2013. A benchmark, MSCI AC World (ACWI) EUR Total Return Net, was introduced
for the Allianz Global Equity Unconstrained with effect from 17 September 2013 due to
a change in the investment strategy of the Allianz Global Equity Unconstrained.
8. The benchmark EUROMONEY Global Mining Total Return Net was changed from
Euromoney Global Mining Total Return with effect from 1 January 2015 to reflect the
change in the calculation from a gross basis to a net basis. Prior to that, the benchmark
was changed from the MSCI World/Metals & Mining Total Return (Net) to Euromoney
Global Mining Total Return with effect from 1 January 2012 because the Euromoney
Global Mining Total Return in the Investment Manager’s view offers a better
diversification with 210 constituents (MSCI World Metals & Mining Total Return (Net):
68 constituents). Additionally, the two biggest companies of the sector are less
dominant within the Euromoney Global Mining Total Return, which is a well-recognized
benchmark in the market. With effect from 15 December 2021, the benchmark of the
Allianz Global Metals and Mining was changed from the Euromoney Global Mining
Total Return Net to the MSCI ACWI Metals & Mining 30% Buffer 10/40 because the
current benchmark is considered more representative of the investment policy of Allianz
Global Metals and Mining.
239
9. The benchmark was changed from the MSCI AC Far East Ex Japan Total Return (Net)
with effect from 17 July 2012 due to a change in the investment strategy of the Allianz
Little Dragons.
10. The Allianz Renminbi Fixed Income had no benchmark prior to 1 November 2014. A
benchmark, 80% HSBC Offshore RMB Investment Grade Bond Index Ex Government
Bonds Total Return, 20% Hong Kong Monetary Authority Savings Deposit Rate, was
introduced for the Allianz Renminbi Fixed Income with effect from 1 November 2014 to
provide a benchmark for referencing. The benchmark for Allianz Renminbi Fixed
Income A (USD) and P (USD) was changed from the 80% HSBC Offshore RMB
Investment Grade Bond Index Ex Government Bonds Total Return, 20% Hong Kong
Monetary Authority Savings Deposit Rate to 80% Citigroup Dim Sum Bond Investment
Grade Index + 20% Hong Kong Monetary Authority Savings Deposit Rate (RMB) with
effect from 15 April 2016 as the HSBC index is no longer available. The benchmark
was subsequently changed on 22 January 2018 to J.P. MORGAN Government Bond –
Emerging Markets (GBI-EM) Broad China 1-10 Year Total Return in USD due to fund
repositioning. With effect from 1 October 2021, the benchmark of the Allianz Renminbi
Fixed Income (save for Share Classes denominated in USD) was changed to the J.P.
MORGAN Government Bond – Emerging Markets (GBI-EM) Broad China 1-10 Year
Total Return due to the change in the Base Currency of Allianz Renminbi Fixed Income
from USD to RMB with effect from 1 October 2021.
11. The benchmark of Allianz Total Return Asian Equity was changed from the MSCI AC
Far East Ex Japan Total Return (Net) to MSCI AC Asia Excl. Japan Total Return (Net)
with effect from 1 October 2015 to better reflect the investment universe.
12. There is no benchmark for Allianz US Short Duration High Income Bond because this
Sub-Fund is not managed against a benchmark. Merrill Lynch 1-3 Years BB-B US Cash
Pay High Yield Index was briefly implemented during 1 June 2015 to 31 December
2016 as a reference as the broader investment universe of this Sub-Fund but was
removed as this Sub-Fund is not managed against a benchmark.
13. The benchmark for Allianz Income and Growth, 33.33% Merrill Lynch All US
Convertibles Index (VXA0) Unhedged, 33.33% Merrill Lynch US High Yield Master II
Index USD (H0A0) Unhedged, 33.33% Russell 1000 Growth Return Gross in USD,
was removed with effect from 17 December 2018 as the benchmark was no longer
reflective of the Sub-Fund’s investment strategy and there is no appropriate benchmark
currently available for the Sub-Fund.
14. The benchmark for Allianz Emerging Markets Select Bond was changed from 45% JP
MORGAN CEMBI Broad Diversified USD Unhedged Return, 45% JP MORGAN
Emerging Markets Bond EMBI Global Diversified Composite Return, 10% JP
MORGAN GBI-EM Global-Div USD Unhedged Return in USD to J.P. Morgan EM Equal
Weight (JP Morgan GBI Emerging Markets Global Diversified, USD; JP Morgan
Corporate Emerging Markets Bond Broad Diversified, USD; JP Morgan EMBI Global
Diversified, USD) with effect from 1 January 2019 to better reflect the investment
universe of Allianz Emerging Markets Select Bond. With effect from 31 August 2020,
the benchmark was renamed from J.P. Morgan EM Equal Weight (JP Morgan GBI
EMERGING MARKETS Global Diversified, USD; JP Morgan Corporate Emerging
Markets Bond Broad Diversified, USD; JP Morgan EMBI Global Diversified, USD) to
J.P. MORGAN Emerging Markets Blended (JEMB) Equal Weighted Total Return.
240
15. With effect from 10 June 2019, LIBOR USD 3-Month became the new benchmark for
Allianz Emerging Markets Short Duration Bond as an appropriate benchmark had been
identified. With effect from 1 October 2021, the benchmark of Allianz Emerging Markets
Short Duration Bond was changed to the SECURED OVERNIGHT FINANCING RATE
(SOFR) because it is expected that the publication of LIBOR will cease in or before
2023.
16. With effect from 1 September 2019, the benchmark for Allianz US High Yield was
removed as the benchmark is no longer reflective of the Sub-Fund’s strategy and there
is no appropriate benchmark currently available for the Sub-Fund.
17. With effect from 1 September 2019, the benchmark for the Allianz All China Equity was
changed from the MSCI All China Index to the MSCI China All Shares Total Return Net
as the MSCI All China Index ceased to exist with effect from 27 November 2019.
18. The benchmark of Allianz Global Artificial Intelligence was changed from MSCI World
Information Technology to 50% MSCI AC World (ACWI) Total Return Net + 50% MSCI
World Information Technology Total Return Net with effect from 1 January 2018, to
better reflect the investment universe of the Sub-Fund.
19. The benchmark of the Allianz Global Floating Rate Notes Plus is the LIBOR USD 3-
Month. With effect from 1 October 2021, the benchmark of the Allianz Global Floating
Rate Notes Plus was changed to the SECURED OVERNIGHT FINANCING RATE
(SOFR) because it is expected that the publication of LIBOR will cease in or before
2023.
20. The benchmark of the Allianz China Equity was changed from the FTSE International
China Index to the MSCI China Total Return (Net) with effect from 1 January 2011 as
the latter benchmark was more representative of the market. The benchmark of the
Allianz China Equity was subsequently changed from the MSCI China Total Return
(Net) to the MSCI China 10/40 Total Return Net with effect from 10 March 2021 to
better reflect the investment strategy of Allianz China Equity.
21. The benchmark of the Allianz Global Intelligent Cities Income (previously known as the
Allianz Global Intelligent Cities) was changed from MSCI All Countries World Index
Total Return (Net) to 70% MSCI AC World (ACWI) Total Return Net + 30%
BLOOMBERG BARCLAYS Global Aggregate with effect from 10 March 2021 due to a
change of investment principles and strategy of Allianz Global Intelligent Cities.
22. With effect from 1 October 2021, the benchmark of the Allianz Global Multi-Asset Credit
was changed from the LIBOR USD 3-Month to the SECURED OVERNIGHT
FINANCING RATE (SOFR) because it is expected that the publication of LIBOR will
cease in or before 2023.
23. With effect from 10 August 2021, the benchmark of the Allianz Global Dynamic Multi
Asset Strategy 50 (previously known as Allianz Global Dynamic Multi Asset Strategy
50) was changed from the 50% BLOOMBERG BARCLAYS Global Aggregate Bond,
50% MSCI World Total Return Net to the 50% BLOOMBERG BARCLAYS Global
Aggregate Total Return + 50% MSCI AC World (ACWI) Total Return Net to better reflect
the investment strategy of Allianz Global Dynamic Multi Asset Strategy 50.
24. With effect from 31 August 2022, the benchmark of Allianz Global Intelligent Cities Income
was changed from 70% MSCI AC World (ACWI) Total Return Net + 30% BLOOMBERG
BARCLAYS Global Aggregate to 70% MSCI AC World (ACWI) Total Return Net + 30%
241
ICE BOFAML US Corporate & High Yield Index to to better reflect the investment
universe of the Sub-Fund.
25. With effect from 31 August 2022, the benchmark of the Allianz Global Multi Asset
Sustainability Balanced was removed as the previous benchmark was not an adequate
reference anymore given the sustainability objectives of the fund. The Risk
Management Approach needs to be changed accordingly as there is no suitable
benchmark currently available for the Sub-Fund after the change in its investment
objective and policy.
26. With effect from 31 August 2022, references to Barclays in the benchmarks of any sub-
funds will be removed because of the rebranding exercise done by Bloomberg as the
index provider.
27. With effect from 31 August 2022, the benchmark of the Allianz Dynamic Asian High
Yield Bond was changed from J.P. MORGAN Asia Credit (JACI) Non Investment Grade
Total Return to J.P. MORGAN JACI Non-Investment Grade Custom Index to better
reflect the investable universe of the Sub-Fund.
28. With effect from 29 December 2022, the benchmark of Allianz Hong Kong Equity was
changed from HANG SENG INDEX Total Return to FTSE MPF Hong Kong Index Total
Return Net to better reflect the investable universe of the Sub-Fund.
29. Aside from Allianz Best Styles Europe Equity SRI, Allianz Emerging Markets SRI
Corporate Bond and Allianz Global Sustainability, the respective benchmarks (if any)
for each of the ESG Funds under the ESG Circular are used for financial performance
only. The benchmarks for Allianz Best Styles Europe Equity SRI, Allianz Emerging
Markets SRI Corporate Bond and Allianz Global Sustainability are consistent with or
relevant to the respective investment focus of these Sub-Funds, because these
benchmarks track the performance of securities issued for qualified “green" purposes.
30. With effect from 2 February 2024, Allianz Asia Pacific Income (previously known as
Allianz Indonesia Equity) was repositioned. Following the repositioning, the Sub-Fund
no longer uses any benchmark.
* These Sub-Funds/Share Classes have no benchmarks because no appropriate benchmarks
are currently available for these Sub-Funds/Share Classes.
Performance figures in respect of:
Share Classes of Allianz US Large Cap Value (launched on 5 September 2023):
i) which are or will be offered in Singapore; and
ii) the other Share Classes of the remaining Sub-Funds, i.e., those Share Classes which
are not listed in the above table and are offered or will be offered in Singapore pursuant
to this Singapore Prospectus,
have not been presented as they have either not been incepted as at the date of the Registered
Singapore Prospectus or have been incepted for less than one year as at 30 April 2024, and
accordingly, a track record of at least one year is not available. It is currently intended that the
benchmarks of the Sub-Fund not listed in the above table will be as follows:
Russell 1000 Value Total Return
Allianz US Large Cap Value :
Net
242
# The benchmark performance data for these Share Classes have not been provided for all
corresponding years for which performance data for the relevant Share Class is provided, as
the benchmark for that Share Class was only recently adopted, and performance data of the
benchmark prior to its date of adoption is not available. Where there has been a change in the
benchmark of a Sub-Fund as disclosed in the notes above which occurs after the date of
adoption disclosed in the table below, the performance data in respect of the previous benchmark
has been kept and chain-linked to the current benchmark, starting from the date of adoption
disclosed in the table below. The date of adoption of the relevant benchmarks are as follows:
Sub-Fund / Share Benchmark Date
Classes
Allianz All China MSCI China All Shares Total Return Net : 29 November
Equity A (EUR), AT 2019
(H2-EUR), P (EUR)
Allianz Best Styles MSCI WORLD Total Return Net (hedged into : 29 November
Global Equity ET (H2- SGD) 2019
SGD)
Allianz China A- MSCI China A Onshore Total Return Net : 29 November
Shares A (EUR), A 2019
(H2-EUR), AT (HKD),
AT (SGD), P (EUR),
RT (H2-EUR)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 1 December
Asian High Yield Investment Grade Total Return (hedged into 2017
Bond A (H2-EUR), EUR)
Amg (H2-EUR)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (hedged into 2019
Bond AM (H2-AUD), AUD)
Amg (H2-AUD)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (hedged into 2019
Bond AM (H2-SGD), SGD)
Amg (H2-SGD), Amg
(SGD)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (HKD) 2019
Bond AM (HKD),
Amg (HKD)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (hedged into 2019
Bond Amg (H2-CAD) CAD)
243
Sub-Fund / Share Benchmark Date
Classes
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (hedged into 2019
Bond Amg (H2-GBP) GBP)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (hedged into 2019
Bond Amg (H2-NZD) NZD)
Allianz Dynamic J.P. MORGAN Asia Credit (JACI) Non : 2 December
Asian High Yield Investment Grade Total Return (hedged into 2019
Bond Amg (H2-RMB) CNY)
Allianz Emerging SECURED OVERNIGHT FINANCING RATE : 10 June 2019
Markets Short (SOFR) (hedged into EUR)
Duration Bond AM
(H2-EUR), AT (H2-
EUR), I (H2-EUR),
IT8 (H-EUR)
Allianz Emerging SECURED OVERNIGHT FINANCING RATE 10 June 2019
Markets Short (SOFR)
Duration Bond IT
(USD)
Allianz Europe Equity S&P Europe Large Mid Cap Growth Total : 2 December
Growth AT (H2-SGD) Return (hedged into SGD) 2019
Allianz Europe Equity S&P Europe Large Mid Cap Growth Total : 2 December
Growth AT (H2- Return (hedged into USD) 2019
USD), IT (H2-USD),
RT (H2-USD)
Allianz Europe Equity S&P Europe Large Cap Growth Total Return : 2 December
Growth Select A (H2- Net 2019
USD), AT (H2-SGD),
AT (H2-USD), IT (H2-
USD)
Allianz European MSCI Europe Total Return Net (hedged into : 2 December
Equity Dividend AM AUD) 2019
(H2-AUD)
Allianz European MSCI Europe Total Return Net (hedged into : 2 December
Equity Dividend AM GBP) 2019
(H2-GBP)
Allianz European MSCI Europe Total Return Net (hedged into : 2 December
Equity Dividend AM HKD) 2019
(H2-HKD)
244
Sub-Fund / Share Benchmark Date
Classes
Allianz European MSCI Europe Total Return Net in NZD : 2 December
Equity Dividend AM (hedged into NZD) 2019
(H2-NZD)
Allianz European MSCI Europe Total Return Net in CNY : 2 December
Equity Dividend AM (hedged into CNY) 2019
(H2-RMB)
Allianz European MSCI Europe Total Return Net in SGD : 2 December
Equity Dividend AM (hedged into SGD) 2019
(H2-SGD)
Allianz European MSCI Europe Total Return Net (hedged into : 29 November
Equity Dividend AM USD) 2019
(H2-USD), Amg (H2-
USD)
Allianz GEM Equity MSCI Emerging Markets Total Return Net : 2 December
High Dividend AM (hedged into AUD) 2019
(H2-AUD)
Allianz GEM Equity MSCI Emerging Markets Total Return Net : 29 November
High Dividend AM (hedged into CNY) 2019
(H2-RMB)
Allianz GEM Equity MSCI Emerging Markets Total Return Net : 2 December
High Dividend AM (hedged into USD) 2019
(H2-USD)
Allianz GEM Equity MSCI Emerging Markets Total Return Net : 2 December
High Dividend Amg (HKD) 2019
(HKD)
Allianz Global 50% MSCI AC World (ACWI) Total Return : 1 January 2018
Artificial Intelligence Net + 50% MSCI World Information
AT (HKD) Technology Total Return Net
Allianz Global 50% MSCI AC World (ACWI) Total Return : 29 November
Artificial Intelligence Net (hedged into JPY) + 50% MSCI World 2019
AT (H2-JPY) Information Technology Total Return Net
(hedged into JPY)
Allianz Global 50% MSCI AC World (ACWI) Total Return : 29 November
Artificial Intelligence Net (hedged into CNY) + 50% MSCI World 2019
AT (H2-RMB) Information Technology Total Return Net
(hedged into CNY)
Allianz Global 50% MSCI AC World (ACWI) Total Return : 29 November
Artificial Intelligence Net (hedged into SGD) + 50% MSCI World 2019
AT (H2-SGD) Information Technology Total Return Net
(hedged into SGD)
245
Sub-Fund / Share Benchmark Date
Classes
Allianz Global 50% MSCI AC World (ACWI) Total Return : 2 December
Artificial Intelligence Net (hedged into GBP) + 50% MSCI World 2019
PT (H2-GBP) Information Technology Total Return Net
(hedged into GBP)
Allianz Global Credit BLOOMBERG Global Aggregate Credit : 29 November
SRI IT (H-EUR) Total Return 2019
Allianz Global Multi BLOOMBERG Global Aggregate Total : 2 December
Asset Sustainability Return + 50% MSCI AC World (ACWI) Total 2019
Balanced Amg (H2- Return Net (hedged into AUD)
AUD)
Allianz Global Multi BLOOMBERG Global Aggregate Total : 2 December
Asset Sustainability Return + 50% MSCI AC World (ACWI) Total 2019
Balanced Amg (H2- Return Net (hedged into CNY)
RMB)
Allianz Global Multi BLOOMBERG Global Aggregate Total : 2 December
Asset Sustainability Return + 50% MSCI AC World (ACWI) Total 2019
Balanced Amg (H2- Return Net (hedged into SGD)
SGD)
Allianz Global Equity MSCI AC World (ACWI) Total Return Net : 17 September
Unconstrained AT 2013
(USD)
Allianz Global SECURED OVERNIGHT FINANCING RATE : 29 November
Floating Rate Notes (SOFR) (hedged into NZD) 2019
Plus AM (H2-NZD)
Allianz Global SECURED OVERNIGHT FINANCING RATE : 29 November
Floating Rate Notes (SOFR) (in HKD) 2019
Plus AM (HKD), Amg
(HKD), Amg3 (HKD)
Allianz Global SECURED OVERNIGHT FINANCING RATE : 29 November
Floating Rate Notes (SOFR) (hedged into SGD) 2019
Plus Amg (H2-SGD),
Amg3 (H2-SGD) and
AT (H2-SGD)
Allianz Global SECURED OVERNIGHT FINANCING RATE : 29 November
Floating Rate Notes (SOFR) (hedged into GBP) 2019
Plus P (H2-GBP), RT
(H2-GBP)
Allianz Global High ICE BOFAML Global High Yield Constrained : 2 December
Yield Amg (H2-SGD) (hedged) (SGD) 2019
246
Sub-Fund / Share Benchmark Date
Classes
Allianz Global High ICE BOFAML Global High Yield Constrained : 29 November
Yield IT (H2-EUR) (hedged) 2019
Allianz Global 70% MSCI AC World (ACWI) Total Return : 29 November
Intelligent Cities Net + 30% BLOOMBERG BARCLAYS 2019
Income AT (HKD) Global Aggregate
Allianz Global Multi- SECURED OVERNIGHT FINANCING RATE : 29 November
Asset Credit A (H2- (SOFR) (hedged into EUR) 2019
EUR), AT (H2-EUR) I
(H2-EUR), IT (H2-
EUR), P (H2-EUR)
Allianz Global SECURED OVERNIGHT FINANCING RATE : 29 November
Opportunistic Bond (SOFR) 2019
Amg (HKD), Amg
(H2-AUD), Amg (H2-
EUR), Amg (H2-
GBP), Amg (H2-SGD)
Allianz Global DOW JONES Sustainability World Total Return : 3 April 2020
Sustainability AM Net (HKD)
(HKD)
Allianz Global Water MSCI AC World (ACWI) Total Return Net : 29 November
AT (H2-EUR) (hedged into EUR) 2019
Allianz Green Bond ICE BOFAML Green Bond : 29 November
AT (H2-USD), IT (H2- 2019
USD), PT (H2-GBP),
PT (H2-USD)
Allianz Green Bond ICE BOFAML Green Bond (HKD) (hedged : 30 September
AM (H2-HKD) into HKD) 2020
Allianz Japan Equity TOPIX Total Return Net : 29 November
AT (H-EUR), AT (H- 2019
USD), IT (H-EUR)
Allianz Oriental MSCI AC Asia Pacific Total Return Net : 29 November
Income A (H-USD) 2019
Allianz Pet and MSCI AC World (ACWI) Total Return Net : 29 November
Animal Wellbeing 2019
Allianz Renminbi J.P. MORGAN Government Bond – Emerging : 22 January 2018
Fixed Income Markets (GBI-EM) Broad China 1-10 Year
Total Return
247
Sub-Fund / Share Benchmark Date
Classes
Allianz Thematica MSCI AC World (ACWI) Total Return Net : 2 December
Amg (H2-AUD) (hedged into AUD) 2019
Allianz Thematica MSCI AC World (ACWI) Total Return Net : 2 December
Amg (H2-RMB) (hedged into CNY) 2019
Allianz Thematica MSCI AC World (ACWI) Total Return Net : 2 December
Amg (H2-SGD), AT (hedged into SGD) 2019
(H2-SGD)
Allianz Total Return MSCI AC Asia Excl. Japan Total Return (Net) : 2 December
Asian Equity AM (H2- 2019
SGD)
Allianz Global 70% MSCI AC World (ACWI) Total Return
: 31 August 2022
Intelligent Cities Net + 30% ICE BOFAML US Corporate &
Income AT (HKD) High Yield Index (hedged into HKD)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into EUR)
Bond A (H2-EUR),
Amg (H2-EUR)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into AUD)
Bond AM (H2-AUD),
Amg (H2-AUD)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into SGD)
Bond AM (H2-SGD),
Amg (H2-SGD), Amg
(SGD)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into HKD)
Bond AM (HKD),
Amg (HKD)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into CAD)
Bond Amg (H2-CAD)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into GBP)
Bond Amg (H2-GBP)
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into NZD)
Bond Amg (H2-NZD)
248
Sub-Fund / Share Benchmark Date
Classes
Allianz Dynamic J.P. MORGAN JACI Non-Investment Grade : 31 August 2022
Asian High Yield Custom Index (hedged into CNY)
Bond Amg (H2-RMB)
Performance figures for the Sub-Fund Classes and the respective benchmark have been
calculated in the currency of denomination of the relevant Share Class.
Performance figures of each Sub-Fund may not be calculated on the same basis as the
performance figures of that Sub-Fund’s benchmark. The performance figures of each Sub-Fund
have been calculated on NAV to NAV (single pricing basis), adjusted to take into account the
current maximum Subscription Fee of the respective Sub-Funds/Share Classes and on the
assumption that all net dividends and distributions are reinvested.
Please refer to Appendix 2 of the Luxembourg Prospectus for the current maximum
Subscription Fee of each Sub-Fund/Share Class.
Please note that the actual Subscription Fee paid by each investor may vary and may be less
than the current maximum Subscription Fee of the respective Sub-Funds/Share Classes.
Performance figures of the benchmarks have been calculated on the following basis
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
MSCI China All Shares NAV to NAV, distributions and dividends reinvested (taxes
deducted)
MSCI AC Asia Pacific NAV to NAV, distributions and dividends reinvested (taxes
Excl. Japan Total Return deducted)
Net
MSCI Emerging Markets NAV to NAV, distributions and dividends reinvested (taxes
Total Return Net deducted)
25% MSCI Brazil Total NAV to NAV, distributions and dividends reinvested (taxes
Return (Net) + 25% deducted)
MSCI Russia Total
Return (Net) + 25%
MSCI India Total Return
(Net) + 25% MSCI China
Total Return (Net)
MSCI European NAV to NAV, distributions and dividends reinvested (taxes
Economic and Monetary deducted)
Union EUR Total Return
Net
EURO STOXX 50 Total NAV to NAV, distributions and dividends reinvested (without
Return deduction of taxes)
249
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
MSCI AC World (ACWI) NAV to NAV, distributions and dividends reinvested (taxes
Total Return Net deducted)
MSCI China 10/40 Total NAV to NAV, distributions and dividends reinvested (taxes
Return Net deducted)
MSCI China Total Return NAV to NAV, distributions and dividends reinvested (taxes
(Net) deducted)
FTSE International NAV to NAV, distributions and dividends reinvested (taxes
China Index deducted)
J.P. MORGAN Asia NAV to NAV coupons reinvested
Credit (JACI) Non
Investment Grade Total
Return
MSCI Emerging Frontier NAV to NAV, distributions and dividends not taken into
Markets Asia Total consideration
Return Net
45% JP MORGAN NAV to NAV, coupons reinvested (taxes deducted)
CEMBI Broad Diversified
USD Unhedged Return,
45% JP MORGAN
Emerging Markets Bond
EMBI Global Diversified
Composite Return, 10%
JP MORGAN GBI-EM
Global-Div USD
Unhedged Return in
USD
J.P. Morgan EM Equal NAV to NAV coupons reinvested
Weight (JP Morgan GBI
Emerging Markets
Global Diversified, USD;
JP Morgan Corporate
Emerging Markets Bond
Broad Diversified, USD;
JP Morgan EMBI Global
Diversified, USD)
ICE BOFAML Euro High NAV to NAV, cash flows reinvested
Yield BB-B Constrained
S&P Eurozone Large NAV to NAV, distributions and dividends reinvested (taxes
Mid Cap Growth Total deducted)
Return Net
250
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
S&P Europe Large Mid NAV to NAV, distributions and dividends reinvested (taxes
Cap Growth Total Return deducted)
Net
S&P Europe Large Cap NAV to NAV, distributions and dividends reinvested (taxes
Growth Total Return Net deducted)
MSCI Europe Total NAV to NAV, distributions and dividends reinvested (taxes
Return Net deducted)
BLOOMBERG Global NAV to NAV, distributions and dividends reinvested (taxes
Aggregate Credit Total deducted)
Return
MSCI World Total Return NAV to NAV, distributions and dividends reinvested (taxes
Net deducted)
50% BLOOMBERG NAV to NAV, distributions and dividends reinvested (taxes
Global Aggregate Bond deducted)
and 50% MSCI World
Total Return Net
50% BLOOMBERG NAV to NAV, distributions and dividends reinvested (taxes
Global Aggregate Total deducted)
Return + 50% MSCI AC
World (ACWI) Total
Return Net
LIBOR EUR Overnight Rate
EURO SHORT-TERM Rate
RATE ( STR)
ICE BOFAML Global NAV to NAV, distributions and dividends reinvested (taxes
High Yield Constrained deducted)
MSCI World Information NAV to NAV, distributions and dividends reinvested (taxes
Technology Total Return deducted)
Net
MSCI AC World (ACWI) NAV to NAV, distributions and dividends reinvested (taxes
Information Technology deducted)
Total Return Net
EUROMONEY Global NAV to NAV, gross dividends reinvested (taxes deducted)
Mining Total Return Net
Euromoney Global NAV to NAV, gross dividends reinvested (taxes deducted)
Mining Total Return
MSCI World/Metals & NAV to NAV, distributions and dividends reinvested (taxes
Mining Total Return (Net) deducted)
251
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
MSCI World Small Cap NAV to NAV, distributions and dividends reinvested (taxes
Total Return Net deducted)
DOW JONES NAV to NAV, distributions and dividends reinvested (without
Sustainability World deduction of taxes)
Total Return Net
ICE BOFAML Green NAV to NAV, distributions and dividends reinvested (taxes
Bond deducted)
J.P. MORGAN JACI NAV to NAV coupons reinvested
Composite Total Return
J.P. MORGAN Asia NAV to NAV coupons reinvested
Credit China Index
ICE BOFAML BB-B NAV to NAV, distributions and dividends reinvested (taxes
Global High Yield Index deducted)
(hedged)
FTSE MPF Hong Kong NAV to NAV, distributions and dividends reinvested (taxes
Index Total Return Net deducted)
J.P. MORGAN JACI NAV to NAV coupons reinvested
Non-Investment Grade
Custom Index
HANG SENG INDEX NAV to NAV, distributions and dividends not taken into
Total Return consideration
MSCI India Total Return NAV to NAV, distributions and dividends reinvested (taxes
Net deducted)
TOPIX Total Return Net NAV to NAV, distributions and dividends not taken into
consideration
MSCI AC Asia Excl. NAV to NAV, distributions and dividends reinvested (taxes
Japan Mid Cap Total deducted)
Return Net
MSCI AC Far East Ex NAV to NAV, distributions and dividends reinvested (taxes
Japan Total Return (Net) deducted)
MSCI AC Asia Pacific NAV to NAV, distributions and dividends reinvested (taxes
Total Return Net deducted)
80% Citigroup Dim Sum Citigroup Dim Sum Bond Investment Grade Index: NAV to
Bond Investment Grade NAV coupons reinvested
Index + 20% Hong Kong Hong Kong Monetary Authority Savings Deposit Rate:
Monetary Authority Deposit rate
Savings Deposit Rate
(RMB)
252
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
ICE BOFAML Global NAV to NAV, distributions and dividends reinvested (taxes
Broad Market Corporate deducted)
MSCI AC Asia Excl. NAV to NAV, distributions and dividends reinvested (taxes
Japan Total Return Net deducted)
S&P 500 Total Return NAV to NAV, distributions and dividends reinvested (without
deduction of taxes)
50% MSCI AC World NAV to NAV, distributions and dividends reinvested (taxes
(ACWI) Total Return Net deducted)
+ 50% MSCI World
Information Technology
Total Return Net
LIBOR USD 3-Month NAV to NAV, coupons reinvested (taxes deducted)
Bloomberg Global NAV to NAV, distributions and dividends reinvested (taxes
Aggregate Total Return deducted)
70% MSCI AC World NAV to NAV, distributions and dividends reinvested (taxes
(ACWI) Total Return Net deducted)
+ 30% BLOOMBERG
BARCLAYS Global
Aggregate
70% MSCI AC World NAV to NAV, distributions and dividends reinvested (taxes
(ACWI) Total Return Net deducted)
+ 30% ICE BOFAML US
Corporate & High Yield
Index
MSCI China A Total NAV to NAV, distributions and dividends reinvested (taxes
Return Net deducted)
MSCI China A Onshore NAV to NAV, distributions and dividends reinvested (taxes
Total Return Net deducted)
MSCI China All Shares NAV to NAV, distributions and dividends reinvested (taxes
Total Return Net deducted)
MSCI All China Index Net NAV to NAV, distributions and dividends reinvested (taxes
deducted)
SECURED OVERNIGHT Rate
FINANCING RATE
(SOFR)
J.P. MORGAN NAV to NAV coupons reinvested
Government Bond -
Emerging Markets (GBI-
EM) Broad China 1-10
Year Total Return
253
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
J.P. MORGAN NAV to NAV coupons reinvested
Government Bond -
Emerging Markets (GBI-
EM) Broad China 1-10
Year Total Return in USD
80% HSBC Offshore 80% HSBC Offshore RMB Investment Grade Bond Index Ex
RMB Investment Grade Government Bonds Total Return: NAV to NAV, total return,
Bond Index Ex including price changes, and accrued and re-invested coupon
Government Bonds Total payments
Return, 20% Hong Kong Hong Kong Monetary Authority Savings Deposit Rate:
Monetary Authority Deposit rate
Savings Deposit Rate
J.P. MORGAN ESG NAV to NAV coupons reinvested
Emerging Market Bond
(EMBI) Global Diversified
Total Return
J.P. MORGAN ESG NAV to NAV coupons reinvested
Corporate Emerging
Markets Bond (CEMBI)
Broad Diversified Total
Return
BLOOMBERG Euro NAV to NAV, distributions and dividends reinvested (taxes
Aggregate 1-3 Year Total deducted)
Return
JPMorgan Global NAV to NAV coupons reinvested
Government Bond Index
MSCI ACWI Metals & NAV to NAV, distributions and dividends reinvested (taxes
Mining 30% Buffer 10/40 deducted)
50% MSCI AC World NAV to NAV, distributions and dividends reinvested (taxes
(ACWI) Total Return Net deducted)
+ 50% MSCI AC World
(ACWI) Information
Technology Total Return
Net
Bloomberg US NAV to NAV, distributions and dividends reinvested (taxes
Corporate Total Return deducted)
Russell 1000 Value Total NAV to NAV, distributions and dividends reinvested (taxes
Return Net deducted)
MSCI Europe Ext.SRI NAV to NAV, distributions and dividends reinvested (taxes
5% Issuer Capped Total deducted)
Return Net
254
Basis of Calculation
Name of Benchmark
(no subscription fees are taken into account)
Bloomberg US NAV to NAV, distributions and dividends reinvested (taxes
deducted)
Corporate Investment
Grade
The Management Company has determined that the following Sub-Funds employ investment
strategies that are sustainability-themed:
- Allianz Clean Planet
- Allianz Best Styles Europe Equity SRI
- Allianz Dynamic Multi Asset Strategy SRI 15
- Allianz Dynamic Multi Asset Strategy SRI 50
- Allianz Dynamic Multi Asset Strategy SRI 75
- Allianz Emerging Markets SRI Bond
- Allianz Emerging Markets SRI Corporate Bond
- Allianz Food Security
- Allianz Global Credit SRI
- Allianz Global Multi Asset Sustainability Balanced
- Allianz Global Sustainability
- Allianz Global Water
- Allianz Green Bond
- Allianz Positive Change
- Allianz Smart Energy
The past performance of any Share Class is not necessarily indicative of the future
performance of that Share Class or the relevant Sub-Fund.
13.2 Expense Ratios and Turnover Ratios
The expense ratios11 and the turnover ratios^ of the Sub-Funds for the financial period ended
30 September 2023 are as follows:
11 The expense ratios are calculated in accordance with the requirements in the Investment Management
Association of Singapore’s guidelines on the disclosure of expense ratios (the “IMAS Guidelines”) and, unless
expressly stated otherwise, based on figures in the Company’s latest audited accounts as at the date of the
Registered Singapore Prospectus. The following expenses, and such other expenses as may be set out in the
IMAS Guidelines (as may be updated from time to time), are excluded from the calculation of the expense ratio:
(a) interest expenses;
(b) brokerage and other transaction costs associated with the purchase and sales of investments (such as
registrar charges and remittance fees);
(c) foreign exchange gains and losses of the relevant Share Class, whether realised or unrealised;
(d) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or
mutual fund;
(e) dividends and other distributions paid to shareholders; and
(f) tax deducted at source or arising from income received.
255
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A (EUR) 0.41%
AT (EUR) 0.40%
IT (EUR) 0.27%
Allianz Advanced Fixed Income P (EUR) 0.32% 60.83%
Short Duration
RT (EUR) 0.35%
RT (H2-
CHF) 0.34%
RT10 (EUR) 0.25%
A (EUR) 2.30%
A (USD) 2.30%
AT (EUR) 2.30%
AT (HKD) 2.30%
AT (USD) 2.30%
AT (H2-
2.30%
SGD)
AT (H2-
2.30%
RMB)
Allianz All China Equity AT (H2- 60.25%
2.30%
EUR)
IT (EUR) 1.28%
IT (USD) 1.29%
P (EUR) 1.33%
PT (H2-
1.33%
RMB)
PT (USD) 1.33%
PT (GBP) 1.33%
PT (SGD) 1.33%**
256
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
RT (USD) 1.43%
ET (SGD) 1.70%**
AM (H2-
1.33%
AUD)
AM (H2-
1.34%**
JPY)
AM (H2-
1.31%
RMB)
AM (HKD) 1.34%
AM (USD) 1.34%
Allianz American Income AMf (USD) 1.34% 38.21%
AMg (USD) 1.34%
AMg (H2-
AUD) 1.34%
AT (USD) 1.34%
IT (USD) 0.70%
RT (USD) 0.79%
A (USD)
2.29%
Allianz Asia Pacific Income 13.78%
A (EUR)
2.30%
AM (USD) 1.56%
AM (H2-
1.56%
AUD)
Allianz Asian Multi Income Plus AM (H2-
1.56%
RMB) 30.07%
AM (HKD) 1.56%
AMg (HKD) 1.56%
AMg (USD) 1.56%
257
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (H2-
1.56%
AUD)
AMg (H2-
1.56%
CAD)
AMg (H2-
1.56%
EUR)
AMg (H2-
1.56%
GBP)
AMg (H2-
1.56%
NZD)
AMg (H2-
1.56%
RMB)
AMg (H2-
1.56%
SGD)
AT (USD) 1.56%
IT (USD) 0.93%
A (EUR) 2.10%
Allianz Asian Small Cap Equity 109.32%
P (EUR) 1.13%
A (EUR) 1.35%
Allianz Best Styles Euroland Equity AT (EUR) 1.35% 38.25%
I (EUR) 0.71%
A (EUR) 1.35%
Allianz Best Styles Europe Equity
P (EUR) 0.75% 96.04%
SRI
RT (EUR) 0.85%
A (EUR) 1.35%
AT (H-EUR) 1.36%
Allianz Best Styles Global Equity
94.53%
ET (H2-
1.36%
SGD)
I (EUR) 0.72%
258
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
I (H-EUR) 0.71%**
IT (USD) 0.72%
IT (H-EUR) 0.72%
P (EUR) 0.76%
PT (EUR) 0.76%
RT (EUR) 0.86%
RT (H-EUR) 0.85%
A (EUR) 2.30%
AT (H2-
2.28%
EUR)
AT (EUR) 2.30%
AT (USD) 2.30%
IT (USD) 1.29%
Allianz China A Opportunities 65.02%
P (EUR) 1.33%
PT (CHF) 1.32%
PT (USD) 1.33%
RT (CHF) 1.43%
RT (EUR) 1.43%
RT (USD) 1.43%
A (EUR) 2.30%
A (H2-EUR) 2.30%
AT (HKD) 2.30%
Allianz China A-Shares AT (RMB) 2.30% 37.27%
AT (SGD) 2.30%
AT (USD) 2.30%
AT (EUR) 2.30%
259
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (H-USD) 2.30%
ET (H-SGD) 1.70%
ET (SGD) 1.70%
IT (EUR) 1.29%
IT (USD) 1.29%
P (EUR) 1.33%
PT (GBP) 1.33%
PT (USD) 1.33%
RT (H2- 1.43%
CHF)
RT (H2- 1.43%
EUR)
RT (USD) 1.43%
A (EUR) 2.31%
A (USD) 2.31%
A (HKD) 2.31%
AT (SGD) 1.90%
AT (USD) 2.31%
Allianz China Equity AT (H2- 55.12%
2.31%
RMB)
IT (USD) 1.29%
P (USD) 1.33%
PT (EUR) 1.33%
RT (USD) 1.43%
AT (H2-
Allianz China Future Technologies 145.67%
RMB) 2.30%
260
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (H2- 2.30%
CHF)
AT (H2- 2.30%
EUR)
AT (H2- 2.30%
SGD)
AT (HKD) 2.30%
AT (H-USD) 2.30%
AT (USD) 2.30%
IT (USD) 1.29%**
RT (EUR) 1.43%
RT (H2-
CHF) 1.43%
RT (H2-
EUR) 1.43%
RT (USD) 1.43%
Allianz China Healthy Living AT (USD) 2.30% 82.96%
A (H2-EUR) 0.70%
A (USD) 0.70%
Allianz China Strategic Bond AT (H2- 163.94%
0.70%
CHF)
AT (H2-
0.70%
EUR)
A (EUR) 1.95%
AT (EUR) 1.95%
Allianz Clean Planet 26.31%
AT (USD) 1.95%
IT (EUR) 1.04%
261
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
RT (EUR) 1.18%
RT (USD) 1.14%
262
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A (EUR) 2.10%
AT (H2-
2.10%
SGD)
AT (EUR) 2.10%
AT (USD) 2.10%
Allianz Cyber Security 86.67%
IT (EUR) 1.09%
IT (USD) 1.09%
P (EUR) 1.13%
RT (USD) 1.23%
RT (EUR) 1.23%
A (H2-EUR) 1.55%
AM (H2-
1.56%
AUD)
AM (H2-
1.55%
SGD)
AM (HKD) 1.56%
AM (USD) 1.56%
AMg (H2- 1.55%
AUD)
Allianz Dynamic Asian High Yield
AMg (H2- 91.00%
Bond 1.55%
CAD)
AMg (H2- 1.55%
EUR)
AMg (H2- 1.56%
GBP)
AMg (H2- 1.55%
NZD)
AMg (H2- 1.55%
RMB)
AMg (H2- 1.56%
SGD)
263
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (HKD) 1.56%
AMg (SGD) 1.55%
AMg (USD) 1.55%
AT (USD) 1.55%
AT (H2-
1.55%
EUR)
I (H2-EUR) 0.84%
IT (USD) 0.83%
P (H2-EUR) 0.87%
R (USD) 0.93%
RT (USD) 0.93%
A (EUR) 1.25%
AQ (EUR) 1.25%
AT (EUR) 1.25%
AT2 (H2-
CHF) 1.04%
CT2 (EUR) 1.75%
Allianz Dynamic Multi Asset
I (EUR) 0.71% 48.71%
Strategy SRI 15
IT (EUR) 0.71%
IT (H2-
USD) 0.65%
IT2(EUR) 0.62%
R (EUR) 0.81%
RT (EUR) 0.80%
A (EUR) 1.75%
Allianz Dynamic Multi Asset
62.85%
Strategy SRI 50
AQ (EUR) 1.75%
264
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AQ (H2-
USD) 1.78%
AT (EUR) 1.75%
AT2 (H2-
CHF) 1.36%
CT2 (EUR) 2.00%
IT (EUR) 0.86%
IT (H2-
USD) 0.80%
IT2 (EUR) 0.74%
P (EUR) 0.89%
RT (EUR) 1.05%
A (EUR) 1.75%
AQ (EUR) 1.75%
AT(EUR) 1.74%
AT2 (H2-
CHF) 1.55%
Allianz Dynamic Multi Asset CT2 (EUR) 2.10%
62.76%
Strategy SRI 75
I (EUR) 0.94%
IT (EUR) 0.94%
IT2 (EUR) 0.82%
P (EUR) 0.97%
RT (EUR) 1.05%
A (USD) 2.30%
AT (HKD) 2.30%
Allianz Emerging Asia Equity 43.50%
IT (USD) 1.29%
RT (EUR) 1.43%
265
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A (H2-EUR) 1.49%
AMg (USD) 1.49%
AT (USD) 1.49%
Allianz Emerging Markets Select
I (USD) 0.80% 141.76%
Bond
IM (USD) 0.80%
IT (USD) 1.02%
P (H2-EUR) 0.84%
AM (H2-
EUR) 1.03%
AT (H2-
Allianz Emerging Markets Short 1.04%
EUR)
Duration Bond
AT (USD) 1.04% 58.99%
I (H2-EUR) 0.56%
IT (USD) 0.56%
A (H2-EUR) 1.50%
I (H2-EUR) 0.79%
Allianz Emerging Markets SRI
117.53%
Bond 0.83%
P (H2-EUR)
RT (H2-
EUR) 0.84%
AMg (USD) 1.63%
AT (H2-
EUR) 1.55%
I (H2-EUR) 0.83%
Allianz Emerging Markets SRI
IT (H2- 62.07%
Corporate Bond
EUR) 0.83%
RT(H2-
CHF) 0.93%
RT (H2-
GBP) 0.93%
266
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
RT (H2-
EUR) 0.93%
RT (USD) 1.04%
A (EUR) 1.40%
AM (EUR) 1.40%
AM (H2- 1.40%
USD)
AT (EUR) 1.40%
AT (H2-
USD) 1.40%
I (EUR) 0.80%
Allianz Euro High Yield Bond 71.03%
IM (H2-
USD) 0.81%
IT (EUR) 0.80%
IT8 (H-
EUR) 0.80%
P (EUR) 0.84%
R (EUR) 0.86%
RT (H2- 0.54%
CHF)
A (EUR) 1.85%
AT (EUR) 1.85%
AT (H2-
CHF) 1.85%
Allianz Euroland Equity Growth AT (H2-
1.85% 5.49%
USD)
I (EUR) 0.97%
IT (EUR) 0.96%
PT (EUR) 1.00%
267
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
PT (H2-
CHF) 1.00%
R (EUR) 1.10%
RT (EUR) 1.10%
A (EUR) 1.85%
A (GBP) 1.86%
AT (EUR) 1.85%
AT (H-CHF) 1.85%
AT (H2-
SGD) 1.85%
AT (H2-
USD) 1.85%
I (EUR) 0.97%
I (USD) 0.96%
Allianz Europe Equity Growth 9.47%
IT (EUR) 0.97%
IT (H2-
USD) 0.96%
P (EUR) 1.00%
P (GBP) 1.00%
PT (EUR) 1.00%
R (EUR) 1.10%
RT (H2-
1.10%
USD)
RT (EUR) 1.10%
A (EUR) 1.85%
Allianz Europe Equity Growth
A (H2-USD) 1.85% 31.14%
Select
AT (EUR) 1.85%
268
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (H2-
SGD) 1.85%
AT (H2-
USD) 1.85%
I (EUR) 0.97%
IT (EUR) 0.97%
IT (H2-
USD) 0.97%
P (EUR) 1.00%
R (EUR) 1.10%
RT (EUR) 1.11%
AM (EUR) 1.56%
AM (H2-
AUD) 1.55%
AM (H2-
CAD) 1.55%
AM (H2-
GBP) 1.55%
AM (H2 –
HKD) 1.55%
AM (H2-
NZD) 1.55%
Allianz Europe Income and Growth 46.30%
AM (H2-
SGD) 1.56%
AM (H2-
USD) 1.55%
AMg (EUR) 1.55%
AMg (H2-
AUD) 1.55%
AMg (H2-
HKD) 1.55%
AMg (H2-
SGD) 1.55%
269
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (H2-
USD) 1.55%
AT (H2-
USD) 1.55%
AT (H2-
HKD) 1.54%
A (EUR) 1.85%
AM (H2- 1.85%
AUD)
AM (EUR) 1.85%
AM (H2- 1.85%
NZD)
AM (H2- 1.85%
RMB)
AM (H2- 1.85%
SGD)
AM (H2- 1.85%
USD)
AM (H2- 1.85%
HKD)
Allianz European Equity Dividend AM (H2- 1.85% 51.23%
GBP)
AMg (H2- 1.85%
USD)
AT (EUR) 1.86%
I (EUR) 0.96%
IM (EUR) 0.97%
IT (EUR) 0.96%
IT (H2-
USD) 0.96%
P (EUR) 1.00%
PT (EUR) 1.02%
RT (EUR) 1.09%
270
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A (H2-EUR) 1.55%
AM (H2-
AUD) 1.56%
AM (H2-
CAD) 1.56%
AM (H2-
EUR) 1.56%
AM (H2-
GBP) 1.56%
AM (H2-
NZD) 1.56%
AM (H2-
RMB) 1.56%
AM (H2-
SGD) 1.56%
Allianz Flexi Asia Bond 74.16%
AM (HKD) 1.56%
AM (SGD) 1.56%
AM (USD) 1.56%
AMg (USD) 1.56%
AT (USD) 1.56%
I (EUR) 0.84%
IT (USD) 0.84%
PQ (H2-
0.88%
GBP)
RM (USD) 0.93%
A (EUR) 1.95%
AT (EUR) 1.95%
Allianz Food Security 30.92%
AT (USD) 1.95%
IT (EUR) 1.04%
271
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
P (GBP) 1.08%
RT (USD) 1.20%
AM (H2-
AUD) 2.30%
AM (H2-
RMB) 2.30%
AM (H2-
USD) 2.30%
AMg (HKD) 2.30%
Allianz GEM Equity High Dividend 71.25%
AMg (USD) 2.30%
AT (EUR) 2.30%
AT (USD) 2.30%
I (EUR) 1.29%
IT (USD) 1.29%
A (EUR) 2.11%
AT (EUR) 2.11%
AT (HKD) 2.11%
AT (USD) 2.11%
AT (H2-
EUR) 2.11%
Allianz Global Artificial Intelligence AT (H2- 143.18%
JPY) 2.12%
AT (H2-
RMB) 2.11%
AT (H2-
SGD) 2.11%
ET (H2-
SGD) 1.70%
I (EUR) 1.10%
272
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
IT (EUR) 1.10%
IT (USD) 1.09%
IT (H2-
EUR) 1.10%
P (EUR) 1.13%
P (USD) 1.13%
PT (GBP) 1.13%
PT (H2-
1.14%
CHF)
PT (H2-
1.13%
GBP)
R (EUR) 1.23%
RT (H2-
1.23%
EUR)
RT (EUR) 1.23%
RT (USD) 1.23%
AT (USD) 1.05%
IT (USD) 0.57%
Allianz Global Credit SRI
129.40%
IT (H-EUR) 0.57%
IT8 (H-
0.56%
EUR)
A (EUR) 1.71%
AMg (USD) 1.72%
AMg (H2-
1.73%
AUD)
Allianz Global Multi Asset
AMg (H2- 58.75%
Sustainability Balanced 1.71%
EUR)
AMg (H2-
1.72%
GBP)
AMg (H2-
1.72%
RMB)
273
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (H2-
1.72%
SGD)
IT (USD) 0.92%
A (EUR) 1.85%
AT (EUR) 1.86%
AT (USD) 1.85%
AT (H2-
EUR) 1.86%
IT (EUR) 0.97%
IT (H2-
EUR) 0.96%
Allianz Global Equity Growth 14.13%
IT (USD) 0.94%
PT (EUR) 1.00%
R (EUR) 1.10%
RT (EUR) 1.10%
RT (USD) 1.10%
ET (SGD) 1.70%**
A (EUR) 2.10%
AT (EUR) 2.10%
AT (USD) 2.10%
Allianz Global Equity Insights IT (EUR) 1.10% 120.96%
IT (USD) 1.09%**
P (EUR) 1.13%
PT (USD) 1.13%
A (EUR) 2.11% 30.45%
274
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (EUR) 2.10%
AT (USD) 2.12%
Allianz Global Equity
Unconstrained
I (EUR) 1.10%
IT (USD) 1.10%
A3 (H2-
EUR) 0.54%
A3 (USD) 0.55%
AM (H2-
AUD) 0.60%
AM (H2-
NZD) 0.60%
AM (HKD) 0.61%
AM (USD) 0.61%
AMg (H2-
0.60%
AUD)
AMg (HKD) 0.61%
Allianz Global Floating Rate Notes
36.36%
Plus AMg (USD) 0.60%
AMg (H2-
0.60%
SGD)
AMg3 (H2-
0.53%
SGD)
AMg3
(HKD) 0.54%
AMg3
(USD) 0.54%
AT (USD) 0.61%
AT (H2-
0.60%
SGD)
AT (H2-
0.61%
EUR)
275
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT3 (H2-
0.53%
CHF)
AT3 (H2-
0.54%
EUR)
AT3 (USD) 0.55%
IT (USD) 0.32%
IT (H2-
0.32%
EUR)
P (H2-EUR) 0.36%
P (H2-GBP) 0.37%
PQ (USD) 0.36%
RT (USD) 0.41%
RT10 (H2- 0.26%
CHF)
RT10 (H2- 0.26%
EUR)
RT10 (H2- 0.26%
GBP)
RT10 (H2- 0.27%
CHF)
RT10 (USD) 0.27%
A (USD) 2.11%
Allianz Global Hi-Tech Growth 127.55%
IT (USD) 1.10%
A (USD) 1.40%
AMg (H2-
1.40%
SGD)
Allianz Global High Yield 127.51%
IT (USD) 0.75%
IT (H2-
EUR) 0.76%
Allianz Global Income AMg (USD) 1.55% 80.11%
276
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A (EUR) 1.55%
A (USD) 1.55%
A (H-EUR) 1.55%
AT (USD) 1.55%
AM (H2-
1.71%
AUD)
AM (H2-
1.70%
EUR)
AM (H2-
1.70%
GBP)
AM (H2-
1.70%
RMB)
AM (H2-
1.70%
SGD)
AM (HKD) 1.70%
AM (USD) 1.70%
AMg (H2-
Allianz Global Intelligent Cities 1.70%
AUD) 56.38%
Income
AMg (H2-
1.70%
RMB)
AMg (H2-
1.70%
SGD)
AMg (HKD) 1.70%
AMg (USD) 1.70%
AT (H2-
1.70%
EUR)
AT (HKD) 1.70%
AT (USD) 1.70%
RT (USD) 1.00%
Allianz Global Metals and Mining A (EUR) 1.85% 52.49%
277
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (EUR) 1.85%
AT (USD) 1.85%
I (EUR) 0.97%
IT (EUR) 0.96%
IT (USD) 0.96%
RT (EUR) 1.10%
A (H2-EUR) 1.14%
AMg (USD) 1.15%
AT (USD) 1.14%
AT (H2-
EUR) 1.15%
Allianz Global Multi-Asset Credit 118.26%
I (H2-EUR) 0.62%
IT (USD) 0.62%
IT (H2-
EUR) 0.62%
P (H2-EUR) 0.65%
A (EUR) 1.21%
AMf (USD) 1.20%
AMg (USD) 1.20%
AMg (HKD) 1.20%
AMg (H2-
Allianz Global Opportunistic Bond 165.26%
RMB) 1.19%**
AMg (H2-
AUD) 1.20%
AMg (H2-
EUR) 1.20%
AMg (H2-
GBP) 1.20%
278
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (H2-
SGD) 1.20%
AT (HKD)
1.36%
AT (USD)
1.22%
AT (H2-
EUR) 1.19%**
AT (H2-
SGD) 1.19%
IM (USD)
0.65%
IT (H2-
EUR) 0.64%**
IT (USD)
0.66%
PMg (USD)
0.70%
PMg (H2-
SGD) 0.69%
AT (EUR) 2.10%
AT (USD) 2.10%
Allianz Global Small Cap Equity AT (H-EUR) 2.12% 57.99%
IT (H-EUR) 1.10%
IT (USD) 1.10%
A (EUR) 1.85%
A (USD) 1.85%
Allianz Global Sustainability AM (HKD) 1.85% 38.91%
AM (USD) 1.85%
AM (H2-
AUD) 1.85%
279
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AM (H2-
CAD) 1.85%
AM (H2-
RMB) 1.85%
AM (H2-
SGD) 1.85%
AM (H2-
USD) 1.85%
AMg (USD) 1.85%
AMg (H2-
1.85%
RMB)
AT (H-EUR) 1.84%
AT (EUR) 1.85%
AT (HKD) 1.85%
AT (USD) 1.85%
IT (EUR) 0.97%
IT (USD) 0.96%
IT4 (EUR) 0.55%
P (EUR) 1.00%
PT (USD) 1.00%
RM (H2-
1.10%
USD)
RT (EUR) 1.10%
A (EUR) 2.10%
AT (EUR) 2.10%
Allianz Global Water AT (USD) 2.10% 21.35%
AT (H2-
EUR) 2.10%
AT3 (CHF) 1.55%
280
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT3 (EUR) 1.55%
AT3 (USD) 1.55%
AT4 (USD) 1.55%
I (USD) 1.09%
IT (EUR) 1.09%
IT (USD) 1.09%
IT4 (EUR) 0.91%
P (EUR) 1.13%
P (USD) 1.13%
R (USD) 1.23%
RT (EUR) 1.23%
RT (H2-
1.23%
CHF)
RT (H2-
1.23%
EUR)
RT (USD) 1.23%
RT10 (CHF) 0.50%
RT10 (EUR) 0.50%
RT10 (GBP) 0.50%
RT10 (USD) 0.50%
RT11 (USD) 0.50%
A (EUR) 1.14%
AMf (H2-
1.14%
USD)
Allianz Green Bond 29.32%
AM (H2-
USD) 1.13%
AT (EUR) 1.14%
281
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (H2-
1.13%
USD)
AT (H2-
1.14%
CHF)
I (EUR) 0.61%
IT (EUR) 0.61%
IT (H2-
USD) 0.61%
IT4 (EUR) 0.43%
P (EUR) 0.65%
PT (EUR) 0.65%
PT (H2-
CHF) 0.64%
PT (H2-
USD) 0.64%
R (EUR) 0.69%
RT (EUR) 0.69%
A (EUR) 2.10%
AM (EUR) 2.10%
AM (USD) 2.09%
Allianz High Dividend Asia Pacific AT (EUR) 2.12%
35.50%
Equity
I (EUR) 0.91%
I (H-EUR) 0.91%
RT (EUR) 1.23%
AM (HKD) 1.06%
Allianz HKD Income
AM (USD) 1.05%
53.12%
AMg (HKD) 1.05%**
282
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (USD) 1.05%**
AT (HKD) 1.06%
AT (USD) 1.06%
A (USD) 2.11%
A (HKD) 2.11%
Allianz Hong Kong Equity
AT (HKD) 2.11%
51.92%
AT (SGD) 1.86%
IT (USD) 1.10%
A (USD) 1.55%
A (H2-EUR) 1.55%
AM (H2- 1.55%
AUD)
AM (USD) 1.55%
AM (H2- 1.55%**
CHF)
AM (H2- 1.55%
CAD)
AM (H2- 1.55%
EUR)
Allianz Income and Growth
AM (H2- 60.09%
1.55%
GBP)
AM (H2- 1.55%
JPY)
AM (H2- 1.55%
NZD)
AM (H2- 1.55%
RMB)
AM (H2- 1.55%
SGD)
AM (HKD) 1.55%
AMg2 (H2- 1.55%
AUD)
283
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg2 (H2- 1.54%
CAD)
AMg2 (H2- 1.55%
GBP)
AMg2 (H2- 1.55%
RMB)
AMg2 (H2- 1.55%
SGD)
AMg2 1.55%
(USD)
AMg2 1.55%
(HKD)
AMg7
(USD) 1.55%
AMg7 (H2-
AUD) 1.55%
AT (USD) 1.55%
AT (H2-
1.55%
EUR)
AT (HKD) 1.55%
AQ (H2-
EUR) 1.55%
AQ (USD) 1.56%
IM (USD) 0.85%
IT (H2-
EUR) 0.85%
IT (USD) 0.85%
P (EUR) 0.89%
P (USD) 0.89%
P (H2-EUR) 0.89%
PM (H2-
GBP) 0.89%
PM (USD) 0.89%
284
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
PT (USD) 0.89%
RM (H2-
0.95%
AUD)
RM (H2- 0.95%
CAD)
RM (H2- 0.95%
EUR)
RM (H2- 0.95%
GBP)
RM (H2- 0.95%
RMB)
RM (H2- 0.95%
SGD)
RM (HKD) 0.95%
RM (USD) 0.96%
RT (H2- 0.95%
EUR)
RT (USD) 0.95%
Allianz India Equity I (USD) 1.29% 28.63%
A (USD) 1.86%
A (EUR) 1.85%**
AT (EUR) 1.89%
AT (H-EUR) 1.86%
Allianz Japan Equity 47.95%
AT (H-USD) 1.86%
IT (H-EUR) 0.97%
IT (USD) 0.97%
P (EUR) 1.00%**
A (USD) 3.33%
Allianz Little Dragons 83.53%
AT (USD) 3.33%
285
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A2 (EUR) 2.33%
CT2 (EUR) 3.05%
AT (H2-
1.80%
Allianz Multi Asset Long / Short EUR) 86.50%
AT (USD) 1.80%**
A (H-USD) 1.85%
A (EUR) 1.85%
A (USD) 1.85%
AT (EUR) 1.85%
AT (SGD) 1.86%
AT (USD) 1.85%
AT (HKD) 1.86%
AT (H2-
Allianz Oriental Income RMB) 1.85% 48.16%
ET (SGD) 1.70%**
I (USD) 0.97%
IT (EUR) 0.96%
IT (USD) 0.96%
P (EUR) 1.00%
P (USD) 1.00%
RT (EUR) 1.10%
A (EUR) 2.10%
A (H2-EUR) 2.10%
Allianz Pet and Animal Wellbeing 13.53%
A (USD) 2.10%
AT (EUR) 2.10%
286
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (USD) 2.10%
AT (H2-
CHF) 2.10%
AT (H2-
EUR) 2.10%
IT (EUR) 1.09%
IT (USD) 1.09%
P (EUR) 1.13%
R (EUR) 1.23%
RT (H2-
1.23%
EUR)
RT (H2-
1.23%
GBP)
RT (EUR) 1.23%
RT (USD) 1.23%
287
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
A (EUR) 1.95%
AT (EUR) 1.95%
AT (USD) 1.95%
Allianz Positive Change 45.84%
IT (EUR) 1.04%
PT10 (EUR) 0.49%
RT (USD) 1.17%
A (USD) 1.04%
A (H2-EUR) 1.04%
Allianz Renminbi Fixed Income PT (RMB) 0.59% 386.12%
RT (RMB) 0.62%
P (USD) 0.60%
AM (USD) 1.55%
AM (H2- 1.55%
AUD)
AM (H2- 1.55%
EUR)
Allianz Select Income and Growth 94.38%
AM (H2- 1.55%
GBP)
AM (H2- 1.55%
SGD)
AT (USD) 1.55%
Allianz SGD Income AMg (SGD) 1.05% 57.19%
A (EUR) 1.95%
AT (USD) 1.95%
Allianz Smart Energy 32.42%
AT (H2-
EUR) 1.95%
AT (EUR) 1.95%
288
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AT (H2-
SGD) 1.95%
IT (USD) 1.04%
IT (H2-
EUR) 1.04%
P (EUR) 1.08%
RT (USD) 1.18%
A (H2-EUR) 1.14%
AT (USD) 1.14%
AT (H2-
CHF) 1.14%
AT (H2-
EUR) 1.14%
AT (H2-
SGD) 1.12%
IT (H2-
Allianz Strategic Bond 0.62% 80.03%
EUR)
P (H2-EUR) 0.65%
RT (H2-
CHF) 0.69%
RT (H2-
EUR) 0.69%
RT (H2-
GBP) 0.68%
RT (USD) 0.69%
A (EUR) 1.95%
AMg (HKD) 1.96%
Allianz Thematica AMg (H2- 26.21%
AUD) 1.96%
AMg (H2-
RMB) 1.95%
289
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AMg (H2-
SGD) 1.95%
AMg (USD) 1.95%
AT (EUR) 1.95%
AT (H2-
1.95%
SGD)
AT (USD) 1.95%
I (EUR) 1.09%
IT (EUR) 1.09%
IT4 (EUR) 0.91%
IT (USD) 1.09%
P (EUR) 1.13%
PT (USD) 1.13%
R (EUR) 1.23%
RT (H2- 1.23%
CHF)
RT (H2- 1.23%
GBP)
RT (EUR) 1.23%
RT (USD) 1.23%
RT (H2- 1.23%
EUR)
A (EUR) 2.12%
A (USD) 2.11%
Allianz Total Return Asian Equity AM (H2-
AUD) 2.12% 107.52%
AM (H2-
SGD) 2.12%
AM (USD) 2.12%
290
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AM (HKD) 2.12%
AMg (USD) 2.12%
AT (USD) 2.12%
AT (HKD) 2.12%
AT4 (HKD) 2.12%
IT (JPY) 1.09%**
IT2 (USD) 1.11%
P (EUR) 1.14%
PT (USD) 1.14%
A (EUR) 1.85%
A (USD) 1.86%
A (H-EUR) 1.85%
AT (EUR) 1.85%
Allianz US Equity Fund 83.08%
AT (USD) 1.85%
AT (SGD) 1.86%
AT (H-EUR) 1.88%
IT (USD) 0.96%
AM (USD) 1.85%
Allianz US Equity Plus 66.86%
AM (H2-
RMB) 1.85%
AM (USD) 1.24%
AM (H2-
Allianz US High Yield AUD) 1.25% 46.54%
AM (H2-
CAD) 1.24%
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Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AM (H2-
EUR) 1.24%
AM (H2-
GBP) 1.24%
AM (H2-
NZD) 1.24%
AM (H2-
RMB) 1.25%
AM (H2-
1.24%
SGD)
AM (HKD) 1.24%
AT (USD) 1.24%
AT (H2-
EUR) 1.24%
AT (HKD) 1.24%
I (H2-EUR) 0.77%
IM (USD) 0.77%
IT (USD) 0.77%
IT8 (H2-
0.77%
EUR)
P (H2-EUR) 0.80%
RT (H2-
0.85%
CHF)
A (H2-EUR) 0.95%**
A (USD) 0.95%**
AMg (USD) 0.95%**
Allianz US Investment Grade Credit AT (H2- 296.63%
0.95%**
EUR)
AT (USD) 0.95%**
I (H2-EUR) 0.52%**
I (USD) 0.52%**
292
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
IT (H2-
0.52%**
EUR)
IT (USD) 0.52%**
P (H2-EUR) 0.56%**
P (USD) 0.56%**
PT (H2-
0.56%**
EUR)
PT (USD) 0.56%**
R (H2-EUR) 0.60%**
R (USD) 0.60%**
RT (H2-
0.60%**
EUR)
RT (USD) 0.60%**
AT (USD) 1.85%**
IT (H2-
0.96%**
EUR)
IT (USD) 0.96%**
Allianz US Large Cap Value
3.80%
PT (USD) 1.00%**
RT (USD) 1.10%**
A (USD) 1.34%
A (H2-EUR) 1.34%
AM (SGD) 1.34%
Allianz US Short Duration High AM (USD) 1.34%
51.17%
Income Bond
AM (H2-
AUD) 1.34%
AM (H2-
EUR) 1.34%
AM (H2-
GBP) 1.34%
293
Share Expense Turnover Ratio
Sub-Funds
Class Ratio (%) (%)
AM (H2-
RMB) 1.34%
AM (H2-
1.34%
SGD)
AM (HKD) 1.34%
AMg (USD) 1.34%
AMg (H2-
1.34%
AUD)
AT (USD) 1.34%
AT (H2-
EUR) 1.34%
IM (USD) 0.71%
IT (USD) 0.71%
IT (H2-
0.72%
EUR)
P (USD) 0.75%
P (H2-EUR) 0.75%
PM (USD) 0.75%
PT (H2-
0.75%
CHF)
PT (USD) 0.75%
R (USD) 0.79%
R (H2-EUR) 0.79%
RT (H2- 0.79%
CHF)
RT (H2- 0.79%
EUR)
Expense ratios of Share Classes which were not incepted as at 30 September 2023 have not
been provided above.
^The calculation of each Sub-Fund’s turnover ratio is based on the lesser of purchases or sales
of underlying investments of the Sub-Fund expressed as a percentage of daily average NAV.
294
Where the inception period of the relevant Share Class or the Sub-Fund (as the case may be)
is less than one year as at 30 September 2023, the turnover ratio figure provided is not
annualised.
**Annualised figure as the Share Class has been incepted for less than one year as at 30
September 2023.
14. SOFT DOLLAR COMMISSIONS / ARRANGEMENTS
Please refer to the Luxembourg Prospectus under Sections XII.2.5. and XII.2.6. headed “Soft
Commissions” and “Commission Sharing Arrangements” for details on the Company’s policy
on soft commissions.
15. CONFLICT OF INTERESTS
Please refer to the Luxembourg Prospectus under Section XIV headed “Conflicts of Interest
and Transactions with Connected Parties” for details on any conflict of interest which exist or
may arise in relation to the Sub-Funds and their management. Further information is also set
out in the Luxembourg Prospectus under Section V headed “Depositary” under the sub-heading
“Conflicts of Interest”.
16. MEETINGS AND REPORTS
The financial year end for the Company is 30 September.
The Company will issue an audited annual report (which contains the annual accounts) within
four months after the end of the financial year and an un-audited semi-annual report (which
contains the semi-annual accounts) within two months after the end of the period to which it
refers.
The annual general meeting of Shareholders will be held each year at the Company’s registered
office at 11.00 a.m. (Luxembourg time) on the fourth Friday of January, or if such a day is not
a Business Day, on the next Business Day thereafter.
Further details are set out in the Luxembourg Prospectus under Section III.3. headed “Meetings
of Shareholders” and Section III.4. headed “Reports to Shareholders”.
17. OTHER MATERIAL INFORMATION
17.1 Distribution Policy of the Sub-Funds
Full details are set out in the Luxembourg Prospectus under Section X headed “Distribution
Policy”. You should also refer to Appendix 6 of the Luxembourg Prospectus for Allianz US High
Yield.
Distributing and accumulating Shares may be issued for each Sub-Fund. You should be aware
that any distributions involving payment of distributions out of a Sub-Fund’s capital may result
in an immediate decrease in the NAV per Share and may reduce the capital available for the
Sub-Fund for future investment and capital growth.
Distribution Shares
Distribution Shares can target to have a variable payout profile, a stable payout profile or a fixed
percentage payout profile. For shares targeting a variable payout, the income can be calculated
in accordance with the Net Distribution Policy (as described under paragraph 17.1.1 below)
while for shares targeting a stable payout the income can be calculated either in accordance
with the Net Distribution Policy or the Gross Distribution Policy (as described under paragraph
295
17.1.2 below). Intended distribution amounts for distribution shares targeting a stable payout
profile are reviewed on a regular basis and may be adjusted. Shareholders will not be notified
in case of any change in the intended distribution amount. Shareholders should note that the
intended distribution amount is not guaranteed. In addition, distribution amount can be
calculated in accordance with the Fixed Percentage Policy (as described under paragraph
17.1.3 below). Distribution Shares targeting to have a stable payout profile can or cannot apply
the IRD Neutral Policy (as described under paragraph 17.1.4 below).
17.1.1 Net Distribution Policy
Income available for distribution is generally calculated according to the net distribution policy
(Net Distribution Policy). Distributable income of Shares is calculated by deducting all payable
charges, fees, taxes and other expenses from all income while taking into account the
corresponding income equalisation. The distribution amount for Currency hedged Share
Classes applying the Net Distribution Policy will take into account the Interest Rate Differential
arising from share class currency hedging accordingly unless the IRD Neutral Policy is applied.
The Company may determine to distribute (1) realised capital gains and other income
(accounting for income equalisation), and (2) unrealised capital gains and (3) capital.
17.1.2 Gross Distribution Policy
Income available for distribution may also be calculated according to the gross distribution
policy (Gross Distribution Policy or GDP) by solely taking into account the entire available
income (i.e. the gross income). The distribution amount for Currency hedged Share Classes
applying the Gross Distribution Policy will take into account the Interest Rate Differential arising
from share class currency hedging accordingly unless the IRD Neutral Policy is applied. Share
Classes which distribute income according to the Gross Distribution Policy are named with the
additional letter “g”.
17.1.3 Fixed Percentage Policy
The distribution amount may also be calculated according to the fixed percentage policy (Fixed
Percentage Policy). Such Distribution Shares intend to pay out of variable amount per Share
which will be based on a fixed percentage of the Net Asset Value per Share. The distribution
amount is calculated based on a fix percentage applied on the Net Asset Value of the respective
share class at the end of the previous month (in case of monthly distributions), the previous
financial quarter (in case of quarterly distributions) or the fiscal year (in case of annual
distributions). While the percentage will be applied consistently the distribution amount may
vary from month to month due to movement in the Net Asset Value per Share. The fixed
percentage for calculation of the distribution amount is determined prior to the first distribution
of the relevant Share Class of the relevant Sub-Fund but can be subject to adjustment. Although
the fixed distribution percentage is intended to be maintained, it may be subject to amendments
under exceptional circumstances (including but not limited to, a drastic drop of the Net Asset
Value due to market crash, material market shifts or major crisis) after taking into account various
factors, including but not limited to, the portfolio outlook of the relevant Sub-Fund, the risk
analysis, the fixed distribution percentage and the Net Asset Value per Share of the relevant
Share Class of the relevant Sub-Fund. Shareholders will be notified in case of any change in the
fixed distribution percentage. Shareholders should note that fixed payout percentage is not
guaranteed.
Share Classes which distribute income according to the Fixed Percentage Policy are named
with the additional letter “f”.
296
The distribution amount per share is generally calculated as follows: fixed distribution
percentage per annum ÷ distribution frequency over a year × Net Asset Value per Share on the
last Dealing Day of the previous month/financial quarter/fiscal year (depending on the frequency
of distribution).
17.1.4 IRD Neutral Policy
The distribution amount for Currency hedged Share Classes may also be calculated according
to the IRD Neutral Policy. The distribution amount for such Currency hedged Share Classes
will generally apply the principles of either the Net Distribution Policy or the Gross Distribution
Policy while, however, not reflecting Interest Rate Differential arising from share class currency
hedging. For instance, where the interest rate of the Base Currency of a Sub-Fund is higher
than the interest rate of the Reference Currency of a Currency hedged Share Class, the Interest
Rate Differential is negative. With the adoption of IRD Neutral Policy, the distribution amount
for such Currency hedged Share Class will not be decreased to account for the difference
between these interest rates.
Share Classes which distribute income according to the IRD Neutral Policy are named with the
additional letter “i”.
17.1.5 Risk to Erode Capital
Distribution Shares distributing capital have a risk to erode capital. Payment of distribution out
of capital, amounts to a return or withdraw of part of an investor’s original investment or from
any capital gains attributable to that original investment. Any distributions involving payment of
dividend out of capital may result in immediate reduction of the Net Asset Value per Share of
the share. The following share classes may have an increased risk of capital erosion: (i)
Distribution Shares applying the Fixed Percentage Policy may have relatively high likelihood to
erode capital because the distribution of capital is an inherent element of the determination of
the fixed percentage. Shareholders should note that a positive fixed distribution percentage
does not imply a high or positive return, as the fixed distribution may be paid out of capital or
effectively out of capital, (ii) Distribution shares targeting to have a stable payout profile may be
subject to capital erosion, (iii) Distribution shares targeting to have a stable payout profile and
applying the IRD Neutral Policy have high likelihood to erode capital if the Interest Rate
Differential is negative. The likelihood of capital erosion can vary significantly and strongly
depends on the Interest Rate Differential between the relevant currencies, and (iv) Distribution
Shares applying the Gross Distribution Policy usually are subject to capital erosion because
fees and expenses are not reflected in the calculation of distribution amount, i.e., will be taken
from the capital.
Please visit https://regulatory.allianzgi.com for a complete list of fixed distribution percentages
applied to share classes with Fixed Percentage Policy.
Accumulation Shares
Accumulation Shares retain all income (while accounting for income equalisation) less payable
charges, fees, taxes and other expenses and reinvest these amounts. No distributions are
expected to be paid to holders of Accumulation Shares.
17.2 Tax Considerations
You should be aware that you may be required to pay income tax, withholding tax, capital gains
tax, wealth tax, stamp taxes or other kind of tax on distributions or deemed distributions of the
Sub-Funds, capital gains within the Sub-Funds, whether or not realised, income received or
297
accrued or deemed received within the Sub-Funds. If you are in doubt of your tax position, you
should consult your own independent tax advisor.
Please refer to the Luxembourg Prospectus under Section XIII headed “Taxation” for a
summary of other tax considerations in relation to the Company and the Sub-Funds.
17.3 Liquidation of the Company, dissolution and merging of Sub-Funds
The Company may, at any time, be dissolved by resolution of the general meeting of
Shareholders, subject to the quorum and majority requirements set out in the Articles. If the
Company’s share capital falls below two-thirds or a quarter of the minimum capital required by
law, the Board must refer the matter of dissolution of the Company to a general meeting of
Shareholders.
The Board may force redemption of all Shares of a Sub-Fund if the assets of the Sub-Fund fall
below the amount that the Board considers to be a minimum amount for the economically
efficient management of the Sub-Fund, or if the Sub-Fund does not reach this minimum amount
or if a substantial change in the political, economic or monetary situation arises.
Under the same circumstances, the Board may decide to force redemption of all Shares in a
Share Class.
The Board may also decide to merge the assets of one or all Share Classes issued in a Sub-
Fund into another sub-fund of the Company or another Share Class of the same Sub-Fund of
the Company, into another UCITS, or into another sub-fund or share class of another UCITS.
Please refer to the Luxembourg Prospectus under Section III.5. headed “Liquidation and
Merger”.
17.4 Insolvency of Parties
In the event of insolvency of the Management Company, the Investment Managers, the Sub-
Investment Managers, the Investment Advisor or the Depositary, the appointment of such party
will be terminated and a replacement or a successor entity will be appointed in its place, as
contractually agreed by such parties and in accordance with applicable laws and regulations.
17.5 Luxembourg Prospectus
You should note that the foregoing is a summary of the Luxembourg Prospectus. You should
refer to the Luxembourg Prospectus for full information on the Company and the Sub-Funds.
18. QUERIES AND COMPLAINTS
You may direct all your enquiries about the Company and the Sub-Funds to the Singapore
Representative at:
Telephone No. : 1800 438 0828
Email : [email protected]
298
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299
ALLIANZ GLOBAL INVESTORS FUND – SINGAPORE REPLACEMENT PROSPECTUS
Signed:
__________________________
Signed by
Fong Jason Yik Kuen
Director of Allianz Global Investors Singapore Limited
For and on behalf of
the Directors of Allianz Global Investors Fund:-
Carina Feider
Hanna Duer
Heiko Tilmont
Oliver Drissen
Silvana Pacitti
Luxembourg Prospectus
2
Important Information for Investors
The Directors accept responsibility for the information contained in this Prospectus. To the best of the
knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the
case) the information contained in this Prospectus is in accordance with the facts and does not omit
anything likely to affect the import of such information. The Directors accept responsibility accordingly.
If you have any doubts about the content of this Prospectus, you should consult with your broker, the
customer service representative at your bank, your lawyer, tax advisor, auditor, or another financial
advisor. Any Appendix, and any subsequent supplements to this Prospectus, form part of this Prospectus
and should be read accordingly.
The Company is registered under Part I of the Law. This registration does not require the CSSF to approve
or disapprove of either the adequacy or accuracy of the information contained in this Prospectus, or the
assets or portfolios held by the Sub-Funds. Any representation to the contrary is unauthorised.
The value of Shares and income arising from them may rise and fall and investors may not recover the
amount originally invested. Before investing in a Sub-Fund, investors are advised to take into account the
risks associated with making an investment (see “Risk Factors” under Section XV). Investors should inform
themselves as to any applicable legal requirements, any foreign-exchange restrictions, or any tax
implication in their country of citizenship, residence or domicile prior to the purchase, conversion, or
redemption of Shares.
The annual and semi-annual reports of the Company, the Articles, this Prospectus, and the key
information documents, as well as the issue, redemption and conversion prices are available, free of
charge, from the Company, the Management Company, the Distributors, and the Information Agents.
No person is authorised to provide information about the Company other than that which is contained in
this Prospectus or in the other documents referred to herein and, if given, such statements or
representations should not be relied on as having been authorised by the Company.
This Prospectus does not constitute an offer or an invitation to subscribe for Shares in any jurisdiction in
which such an offer or invitation is not lawful or in which the person making such offer or invitation is not
qualified or in which the person so invited does not fulfil the requirements for such purchase.
This Prospectus may be translated into other languages. In the event of inconsistency or ambiguities in the
interpretation of the translated text, the original English version is binding provided that it does not
violate applicable local laws.
Investment Restrictions applying to US Persons
The Company is not and will not be registered in the United States under the Investment Company Act of
1940 as amended. The Shares of the Company have not been and will not be registered in the United
States under the Securities Act of 1933 as amended (“Securities Act”) or under the securities laws of any
state of the United States. The Shares made available under this offer may not be directly or indirectly
offered or sold in the United States or to or for the benefit of any US Person (as defined in Rule 902 of
Regulation S under the Securities Act). Applicants may be required to declare that they are not a US
Person and are neither applying for Shares on behalf of any US Person nor acquiring Shares with the
intent to sell them to a US Person. Should a Shareholder become a US Person, he may be subject to US
withholding taxes and tax reporting.
Table of Contents
I. Directory ....................................................................... 4 2. Luxembourg ............................................................. 54
II. Definitions ................................................................... 7 3. US Tax Withholding and Reporting under
III. General Information on the Company ........... 19 FATCA ............................................................................. 55
1. Directors of the Company ................................... 19 4. PRC Taxation ........................................................... 56
2. Principal Characteristics of the Company ..... 19 XIV. Conflicts of Interest and Transactions with
3. Meetings of Shareholders ................................... 19 Connected Parties ...................................................... 59
1. Conflicts of Interest ................................................ 59
4. Reports to Shareholders ...................................... 19
2. Transactions with Connected Parties .............. 59
5. Liquidation and Merger ....................................... 20
XV. Risk Factors ........................................................... 60
6. Fight Against Money Laundering and Terrorist
Financing ....................................................................... 21 1. General Risk Factors applicable to All Sub-
Funds unless otherwise stated ............................... 60
7. Data ............................................................................ 22
2. Sub-Fund-Specific Risk Factors ......................... 67
8. Excessive Trading and Market Timing ............ 22
3. Sub-Fund-Specific Risk Factors on an
9. Available Documentation ................................... 23 Individual Basis ........................................................... 78
10. Internet publications ........................................... 23 Appendix 1 General Investment Principles,
11. Benchmark Regulation ...................................... 23 specific Asset Class Principles and Sub-Funds’
individual Investment Objectives and
IV. Management of the Company ........................ 23 individual Investment Restrictions ..................... 85
1. General ...................................................................... 23 Part A: General Investment Principles applicable
2. Portfolio Management ......................................... 24 to all Sub-Funds (“General Investment
Principles”) .................................................................... 85
V. Depositary ................................................................ 24 Part B: Introduction, Sub-Fund’s specific Asset
VI. UCI Administration / UCI Administration Class Principles and Sub-Funds’ individual
Agent ............................................................................... 27 Investment Objectives and individual Investment
VII. Distributors ............................................................ 27 Restrictions..................................................................106
VIII. Paying and Information Agents .................... 28 I1. Equity Funds .........................................................110
IX. The Shares .............................................................. 28 2. Bond Funds ............................................................134
1. Share Classes........................................................... 28 3. Multi Asset Funds .................................................152
2. Permitted Investors and Selling Restrictions 29 4. Funds of Funds ......................................................166
3. Types of Shares ....................................................... 30 5. Target Maturity Funds........................................173
6. Alternative Funds .................................................177
4. Dealing in Shares ................................................... 33
Appendix 2 Fees and Expenses .........................184
5. Subscriptions ............................................................ 33
Part A ............................................................................184
6. Redemptions ............................................................ 34 Part B Performance Fee .........................................216
7. Conversions .............................................................. 36 Appendix 3 Sub-Fund Specific Characteristics. 221
8. Transfers .................................................................... 36 Appendix 4 Risk Management Process ..........231
9. Deferral of Redemption and Conversion Appendix 5 Investment Manager / SubǦǦ
Requests......................................................................... 36 Investment Manager / Investment Advisor .. 239
10. Income Equalisation ........................................... 36 Appendix 6 Investor Profile and other
Provisions / Restrictions or Additional
X. Distribution Policy .................................................. 37 Information ................................................................245
1. Distribution Shares................................................. 37 Appendix 7 Proportions of a Sub-Fund’s Net
2. Accumulation Shares ............................................ 39 Asset Value Subject to Securities Financing
Transactions ..............................................................292
XI. Net Asset Value Per Share ................................ 39 Appendix 8 Other Investment Funds Managed
1. Calculation of NAV per Share ........................... 39 by the Management Company ..........................294
2. Temporary Suspension of the Calculation of Appendix 9 Benchmark Regulation & ESMA
NAV and Resulting Suspension of Dealing ....... 41 Register........................................................................295
3. Protection of Shareholders in case of a NAV Appendix 10 Sub-Funds managed in
Calculation Error ......................................................... 42 accordance with the Sustainability-related
Disclosure Regulation and specific information
XII. Fees and Expenses.............................................. 43 to be disclosed in accordance with the
1. Fees and Charges Payable by Investors ........ 43 Taxonomy Regulation ...........................................296
2. Fees Payable out of the Assets of the Sub-Funds 43 Appendix 11 Important Information for
Investors ......................................................................303
XIII. Taxation ................................................................ 54
Sub-Fund’s individual Pre-contractual
1. General ...................................................................... 54 Templates ...................................................................312
- Allianz Global Investors Fund -
I. Directory
Directors of the Company
Silvana Pacitti (Chairperson) Carina Feider
Managing Director Director
Allianz Global Investors GmbH, Allianz Global Investors GmbH,
Sede Secondaria e Succursale in Italia Luxembourg Branch
Via Durini 1 Senningerberg, Luxembourg
IT-20122 Milan, Italy Heiko Tilmont
Oliver Drissen Director
Director Allianz Global Investors GmbH,
Allianz Global Investors GmbH, Luxembourg Branch
Luxembourg Branch Senningerberg, Luxembourg
Senningerberg, Luxembourg
Hanna Duer
Independent Director
Writtle, Chelmsford, GB
Management Company and UCI Administration Agent
Allianz Global Investors GmbH Allianz Global Investors GmbH, acting through the
Bockenheimer Landstrasse 42 – 44 Luxembourg Branch
DE-60323 Frankfurt/Main 6A, route de Trèves
LU-2633 Senningerberg
Supervisory Board
Tobias C. Pross (Chairperson) Prof. Dr. Michael Hüther
CEO Director and Member of the Board
Allianz Global Investors Holdings GmbH Institut der deutschen Wirtschaft
Munich, Germany Cologne, Germany
Giacomo Campora Dr. Kay Müller
CEO Allianz S.p.A Chair of the Management Board and COO
Milan, Italy Allianz Asset Management GmbH
Klaus-Dieter Herberg Munich, Germany
Allianz Networks Germany Laure Poussin
Allianz Global Investors GmbH Head of Enterprise Project Management Office, Paris
Munich, Germany Allianz Global Investors GmbH, France Branch
Paris, France
Board of Management
Alexandra Auer (Chairperson) Dr. Robert Schmidt
Ingo Mainert Petra Trautschold
Dr. Thomas Schindler Birte Trenkner
Investment Manager / Sub-Investment Manager / Investment Advisor
Allianz Global Investors GmbH * Allianz Global Investors Asia Pacific Limited *
Bockenheimer Landstrasse 42 – 44 32/F, 2 Pacific Place,
DE-60323 Frankfurt/Main 88 Queensway, Admiralty
Allianz Global Investors GmbH * Hong Kong
acting through the Belgian Branch Allianz Global Investors Japan Co., Ltd. *
Rue de Laeken 35 Ark Hills South Tower 19F
BE-1000 Bruxelles 1-4-5 Roppongi, Minato-ku
Allianz Global Investors GmbH * Tokyo 106-0032
acting through the Succursale Française (France Branch) Japan
3, Boulevard des Italiens Allianz Global Investors Singapore Limited *
FR-75002 Paris 79 Robinson Road,
Allianz Global Investors GmbH * acting through the Sede #09-03
Secondaria e Succursale in Italia (Italy Branch) Singapore 068897
Via Durini 1 Allianz Global Investors UK Limited *
IT-20122 Milan 199 Bishopsgate
Allianz Global Investors GmbH * GB-London EC2M 3TY
acting through the Netherlands Branch Voya Investment Management Co. LLC
Coolsingel 139 230 Park Avenue
NL-3012 AG Rotterdam US-New York, NY 10169
* Indicates a member of the Allianz Global Investors Group, a
Company of the Allianz Group.
4
- Allianz Global Investors Fund -
Depositary, Fund Accounting and NAV Calculation, Registrar Agent
State Street Bank International GmbH, Luxembourg Branch
49, Avenue J.F. Kennedy
LU-1855 Luxembourg
Information Agent in Germany and Main Distributor Europe
Allianz Global Investors GmbH
Bockenheimer Landstraße 42–44
DE-60323 Frankfurt/Main
E-mail: [email protected]
Distributor in Germany
Commerzbank AG
Kaiserplatz
DE-60261 Frankfurt/Main
Paying and Information Agents
EU-wide
Facilities as described in Article 92 of the UCITS Directive as well as any corresponding information are available on
https://regulatory.allianzgi.com/en/facilities-services. State Street Bank International GmbH is responsible for the processing of
subscription, repurchase and redemption orders and for making relevant payments to Shareholders, including subscription,
redemption and repurchase proceeds. Information or payments may be requested via the following address:
State Street Bank International GmbH, Luxembourg Branch
49, Avenue J.F. Kennedy
LU-1855 Luxembourg
The net asset value of the Shares as well as the subscription and redemption prices of the Shares may be obtained at
https://regulatory.allianzgi.com/en/facilities-services, and from any other source that the Company deems appropriate.
In addition, there are dedicated paying and information agents in the following jurisdictions:
Cyprus Allianz Bank Financial Advisors S.p.A.
Hellenic Bank Public Company Ltd Piazza Tre Torri, 3
Corner 200 Limassol Ave. & Athalassas IT-20145 Milan
CY-2025 Strovolos Banca Monte dei Paschi di Siena S.p.A.
France Piazza Salimbeni, 3
State Street Bank International GmbH, Paris Branch IT-53100 Siena
23-25 rue Delarivière-Lefoullon CACEIS Bank, Italy Branch
FR-92064 Paris Piazza Cavour 2
Germany IT-20121 Milan
State Street Bank International GmbH Societe Generale Securities Services S.p.A.
Brienner Straße 59 Via Benigno Crespi, 19/A - MAC 2
D-80333 Munich IT-20159 Milan
Italy Luxembourg
Allfunds Bank S.A.U. Milan Branch State Street Bank International GmbH, Luxembourg Branch
Via Bocchetto, 6 49, Avenue J.F. Kennedy
IT-20123 Milan LU-1855 Luxembourg
Distributors
France Netherlands
Allianz Global Investors GmbH, Succursale Française Allianz Global Investors GmbH, Netherlands Branch
3, Boulevard des Italiens P.O. Box 9444
FR-75113 Paris, Cedex 02 NL-1006 AK Amsterdam
Greece Poland
Allianz Mutual Fund Management Hellas S.A. Allianz Polska Services. TFI Allianz Polska S.A.
110 Athinon Ave, Building C ul. Rodziny Hiszpańskich 1
GR-10442 Athens PL-02-685 Warszawa
Hungary Portugal
Citibank Europe plc, Hungarian Branch Office Banco Electrónico de Serviço Total S.A.
Szabadság tér 7 Rua Alexandre Herculano, 38–4 °
HU-1051 Budapest PT-1250-011 Lisbon
Italy Spain
Allianz Bank Financial Advisors S.p.A. Allianz Global Investors GmbH, Sucursal en España
Piazza Tre Torri, 3 Serrano 49, 2ª planta
IT-20145 Milan ES-28006 Madrid
Luxembourg
Allianz Global Investors GmbH, Luxembourg Branch
6A, route de Trèves
LU-2633 Senningerberg
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Main Distributor Asia
Allianz Global Investors Asia Pacific Limited
32/F, 2 Pacific Place,
88 Queensway, Admiralty
Hong Kong
Main Distributor Switzerland Representative and Paying Agent in Switzerland
Allianz Global Investors (Schweiz) AG BNP Paribas, Paris, Zurich Branch
Gottfried-Keller-Strasse 5 Selnaustrasse 16
CH-8001 Zurich CH-8002 Zurich
Appointment of Austrian Representative to the Tax Authorities in the Republic of Austria
The following financial institution has been appointed the Austrian representative to the tax authorities for certification of
distribution-like income as defined in § 186 Paragraph 2 line 2 InvFG:
Deloitte Tax Wirtschaftsprüfungs GmbH
Renngasse 1/Freyung
AT-1010 Vienna
Appointment of Poland Representative
TFI Allianz Polska S.A.
ul. Rodziny Hiszpańskich 1
PL-02-685 Warszawa
UK Facilities Agent and Distributor in the United Kingdom
Allianz Global Investors UK Limited
199 Bishopsgate
GB-London EC2M 3TY
The Prospectus and the key information document, the Articles, the respective annual and semi-annual reports, price information
as well as information on the redemption procedure can be obtained free of charge from the above address. Any complaints may
be sent to the Complaints Officer at the above address. A copy of our complaints process leaflet is available on request. Eligible
complainants may also refer their complaint to the Financial Ombudsman Service if they are not satisfied with the final response
from Allianz Global Investors UK Limited.
Independent Auditor
PricewaterhouseCoopers Société cooperative
2, rue Gerhard Mercator
LU-1014 Luxembourg
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II. Definitions
ABS/MBS
means asset-backed securities / mortgage-backed securities. ABS and/or MBS may include, but are not limited to, asset-backed
commercial papers, collateralised debt obligations, collateralised mortgage obligations, commercial mortgage-backed
securities, credit–linked notes, real estate mortgage investment conduits, residential mortgage-backed securities, and synthetic
collateralised debt obligations. The pools of underlying assets of ABS and/or MBS can include loans (e.g., auto loans, mortgage
loans), leases or receivables (such as credit card debt and whole business in the case of ABS and commercial and residential
mortgages originating from a regulated and authorised financial institution in the case of MBS), cash flows from aircraft leases,
royalty payments and movie revenues.
Accumulation Share(s)
means the Shares in relation to which the income earned thereon is generally not paid out to the Shareholders but remains in the
respective Share Class and is reflected in the value of the Accumulation Shares.
AllianzGI
means Allianz Global Investors GmbH.
AllianzGI AP
means Allianz Global Investors Asia Pacific Limited.
AllianzGI Japan
means Allianz Global Investors Japan Co., Ltd.
AllianzGI Singapore
means Allianz Global Investors Singapore Limited.
AllianzGI UK
means Allianz Global Investors UK Limited.
Allianz Group
means Allianz SE including all of its direct and indirect subsidiaries.
Appendix
means an appendix to this Prospectus.
Articles
means the articles of incorporation of the Company dated 9 August 1999, as may be amended from time to time.
Asia/Asian countries
means all countries of the region of East Asia, South Asia, Southeast Asia, and Western Asia (including Middle East). Unless
otherwise stated in a Sub-Fund’s specific Asset Class Principles or in a Sub-Fund’s individual Investment Restrictions, Russia and
Turkey are considered not to be Asian countries.
Asia-Pacific /Asia-Pacific countries
means all countries of the region of East Asia, South Asia, Southeast Asia, and Oceania. Unless otherwise stated in a Sub-Fund’s
specific Asset Class Principles or in a Sub-Fund’s individual Investment Restrictions, Russia and Turkey are considered not to be
Asia-Pacific countries.
AUD
means the official currency of Australia.
Base Currency
means the currency of denomination of a Sub-Fund as stated in Appendix 3.
Benchmark Regulation
means Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks
in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives
2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (as amended from time to time)
Board or Directors
means the board of directors of the Company listed in the Directory.
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Bond Connect
means the program launched in July 2017 for mutual bond market access between Hong Kong and Mainland China established
by China Foreign Exchange Trade System & National Interbank Funding Centre (“CFETS”), China Central Depository & Clearing
Co., Ltd, Shanghai Clearing House, and Hong Kong Exchanges and Clearing Limited and Central Moneymarkets Unit.
Bond Market
includes, but is not limited to, (i) a regulated market within the meaning of the MiFiD Directive, (ii) another market in a Member
State of the EU which is regulated, operates regularly and is recognized and open to the public and/or (iii) an exchange in a non-
Member State of the EU or (iv) a market in a Non-Member State of the EU which is regulated, operates regularly and is
recognised and open to the public.
BRL
means the official currency of Brazil. This currency may be considered as Hedging Currency only.
Business Day
means each day on which banks and exchanges in Luxembourg are open for business. For the avoidance of doubt, half-closed
bank business days in Luxembourg are considered as being closed for business.
CAD
means the official currency of Canada.
CET
means Central European Time.
CEST
means Central European Summer Time.
CHF
means the official currency of Switzerland.
China A-Shares
means shares issued by companies incorporated and listed on stock exchanges (e.g., the Shanghai Stock Exchange and the
Shenzhen Stock Exchange), in the PRC, traded in CNY.
China B-Shares
means shares issued by companies incorporated and listed on stock exchanges (e.g., the Shanghai Stock Exchange and the
Shenzhen Stock Exchange), in the PRC, traded in USD or HKD.
China H-Shares
means shares issued by companies incorporated in the PRC and listed on the Stock Exchange of Hong Kong, traded in HKD.
CIBM
means the China interbank bond market which is the over-the-counter market for bonds issued and traded in the PRC. A new
scheme (the “CIBM Initiative”) was launched in 2016 for foreign institutional investors to access onshore bonds directly through
CIBM, complementing existing schemes (e.g., FII Program) and “dim sum” bonds traded in Hong Kong. Under the CIBM Initiative,
foreign institutions can trade bonds directly through settlement agent banks in the PRC. There are no specific quota limits
imposed on the foreign institutional investor.
CNH
has the meaning ascribed to it in the definition of RMB.
CNY
has the meaning ascribed to it in the definition of RMB.
Company
means Allianz Global Investors Fund which is subject to supervision of CSSF.
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Contingent Deferred Sales Charge or CDSC
means an alternative form of sales charge. CDSC (as set out in Appendix 2) is calculated on NAV per Share on redemption for
Share Classes B/BT but is not deducted until such Shares are sold.
Conversion Fee
means the fee (if any) charged (as set out in Appendix 2) in respect of a conversion of Shares.
CSSF
means the Commission de Surveillance du Secteur Financier, the Luxembourg securities supervisory authority.
Currency Exposure
means the maximum percentage of a Sub-Fund’s assets denominated in a currency as specified in such Sub-Fund’s investment
restrictions. Such percentage may only be exceeded if the amount exceeding this percentage is hedged against the
aforementioned specified currency. Assets and liabilities in the same currency will be set off or netted for the purpose of
calculating this limit. Investment instruments that are not denominated in a currency (i.e., no par shares) are considered to be
denominated in the currency of the country in which the registered office of the issuer (i.e., the company, for Equities) is located.
CZK
means the official currency of the Czech Republic.
Dealing Application
means any or all of an application to subscribe for Shares, an application to redeem Shares and/or an application to convert
Shares, as the context allows.
Dealing Day
means the day on which Shares are issued, redeemed, converted, or transferred, which is each Business Day unless otherwise
stated in Appendix 3.
Debt Securities
means any security which bears interest, including, but not limited to, government bonds, Money Market Instruments, mortgage
bonds and similar foreign asset-backed securities issued by financial institutions, public-sector bonds, floating-rate notes,
instruments with loss-absorption features (including, but not limited to contingent convertible bonds), convertible debt securities,
corporate bonds, ABS and MBS, as well as other collateralised bonds. Convertible debt securities include, but are not limited to,
convertible bonds, bonds with warrants and/or equity warrant bonds. Debt securities also include index certificates and other
certificates with a risk profile that typically correlates with the aforementioned assets or with the investment markets to which
these assets can be allocated, as well as non-interest-bearing securities such as zero coupon bonds.
Depositary
means State Street Bank International GmbH, Luxembourg Branch
Disinvestment Fee
means the fee (if any) charged (as set out in Appendix 2) when redeeming Shares.
Distributors
means each distributor appointed by the Company.
Distribution Share(s)
means Shares which generally distribute net income, or, if applicable, income from disposals or other components.
DKK
means the official currency of Denmark.
Duration
means the Sub-Fund’s average cash-value weighted residual maturity of a Sub-Fund’s Debt Securities as well as Deposits and
Money Market Instruments which should be adhered to by the Sub-Fund’s Investment Manager to the most possible extent.
EEA
means the European Economic Area.
Emerging Markets/Emerging Markets Country
means a country which is not classified by the World Bank as a high-income economy (high gross national income per capita).
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Equities/Equity
means all equities and similar securities, including but not limited to, preference shares, convertible preference shares, equity
warrants, depositary receipts (e.g., American depositary receipts, global depositary receipts), REIT equities, REIT units, equity
linked notes, warrants to subscribe for equities. Equities also include index certificates, equity certificates, other comparable
certificates and equity baskets as well as assets whose risk profile correlates with the relevant equity or with the investment
markets to which these assets can be allocated.
Equity Market
includes, but is not limited to, (i) a regulated market within the meaning of the MiFiD Directive, (ii) another market in a Member
State of the EU which is regulated, operates regularly and is recognized and open to the public and/or (iii) a stock exchange in a
non-Member State of the EU or (iv) a market in a Non-Member State of the EU which is regulated, operates regularly and is
recognised and open to the public.
Equity Participation according to Art. 2 Section 8 GITA
includes, but is not limited to, (1) shares in a company admitted to trading on an exchange or on an organized market (which
fulfils the criteria of a Regulated Market) or included in such market, and/or (2) shares in a company other than a real estate
company that is (i) resident in the EU / EEA and which is not exempt from income taxation there; or (ii) is a resident of a non-EU
country and subject to income taxation of at least 15% and/or (3) units of “equity-funds” or “mixed-funds” according to GITA as
mentioned in the GITA Restriction with their relevant percentage of a permanent physical investment in an Equity Participation
according to Art. 2 Section 8 GITA as disclosed in the respective fund’s investment guidelines.
ETF
means Exchange Traded Fund which is a UCITS or UCI and where the issuing capital management company has applied for
admission of at least one unit or share class to be traded throughout the day on at least one Regulated Market or multi trading
facility (as defined in Art. 14 of Directive 2004/39/EC of the European Parliament and of the Council) with at least one market
maker which takes action to ensure that the stock exchange value of its units or shares does not significantly vary from its net
asset value or indicative net asset value.
EU
means the European Union.
EU Member State
means a member state of the EU; the states that are contracting parties to the agreement creating the EEA other than the
member states of the EU, within the limits set forth by this agreement and related acts, are considered as equivalent to member
states of the EU.
EU Savings Directive
means the Council Directive 2003/48/EC on the taxation of savings income, as amended.
EUR or Euro
means the Euro, the official currency of the EU Member States that have adopted the Euro as their common currency.
Europe / European countries
means all countries of the European continent. Unless otherwise stated in a Sub-Fund’s specific Asset Class Principles or in a Sub-
Fund’s individual investment restrictions, Russia and Turkey are considered to be European countries.
Eurozone / Euroland
means the monetary union of the EU Member States that have adopted the Euro as their common currency.
Exit Fee
means the fee (if any) (as set out in Appendix 2) imposed on a redemption of Shares.
FPI / registered FPI
means Foreign Portfolio Investor / registered Foreign Portfolio Investor pursuant to the FPI Regulations. Only entities and
persons that comply with certain statutory conditions and that are registered as FPIs are permitted to make direct investments in
exchange-traded and certain other Indian securities. Certain Sub-Funds hold a “foreign portfolio investor” (“FPI”) registration in
terms of the FPI Regulations. With a view to ensure compliance with the FPI regulations, certain investors are not permitted to
have holdings in FPI registered Sub-Funds which exceed prescribed thresholds. As a registered FPI, the relevant Sub-Fund can
only hold up to 10% of the paid-up capital, or 10% of the paid-up value of each series of convertible debentures or preference
shares or share warrants of an Indian company (the “10% Threshold”). In addition to the 10% Threshold, the investment of a
registered FPI in Indian companies may not exceed any sectoral cap on ownership by an FPI that applies to a particular company
and/or an aggregate cap on FPI investments in a company. Further information might be found under the chapter “Sub-Fund-
Specific Risk Factors” (Indian Investment Risks).
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FPI Regulations
means the laws and regulations concerning foreign portfolio investors issued by the Securities and Exchange Board of India
(SEBI).
FII
means a qualified foreign institutional investor under the FII Regulations.
FII Eligible Securities
means securities and investments permitted to be held or made by a FII under the FII Regulations.
FII Program / FII Regime
means the qualified foreign institutional investors regime in the PRC (including QFII program and RQFII program).
FII Regulations
means the laws and regulations governing the establishment and operation of the qualified foreign institutional investors regime
in the PRC (including the qualified foreign institutional investor program (“QFII program”) and the RMB qualified foreign
institutional investor program (“RQFII program”)), as may be promulgated and/or amended from time to time.
GBP
means the official currency of the United Kingdom of Great Britain and Northern Ireland.
GITA
means German Investment Tax Act as amended and effective as of January 1, 2022.
GITA Restriction
means that a Sub-Fund - irrespective of its specific Asset Class Principles, its individual investment objective and its individual
investment restrictions which fully continue to apply – is either permanently physically invested with a minimum of at least 51% of
its Sub-Fund assets (the amount of Sub-Fund assets according to GITA Restriction is to be determined by the value of Sub-Fund
assets without taking into account any liabilities of the Sub-Fund) in an Equity Participation according to Art. 2 Section 8 GITA in
order to classify as an “equity-fund” according to GITA (“Alternative 1”) or is permanently physically invested with a minimum of
at least 25% of its Sub-Fund assets (the amount of Sub-Fund assets according to GITA Restriction is to be determined by the value
of Sub-Fund assets without taking into account any liabilities of the Sub-Fund) in an Equity Participation according to Art. 2
Section 8 GITA in order to classify as a “mixed-fund” according to GITA (“Alternative 2”).
Grand-Ducal Regulation of 2008
means the Grand-Ducal Regulation of 8 February 2008 relating to certain definitions of the Law.
Green Bonds
are designated Debt Securities intended to encourage sustainability and to support climate-related or other types of special
environmental projects. Green Bonds shall be aligned with the four core components of the Green Bond Principles.
Green Bond Principles
are voluntary process guidelines issued by the International Capital Market Association (ICMA) that recommend transparency
and disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for issuance of a
Green Bond. The Green Bond Principles have the following four core components: (i) use of proceeds, (ii) process for project
evaluation and selection, (iii) management of proceeds, and (iv) reporting.
Hedging Currency
means a currency different from the Reference Currency of a Share Class against which such Share Class will be hedged.
High-Yield Investments Type 1
means an investment in Debt Securities which at the time of acquisition has a rating of BB+ or below (Standard & Poor’s and
Fitch) or of Ba1 or below (Moody’s) or the equivalent by another Rating Agency or, if unrated, as determined by the Investment
Manager to be of comparable quality. In case of a minimum (maximum) investment limit of High-Yield Investment Type 1
securities according to a Sub-Fund’s Investment Restrictions, the lowest (highest) available rating of a Debt Security at acquisition
day is decisive for the assessment of the possible acquisition of such Debt Security as High-Yield Investment Type 1. Generally,
there is no intention to acquire Debt Securities that are only rated CC, C or D (Standard & Poor’s), C, RD, or D (Fitch) or Ca or C
(Moody’s).
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High-Yield Investments Type 2
means an investment in Debt Securities which at the time of acquisition has a rating of between BB+ and B- (inclusive) (Standard
& Poor’s and Fitch) or of between Ba1 and B3 (inclusive) (Moody’s) or the equivalent by another Rating Agency or, if unrated, as
determined by the Investment Manager to be of comparable quality. In case of a minimum (maximum) investment limit of High-
Yield Investment Type 2 securities according to a Sub-Fund’s Investment Restrictions, the lowest (highest) available rating of a
Debt Security at acquisition day is decisive for the assessment of the possible acquisition of such Debt Security as High-Yield
Investment Type 2.
HKD
means the official currency of Hong Kong.
Hong Kong
means Hong Kong Special Administrative Region of the People’s Republic of China.
Hong Kong Restriction
means that – irrespective of a Sub-Fund’s specific Asset Class Principles, its individual investment objective and its individual
restrictions which fully continue to apply - (1) a Sub-Fund’s net derivative exposure may be max. 50% of its Net Asset Value and
(2) to the extent a Sub-Fund invests in Debt Securities, it may not invest more than 10% of its assets in Debt Securities issued by or
guaranteed by any single country with a credit rating below Investment Grade or unrated, and (3) to the extent a Sub-Fund is
deemed to be a Bond Fund or a Multi-Asset Fund (as defined pursuant to Appendix 1, Part B of this prospectus) it may invest less
than 30% of its assets in instruments with loss-absorption features (including contingent convertible bonds, senior non-preferred
Debt Securities, instruments issued under the resolution regime for financial institutions and other capital instruments issued by
banks or other financial institutions), of which a maximum of 10% of the respective Sub-Fund’s assets may be invested in
contingent convertible bonds. A “single country” as referred to in sentence 1 Alternative 2 shall include a country, its government,
a public or local authority or nationalized industry of that country.
HUF
means the official currency of Hungary.
Independent Auditor
means PricewaterhouseCoopers Société coopérative.
Institutional Investors
means an institutional investor within the meaning of articles 174, 175 and 176 of the Law.
Interest Rate Differential
means the difference in interest rates between two currencies and represents the economic impact of a FX transaction e.g., for FX
hedging purposes. Depending on the interest rate levels of both currencies and the hedging direction the Interest Rate
Differential can be positive or negative.
Investment Advisor
means each Investment Advisor appointed (i) by the Management Company acting in its function as a Sub-Fund’s Investment
Manager or (ii) by another legal entity acting in its function as a Sub-Fund’s Investment Manager as listed in Appendix 5.
Investment Currency
means a currency different from the Base Currency and the Reference Currency of a Share Class against which such Share Class will be
hedged. The Investment Currency is relevant only for H3 share classes and will be determined by the naming of the respective H3 share
class. Usually, the Investment Currency determines the currency in which the sub-fund’s assets are predominantly denominated if they
are denominated in another currency than Base Currency or Reference Currency.
Investment Grade
means an investment in Debt Securities which at the time of acquisition has a rating of at least BBB- (Standard & Poor’s and
Fitch) or of at least Baa3 (Moody’s) or the equivalent by another Rating Agency or, if unrated, as determined by the Investment
Manager to be of comparable quality. If two different ratings with at least one Investment Grade rating for a Debt Security exist,
such Debt Security is considered as Investment Grade if such Debt Security is not included in an investment limit of High-Yield
Investment Type 1 and/or Type 2 according to a Sub-Fund’s Investment Restriction.
Investment Manager/Sub-Investment Manager
means the Management Company, the Investment Manager and/or the Sub-Investment Manager as listed in Appendix 5.
IOSCO
means the International Organization of Securities Commissions.
JPY
means the official currency of Japan.
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KRW
means the official currency of the Republic of Korea. This currency may be considered as Hedging Currency only.
Law
means the Luxembourg Law of 17 December 2010 on undertakings for collective investment, as amended from time to time.
Malaysian Investment Restriction
means that a Sub-Fund will – irrespective of a Sub-Fund’s specific Asset Class Principles, its individual investment objective and its
individual restrictions which fully continue to apply – ensure – (i) if such Sub-Fund invests in internal Target Funds – that there is
no crossholding between the Sub-Fund and the respective internal Target Fund, and does (ii) only raise short-term loans of up to
10% of Sub-Fund’s net assets, provided the Depositary agrees to the borrowing and the terms of the relevant loan, and the
relevant loan’s maturity does not exceed one month.
Management Company
means Allianz Global Investors GmbH which is subject to the supervision of Bundesanstalt für Finanzdienstleistungsaufsicht, the
German securities supervisory authority.
Mémorial
means the Mémorial C, Recueil des Sociétés et Associations.
MBS
means mortgage-backed securities. For further information it is referred to the definition of “ABS/MBS”.
MiFiD
means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments
and amending Directive 2002/92/EC and Directive 2011/61/EU.
Money Market Instruments
means Debt Securities and other instruments with short-term maturities (included, but not limited to treasury bills, certificates of
deposits, commercial papers, and bankers' acceptance etc.) at the time of acquisition.
MXN
means the official currency of Mexico.
Net Asset Value or NAV
means the asset value determined pursuant to Section XI.
Net Asset Value per Share or NAV per Share
is as defined in Section XI, headed “Net Asset Value Per Share”.
NOK
means the official currency of Norway.
Nominee
means Allianz Global Investors Nominee Services Limited.
NZD
means the official currency of New Zealand.
OECD
means the Organisation for Economic Cooperation and Development.
Paying and Information Agent(s)
means any paying and information agent(s) appointed by the Company.
PAI Indicator(s)
are various indicators which intend to show the material or likely to be material impact of investment decisions on Sustainability
Factors. PAI Indicators include, but are not limited to, greenhouse gas emissions, biodiversity, water, waste as well as social and
employee matters for corporate issuers, and, where relevant, an indicator applicable to investments in securities of sovereign
issuers. PAI indicators are used to measure how issuers negatively impact Sustainability Factors.
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PEA (Plan d’Epargne en Actions)
means that a Sub-Fund - irrespective of its specific Asset Class Principles, its individual investment objective and its individual
investment restrictions which fully continue to apply – is permanently physically invested with a minimum of at least 75% of its
Sub-Fund assets in Equities of corporate issuers with their registered office in an EU Member State and/or in the EEA that has
signed a tax agreement with France
PEA-PME (Plan d’Epargne en Actions destiné au financement des PME et ETI)
means that a Sub-Fund - irrespective of its specific Asset Class Principles, its individual investment objective and its individual
investment restrictions which fully continue to apply – is permanently physically invested with a minimum of at least 75% of its
Sub-Fund assets in Equities of corporate issuers (i) with their registered office in an EU Member State and/or in the EEA that has
signed a tax agreement with France, (ii) having less than 5,000 employees, (iii) having an annual turnover of less than EUR 1,5
billion or an annual total balance of less than EUR 2,0 billion, and, (iv) for the case that Equities of such companies are listed on a
Regulated Market, its market capitalisation must not exceed EUR 1,0 billion and no third legal entity must hold more than 25% of
its capital and is therefore PEA-PME (Plan d’Epargne en Actions destiné au financement des PME et ETI) eligible in France.
PLN
means the official currency of Poland.
PRC
means the People's Republic of China, excluding the Hong Kong Special Administrative Region, the Macau Special
Administrative Region and Taiwan.
PRC Broker
means Brokers in PRC appointed by a FII.
PRC Depositary
means depositaries (i.e., local custodians) in PRC appointed by a FII.
Prospectus
means the prospectus of the Company in the currently valid version in accordance with the Law.
Rating Agencies
means Standard & Poor’s, Moody’s, Fitch, Bank of America, and any other national and/or international recognised statistical
rating organisation.
Redemption Fee
means the fee (if any) charged (as set out in Appendix 2) when redeeming Shares.
Redemption Price
means the Redemption Price per Share of a Share Class which corresponds to the Net Asset Value per Share of the relevant
Share Class less the Redemption Fee and/or the Disinvestment Fee, if applicable.
Reference Currency
means the currency in which the Net Asset Value per Share of a Share Class is calculated.
Register
means the register of Shareholders.
Registrar Agent
means State Street Bank International GmbH, Luxembourg Branch
Regulated Market
means each regulated market or stock exchange in any country that, as defined in Article 41(1) of the Law, operates regularly, is
recognised and is open to the public.
REIT
means a real estate investment trust, which is a legal entity whose business purpose is oriented toward the ownership of real
estate and/or activities related to the ownership of real estate established as a corporation or a fund (although only closed-
ended REITS funds may be acquired by a Sub-Fund). A REIT may issue (depending on its legal form of its establishment as a
corporation or a fund) either equities (“REIT equities”) or units (“REIT units”).
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RMB
means the Chinese Renminbi, the official currency of the PRC and, unless the context otherwise requires, the term “RMB” refers to
offshore Chinese Renminbi (“CNH”) traded offshore in Hong Kong or markets outside the PRC and not to onshore Chinese
Renminbi (“CNY”).
RESA
means Recueil Electronique des Sociétés et Associations.
Science-Based Target initiative (SBTi)
means a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources
Institute (WRI), and the Worldwide Fund for Nature (WWF) that aims to improve sustainability outcomes worldwide. Issuers
taking part to the SBTi initiative commit defined targets to reduce greenhouse gas (GHG) emissions in line with the agreement as
of April 2016 within the United Nations Framework Convention on Climate Change (UNFCCC), on climate change mitigation,
adaptation, and finance (the “Paris Agreement”).
SDG or SDGs
means Sustainable Development Goals which are a collection of various global goals set by the United Nations General
Assembly.
The seventeen SDGs currently are:
(No. 1) No Poverty
(No. 2) Zero Hunger
(No. 3) Good Health and Well-Being
(No. 4) Quality Education
(No. 5) Gender Equality
(No. 6) Clean Water and Sanitation
(No. 7) Affordable and Clean Energy
(No. 8) Decent Work and Economic Growth
(No. 9) Industry, Innovation, and Infrastructure
(No. 10) Reduced Inequalities
(No. 11) Sustainable Cities and Communities
(No. 12) Responsible Consumption and Production
(No. 13) Climate Action
(No. 14) Life Below Water
(No. 15) Life on Land
(No. 16) Peace, Justice, and Strong Institutions
(No. 17) Partnership for the Goals
as stipulated by the United Nations General Assembly under www.un.org/sustainabledevelopment from time to time.
SEBI
means the Securities and Exchange Board of India.
Securities Financing Transactions Regulation
means Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of
securities financing transactions and of reuse and amending Regulation (EU) No 648/2012.
SEK
means the official currency of Sweden.
SFDR or Sustainability-related Disclosure Regulation
means Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related
disclosures in the financial services sector.
SFDR Target Fund(s)
means a Target Fund which promotes environmental or social characteristics or having Sustainable Investments as objective
pursuant to Article 8 or Article 9 of the Sustainability-related Disclosure Regulation. External SFDR Target Fund(s) might apply
additional or other sustainability features and/or exclusion criteria deviating to those applicable for internal SFDR Target Funds
as described in this Prospectus.
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SFC
means the Securities and Futures Commission of Hong Kong.
SGD
means the official currency of Singapore.
Share
means a Share issued by the Company in respect of a Share Class.
Share Class
means a class of Shares of a Sub-Fund, which may have different characteristics to other classes of Shares (including, but not
limited to, charges, fee structures, use of income, persons authorised to invest, minimum investment amount, Reference Currency,
currency hedging, Hedging Currency, subscription, and redemption procedures).
Shareholder
means a holder of Shares in the Company.
Social Bonds
are designated Debt Securities intended to encourage sustainability and to finance or refinance projects with an identified social
objective. Social Bonds meet the principles of Sustainable Responsible Investing (SRI). Social Bonds shall be aligned with the four
core components of the Social Bond Principles.
Social Bond Principles
are voluntary process guidelines issued by the International Capital Market Association (ICMA) that recommend transparency
and disclosure and promote integrity in the development of the Social Bond market by clarifying the approach for issuance of a
Social Bond. The Social Bond Principles have the following four core components: (i) use of proceeds, (ii) process for project
evaluation and selection, (iii) management of proceeds, and (iv) reporting.
Social Economy Assets
means assets as defined in Article L333-17-1 of the French labour code (code du travail) as identified by the French Conseil
National des Chambres Régionales de l’Economie Sociale es Solidaire (CN CRESS). Issuers of Social Economy Assets, which must
reflect (certain) environmental requirements, are recognized by the CN CRESS.
SRI
means Sustainable Responsible Investing
Stock Connect
means the program which aims to achieve mutual stock market access between PRC and Hong Kong and includes (i) the
Shanghai-Hong Kong Stock Connect, a securities trading and clearing links program developed by the Stock Exchange of Hong
Kong Limited (“SEHK”), Shanghai Stock Exchange (“SSE”), China Securities Depositary and Clearing Corporation Limited
(“ChinaClear”) and Hong Kong Securities Clearing Company Limited (“HKSCC”); and (ii) the Shenzhen-Hong Kong Stock
Connect, a securities trading and clearing links program developed by SEHK, Shenzhen Stock Exchange (“SZSE”), ChinaClear
and HKSCC.
Sub-Fund
means each sub-fund of the Company.
Subscription Fee
means the fee (if any) charged (as set out in Appendix 2) when subscribing for Shares.
Subscription Price
means the Subscription Price Per Share means the price per Share of a Share Class, which corresponds to the Net Asset Value per
Share of the relevant Share Class plus a Subscription Fee, if applicable.
Sustainability Bonds
are designated Debt Securities intended to encourage sustainability and to finance or refinance a combination of both, green
and social projects. Sustainability Bonds shall be aligned with the respective four components of both, the Green Bond Principles,
and the Social Bond Principles.
Sustainability-Linked Bonds
are designated Debt Securities intended to encourage sustainability objectives. The issuer of the debt security commits explicitly
to future improvements in sustainability outcomes within a predefined timeline. Sustainability-Linked Bonds shall be aligned with
the five core components of the Sustainability-Linked Bond Principles.
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Sustainability-Linked Bond Principles
are voluntary process guidelines issued by the International Capital Market Association (ICMA) that outline best practices for
financial instruments to incorporate forward-looking sustainable outcomes and promote integrity in the development of the
Sustainability-Linked Bond market by clarifying the approach for issuance of a Sustainability-Linked Bond. The Sustainability-
Linked Bond Principles have the following five core components: (i) Selection of Key Performance Indicators (KPI), (ii) Calibration
of Sustainability Performance Targets (SPT), (iii) Bond characteristics, (iv) reporting, and (v) verification.
Sustainability Factors
means environmental, social and employee matters, respect for human rights, antiǦcorruption, antiǦbribery matters, and any
other governance matters.
Sustainable Investment
means an investment in an economic activity that, as measured, contributes to an environmental and/or social objective
(investing in business activities that foster positive contribution to sustainable objectives), provided that such investments do not
significantly harm any of those objectives and that the investee companies follow good governance practices, in particular with
respect to sound management structures, employee relations, remuneration of staff and tax compliance. Environmental and
social contributions can be defined e.g., along the UN Sustainable Development Goals, as well as the taxonomy objectives. The
computation of the positive contribution for the Sub-Funds is based on a quantitative framework, complemented by qualitative
inputs by Sustainability Research. The methodology applied first breaks down a company into its business activities in order to
assess whether these activities are providing a positive contribution to environmental and/or social objectives. Following the
mapping of business activities, an asset-weighted aggregation on portfolio level is conducted in order to compute a percentage
share of positive contribution per portfolio.
Switzerland Restriction
means the Sub-Fund will raise short-term loans pursuant to Appendix 1, Part A, No. 2, second indent, only for the purpose of
liquidity management (in particular for redemption requests). Up to 15% of Sub-Fund assets may be invested in alternative assets
pursuant to Art. 5 para. 3 BVV3 (Swiss ordinance on the tax deductibility of contributions to recognized forms of benefit schemes)
in connection with Art. 55 lit. d) of BVV2 (Swiss ordinance on occupational old-age, survivors', and invalidity insurance).
Alternative assets within this meaning are in particular (1) mortgage-backed securities (MBS) and asset-backed securities (ABS),
convertible bonds and bonds with warrants, (2) equities other than those listed under Appendix 1, No. 1, (3) UCITS or UCI which
consist predominantly of alternative assets as defined herein, and (4) derivatives if the underlying of the derivative is an
alternative asset as defined herein. Deviating to Appendix 1, Part A, No. 3 a), the maximum limit for an issuer of securities and
money-market instruments shall be 5% of Sub-Fund’s net asset value. The use of derivatives is restricted as per Art. 56a BVV2. In
order to comply with these restrictions, the Sub-Fund shall only enter into derivative transactions if the Sub-Fund has sufficient
liquid assets to cover its potential obligations under the derivative transactions. The Sub-Fund may not enter into securities
repurchase agreements and securities lending agreements pursuant to Appendix 1, Part A, No. 7.
Taiwan Restriction
means that, in respect of a Sub-Fund, (1) the exposure of its open long positions in financial derivative instruments may not
exceed 40% of Sub-Fund assets for purposes of efficient portfolio management, unless otherwise exempted by the Taiwan
Financial Supervisory Commission (FSC); whereas the total amount of its open short positions in financial derivative instruments
may not exceed the total market value of the corresponding securities required to be held by the Sub-Fund for hedging purposes,
as stipulated from time to time by the FSC; (2) which is deemed to be a Bond Fund (a) the total amount invested in High-Yield
Investments Type 1 or High Yield Investments Type 2 shall not exceed 20% (Debt Securities which qualify as convertible debt
securities will not be accounted to this 20%-limit irrespective of their rating) of such Sub-Fund assets, if a Bond Fund’s investment
in Emerging Markets exceeds 60% of Sub-Fund assets, the Bond Fund’s total amount invested in High Yield Investments Type 1 or
High Yield Investment Type 2 shall not exceed 40% (Debt Securities which qualify as convertible debt securities will not be
accounted to this 40%-limit irrespective of their rating) of such Sub-Fund assets; (b) the total amount of investment in convertible
corporate bonds, corporate bonds with warrants, and exchangeable corporate bonds may not exceed 10% of Sub-Fund assets;
(3) which is deemed to be a Multi Asset Fund (a) the total amount invested in High Yield Investments Type 1 or High Yield
Investments Type 2 shall not exceed 30% (Debt Securities which qualify as convertible debt securities will not be accounted to this
30%-limit irrespective of their rating) of Sub-Fund assets; or such other percentage of its assets as stipulated by the FSC from time
to time; (b) the total amount of investments in Equities must be no more than 90% and no less than 10% of Sub-Fund assets; (4)
the total amount invested directly in China A-Shares and China interbank bonds (CIBM) shall not exceed 20% of Sub-Fund assets,
or such other percentage of its assets as stipulated by the FSC from time to time; and (5) its exposure shall not have Taiwan
securities as its main focus respectively as its primary investment area (i.e., more than 50% of Sub-Fund assets).
Target Fund(s)
means any UCITS and/or UCI which is either managed, directly, or indirectly, by the Management Company itself or by any other
company with which the Management Company is linked by a substantial direct or indirect participation (internal Target Fund)
or any other third company (external Target Fund).
Taxonomy Regulation
means Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 of the establishment of a
framework to facilitate sustainable investment.
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Trading Deadline
means, if any, the relevant time by which a Dealing Application must be received on a Valuation Day to be effected on a
particular Valuation Day as set out in Appendix 3.
TRY
means the official currency of the Republic of Turkey.
UCI
means an undertaking for collective investment other than UCITS as defined in the UCITS Directive.
UCI Administration Agent
means Allianz Global Investors GmbH, acting through the Luxembourg Branch
UCITS
means an undertaking for collective investment in transferable securities authorized pursuant to the UCITS Directive.
UCITS Directive
means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws,
regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended
from time to time.
UCITS Regulation
means Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the
European Parliament and of the Council with regard to obligations of depositaries.
US or United States
means the United States of America, its territories and possessions, any state of the United States and the District of Columbia.
US Person
means any person that is a United States Person within the meaning of Rule 902 of Regulation S under the United States
Securities Act of 1933, as the definition of such term may be changed from time to time by legislation, rules, regulations or judicial
or administrative agency interpretations.
USD
means the official currency of the United States of America.
Valuation Day
means each day on which the Net Asset Value per Share of a Class of Shares is calculated; if the Share value is determined more
than once on a single Valuation Day, each of these times is considered to be a valuation time during that Valuation Day. A
Valuation Day will include each Business Day, unless otherwise stated in Appendix 3.
VAG Investment Restriction
means that a Sub-Fund to the extent it invests - irrespective of its specific Asset Class Principles, its individual investment objective
and its individual investment restrictions which fully continue to apply – in (1) ABS/MBS may only invest in ABS/MBS which at the
time of acquisition have a rating of at least BBB- (Standard & Poor’s and Fitch) or of at least Baa3 (Moody’s) or the equivalent by
another Rating Agency or, if unrated, as determined by the Investment Manager to be of comparable quality, and which are
admitted to or included in an official market or if the issuer has its registered offices in a contracting state to the Agreement on
the EEA or a full member State to the OECD and to the extent it invests in (2) Debt Securities (excluding ABS/MBS) may only
invest in Debt Securities which at the time acquisition have a rating of at least B- (Standard & Poor’s and Fitch) or of at least B3
(Moody’s) or the equivalent by another Rating Agency or, if unrated, as determined by the Investment Manager to be of
comparable quality. In addition, VAG Investment Restriction means that for the case that two different ratings exist the lower
rating will be relevant. If three or more different ratings exist, the second-highest rating will be relevant. An internal rating by the
Investment Manager can only be considered if such internal rating complies with requirements as set out in the BaFin circular
11/2017 (VA). Assets as mentioned in sentence 1 which have been downgraded below the minimum rating as mentioned in
sentence 1, must not exceed 3% of Sub-fund assets. If assets as described in the aforementioned sentence exceed 3% of the Sub-
fund assets, they must be sold within six months from the day on which the exceeding of the 3% threshold took place, but only to
the extent such assets exceed 3% of Sub-fund assets. Investment restrictions which are related to a specific VAG investor are not
covered by the VAG Investment Restriction.
Voya IM
means Voya Investment Management Co. LLC.
ZAR
means the official currency of South Africa.
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III. General Information on the Company
1. Directors of the Company
The Directors are responsible for monitoring the daily business activities of the Company.
2. Principal Characteristics of the Company
The Company was incorporated for an unlimited period under the name DRESDNER GLOBAL
STRATEGIES FUND as a société anonyme under the laws of the Grand Duchy of Luxembourg and
qualifies as an open-ended société d’investissement à capital variable under part I of the Law. The
Company changed its name to Allianz Dresdner Global Strategies Fund on 9 December 2002 and to
Allianz Global Investors Fund on 8 December 2004.
The deed of incorporation, including the Articles, was published on 16 September 1999 in the Mémorial.
The Articles were last amended on 30 January 2014 and published in the Mémorial. All amendments to
the Articles have been published in the Mémorial.
If the Articles are amended, such amendments shall be filled with the Luxembourg Trade and Companies’
register and published in the RESA.
The Company is registered with the Luxembourg Trade and Companies’ register under number B71182.
The Company's capital is reported in EUR and is equal to the net assets of the Company. The minimum
capital of the Company is EUR 1,250,000, as required by Luxembourg law.
The registered office of the Company is located at the following address: 6A, Route de Trèves, LU-2633
Senningerberg, Grand-Duchy of Luxembourg.
The Company is authorised by the CSSF as a UCITS under the Law.
The Company is an umbrella fund pursuant to Article 181 of the Law and constitutes a single legal entity.
Each Sub-Fund also constitutes a single legal entity and is treated as a separate entity in relation to the
Shareholders. The assets of a specific Sub-Fund only cover the debts and obligations of that Sub-Fund,
even those that exist in relation to third parties.
The Directors have full discretion to issue additional Share Classes in a Sub-Fund or launch additional
Sub-Funds with investment objectives that may be similar or different to those of existing Sub-Funds, at
any time. This Prospectus will be updated, and the key information document will be created accordingly.
3. Meetings of Shareholders
Shareholder meetings are convened in accordance with the Articles and Luxembourg law.
The annual general meeting of Shareholders will be held each year at the Company’s registered office at
11.00 a.m. (Luxembourg time) on the fourth Friday of January or, if such day is not a Business Day, on the
next Business Day thereafter.
Shareholders of a Sub-Fund or of a Share Class may at any time call a general meeting of that Sub-Fund
or Share Class, at which they may only make decisions relating to that Sub-Fund or Share Class.
The Directors may define in the convening notice a date 5 days before the general meeting (referred to as
“record date”) by which the quorum and majority requirements shall be determined in accordance to the
Shares outstanding on such record date. The voting rights of the Shareholders shall be determined by the
number of Shares held at the record date.
4. Reports to Shareholders
The financial year of the Company is from 1 October to 30 September each year. The Company will issue
an audited annual report within four months after the end of the financial year and an un-audited semi-
annual report within two months after the end of the period to which it refers.
Copies of the reports may be obtained free of charge at the registered office of the Company, at the
Distributors or the Paying and Information Agents.
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The consolidated financial statements of the Company are prepared in EUR. For this purpose, if the
accounts of a Sub-Fund are not expressed in EUR, such accounts shall be converted into EUR.
5. Liquidation and Merger
5.1 The Company
Liquidation
The Company may, at any time, be dissolved by resolution of the general meeting of Shareholders,
subject to the quorum and majority requirements set out in the Articles.
If the Company’s share capital falls below two-thirds of the minimum capital required by law, the Board
must refer the matter of the dissolution to a general meeting of Shareholders, deliberating without any
quorum and deciding by a simple majority of the Shares represented at the meeting.
If the Company’s share capital is less than a quarter of the minimum capital required by law, the Board
must refer the matter of dissolution of the Company to a general meeting of Shareholders, deliberating
without any quorum; the dissolution may be decided by Shareholders holding a quarter of the Shares
represented at the meeting.
Dissolution will be carried out by one or more liquidators, who may be individuals or legal entities,
appointed at the general meeting of Shareholders. The scope of their appointment, along with their fees,
shall also be determined at this meeting.
Liquidation proceeds allocated to a Share Class will be paid out to the Shareholders in that Class in
proportion to their shareholdings in the respective Share Class.
If the Company is liquidated (for whatever reason), the completion of the liquidation of the Company
must, in principle, take place within a period of 9 months from the date of the Board decision authorising
the liquidation. Where the liquidation of the Company cannot be fully completed within a period of 9
months, a written request for exemption shall be submitted to the CSSF, detailing the reasons why the
liquidation cannot be completed. Any corresponding payment of liquidation proceeds will take place in
accordance with the relevant laws. Any funds to which Shareholders are entitled upon the liquidation of
the Company and which are not claimed by those entitled thereto prior to the close of the liquidation
process shall be deposited for the persons entitled thereto with the Caisse de Consignation in
Luxembourg in accordance with the Law.
Merger
In the case the Company is involved in a merger as the merging fund, and hence ceases to exist, the
general meeting of the Shareholders of the Company, rather than the Board, has to approve, and decide
on the effective date of, such merger by a resolution adopted with no quorum requirement and at a
simple majority of the votes cast at such meeting.
5.2 Sub-Funds/Share Classes
Liquidation
(1) If the assets of a Sub-Fund fall below the amount that the Board considers to be a minimum amount
for the economically efficient management of the Sub-Fund, or if the Sub-Fund does not reach this
minimum amount or if a substantial change in the political, economic or monetary situation arises, the
Board may force redemption of all Shares in the Sub-Fund affected at the Net Asset Value per Share
on the Dealing Day following the day on which this decision by the Board enters into force (while
taking into account the actual prices achieved and the necessary costs of disposal of the assets).
The Company must inform the Shareholders in writing of the reasons and the redemption procedure
before the mandatory redemption enters into force: Registered Shareholders will be notified in
writing; holders of bearer Shares will be informed through publication of a notice in newspapers to be
determined by the Board or in electronic media as determined in this Prospectus if the Company does
not know the names and addresses of the Shareholders. If no other decision is made in the interest of
or for purposes of equal treatment of the Shareholders, the Shareholders in the Sub-Fund affected
may request the redemption or conversion of their Shares at no charge before the date of the
mandatory redemption (while taking into account the actual prices achieved and the necessary costs
of disposal of the assets).
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Under the same circumstances as provided above, the Board may decide to force redemption of all
Shares in any Share Class.
(2) Notwithstanding the powers conferred upon the Board in paragraph (1) above, the general meeting
of Shareholders of one or all Share Classes issued in a Sub-Fund may decide, acting on a proposal of
the Board and even for scenarios other than economically efficient management mentioned in
paragraph (1) of this Article, to redeem all Shares of one or all Share Classes issued in a Sub-Fund
and pay out to the Shareholders the Net Asset Value of the Shares on the Dealing Day following the
day on which such decision enters into force (while taking into account the actual prices achieved and
the necessary costs of disposal of the assets). At this general meeting, there is no minimum number of
Shareholders required to form a quorum. The decision is reached with a simple majority of the Shares
present or represented at this meeting.
(3) Unclaimed proceeds that have not been paid out to the corresponding authorised persons after the
redemption is carried out are deposited with the Depositary for the duration of the liquidation period.
After this time, the unclaimed proceeds are transferred to the Caisse de Consignation on behalf of the
authorised persons and, if unclaimed for the period prescribed in the Luxembourg regulations about
the Caisse de Consignation, will be forfeited.
(4) All redeemed Shares will be cancelled.
(5) The completion of the liquidation of a Sub-Fund or a Share Class must, in principle, take place within
a period of 9 months from the date of the Board decision authorising the liquidation. Where the
liquidation of Sub-Fund or a Share Class cannot be fully completed within a period of 9 months, a
written request for exemption shall be submitted to the CSSF detailing the reasons why the
liquidation cannot be completed.
Merger
(1) The Board may decide to merge the assets of one or all Share Classes issued in a Sub-Fund (the
“Merging Sub-Fund”) with any of the following (each a “Receiving Fund”):
(i) another Sub-Fund,
(ii) another Share Class of the same Sub-Fund,
(iii) another UCITS, or
(iv) another sub-fund or share class of another UCITS
and to rename the Shares of the Merging Sub-Fund as shares of the Receiving Fund (if required after
a split or a merger and payment to investors for any differences for fractional shares). The
shareholders of the Merging Sub-Fund and Receiving Fund will be informed about the decision to
merge in accordance with the Law and applicable Luxembourg regulations at least thirty days before
the last date for requesting redemption or, as the case may be, conversion of shares free of charge.
(2) Notwithstanding the powers of the Board described in paragraph (1) above, the general meeting of
Shareholders of a Sub-Fund or of the affected Share Class(es) of the respective Sub-Fund may decide
to merge the assets and liabilities of this Sub-Fund (or of the respective Share Class(es), as the case
may be) (i) with another Sub-Fund of the Company, (ii) with another Share Class of the same Sub-
Fund, (iii) with another UCITS or (iv) with another sub-fund or share class of such an UCITS. There are
no quorum requirements for this action, and the merger may be decided upon by a simple majority of
the Shares present or represented at the meeting. Such decision of the general meeting of
Shareholders is binding to all Shareholders who do not make use of their right to redeem or convert
their Shares within the period of thirty days mentioned in paragraph (1) above.
6. Fight Against Money Laundering and Terrorist Financing
The Company and the relevant Distributors will comply with applicable international and Luxembourg
laws and regulations regarding the prevention of money laundering and terrorist financing including but
not limited to the Luxembourg Law of 5 April 1993 relating to the financial sector (as amended), the Law
of 12 November 2004 on the fight against money laundering and terrorist financing, as may be amended
from time to time, CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering
and terrorist financing and relevant CSSF Circulars in the field of the prevention of money laundering and
terrorist financing.
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As a result of such provisions, the Company has adopted measures to prevent the use of Sub-Funds for
money laundering and terrorist financing purposes on a risk-based approach. Such measures include,
among others, procedures to identify and verify the identity of investors (and where relevant any
beneficial owners), which will require investors, pursuant to initial and ongoing client due diligence
requirements, to provide identification documents as determined from time to time. Under the relevant
applicable Laws and Regulations, the Company also prepares a business-wide money laundering and
terrorist financing risk assessment on an annual basis.
7. Data
Any and all information concerning the investor as an individual or any other data subject (the “Personal
Data”), contained in the application form or further collected in the course of the business relationship
with the Company will be processed by the Company acting as data controller (the “Controller) in
accordance with the provisions of the EU Regulation n°2016/679 of 27 April 2016 on the protection of
natural persons with regard to the processing of personal data and on the free movement of such data
(the “General Data Protection Regulation”) and any applicable data protection law or regulation
(collectively the “Data Protection Law”).
Investors acknowledge that their Personal Data provided or collected in connection with an investment in
the Company may also be processed by the Management Company, Investment Manager, the
Depositary, the UCI Administration Agent, the Distributor, the Paying Agents, the Registrar Agent, the
Paying and Information Agent, the Auditor, legal and financial advisers and other service providers of the
Company (including its information technology providers) and, any of the foregoing respective agents,
delegates, affiliates, subcontractors and/or their successors (collectively the “Service Providers”) and
assigns in accordance with their roles as Controller or as Processor (as applicable). Some of the foregoing
entities may be established outside the European Economic Area (the “EEA”) in countries which may not
ensure an adequate level of protection of personal data in their local legislation. If such transfer occurs,
the Controller is required to ensure that such processing of investors’ personal data is in compliance with
Data Protection Legislation and, in particular, that appropriate measures are in place such as entering
into model contractual clauses (as published by the European Commission).
Insofar as Personal Data provided by the investor concern individuals other than itself, the investor
represents that it has authority to provide such Personal Data to the Controller. If the investor is not a
natural person, it must undertake to (i) inform any other data subject about the processing of its Personal
Data and their related rights and (ii) where necessary and appropriate, obtain in advance any consent
that may be required for the processing of such Personal Data.
Such Personal Data will be processed to manage and administer an investor’s holding in the Company
and performing the related services. Personal Data will also be processed for the purposes of fraud
prevention such as anti-money laundering and counter-terrorist financing identification and reporting, tax
identification and reporting (including but not limited to compliance with the CRS Law, FATCA) or similar
laws and regulations (e.g., on OECD level).
Given the nature of registered Shares, the Company reserves the right to refuse to issue Shares to
investors who do not provide the appropriate information on personal data (including records of their
transactions) to the Registrar Agent.
Personal Data will not be held for longer than necessary with regard to the purposes for which it is
processed, subject to applicable legal minimum retention periods.
More details regarding the purposes of such processing, the different roles of the recipients of the
Investor’s personal data, the affected categories of personal data and the Investors’ rights with regard to
such personal data as well as any other information required by Data Protection Law can be found in the
privacy notice accessible under the following link: https://regulatory.allianzgi.com/gdpr.
8. Excessive Trading and Market Timing
Shares may not be acquired for the purposes of market timing or other similar practices. The Company
expressly reserves the right to take necessary measures to protect other investors from market timing or
similar practices.
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9. Available Documentation
The following documents may be obtained free of charge at the registered office of the Company, at the
headquarters and Luxembourg branch of the Management Company as well as at the offices of the
Distributors and Paying and Information Agents during normal business hours on each business day:
(1) the Articles and any amendments thereto,
(2) the management agreement between the Company and the Management Company,
(3) the uci administration agreement between the Company and the UCI Administration Agent,
(4) the depositary agreement between the Company and the Depositary,
(5) the paying and information agent agreements between the Company or the Management Company
and the Paying and Information Agents,
(6) the investment management agreement between the Management Company and the Investment
Manager,
(7) the latest reports and financial statements,
(8) the latest Prospectus, and
(9) the latest key information documents.
10. Internet publications
Any shareholder communication for each Sub-Fund – if permitted under the laws and regulations of any
jurisdiction in which Sub-Funds of the Company are registered for public distribution – may exclusively be
made on https://regulatory.allianzgi.com. In particular, this does not apply to (i) a liquidation or merger of
Sub-Funds/Share Classes according to the Law or (ii) any other measure the Articles and/or Luxembourg
law are referring to or (iii) any other measure as instructed by the CSSF.
11. Benchmark Regulation
Under the Benchmark Regulation, ESMA publishes and maintains a public register (“ESMA Register”) that
contains the consolidated list of EU administrators and third country benchmarks, in accordance with
Article 36 of the Benchmarks Regulation. A Sub-Fund may use a benchmark in the European Union if the
EU administrator or if the benchmark appears in the ESMA Register or if it is exempted according to
Article 2 (2) of the Benchmark Regulation, such as, for example, benchmarks provided by EU and non-EU
central banks. Further, certain third country benchmarks are eligible even though they do not appear in
the ESMA Register as benefiting from a transitional provision under Article 51.5 of the Benchmark
Regulation.
Appendix 9 lists EU administrators and administrators of third country benchmarks if the benchmark is
mentioned in Appendix 1, Part B, and/or in Appendix 2, Part B and/or in Appendix 4 of this Prospectus.
The Management Company maintains written plans setting out the actions that will be taken in the event
that a benchmark materially changes or ceases to be provided. Such written plans may be obtained, free
of charge upon request, at the registered office of the Company or from the Management Company.
IV. Management of the Company
1. General
The Company has appointed Allianz Global Investors GmbH to act as its management company (the
“Management Company”) within the meaning of the Law.
The Management Company is responsible, subject to the supervision of the Directors, for the provision of
investment management services, administrative duties and services required by Luxembourg law, in
particular for the registration of the Company, for the preparation of documentation, for drawing-up
distribution notifications, for processing and dispatching the Prospectus and Key Information Documents,
for preparing financial statements and other investor relations documents, for liaising with the
administrative authorities, and marketing services to the Company.
The Management Company is an investment management company within the meaning of the German
Investment Code and was incorporated as a limited liability company (Gesellschaft mit beschränkter
Haftung) under the laws of the Federal Republic of Germany in 1955. As of 31 December 2021, its
subscribed and paid-up capital amounted to EUR 49,900,900.00.
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From time to time, the Management Company may carry on its activities through one or more of its
branches located in jurisdictions across Europe.
The Management Company may delegate certain services in connection with currency and duration
monitoring as well as trading to third parties.
At its own expense, the Management Company has delegated the preparation of risk figures,
performance figures and Sub-Fund structural data to IDS GmbH – Analysis and Reporting Services,
Munich, Germany, who may in turn be assisted by third parties.
In addition to depositary services, the Management Company has outsourced to State Street Bank
International GmbH, Luxembourg Branch also substantial functions of central administration and other
duties, particularly fund accounting as well as the NAV calculation. It may make use of the services of
third parties.
The registrar function (including issuing and redeeming Shares, keeping the register of Shareholders and
auxiliary services associated therewith) has been delegated to State Street Bank International GmbH,
Luxembourg Branch (the “Registrar Agent”).
Sales commissions and trail commissions may be paid to sales partners and, in compliance with
Luxembourg law, reimbursements may be granted to investors from the All-in-Fee as well as the
performance fee of the Management Company.
2. Portfolio Management
The Company has appointed the Management Company to carry out the investment management
function.
The Management Company may, at its own expense, delegate all or any part of its investment
management function to third parties (such as the Investment Managers) for the purpose of efficient
management. The Management Company may also consult with third parties such as the Investment
Advisors. The Management Company shall retain responsibility, control and coordination of the acts and
omissions of any such delegates. Generally, currency hedging for Share Classes is not part of the
investment management function.
The Investment Managers will manage the day-to-day business of the portfolio (under the supervision,
control and responsibility of the Management Company) and provide other related services in
accordance with the terms of this Prospectus, the Articles and the applicable laws.
The Investment Managers, if any, as well as the Sub-Funds for which the Management Company does not
delegate investment management but performs this duty internally will be disclosed in Appendix 5. The
investment management function may be temporarily carried out directly by the Management Company
or any one of its branches under certain conditions (e.g., unavailability of the portfolio manager).
The role of an Investment Advisor is to provide advice, draw-up reports and make recommendations to
the Investment Manager or to the Sub-Investment Manager as to the management of a Sub-Fund and
advise the Investment Manager or the Sub-Investment Manager in the selection of assets for a portfolio.
The Investment Advisor will, at all times, provide its services in accordance with the terms of this
Prospectus, the Articles and the applicable laws. Investment Advisors whose fees will be paid out of a
Sub-Fund’s assets will be disclosed in Appendix 5. Other Investment Advisors whose fees will not be paid
out of a Sub-Fund’s assets will not be disclosed in Appendix 5.
V. Depositary
The Company has appointed State Street Bank International GmbH, acting through its Luxembourg
Branch as its Depositary within the meaning of the Law pursuant to the depositary agreement.
State Street Bank International GmbH is a limited liability company organized under the laws of
Germany, having its registered office at Brienner Str. 59, 80333 München, Germany and registered with
the commercial register court, Munich under number HRB 42872. It is a credit institution supervised by the
European Central Bank (ECB), the German Federal Financial Services Supervisory Authority (BaFin) and
the German Central Bank.
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State Street Bank International GmbH, Luxembourg Branch is authorized by the CSSF in Luxembourg to
act as depositary and is specialized in depositary, fund administration, and related services. State Street
Bank International GmbH, Luxembourg Branch is registered in the Luxembourg Commercial and
Companies’ Register (RCS) under number B148186.
State Street Bank International GmbH is a member of the State Street group of companies having as their
ultimate parent State Street Corporation, a US publicly listed company.
Depositary’s functions
The relationship between the Company and the Depositary is subject to the terms of the depositary
agreement. Under the terms of the depositary agreement, the Depositary is entrusted with following main
functions:
- ensuring that the sale, issue, repurchase, redemption and cancellation of Shares are carried out in
accordance with applicable law and the Articles of Incorporation.
- ensuring that the value of the Shares is calculated in accordance with applicable law and the Articles
of Incorporation.
- carrying out the instructions of the Company unless they conflict with applicable law and the Articles
of Incorporation.
- ensuring that in transactions involving the assets of the Company any consideration is remitted within
the usual time limits.
- ensuring that the income of the Company is applied in accordance with applicable law and the
Articles of Incorporation.
- monitoring of the Company’s cash and cash flows
- safe keeping of the Company’s assets, including the safekeeping of financial instruments to be held in
custody and ownership verification and record keeping in relation to other assets.
Depositary’s liability
In carrying out its duties the Depositary shall act honestly, fairly, professionally, independently, and solely
in the interests of the Company and its Shareholders.
In the event of a loss of a financial instrument held in custody, determined in accordance with the UCITS
Directive, and in particular Article 18 of the UCITS Regulation, the Depositary shall return financial
instruments of identical type or the corresponding amount to the Company on behalf of the relevant Sub-
Fund without undue delay.
The Depositary shall not be liable if it can prove that the loss of a financial instrument held in custody has
arisen as a result of an external event beyond its reasonable control, the consequences of which would
have been unavoidable despite all reasonable efforts to the contrary pursuant to the UCITS Directive.
In case of a loss of financial instruments held in custody, the Shareholders may invoke the liability of the
Depositary directly or indirectly through the Company provided that this does not lead to a duplication of
redress or to unequal treatment of the Shareholders.
The Depositary will be liable to the Company for all other losses suffered by the Company as a result of
the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the UCITS
Directive.
The Depositary shall not be liable for consequential or indirect or special damages or losses, arising out of
or in connection with the performance or non-performance by the Depositary of its duties and obligations.
Delegation
The Depositary has full power to delegate the whole or any part of its safe-keeping functions, but its
liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its
safekeeping. The Depositary’s liability shall not be affected by any delegation of its safe-keeping
functions under the depositary agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to
State Street Bank and Trust Company with registered office at One Congress Street, Suite 1, Boston,
Massachusetts, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust
Company as global sub-custodian has appointed local sub-custodians within the State Street Global
Custody Network. A list of delegates and sub-delegates is published on the Internet at
https://www.statestreet.com/disclosures-and-disclaimers/lu/subcustodians.
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Information about the safe-keeping functions which have been delegated and the identification of the
relevant delegates and sub-delegates are available at the registered office of the Management
Company.
Conflicts of Interest
The Depositary is part of an international group of companies and businesses that, in the ordinary course
of their business, act simultaneously for a large number of clients, as well as for their own account, which
may result in actual or potential conflicts. Conflicts of interest arise where the Depositary or its affiliates
engage in activities under the depositary agreement or under separate contractual or other
arrangements. Such activities may include:
(1) providing nominee, administration, registrar and transfer agency, research, investment management,
financial advice and/or other advisory services to the Company,
(2) engaging in banking, sales and trading transactions including foreign exchange, derivative, broking,
market making or other financial transactions with the Company either as principal and in the
interests of itself, or for other clients.
In connection with the above activities the Depositary or its affiliates:
(1) will seek to profit from such activities and are entitled to receive and retain any profits or
compensation in any form and are not bound to disclose to, the Company, the nature or amount of
any such profits or compensation including any fee, charge, commission, revenue share, spread, mark-
up, mark-down, interest, rebate, discount, or other benefit received in connection with any such
activities,
(2) may buy, sell, issue, deal with or hold, securities or other financial products or instruments as principal
acting in its own interests, the interests of its affiliates or for its other clients,
(3) may trade in the same or opposite direction to the transactions undertaken, including based upon
information in its possession that is not available to the Company,
(4) may provide the same or similar services to other clients including competitors of the Company,
(5) may be granted creditors’ rights by the Company which it may exercise.
The Company may use an affiliate of the Depositary to execute foreign exchange, spot, or swap
transactions for the account of the relevant Sub-Fund. In such instances the affiliate shall be acting in a
principal capacity and not as a broker, agent, or fiduciary of the Company. The affiliate will seek to profit
from these transactions and is entitled to retain and not disclose any profit to the Company. The affiliate
shall enter into such transactions on the terms and conditions agreed with the Company.
Where cash belonging to the Company is deposited with an affiliate being a bank, a potential conflict
arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees
or other benefits which it may derive from holding such cash as banker and not as trustee.
The Investment Manager, Investment Advisor or Management Company may also be a client or
counterparty of the Depositary or its affiliates.
Potential conflicts that may arise in the Depositary’s use of sub-custodians include four broad categories:
(1) conflicts from the sub-custodian selection and asset allocation among multiple sub-custodians
influenced by (a) cost factors, including lowest fees charged, fee rebates or similar incentives and (b)
broad two-way commercial relationships in which the Depositary may act based on the economic
value of the broader relationship, in addition to objective evaluation criteria,
(2) sub-custodians, both affiliated and non-affiliated, act for other clients and in their own proprietary
interest, which might conflict with clients’ interests,
(3) sub-custodians, both affiliated and non-affiliated, have only indirect relationships with clients and
look to the Depositary as its counterparty, which might create incentive for the Depositary to act in its
self-interest, or other clients’ interests to the detriment of clients, and
(4) sub-custodians may have market-based creditors’ rights against client assets that they have an
interest in enforcing if not paid for securities transactions.
In carrying out its duties the Depositary shall act honestly, fairly, professionally, independently, and solely
in the interests of the Company and its Shareholder.
The depositary has functionally and hierarchically separated the performance of its depositary tasks from
its other potentially conflicting tasks. The system of internal controls, the different reporting lines, the
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- Allianz Global Investors Fund -
allocation of tasks and the management reporting allow potential conflicts of interest and the depository
issues to be properly identified, managed, and monitored.
Additionally, in the context of the Depositary’s use of sub-custodians, the Depositary imposes contractual
restrictions to address some of the potential conflicts and maintains due diligence and oversight of sub-
custodians to ensure a high level of client service by those agents. The Depositary further provides
frequent reporting on clients’ activity and holdings, with the underlying functions subject to internal and
external control audits. Finally, the Depositary internally separates the performance of its custodial tasks
from its proprietary activity and follows a Standard of Conduct that requires employees to act ethically,
fairly, and transparently with clients.
Up-to-date information on the Depositary, its duties, any conflicts that may arise, the safe-keeping
functions delegated by the depositary, the list of delegates and sub-delegates and any conflicts of
interest that may arise from such a delegation will be made available to Shareholders on request.
VI. UCI Administration / UCI Administration Agent
The Company has appointed the Management Company acting through its Luxembourg Branch as its
UCI Administration Agent.
The UCI Administration activity may be split into three functions:
- the registrar function,
which encompasses all tasks necessary to the maintenance of the UCITS’s (including all Sub-Funds)
shareholder register. The reception and execution of orders relating to shares subscriptions and
redemptions, and the distribution of income (including the liquidation proceeds) are part of the
registrar function.
- the NAV calculation and accounting function,
which covers the legal and sub-fund management accounting services and, the valuation and pricing
(including tax returns).
- the client communication function,
is comprised of the production and delivery of the confidential documents intended for investors.
In its capacity as UCI Administration Agent, the Management Company therefore is responsible for the (i)
registrar function, the (ii) NAV calculation and accounting function, and the (iii) client communication
function.
The Management Company in its function as the company’s UCI Administration Agent has outsourced the
(i) registrar function, and the (ii) NAV calculation and accounting function to State Street Bank
International GmbH, Luxembourg Branch, who will take on the formal role as UCI Administration Agent
for these functions.
State Street Bank International GmbH, Luxembourg Branch is referred to - as far as the registrar function
is regarded - as the “Registrar Agent”.
In this function State Street Bank International GmbH, Luxembourg Branch is responsible for issuing and
redeeming Shares, keeping the register of Shareholders and auxiliary services associated therewith.
State Street Bank International GmbH, Luxembourg Branch may make use of the services of third parties.
VII. Distributors
The Company may enter into agreements with Distributors to market and place Shares of each of the
Sub-Funds in various countries. The Company will not be marketed in the US (subject to some limited
exceptions) and in countries where marketing is prohibited.
The Distributors will fulfil all obligations imposed on them by laws, regulations and directives on
combating money laundering and terrorist financing and take steps comply with these obligations. The
Distributors will be listed in the annual and semi-annual reports.
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VIII. Paying and Information Agents
For each country in which Shares of the Company are publicly available, the Company may, at its
discretion, appoint a Paying and Information Agent and/or may provide the relevant facilities services as
described in Article 92 of the UCITS Directive via its central facilities website
https://regulatory.allianzgi.com/en/facilities-services.
In case of the latter alternative, the net asset value of the Shares as well as the subscription and
redemption prices of the Shares may be obtained at https://regulatory.allianzgi.com/en/facilities-
services, and from any other source that the Company deems appropriate.
State Street Bank International GmbH is responsible for the processing of subscription, repurchase and
redemption orders and for making relevant payments to Shareholders, including subscription, redemption
and repurchase proceeds.
Information or payments may be requested via the following address:
State Street Bank International GmbH, Luxembourg Branch
49, Avenue J.F. Kennedy
LU-1855 Luxembourg
The Paying and Information Agents appointed by the Company are listed in the “Directory” and will be
listed in the annual and semi-annual reports.
IX. The Shares
1. Share Classes
The Board may, in its absolute discretion, create additional Sub-Funds and one or more Share Classes
within each Sub-Fund. The Company is one single legal entity, and no Sub-Fund has a separate legal
identity. However, with regard to third parties, in particular towards the Company’s creditors, each Sub-
Fund is solely responsible for the liabilities attributable to it.
Each Share Class may have different characteristics including, but not limited to, fee structures, dividend
policy, permitted investors, minimum investment amount, Reference Currency, and hedging policies. In
addition, Share Classes may contain an additional name which can be found in Appendix 6.
“2” to “99” indicates Share Classes which may have different characteristics (including, but not limited to,
charges, fee structures, persons authorised to invest, minimum investment amount).
Distribution Shares / Share Classes and Accumulation Shares / Share Classes may be issued for each Sub-
Fund. Please see Section X, headed “Distribution Policy” for more details.
Please visit https://regulatory.allianzgi.com for a complete list of Share Classes currently available for
investment.
The Company draws the investors’ attention to the fact that any Shareholder will only be able to fully
exercise its rights directly against the Company, notably the right to participate in general meetings of
Shareholders, if the Shareholder is registered in his own name in the Register. In cases where a
Shareholder invests in the Company through an intermediary investing into the Company in its own name
but on behalf of the investor, it may not always be possible for the Shareholder to exercise certain
Shareholder rights directly against the Company. Investors should note this and seek their own
independent professional advice.
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2. Permitted Investors and Selling Restrictions
2.1 Permitted Investors
Certain Share Classes may be offered to only certain investors as set out below:
Share Class Permitted Investors
B, BT Only available through certain distributors with prior agreement with the Management Company. No
sales load will be payable by the investors on the acquisition of Share Classes B/BT, instead of a sales
load a Contingent Deferred Sales Charge (“CDSC”) maybe payable to the Management Company or
such other party as the Management Company may appoint. Holdings in Share Classes B/BT will be
automatically converted into Share Classes A/AT of the same Sub-Fund free of charge on the
scheduled conversion date (to be fixed by the Management Company) of each month in which the
third anniversary of issue of such Shares occur on the basis of the respective Net Asset Value per share
of the relevant Share Classes B/BT and Share Classes A/AT. This conversion may give rise to tax
liability for Investors in certain jurisdictions.
E, ET Investors who at the time the relevant subscription order is received are Singapore Investors utilizing
the Central Provident Fund (“CPF”) to subscribe into the Fund. Singaporean funds of funds and
investment-linked insurance product sub-funds which are included under Singapore’s CPF investment
scheme, or such other investors as the Management Company may permit. Administrative charges
may be deducted by the relevant CPF administrators. Shareholders should check with their CPF
administrators for details of the arrangement. Conversions only allowed into Shares of other Share
Classes E/ET of the same Sub-Fund or into Shares of Share Classes E/ET of another Sub-Fund.
F, FT UCITS (or a sub-fund thereof) which qualify as both, a feeder fund in accordance with Art. 58 Section 2
of the UCITS DIRECTIVE and therefore have to invest at least 85% of its assets in another UCITS, and as
an Institutional Investor.
I, IT, W, WT, X, XT May only be acquired by Institutional Investors. Shares of Share Classes I, IT, W, WT, X and XT may not
be acquired by natural persons, nor may they be acquired in situations in which the subscriber of the
shares is not a natural person but is acting as intermediary for a third-party ultimate beneficiary who is
a natural person (unless shares are acquired in the own name of the intermediary which itself is an
Institutional Investor). A condition may be set on the issue of shares of these types of Share Classes
requiring the prior submission by the investor of a written guarantee to that effect.
P10, PT10 May only be acquired with the consent of the Management Company.
R, RT May only be acquired with the consent of the Management Company and in addition only by such
distributors which according to regulatory requirements (such as discretionary portfolio management
and/or independent advice under the MiFiD) or based on individual fee arrangements with their clients
are not allowed to accept and keep trail commissions. No trail commissions may be paid to any sales
partners in relation to any of the available varieties of Share Classes R and RT.
X, XT At the absolute discretion of the Management Company any fee between the shareholder and the
Management Company is individually negotiated.
Y, YT Providers that render digital financial & investment advisory services to clients (“robo-advisors”). Robo-
advisors in the aforementioned meaning are firms specialized in providing financial advice and
services via online platforms.
2.2 Additional Requirements to be fulfilled by Certain Permitted Investors
Share Classes where ”20” or “21” is part of the Share Class name may be offered to only certain investors
which fulfil additional requirements as set out below:
Shares in Share Classes are created within the meaning of Section 10 of the German Investment Tax Act
(InvStG) (“tax-free Share Classes”), which differ with regard to the investors who may acquire and hold
shares, among other differences, may only be acquired and held by
(1) German corporations, associations of persons or asset pools which, under the articles of incorporation,
the foundation deed or other constitution and on the basis of the actual management, solely and
directly serve non-profit, charitable or church purposes within the meaning of Sections 51 to 68 of the
German Fiscal Code (AO) and which do not hold the shares in a business operation,
(2) German foundations under public law, which solely and directly serve non-profit or charitable purposes,
(3) German legal entities under public law, which solely and directly serve church purposes, and
(4) non-German investors comparable with the entities described in letters a) to c), with domicile and
management in a foreign state providing administrative and debt enforcement assistance.
As proof that the aforementioned conditions have been met, the investor must provide the Company with
a valid certificate as specified in Section 9 (1) No. 1 or 2 of the German Investment Tax Act. If the
aforementioned conditions are no longer met by an investor, the entity is required to notify this to the
Company within one month of the conditions no longer being met. Tax exemption -amounts that the
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- Allianz Global Investors Fund -
Company receives in connection with management of the respective Sub-Fund, and which are
attributable to income from tax-free Share Classes are generally payable to the investors in these tax-free
Share Classes. In derogation of this procedure, the Company is entitled to allocate the exemption
amounts directly to the fund, in favour of the investors in these tax-free Share Classes; no new shares are
issued as a result of this allocation.
Shares in tax-free share classes may not be transferred. If the investor nevertheless transfers shares, the
investor is required to notify the Management Company of this within one month of the transfer. This right
to redeem the shares exclusively through the Management Company on behalf of the Sub-Fund, in
accordance with Article 8 of the Articles of Incorporation, shall remain unaffected.
Shares in tax-free Share Classes may also be acquired and held within the framework of retirement provision or
base pension agreements, provided they are certified in accordance with Sections 5 or 5a of the Pension Provision
Agreements Certification Act (AltZertG). As proof that the aforementioned condition has been met, the provider of
the retirement provision or base pension agreement must notify the Company that it is acquiring the relevant
shares of the tax-free Share Class solely within the framework of retirement provision or base pension
agreements. If the aforementioned condition is no longer met, the investor is required to notify this to the
Company within one month of the conditions no longer being met. Tax exemption amounts that the Company
receives in connection with management of the respective Sub-Fund, and which are attributable to income from
the tax-free Share Class are generally payable to the provider of the retirement provision or base pension
agreement. The provider must reinvest the amounts in favour of the persons who are entitled under the respective
retirement provision or base pension agreement. In derogation of this procedure, the Company is entitled to
allocate the exemption amounts directly to the fund, in favour of the investors in the tax-free Share Class; no new
shares are issued as a result of this allocation. The procedure used is also explained in the sales prospectus.
2.3 Selling Restrictions
The country-specific selling restrictions are set out in Appendix 11.
2.4 Investor Restrictions
The investor restrictions are set out in Appendix 6.
3. Types of Shares
3.1 General
All Shares must be fully paid up prior to their issue.
In respect of each Sub-Fund, Shares may be issued in either registered or bearer form. Shares may or may
not be issued in global form. Shares have no nominal value or preferential rights.
Each whole Share is entitled to one vote at any general meeting of Shareholders. However, the exercise
of voting rights associated with Shares held by restricted persons may, in relation to those Shares, be
refused by the Company at general meetings of Shareholders – please refer to Section III, headed
“General Information on the Company”.
Fractional Shares are issued to one thousandth of a Share with smaller fractions being rounded.
Fractional Shares confer no voting rights but entitle the Shareholder to participate proportionally in the
distribution of net income and in the proceeds of liquidation of the respective Sub-Fund or Share Class.
3.2 Reference Currency
Shares may be issued with a Reference Currency which is different to their Base Currency. The Reference
Currency of a Share Class is indicated in the name of the Share Class (e.g., “Share Class A (USD)” indicates
“Class A Shares” with USD as the Reference Currency).
3.3 Currency hedged Share Class(es)
If a Sub-Fund directly or indirectly (via derivatives) holds assets denominated in currencies other than its
Base Currency or if a Sub-Fund’s Share Class is designated in a currency other than the Sub-Fund’s Base
Currency, it is exposed to a currency risk that if foreign currency positions have not been hedged or if there
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- Allianz Global Investors Fund -
is any change in the relevant exchange control regulations, the NAV of the Sub-Fund or that Share Class
may be affected unfavourably (“Currency Risk”).
Such Currency Risk may be reduced by currency hedging which is a technique that is used to reduce the
impact of changes in exchange rates. Currency hedging is offered for different Sub-Funds through
separate share classes (“Currency hedged Share Classes”).
The Company may enter into currency hedging transactions in relation to one or more share classes which
offer currency hedging. Profit and losses do arise on the valuation of these currency hedge positions on
each business day and are attributable to the respective Currency hedged Share Class and therefore
included in the performance of such Share Class only. Expenses related to currency hedging transactions
will be allocated to the respective Currency hedged Share Class resulting in higher expenses for such
share class compared with a share class not applying currency hedging.
All profits and losses are designed to offset the profits and losses arising from changes in foreign currency
exchanges rates and are borne by the investors of the respective Currency hedged Share Class(es).
Currency hedged Share Classes aim to provide investors with a return correlated to the performance of
the Sub-Fund’s portfolio, or by reducing the effect of exchange rate fluctuations between the different
currencies (currencies as determined below for the respective Currency hedged Share Classes).
It is to be noted that a hedging transaction aims to reduce, not to eliminate, currency risk and any
mismatches between the respective different currencies.
The Company may use the static forward-based approach (the “Forward Approach”) to implement the
currency hedging on Share Class level.
The Forward Approach is targeting a constant target hedge ratio at all times.
Using the Forward Approach will result in the same hedging effect even in case of smaller currency
movements between e.g., Reference Currency versus Base Currency or Reference Currency versus Hedging
Currency. Hence Currency hedged Share Classes using the Forward Approach will have a more precise
hedging of the currency risk.
As far as Currency hedged Shared Classes are concerned, the Company ensures.
- that the exposure to any counterparty of a derivative transaction is in line with the limits laid down in
Article 43 of the Law in respect to net asset value of the respective Currency hedged Share Class,
- that over-hedged positions do not exceed 105% of the net asset value of the respective Currency
hedged Share Class,
- that under-hedged positions do not fall short of 95% of the portion of the net asset value of the
respective Currency hedged Share Class, which is to be hedged against,
- to keep hedged positions under review on an ongoing basis, at least at the same valuation frequency
as the Sub-Fund, to ensure that over-hedged or under-hedged positions do not exceed/fall short of
the permitted levels stated above, and
- that it has incorporated a procedure to rebalance the hedging arrangement on a regular basis to
ensure that any position stays within the permitted position levels stated above and is not carried
forward from month to month.
The table below sets out the different hedging policies applicable to different Currency hedged Share Classes:
Indicator Characteristics Example
“H” appears before the Currency Risk hedged against the Reference Currency using the Share Class A (H-USD) with USD
Reference Currency Forward Approach. as the Reference Currency.
“H” appears before the Currency Risk hedged against the Hedging Currency using the Share Class A (USD H-JPY) with
Reference Currency and Forward Approach. USD as the Reference Currency
Hedging Currency and JPY as the Hedging Currency.
“H2” appears before the Base Currency hedged against the Reference Currency using the Share Class A (H2-USD) with USD
Reference Currency Forward Approach. Investors still bear the currency risk that may as the Reference Currency (which
arise from active portfolio management (e.g., specific foreign is different to the Base Currency
exchange positions). of the Sub-Fund).
“H2” appears between Base Currency hedged against the Hedging Currency using the Share Class A (USD H2-JPY) with
the Reference Currency Forward Approach. Investors still bear the currency risk that may USD as the Reference Currency
and Hedging Currency arise from active portfolio management (e.g., specific foreign (which is different to the Base
exchange positions).
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Indicator Characteristics Example
Currency of the Sub-Fund) and
JPY as the Hedging Currency.
“H3” appears between Investment Currency hedged against the Reference Currency using Share Class A (USD H3-JPY) with
the Reference Currency the Forward Approach. Investors still bear the currency risk that USD as the Reference Currency
and Investment Currency may arise from active portfolio management (e.g., specific foreign and JPY as Investment Currency
exchange positions). (which is different to the Base
Currency of the Sub-Fund).
“H4” appears before the Currency exposure of the respective benchmark hedged against Share Class A (H4-USD) with USD
Reference Currency the Reference Currency using the Forward Approach. Investors still as the Reference Currency.
bear the currency risk that may arise from active portfolio
management (eg., specific foreign exchange positions).
“H5” appears before the For the value of all assets of the Sub-Fund qualifying as Debt Share Class A (H5-USD) with USD
Reference Currency Securities, UCITS, UCI or Deposits the Base Currency will be as the Reference Currency.
hedged against the Reference Currency using the Forward
Approach. Investors still bear the currency risk that may arise from
assets of the Sub-Fund not qualifying as Debt Securities, UCITS,
UCI or Deposits. In addition, Investors bear the currency risk that
may arise from assets of the Sub-Fund qualifying as Debt
Securities, UCITS, UCI or Deposits and tail currency exposure other
than the Base Currency.
3.4 Minimum Investment Amount
Subject to the Management Company’s absolute discretion to permit a lower minimum investment, the
minimum investment amounts for the investment in the following Share Classes (after deduction of any
Subscription Fee) are as set out below:
Share Class Minimum Investment Amount
I/IT AUD 6 m | CAD 6 m | CHF 4 m | CZK 120 m | DKK 30 m | EUR 4 m | GBP 4 m | HKD 40 m | HUF 1.2 bn |
JPY 480 m | MXN 100 m | NOK 40 m | NZD 6 m | PLN 16 m | RMB 40 m | SEK 40 m | SGD 8 m |
TRY 28 m | USD 4 m | ZAR 60 m
N/NT AUD 300,000 | CAD 300,000 | CHF 400,000 | CZK 6 m | DKK 2 m | EUR 200,000 | GBP 200,000 |
HKD 2 m | HUF 50 m | JPY 40 m | MXN 3 m | NOK 1.6 m | NZD 300,000 | PLN 800,000 | RMB 2 m |
SEK 2 m | SGD 400,000 | TRY 500,000 | USD 200,000 | ZAR 3 m
P/PT AUD 4.5 m | CAD 4.5 m | CHF 3 m | CZK 90 m | DKK 22.5 m | EUR 3 m | GBP 3 m | HKD 30 m |
HUF 900 m | JPY 360 m | MXN 75 m | NOK 30 m | NZD 4.5 m | PLN 12 m | RMB 30 m | SEK 30 m |
SGD 6 m | TRY 21 m | USD 3 m | ZAR 45 m
P2/PT2, P23/PT23, AUD 15 m | CAD 15 m | CHF 10 m | CZK 300 m | DKK 75 m | EUR 10 m | GBP 10 m | HKD 100 m |
P24/PT24, P25/PT25, HUF 3 bn | JPY 1.2 bn | MXN 250 m |NOK 100 m | NZD 15 m | PLN 40 m | RMB 100 m | SEK 100 m |
W/WT, W13/WT13, SGD 20 m | TRY 70 m | USD 10 m | ZAR 150 m
W14/WT14, W15/WT15
P3/PT3, P33/PT33, AUD 75 m | CAD 75 m | CHF 50 m | CZK 1.5 bn | DKK 375 m | EUR 50 m | GBP 50 m | HKD 500 m |
P35/PT35, W2/WT2, HUF 15 bn | JPY 6 bn | MXN 1.25 bn | NOK 500 m | NZD 75 m | PLN 200 m | RMB 500 m | SEK 500 m |
W23/WT23, W25/WT25 SGD 100 m | TRY 350 m | USD 50 m | ZAR 750 m
P4/PT4, P43/PT43, AUD 150 m | CAD 150 m | CHF 100 m | CZK 3 bn | DKK 750 m | EUR 100 m | GBP 100 m | HKD 1 bn |
P45/PT45, W3/WT3, HUF 30 bn | JPY 12 bn | MXN 2.5 bn | NOK 1 bn | NZD 150 m | PLN 400 m | RMB 1 bn | SEK 1 bn |
W33/WT33, W35/WT35 SGD 200 m | TRY 700 m | USD 100 m | ZAR 1.5 bn
P5/PT5, P10/PT10, AUD 375 m | CAD 375 m | CHF 250 m | CZK 7.5 bn | DKK 1875 m | EUR 250 m | GBP 250 m |
P53/PT53, P55/PT55, HKD 2.5 bn | HUF 75 bn | JPY 30 bn | MXN 6.25 bn | NOK 2.5 bn | NZD 375 m | PLN 1 bn | RMB 2.5 bn |
W4/WT4, W43/WT43, SEK 2.5 bn | SGD 500 m | TRY 1.75 bn | USD 250 m | ZAR 3.75 bn
W45/WT45
P6/PT6, P63/PT63, AUD 750 m | CAD 750 m | CHF 500 m | CZK 15 bn | DKK 3.75 bn | EUR 500 m | GBP 500 m | HKD 5 bn |
P65/PT65, W5/WT5, HUF 150 bn | JPY 60 bn | MXN 12.5 bn | NOK 5 bn | NZD 750 m | PLN 2 bn | RMB 5 bn | SEK 5 bn |
W53/WT53, W55/WT55 SGD 1 bn | TRY 3.5 bn | USD 500 m | ZAR 7.5 bn
Y/YT AUD 150 m | CAD 150 m | CHF 100 m | CZK 3 bn | DKK 750 m | EUR 100 m | GBP 100 m | HKD 1 bn |
HUF 30 bn | JPY 12 bn | MXN 2.5 bn | NOK 1 bn | NZD 150 m | PLN 400 m | RMB 1 bn | SEK 1 bn |
SGD 200 m | TRY 700 m | USD 100 m | ZAR 1.5 bn
Subsequent investments for lower amounts are permitted, provided that the combined value held by a
Shareholder in any Share Class, after such additional investment and the deduction of any Subscription
Fee, is at least equivalent to the minimum investment amount of the relevant Share Class. Where an
intermediary invests on behalf of third-party final beneficiaries, such requirement applies to each of the
third-party final beneficiaries individually, and a written confirmation from the third-party final
beneficiaries to that effect may be required prior to investing.
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3.5 Physical Securities
Bearer certificates issued in physical form (“Physical Securities”) will not be issued to individual Shareholders.
4. Dealing in Shares
Dealing Applications received by the respective account keeping entities, the Distributors, the Paying
Agents or at the Registrar Agent by 11.00 a.m. CET or CEST on any Dealing Day will be dealt with at the
applicable Dealing Price determined (but not yet published) on such Dealing Day (the “relevant Dealing
Day”). Dealing Applications received after this time will be dealt with at the applicable Dealing Price on
the next Dealing Day. Different deadlines for receipt of Dealing Applications may be applicable to
individual Sub-Funds. Settlement dates may be no later than the second Valuation Day following the
relevant Dealing Day, and the order must always be settled at the relevant Dealing Price at the time the
Dealing Application is dealt with.
The Subscription Price must normally be received by the Company in cleared funds and the Redemption
Price will normally be paid out within the following timeframes:
- within three Valuation Days after the trade date of a Sub-Fund for a Share Class whose Reference
Currency is AUD, CZK, DKK, HKD, HUF, JPY, NZD, PLN, RMB, SGD or ZAR,
- within two Valuation Days after the trade date for a Sub-Fund for Share Classes with a Reference
Currency other than one listed in the preceding paragraph.
The Company may with prior notice, if required by a supervisory authority, change the applicable
deadline for receipt of subscription monies (or settlement of redemption proceeds, as the case may be),
which may be different for different Sub-Funds. However, all payments must be received or settled no
later than six Valuation Days after the calculation of the relevant Dealing Price, in the currency of the
relevant Share Class. Any other method of payment requires the prior approval of the Company. All bank
charges must be borne by the Shareholders.
The dealing process may vary depending on which agent (e.g., respective account keeping entity,
Distributor, Paying Agent, or Registrar Agent) assists the relevant Shareholder to deal in Shares, which
may delay the receipt of the Dealing Application by the Company. If the Dealing Application is made
other than through the Registrar Agent or the Paying Agents, additional costs may be incurred.
Dealing Applications cannot be withdrawn except when the calculation of the NAV of the relevant Shares
is suspended. No Dealing Applications will be dealt with during any such period of suspension. Please
refer to Section XI.2., headed “Temporary Suspension of the Calculation of NAV and Resulting Suspension
of Dealing” for details.
5. Subscriptions
Shares will be issued on every Dealing Day at the relevant Subscription Price which is determined on each
Valuation Day and based on the NAV per Share of the relevant Share Class. Please refer to Section XI.1.,
headed “Calculation of NAV per Share” for details. Subscription Fees are levied as a percentage of the
NAV per Share of a Share Class and are specified in Appendix 2. The Management Company may reduce
the Subscription Fee at its absolute discretion. The Subscription Fee accrues to the relevant Distributor
and is levied as a percentage of the NAV per Share of the relevant Share Class.
If a Shareholder subscribes for Shares through a particular Distributor, the Distributor may open an
account in its own name and have the Shares registered exclusively in its own name or in the name of a
nominee. All subsequent dealing applications in respect of the Shares and other instructions must then be
made through such Distributor.
The acquisition of Shares of a Share Class whose acquisition is subject to one or more conditions is subject
to an appropriately worded written declaration from the ultimate third-party final beneficiary that it
complies with the applicable condition(s). The wording of the relevant declaration may be obtained from
[email protected] or from the appropriate Distributors and Paying Agents. This
declaration must be sent to, and received at, the relevant recipient/address before Shares are acquired.
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If subscription amounts are not directly received, or if the Company does not have the full right of disposal
of them, the settlement of the subscription will be delayed until such time as the subscription amounts are
freely available to the Company unless some other agreement is entered into with the Company or its
duly authorised representative.
The subscription price is normally paid in the currency of the share class in question. Upon request of the
shareholder, the subscription price may be paid in any other freely convertible currency. All conversion
fees due are borne by the shareholder.
The Company may upon application from a subscriber, issue Shares in return for a contribution in kind of
securities or other assets, provided that such securities or other assets comply with the investment
objectives and investment restrictions of the relevant Sub-Fund whose Shares are being applied for. Such
securities or other assets will be valued by the auditors of the Company. The costs of such contribution in
kind are borne by the subscriber in question.
The Company reserves the right to reject, wholly or in part, any subscription application on any grounds.
In such case, any subscription amounts already paid or any remaining balance will normally be refunded
within five Business Days after such a rejection.
The Company also reserves the right to suspend without prior notice the issue of Shares in one or more or
all Sub-Funds or in one or more or all Share Classes.
If settlement of subscription amounts is not made within the allocated timeframe, a Subscription
Application may lapse and be cancelled at the cost of the relevant investor or their Distributors. The
Company may also bring an action against the defaulting investor or their Distributor for (or, if the
investor is already a Shareholder, the Company or Management Company may deduct from its
Shareholding), any costs or losses incurred from such cancellation. In all cases, any confirmation of
transaction and any money due to the investor/Shareholder will be held by the Management Company
without payment of any interest pending receipt of all monies due from the investor/Shareholder.
If the issue of Shares has been suspended, subscription applications are settled on the first Valuation Day
after the termination of the suspension unless they have otherwise been revoked in an authorised manner.
6. Redemptions
6.1 The Redemption Process
Shareholders who wish to redeem some or all of their Shares must submit on each Dealing Day a
complete written application for redemptions to the respective account keeping entities, the Distributors
or the Paying Agents, which will be forwarded to the Registrar Agent, or directly to the Registrar Agent in
the name of the Shareholder.
Shares will be redeemed at the Redemption Price which is determined on each Valuation Day and based
on the NAV per Share of the relevant Share Class. Please refer to Section XI.1., headed “Calculation of
NAV per Share” for details. Redemption Fees, Exit Fees and Disinvestment Fees are levied as a
percentage of the NAV per Share of a Share Class and are specified in Appendix 2. The Management
Company may, as its absolute discretion, reduce any such fee. Investors should note that the Redemption
Price may be higher or lower than the Subscription Price paid for the relevant Shares.
The Redemption Fees accrue to the Distributors. The Disinvestment Fees and Exit Fees are retained by the
respective Sub-Fund. The Exit Fee is calculated as a fixed amount per Share, which is adjusted on a
regular basis as set out in Appendix 2 for the relevant Sub-Fund. An Exit Fee will only be charged to Sub-
Funds to which a Placement Fee is also applied. A Placement Fee is a fixed amount that is levied on the
Sub-Fund and paid out in a single instalment on a date set out in Appendix 2 which is amortized over a
pre-defined period. Shareholders who redeem their Shares before the end of the Amortization Period will
leave those parts of the paid Placement Fee in the Sub-Fund which are not yet fully amortized. The Exit
Fee aims not to harm Shareholders holding the Sub-Fund until or later than the end of the Amortization
Period. In certain cases, the Exit Fee may exceed the negative effect on the NAV caused by the
redemption of Shares.
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The Registrar Agent is not obliged to make payment if there are legal provisions, such as exchange
control regulations, or other circumstances beyond the Registrar Agent’s control preventing the
settlement of the redemption proceeds.
Settlement of the redemption proceeds is made by electronic bank transfer to the account provided by
the Shareholder. The Company does not usually charge a transfer fee for bank transfers. However, the
Shareholder’s bank may charge such a fee for accepting the payment. Redemption proceeds are
normally paid out in the currency of the Share Class in question. Upon request of the shareholder, the
redemption price may be paid out in any other freely convertible currency. All conversion fees due are
borne by the shareholder.
Where redemption proceeds are settled in kind by the transfer of the Company’s securities or other assets,
the value of the assets to be transferred must be equivalent to the value of the Shares to be redeemed on
the Dealing Day, as valued by the auditors of the Company. The scope and nature of the securities or
other assets to be transferred are determined on a reasonable basis without impairing the interests of
other investors. The cost of such transfers is borne by the relevant redeeming Shareholder.
6.2 Compulsory Redemption of Shares
If (i) the Company considers ownership of Shares by any person to be contrary to the interests of the
Company; or (ii) such ownership is in violation of Luxembourg or other law; or (iii) such ownership would
subject the Company to any tax or other financial disadvantage that it would not otherwise incur, the
Company may instruct such a Shareholder (a “Restricted Person”) in writing to sell all its Shares within 30
calendar days of the Restricted Person receiving such written notice. If the Restricted Person does not
comply with the notice, the Company may compulsorily redeem all Shares held by such a Restricted
Persons in accordance with the following procedure:
(1) The Company will issue a second notice (the “Purchase Notice”) to the relevant Shareholder, which
sets out (i) the Shareholder’s name, (ii) the Shares to be redeemed, and (iii) the procedure under
which the Redemption Price is calculated.
The Purchase Notice will be sent by registered post to the address listed in the Register.
(2) The Restricted Person’s ownership of the designated Shares shall end upon close of business on the
date designated in the Purchase Notice, and he shall have no further claim in relation to the Shares or
any part thereof, or against the Company or the Company’s assets related to the Shares except for
the right to repayment of the purchase price of these Shares (the “Purchase Price”) without interest.
For registered Shares, the name of the Shareholder shall be removed from the Register. For bearer
Shares, the certificates that represent the Shares will be cancelled.
(3) The Purchase Price shall correspond to an amount determined based on the share value of the
corresponding Share Class on a Valuation Day, as determined by the Board, less any Redemption
Fees. The Purchase Price is (less any Redemption Fees), the lower of (i) the share value calculated
before the date of the Purchase Notice and (ii) the share value calculated on the day immediately
following the relevant Valuation Day by reference to which the Redemption Price is calculated.
(4) The Purchase Price will be paid in the currency determined by the Board and deposited at a bank
stated in the Purchase Notice after the final determination of the Purchase Price and after receipt of
the Share certificate(s) along with any unmatured coupons. After the Purchase Notice has been
provided and in accordance with the procedure outlined above, the previous owner has no further
claim to the Shares or any part thereof, and the previous owner no longer has any claim against the
Company or the Company’s assets related to these Shares, with the exception of the right to
repayment of the Purchase Price without interest from the named bank. All income from redemptions
to which the Restricted Person is entitled may not be claimed after five years from the date stated in
the Purchase Notice and shall be forfeited as regards the respective Share Class. The Board is
authorised to take all necessary steps to return these amounts and to authorise the implementation of
corresponding measures for the Company.
(5) Any compulsory redemption exercised by the Company shall not be questioned or declared invalid on
any grounds concerning the ownership of the relevant Shares, Provided Always that the Company
exercised its compulsory redemption powers in good faith.
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7. Conversions
A Shareholder may request the conversion of any of his Shares (in whole or in part) into Shares of another
Share Class of the same Sub-Fund or into Shares of another Sub-Fund subject to the payment of a
Conversion Fee calculated as a percentage of the NAV as listed in Appendix 2 and meeting any minimum
investment amounts or any additional requirements applicable to the issue of the new Shares.
An application for the conversion of Shares will be treated in the same way as an application for the
redemption of Shares and a simultaneous application for the subscription of Shares.
Conversions may only be effected where it is possible to both redeem the Shares in question and subscribe
for the requested Shares (please refer to Sections IX.5. headed “Subscriptions” and IX.6. headed
“Redemptions” for details); there will be no partial execution of the application unless there is no possibility
of issuing the Shares to be acquired until after the Shares to be converted have been redeemed.
The number of Shares to be issued as a conversion will be calculated in accordance with the following
formula:
A B C N = the number of the new Shares to be issued (as a result of the conversion).
N A = the number of Shares to be converted.
D
B = the Redemption Price of the Shares to be converted on the respective Dealing Day (taking into consideration any
Redemption Fees and/or any Disinvestment Fees due).
C = the currency conversion factor based on the applicable exchange rate (or, where the currencies concerned are
the same, C = 1).
D = the Subscription Price of the Shares to be issued on the respective Dealing Day (taking into consideration any
Subscription Fees due).
Any Shareholder who undertakes a conversion of Shares may realise a taxable profit or loss, depending
on the legal provisions of their country of citizenship, residence, or domicile.
8. Transfers
Any Shareholder is entitled to transfer Shares by an instrument in writing (or using such form as is
acceptable to the Company) which is signed by the transferor and the transferee. The transferor's
signature must be verified by a person acceptable to the Company. Standard forms are available from
the Distributor, the Registrar Agent, or a Paying Agent. Transfers will not be accepted if, as a result, the
Shares are held by a restricted person, any impermissible investor or the holdings are less than the
relevant minimum investment amount applicable to the relevant Share Class.
9. Deferral of Redemption and Conversion Requests
If redemption applications (including the redemption portion of conversion applications) exceed 10% of
the Shares in issue or NAV of the relevant Sub-Fund on any Dealing Day, the Directors may in their
absolute discretion defer some or all of such applications for such period of time (which shall not exceed
two Valuation Days) that the Company considers to be in the best interest of that Sub-Fund, provided
that, on the first Valuation Day following this period, such deferred redemption and conversion
applications will be given priority and settled ahead of newer Applications received after this period.
10. Income Equalisation
The Company applies an income equalisation procedure for the Share Classes, i.e., an equalisation
account is maintained which records the portion of income and realised capital gains/losses accrued
during the financial year, and which is treated as being included as part of the Subscription
Price/Redemption Price. The expenses incurred are accounted for in the calculation of the income
equalisation procedure.
The income equalisation procedure is used to account for the movements between (i) income and realised
capital gains/losses; and (ii) assets that are caused by net inflows and outflows due to the sale and
redemption of Shares. Otherwise, each net inflow of cash would reduce the share of income and realised
capital gains/loss on the NAV of a Sub-Fund, and each outflow would increase it.
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X. Distribution Policy
1. Distribution Shares
Distribution Shares can target to have a variable payout profile, a stable payout profile or a fixed
percentage payout profile. For shares targeting a variable payout the income can be calculated in
accordance with the Net Distribution Policy (as described under No. 1.1 below) while for shares targeting
a stable payout the income can be calculated either in accordance with the Net Distribution Policy or the
Gross Distribution Policy (as described under No. 1.2 below). Intended distribution amounts for
distribution shares targeting a stable payout profile are reviewed on a regular basis and may be adjusted.
Shareholders will not be notified in case of any change in the intended distribution amount. Shareholders
should note that the intended distribution amount is not guaranteed. In addition, distribution amount can
be calculated in accordance with the Fixed Percentage Policy (as described under No. 1.3 below).
Distribution Shares targeting to have a stable payout profile can or cannot apply the IRD Neutral Policy
(as described under No. 1.4 below).
1.1 Net Distribution Policy
Income available for distribution (distribution amount) is generally calculated according to the net
distribution policy (Net Distribution Policy). The distribution amount is calculated by deducting all payable
charges, fees, taxes, and other expenses from all income while taking into account the corresponding
income equalisation. The distribution amount for Currency hedged Share Classes applying the Net
Distribution Policy will take into account the Interest Rate Differential arising from share class currency
hedging accordingly unless the IRD Neutral Policy is applied. The Company may determine to distribute
(1) realised capital gains and other income (accounting for income equalisation), and (2) unrealised
capital gains and (3) capital.
1.2 Gross Distribution Policy
The distribution amount may also be calculated according to the gross distribution policy (Gross
Distribution Policy or GDP) by solely taking into account the entire available income (i.e., the gross
income). The distribution amount for Currency hedged Share Classes applying the Gross Distribution
Policy will take into account the Interest Rate Differential arising from share class currency hedging
accordingly unless the IRD Neutral Policy is applied. All payable charges, fees, taxes and other expenses
from accrued interest, dividends and income received from target fund shares and compensation for
securities lending and securities repurchase agreements will be deducted from the capital in accordance
with Article 31 of the Law.
The Gross Distribution Policy for Distribution Shares therefore provides for the distribution of essentially
all distributable available income (i.e., the gross income without consideration of any costs as outlined
above) for a corresponding time period.
Share Classes which distribute income according to the Gross Distribution Policy are named with the
additional letter “g”.
1.3 Fixed Percentage Policy
The distribution amount may also be calculated according to the fixed percentage policy (Fixed
Percentage Policy). Such Distribution Shares intend to pay out of variable amount per Share which will be
based on a fixed percentage of the Net Asset Value per Share. The distribution amount is calculated
based on a fix percentage applied on the Net Asset Value of the respective share class at the end of the
previous month (in case of monthly distributions), the previous financial quarter (in case of quarterly
distributions) or the fiscal year (in case of annual distributions). While the percentage will be applied
consistently the distribution amount may vary from month to month due to movement in the Net Asset
Value per Share. The fixed percentage for calculation of the distribution amount is determined prior to the
first distribution of the relevant Share Class of the relevant Sub-Fund but can be subject to adjustment.
Although the fixed distribution percentage is intended to be maintained, it may be subject to amendments
under exceptional circumstances (including but not limited to, a drastic drop of the Net Asset Value due to
market crash, material market shifts or major crisis) after taking into account various factors, including but
not limited to, the portfolio outlook of the relevant Sub-Fund, the risk analysis, the fixed distribution
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- Allianz Global Investors Fund -
percentage and the Net Asset Value per Share of the relevant Share Class of the relevant Sub-Fund.
Shareholders will be notified in case of any change in the fixed distribution percentage. Shareholders
should note that fixed payout percentage is not guaranteed.
Share Classes which distribute income according to the Fixed Percentage Policy are named with the
additional letter “f”.
The distribution amount per share is generally calculated as follows: fixed distribution percentage per
annum ÷ distribution frequency over a year × Net Asset Value per Share on the last Dealing Day of the
previous month/financial quarter/fiscal year (depending on the frequency of distribution).
Please visit https://regulatory.allianzgi.com for a complete list of fixed distribution percentages applied to
share classes with Fixed Percentage Policy.
1.4 IRD Neutral Policy
The distribution amount for Currency hedged Share Classes may also be calculated according to the IRD
Neutral Policy. The distribution amount for such Currency hedged Share Classes will generally apply the
principles of either the Net Distribution Policy or the Gross Distribution Policy while, however, not
reflecting Interest Rate Differential arising from share class currency hedging. For instance, where the
interest rate of the Base Currency of a Sub-Fund is higher than the interest rate of the Reference Currency
of a Currency hedged Share Class, the Interest Rate Differential is negative. With the adoption of IRD
Neutral Policy, the distribution amount for such Currency hedged Share Class will not be decreased to
account for the difference between these interest rates.
Share Classes which distribute income according to the IRD Neutral Policy are named with the additional
letter “i”.
1.5 Risk to erode Capital
Distribution Shares distributing capital have a risk to erode capital. Payment of distribution out of capital,
amounts to a return or withdraw of part of an investor’s original investment or from any capital gains
attributable to that original investment. Any distributions involving payment of dividend out of capital
may result in immediate reduction of the Net Asset Value per Share of the share. The following share
classes may have an increased risk of capital erosion:
- Distribution Shares applying the Fixed Percentage Policy may have relatively high likelihood to erode
capital because the distribution of capital is an inherent element of the determination of the fixed
percentage. Shareholders should note that a positive fixed distribution percentage does not imply a
high or positive return, as the fixed distribution may be paid out of capital or effectively out of capital.
- Distribution shares targeting to have a stable payout profile may be subject to erode capital.
- Distribution shares targeting to have a stable payout profile and applying the IRD Neutral Policy have
high likelihood to erode capital if the Interest Rate Differential is negative. The likelihood of capital
erosion can vary significantly and strongly depends on the Interest Rate Differential between the
relevant currencies.
- Distribution Shares applying the Gross Distribution Policy usually are subject to erode capital because
fees and expenses are not reflected in the calculation of distribution amount, i.e., will be taken from
the capital.
1.6 General Provisions
All Distribution Shares provides for a distribution unless doing so will result in the net assets of the
Company falling below EUR 1,250,000.
Distribution proceeds unclaimed after five years will revert to their respective Share Class(es). No interest
accrues on declared distributions.
Share Classes A, B, C, D, E, F, I, N, P, R, S, W, X and Y are Distribution Shares the distribution of which will
generally be made on 15 December of each year or, if such day is not a Valuation Day, the next
applicable Valuation Day unless otherwise stated in Appendix 6, or indicated by the relevant distribution
frequency indicators shown in the table below:
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- Allianz Global Investors Fund -
Indicator Distribution Frequency
“M” Monthly distribution i.e., normally paid out on 15th day of each month. *
“Q” Quarterly distribution i.e., normally paid out on 15 March, 15 June, 15 September, and 15 December. *
* If such day is not a Dealing Day, the distribution date shall be the next Dealing Day.
2. Accumulation Shares
Share Classes T are Accumulation Shares and retain all income (while accounting for income
equalisation) less payable charges, fees, taxes and other expenses and reinvest these amounts. No
distributions are expected to be paid to holders of Accumulation Shares. Annual accumulation will
generally take place on 30 September each year.
Notwithstanding this, Shareholders may, at a general meeting, determine how income and realised
capital gains should be treated and may even decide to distribute capital, or provide for cash payments
or the issue of bonus shares, or may authorise the Board to make such a decision.
Under no circumstances may distributions be made if doing so would result in the net assts of the
Company falling below EUR 1,250,000.
XI. Net Asset Value Per Share
1. Calculation of NAV per Share
The NAV per Share of a Share Class is calculated in the Base Currency of the Sub-Fund. If Shares are
issued with other Reference Currencies, such NAV will be published in the currency in which that class of
Shares is denominated. On each Valuation Day [at one or more points in time], the NAV per Share is
calculated by dividing the net assets of the Sub-Fund by the number of Shares in circulation of the
relevant Share Class on the Valuation Day. The net assets of a Share Class are determined by the
proportional share of the assets attributable to such a Share Class less the proportional share of the
liabilities attributable to a Share Class on the Valuation Day. When distributions are made, the value of
the net assets attributable to the Distribution Shares is reduced by the amount of such distributions. The
NAV may be rounded up or down to the next applicable currency unit as determined by the Board.
For money-market Sub-Funds, the NAV per Share may be determined plus/less accrued income and
expenses expected to be due per Share up to and including the calendar day before the relevant
Valuation Day.
If there have been significant changes in the prices on markets in which a significant portion of the assets
attributable to a Share Class is traded or listed following the calculation of the NAV, the Company may, in
the interests of the Shareholders and the Company, disregard the first valuation and perform a second
valuation.
Assets will be valued in accordance with the following principles:
(1) Cash, term deposits and similar assets are valued at their face value plus interest. If there are
significant changes in market conditions, the valuation may be made at the realisation price if the
Company can cancel the investment, the cash, or similar assets at any time; the realisation price in this
sense corresponds to the sales price or the value that must be paid upon cancellation to the
Company.
(2) Investments that are listed or traded on an exchange will be valued based on the latest available
trade price on the stock exchange which constitutes the principal market for this investment.
(3) Investments traded on another Regulated Market are valued at the latest available trade price.
(4) Securities and money-market instruments whose latest available trade prices do not correspond to
appropriate market prices, as well as securities and money-market instruments not officially listed or
traded on an exchange or on another Regulated Market, and all other assets, are valued on the basis
of their probable sales price, determined prudently and in good faith.
(5) The liquidation proceeds of futures, forward or options contracts not traded on exchanges or on other
Regulated Markets are valued at their net liquidating value determined, pursuant to the policies
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- Allianz Global Investors Fund -
established by the Directors, on the basis of calculations consistently applied for all types of contracts.
The liquidation proceeds of futures, forward or options contracts traded on exchanges or on other
Regulated Markets will be based upon the latest available trade price of these contracts on
exchanges and Regulated Markets on which the particular futures, forward or options contracts are
traded by the Company. If futures, forward or options contracts cannot be liquidated on the day with
respect to which net assets are being determined, the basis for determining the liquidating value of
such contracts will be such value as the Directors deems fair and reasonable.
(6) Interest-rate swaps are valued at their market value by reference to the applicable interest rate curve.
(7) Index and financial instrument-related swaps will be valued at their market value established by
reference to the applicable index or financial instrument. The valuation of the index or financial
instrument-related swap agreement is based upon the market value of such swap transaction
established in good faith pursuant to procedures established by the Directors.
(8) Target fund units in UCITS or UCIs are valued at the latest determined and obtainable redemption
price.
A Sub-Fund may suffer reduction of the Net Asset Value per Share (the “dilution”) due to investors
purchasing, selling and/or switching in and out of Shares of a Sub-Fund at a price that does not reflect the
dealing costs associated with this Sub-Fund’s portfolio trades undertaken by the Investment Manager to
accommodate cash inflows or outflows.
In order to reduce this impact and to protect Shareholders’ interests, a swing pricing mechanism (the
“Swing Pricing Mechanism“) may be adopted by the Company as part of the general valuation policy.
If on any Valuation Day, the aggregate net investor(s) transactions in Shares of a Sub-Fund exceed a pre-
determined threshold, as determined as (i) a percentage of that Sub-Fund’s net assets or as (ii) an
absolute amount in that Sub-Fund’s base currency from time to time by the Company‘s Board of Directors
based on objective criteria, the Net Asset Value per Share may be adjusted upwards or downwards to
reflect the costs attributable to net inflows and net outflows respectively (the „Adjustment“). The net
inflows and net outflows will be determined by the Company based on the latest available information at
the time of calculation of the Net Asset Value.
The Swing Pricing Mechanism may be applied across all Sub-Funds. However, the Swing Pricing
Mechanism is currently only applied to certain Sub-Funds which are explicitly mentioned on the webpage
https://regulatory.allianzgi.com. The extent of the Adjustment will be reset by the Company on a periodic
basis to reflect an approximation of current dealing costs. The estimation procedure for the value of the
Adjustment captures the main factors causing dealing cost (e.g., bid/ask spreads, transaction related
taxes or duties, brokerage fees etc.). Such Price Adjustment may vary from Sub-Fund to Sub-Fund and will
not exceed 3% of the original Net Asset Value per Share. The value of the Adjustment is determined by the
Management Companies valuation team and approved by an internal swing pricing committee. On a
regular basis (minimally twice a year) the value of the Adjustment is reviewed by the Management
Company’s valuation team and the review results are approved by the swing pricing committee.
The value of the pre-determined threshold, which triggers the application of the adjustment, and the
value of the Adjustment are dependent on the prevailing market conditions as measured by several
commonly used metrics (e.g., implied volatility, various indices etc.).
Investors are advised that the volatility of the Sub-Fund’s Net Asset Value might not reflect the true
portfolio performance as a consequence of the application of the Swing Pricing Mechanism. Typically,
such Adjustment will increase the Net Asset Value per Share when there are net inflows into the Sub-Fund
and decrease the Net Asset Value per Share when there are net outflows. The Net Asset Value per Share
of each Share Class in a Sub-Fund will be calculated separately but any Adjustment will, in percentage
terms, affect the Net Asset Value per Share of each Share Class in a Sub-Fund identically.
As this Adjustment is related to the inflows and outflows of money from the Sub-Fund it is not possible to
accurately predict whether dilution will occur at any future point in time. Consequently, it is also not
possible to accurately predict how frequently the Company will need to make such Adjustments. The
Directors will retain the discretion in relation to the circumstances under which to make such an
Adjustment.
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Any performance fee applicable to a Sub-Fund will be charged on the basis of the unswung Net Asset
Value.
The price adjustment is available on request from the Management Company at (i) its registered office
and/or (ii) on the webpage https://regulatory.allianzgi.com.
The value of all assets and liabilities not expressed in the Base Currency of the respective Sub-Fund will
be converted into such currency at the latest available exchange rates. If such rates are not available, the
rate of exchange will be determined in good faith pursuant to procedures established by the Company.
The Sub-Funds which use a fair value pricing model are set out in Appendix 3.
A fair value pricing model means that the value of certain assets will be adjusted to more accurately
reflect their fair value based upon certain criteria. Such adjustments may occur during monitoring periods
(as defined by the Directors from time to time) if (i) a single country or several countries equity risk
exposure (excluding equity exposure held via target funds) of a Sub-Fund reaches or exceeds a certain
trigger level (as defined by the Directors from time to time) on the first Valuation Day of the respective
monitoring period and (ii), at the respective Sub-Fund’s deadline for receipt of applications, the main
stock exchange of the respective countries are already closed during normal course of business. If these
conditions are fulfilled, the value of the portion of Sub-Fund’s assets which form part of the respective
single country equity risk exposure based on the closing prices of the relevant country’s main stock
exchange is compared to their estimated value at the moment when the Sub-Fund’s NAV is calculated;
the estimation is based on the movement of index orientated instruments since the close of business of the
respective country’s main stock exchange. If such comparison leads to a deviation in Sub-Fund’s
estimated portion of the NAV by at least a certain trigger level (as defined by the Directors from time to
time), the portion of the Sub-Fund’s NAV will be adjusted accordingly to the extent that the unadjusted
value would not represent their actual value. The process and conduct of fair value adjustment (including
any decision to use or not use fair value price) shall be done by the Management Company with due care,
skill, and diligence and in good faith, and in consultation with the Depositary.
The Company, at its absolute discretion, may permit some other method of valuation to be used if it
considers such valuation to be a fairer valuation of an asset of the Company.
The NAV per Share of each Share Class as well as the Subscription, Redemption and Conversion Price per
Share of each Share Class of the individual Sub-Funds are available from the registered office of the
Company, the Management Company, the Paying and Information Agents, or the Distributors during
normal business hours.
If required, the Share prices of each Share Class will be published for each Sub-Fund in one or more
newspapers in the countries in which the Shares are distributed. They may also be obtained from
https://lu.allianzgi.com, Reuters (ALLIANZGI01) or as otherwise determined by the Company in its
absolute discretion. None of the Company, its Distributors, Paying and Information Agents or the
Management Company will be liable for any errors or omissions in the published prices.
2. Temporary Suspension of the Calculation of NAV and Resulting Suspension of Dealing
The Company may after consultation with the Depositary, having regard to the best interests of the
Shareholders, temporarily suspend the calculation of the NAV per Share of each Sub-Fund or Share Class
as well as any dealing in any Shares upon the occurrence of any of the following:
(1) during any period (with the exception of regular bank holidays) in which any of the principal stock
exchanges or other markets on which a substantial portion of the assets of a Sub-Fund is listed or
dealt in is closed, or during any period in which trade on such an exchange or market is restricted or
suspended, provided that such closure, restriction or suspension affects the valuation of the assets of
the Sub-Fund in question listed on such exchange or market; or
(2) during any period in which, in the view of the Directors, there is an emergency, the result of which is
that the sale or valuation of assets of a certain Sub-Fund or Share Class cannot, for all practical
purposes, be carried out; or
(3) at times when there is a breakdown in the means of communication or calculation normally used on
an exchange or other market to determine the price or the value of investments of a Sub-Fund or
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- Allianz Global Investors Fund -
Share Class or to determine the current price or value of investments of the respective Sub-Fund or
Share Class; or
(4) if, for any other reason, the prices for assets of the Company attributable to the Sub-Fund in question
or a Share Class cannot be determined rapidly or precisely; or
(5) during any period in which it is not possible for the Company to repatriate the necessary funds for the
redemption of Shares, or in which the transfer of funds from the sale or for the acquisition of
investments or for payments resulting from redemptions of Shares cannot be carried out, in the view
of the Board, at normal exchange rates; or
(6) from the time of the announcement of a call by investors for an extraordinary meeting of
Shareholders for the purpose of liquidating the Company or for the purpose of carrying out a merger
of the Company, a Sub-Fund or a Share Class, or for the purpose of informing investors of the decision
by the Board to liquidate Sub-Funds or Share Classes or for the purpose of merging Sub-Funds or
Share Classes; or
(7) during any period in which the valuation of the currency hedges of Sub-Funds or Share Classes whose
respective investment objectives and policies make hedging of currencies at the Share Class or Sub-
Fund level desirable cannot be adequately carried out or cannot be carried out at all.
Appropriate notice of any such suspension as considered necessary will be published by the Company.
The Company may notify Shareholders applying to deal in Shares for which the calculation of NAV has
been suspended. Any such suspension in a Share Class has no effect on the calculation of the NAV per
Share or the dealing of Shares of other Share Classes.
3. Protection of Shareholders in case of a NAV Calculation Error
The NAV of a Sub-Fund and/or of a Sub-Fund’s Share Class will be calculated when the rules laid down
by law, the constitutional documents and/or the prospectus of the Sub-Fund are applied consistently and
in good faith, based on current and reliable information available at the time of calculation. However,
errors in the calculation of the NAV cannot be excluded. This section explains when such errors reach the
“Materiality Threshold” (as defined below) and the way these significant NAV calculation errors will be
compensated.
For the case that a significant NAV calculation error has occurred and has been determined by the
Management Company, the Management Company ensures that the Company, the UCI Administration
Agent, and the Depositary are informed accordingly about such significant NAV calculation error without
delay. A significant NAV calculation error occurs if the tolerance threshold (applicable for the concrete
fund type) specified and referred to in the Circular CSSF 24/856 (the “Materiality Threshold”) on the
protection of investors at UCI level, repealing the CSSF Circular 02/77, has been exceeded.
It its noted that a compensation is only compulsory for dates on which the errors in calculating the NAV
were significant in the aforementioned sense. The Management Company has established plans and
procedures which ensure to correct and to remedy without delay, a significant NAV calculation error for
the concerned Sub-Fund / for a Sub-Fund’s concerned Share Class.
Such plans and procedures include the following steps:
- Identifying with precision the origin of the error and immediately correcting the source of the error to
ensure that the next NAVs are correctly calculated,
- determining the corrected NAV during the error period,
- applying the corrected NAV to any subscriptions and redemptions made during the relevant error
period to determine the sums which must be repaid to the concrete Sub-Fund and/or the investors
that have suffered a loss because of the error,
- upon terminating the operations consisting in the determination of the corrected NAVs and the
computation of the loss resulting from the significant NAV calculation error for the Sub-Fund and/or
its investors, proceed, without delay, in the accounting of the concerned Sub-Fund / Sub-Fund’s
concerned Share Class to the necessary accounting entries to reflect the payments to be received
and/or the payments to be made by the Sub-Fund / Sub-Fund’s Share Class;),
- informing the concerned Sub-Fund’s shareholders of the significant NAV calculation error including
the modalities foreseen for the remediation of the loss suffered,
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- proceeding to compensate the Sub-Fund / the Sub-Fund’s share class and its shareholders, where
applicable, and
- deciding and implementing a remedial action plan (where appropriate, adjustment or strengthening
of internal controls in place for the Sub-Fund) to avoid such errors occurring in the future.
Compensation will generally accrue to the benefit of concerned investors that were invested in the
concerned Sub-Fund / in the Sub-Fund’s concerned Share Class at the time the significant NAV error
occurred (the “final beneficiaries”). It is noted that final beneficiaries (which might have used the
services of financial intermediaries to subscribe for shares of a Sub-Fund / of a Sub-Fund’s concerned
Share Class) might not appear in the investors’ register maintained by the UCI Administration Agent.
Instead of the name of the final beneficiaries, the financial intermediary in its function as the party
which has subscribed to the shares of the respective Sub-Fund / to a Sub-Fund’s Share Class appears
in the investors’ register on behalf of the final beneficiaries.
The Management Company ensures that all relevant information concerning a significant NAV
calculation error and the respective remedial action plan (including, but not limited to a potential
compensation of concerned investors) will be shared with the UCI Administration Agent in order to
ensure that the UCI Administration Agent may inform any financial intermediary known to it which
subscribed / redeemed shares of a Sub-Fund / a Sub-Fund’s Share Class on behalf of a final
beneficiary about such indemnification event.
However, since final beneficiaries do not appear in the investors’ register maintained by the UCI
Administration Agent (and are therefore not known to the UCI Administration Agent or to the
Management Company), explicit reference is made to the fact that the payment of compensation may
depend on the involvement of the relevant intermediaries. As a result, the rights of final beneficiaries
which have subscribed / redeemed shares of a Sub-Fund / of a Sub-Fund’s Share Class through a
financial intermediary may be affected in the event of a compensation payment which has been
initiated by the Management Company due to a significant NAV calculation error.
XII. Fees and Expenses
1. Fees and Charges Payable by Investors
Details of the Sales Charge and the Conversion Fee are set out in Appendix 2. Sales Charges and
Conversion Fees are levied or calculated as a percentage of the NAV per Share of each Class. No
Redemption Fee is currently levied.
2. Fees Payable out of the Assets of the Sub-Funds
2.1 All-in-Fee Payable to the Management Company
The Company pays all costs to be borne by a Sub-Fund from its assets. The Company pays a fee (the “All-
in-Fee”) to the Management Company from the assets of the respective Sub-Funds, unless this fee is
charged directly to the Shareholder under the terms of a particular Share Class.
The fees of the Investment Managers appointed by the Management Company are paid by the
Management Company from its All-in-Fee and, if necessary, from its performance fee.
Provided that it is not charged directly to the Shareholder under the terms of a particular Share Class, the
All-in-Fee is accrued daily and charged monthly in arrears on a pro rata basis on the average daily Net
Asset Value of the respective Share Class of a Sub-Fund. The amount of the All-in-Fee charged is listed in
Appendix 2.
The Management Company shall pay the following expenses out of the All-in-Fee:
- Management Company and UCI Administration Agent fees (except for arranging, preparing and
executing of securities lending and/or repurchase/reverse repurchase transactions by the
Management Company),
- distribution fees,
- the Depositary’s administration and custody fees,
- Registrar Agent fees,
- Auditor fees,
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- Allianz Global Investors Fund -
- Paying and Information Agent(s) fees,
- costs of the preparation (including translation) and dissemination of this Prospectus, key information
documents, Articles and the annual, semi-annual and, if any, interim reports and other reports and
notifications to Shareholders,
- costs of publishing this Prospectus, key information documents, Articles, annual, semi-annual and, if
any, interim reports, other reports and notifications to Shareholders, tax information, as well as the
Subscription Price and Redemption Price, and official announcements made to the Shareholders,
- costs of registering the Shares for public distribution and/or the maintenance of such registration,
- costs of preparing Share certificates and, if any, coupons, and coupon renewals,
- costs of assessing the Sub-Funds by nationally and internationally recognised rating agencies,
- expenses in connection with the establishment of the Sub-Funds,
- servicing charge in connection with providing distributing-related services to B/BT Share Classes,
- costs related to the use of index names, in particular, licence fees,
- costs and fees incurred by the Company or by third parties authorised by the Company relating to the
acquisition, use and maintenance of in-house or third-party computer systems used by the Investment
Managers and the Investment Advisors,
- costs related to the direct investment in assets in a country,
- costs related to acting directly as a contracting partner in a market,
- costs and expenses incurred by the Company, the Depositary and third parties authorised by the
Company or the Depositary in connection with monitoring of investment limits and restrictions,
- costs for calculating the risk and performance figures and the calculation of performance fees for the
Management Company by third parties appointed to do so,
- costs related to obtaining information about general meetings of Shareholders or other meetings and
costs related to direct participation or participation via proxies in such meetings, and
- postage, telephone, fax, and telex fees.
The Management Company may, in its absolute discretion, levy a lower All-in-Fee than that mentioned in
Appendix 2.
Management expenses and all other regular or recurring expenses may be allocated by the Company to
any financial period as may be determined by the Board in its absolute discretion.
2.2 Performance Fee
The Management Company may charge a performance fee to certain Sub-Funds, provided that this fee is
not charged directly to the Shareholders under the terms of a Share Class. The amount of the
performance fee charged, if any, as well as the benchmark index and method for the calculation of the
performance fee are listed in Appendix 2.
Investors are advised that a performance fee may be paid even if the Share price performance is
negative.
In addition, the calculation of performance fees is computed net of all costs.
Method A
Any performance fee is up to the performance fee rate (listed in Appendix 2) of the positive amount by
which the total of the following items in respect of a Share Class exceeds the return on the benchmark
index (over the relevant period):
(1) the return on investment on the Share Class; and
(2) the amount of distributions, if any, made during the current financial year.
The Management Company may levy a lower fee at its own discretion. The prices used in calculating the
investment results of a Sub-Fund are related as closely as possible in time to the prices underlying the
calculation of the index. This may cause such valuation of a Sub-Fund to deviate from the valuation for
purposes of determining the Share price on the same day. Depending on the time used as a basis for
calculating the index, there may be a delay in taking the performance fee into account in the Net Asset
Value of the Share Class in question. Taking into account any negative carry-forward, the performance fee
will be calculated on each Valuation Day from the beginning of each financial year, taking into account
the current value of the respective Share Class of the Sub-Fund in question and the entire amount will be
carried forward on a continuous basis. The total amount carried forward will be set aside and, if it is
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- Allianz Global Investors Fund -
positive, paid from the Sub-Fund through a charge to the Share Class in question at the end of the financial
year. The total amount carried forward and set aside in accordance with the method described above is
reduced on Valuation Days on which, according to the above calculation, the adjusted investment results
of a Share Class of the Sub-Fund are exceeded by the relevant benchmark index. Negative amounts are
carried forward and, if still in existence at the end of the financial year, carried forward into the Sub-Fund’s
next financial year. In calculating the respective Sub-Fund’s performance fee, negative amounts carried
forward from the preceding five financial years will be taken into account.
If Shares are redeemed, the corresponding amount of any accrued positive performance fee is to be
paid immediately to the Management Company. If the amount of the performance fee resulting from
the above calculation is negative when Shares are redeemed, it will be reduced by an amount
corresponding to the Shares redeemed.
Method B
Any performance fee is up to the performance fee rate (listed in Appendix 2) of the positive amount by
which the total of the following items in respect of a Share Class exceeds the return on the benchmark
index (provided that the sum of the last Net Asset Value per Share of the respective Share Class prior to
the calculation of the performance fee plus all distributions since the last definition/adjustment of the
high watermark exceeds the current high watermark):
(1) the return on investment on the Share Class; and
(2) the amount of any distributions made during the current financial year.
The high watermark is the Net Asset Value per Share of the relevant Share Class at the end of the last
financial year for which a performance fee for the respective Share Class was actually paid. For these
purposes, a performance fee which was paid in a previous financial year because of a redemption of Shares
as described below is ignored. The Management Company may levy a lower fee at its own discretion.
Depending on the time used as a basis for calculating the index, there may be a delay in taking the
performance fee into account in the Net Asset Value of the Share Class in question. Taking into account
any negative carry-forward, the performance fee will be calculated on each Valuation Day from the
beginning of each financial year, taking into account the current Net Asset Value of the respective Share
Class of the Sub-Fund in question and the entire amount will be carried forward on a continuous basis. The
total amount carried forward will be set aside and, if it is positive, paid from the Sub-Fund through a
charge to the Share Class in question at the end of the financial year. The total amount carried forward
and set aside in accordance with the method described above is reduced on Valuation Days on which,
according to the above measure, the adjusted investment results of a Share Class are exceeded by the
relevant benchmark index. Furthermore, in case of any Net Asset Value per Share of the respective Share
Class plus all distributions since the last definition/adjustment of the high watermark falling below the
current high watermark and a current positive total amount carried forward and set aside such current
positive amount is reduced to avoid the sum of the Net Asset Value per Share of the relevant Share Class
plus all distributions since the last definition/adjustment of the high watermark falling below the high
watermark. There is no such reduction to avoid the sum of the Net Asset Value per Share of the respective
Share Class plus all distributions since the last definition/adjustment of the high watermark falling below
the high watermark which leads to a negative amount carried forward and set aside.
Negative amounts are carried forward, and if still in existence at the end of the financial year, are
carried forward into the next financial year. In calculating the respective Sub-Fund’s performance fee,
negative amounts carried forward on a perpetual basis will be taken into account.
If Shares are redeemed, the corresponding proportion of any accrued positive performance fee is to
be paid immediately to the Management Company. If the amount of the performance fee resulting
from the above calculation is negative when Shares are redeemed, it will be reduced by an amount
corresponding to the Shares redeemed.
If a selected benchmark index lapses, the Company will, at its absolute discretion, replace it with another
comparable index.
Performance Fee Illustrations
The below following examples are provided for illustrative purposes only and intended to enhance an
investor’s understanding of the mechanics of the Performance Fee and the memorandum account for
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- Allianz Global Investors Fund -
negative accruals. Expenses chargeable to a Sub-Fund, including the All-in-Fee, are ignored for the purpose
of these examples. In addition, the examples feature the share class return figures quoted net of all costs.
Method A
Example 1: Positive accrual included in a Sub-Fund’s Net Asset Value calculation
Assuming an investment of EUR 50m, i.e., Net Asset Value of the Share Class of EUR 50m and assuming a
Participation Rate of 20%.
Day 1 Between the first Valuation Point of the Performance Period and the immediately preceding Valuation
Point, the Benchmark Return is equal to +0.1%. In that same period the Share Class Return is +0.3%.
The differential return is +0.2% and therefore an initial Performance Fee accrual of EUR 20,000 (i.e.,
EUR 50m x 0.2% x 20%) is included as a liability in the Net Asset Value calculation. The Net Asset Value
of the Performance Fee Share Class increases to EUR 50.13m (i.e., EUR 50m investment brought
forward from previous Performance Period + EUR 150,000 Share Class Return – EUR 20,000
Performance Fee initial accrual).
Day 2 At the following Valuation Point, the Share Class Return is +0.1%. The Benchmark Return is zero.
The differential return is +0.1%, resulting in an increase to the Performance Fee accrual of EUR 10,026
(i.e., EUR 50.13m x 0.1% x 20%).
The total Performance Fee accrual on Day 2 therefore increases by EUR 10,026, from EUR 20,000 to
EUR 30,026. The Net Asset Value of the Performance Fee Share Class is EUR 50.17m (i.e., EUR 50.13m
as at previous Valuation Point + EUR 50,130 Share Class Return – EUR 10,026 increase to Performance
Fee accrual).
Day 3 On Day 3, the Share Class Return is +0.4%, whilst the Benchmark Return is equal to +0.5%.
The differential return is -0.1%, resulting in a decrease to the Performance Fee accrual of EUR 10,034
(i.e., EUR 50.17m x 0.1% x 20%).
The total Performance Fee accrual on Day 3, therefore, decreases by EUR 10,034, from EUR 30,026 to
EUR 19,992.
The Net Asset Value of the Performance Fee Share Class increases to EUR 50.38m (i.e., EUR 50.17m as
at previous Valuation Point + EUR 200,680 Share Class Return + EUR 10,034 decrease in Performance
Fee accrual).
The Net Asset Value of the Performance Fee Share Class at the end of Day 3 therefore comprises:
Investment on Day 1 EUR 50,000,000
Add: Aggregate of Share Class Returns (Day 1 to Day 3) EUR 400,810
Less: Performance Fee accrual as at Day 3 EUR -19,992
EUR 50,380,818
End of Performance Assuming that the movement in the Share Class Return moves in line with the Benchmark Return for
Period the remainder of the financial year, a Performance Fee of EUR 19,992 will be payable to the
Management Company for the financial year.
Example 2: Use of memorandum account for negative accrual
Assuming an investment of EUR 50m, i.e., Net Asset Value of the Share Class of EUR 50m and assuming a
Participation Rate of 20%.
Day 1 As in Example 1 above, between the first Valuation Point of the Performance Period and the
immediately preceding Valuation Point, the Benchmark Return is equal to +0.1%. In that same period
the Share Class Return is +0.3%.
The differential return is +0.2%. Therefore, an initial Performance Fee accrual of EUR 20,000 is included
as a liability in the Net Asset Value calculation. The Net Asset Value of the Performance Fee Share
Class increases to EUR 50.13m.
Day 2 On the following day, the Share Class Return is +0.1%, whilst the Benchmark Return is equal to +0.5%.
The differential return is -0.4%, resulting in a decrease to the Performance Fee accrual of EUR 40,104
(i.e., EUR 50.13m x 0.4% x 20%).
The Performance Fee accrual on Day 2, therefore, reduces from EUR 20,000 to nil. At the same time, a
negative accrual of EUR - 20,104 is recorded in a memorandum account.
The Net Asset Value of the Performance Fee Share Class is EUR 50.20m (i.e., EUR 50.13m + EUR 50,130
Share Class Return + EUR 20,000 decrease in Performance Fee accrual).
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- Allianz Global Investors Fund -
Day 3 On Day 3, the Share Class Return is +0.2%, whilst the Benchmark Return is +0.1%.
The differential return is +0.1%, resulting in an increase in the value of the memorandum accrual of
EUR 10,040, (i.e., EUR 50.2m x 0.1% x 20%) from EUR -20,104 to EUR -10,064. No Performance Fee
accrual is included in the Net Asset Value calculation as an amount of EUR -10,064 remains recorded
on the memorandum account. The Net Asset Value of the Share Class increases to EUR 50.30m (i.e.,
EUR 50.20m + EUR 100,400 Share Class Return).
The Net Asset Value of the Share Class at the end of Day 3 therefore comprises:
Investment on Day 1 EUR 50,000,000
Add: Aggregate of Share Class Returns (Day 1 to Day 3) EUR 300,530
Less: Performance Fee accrual as at Day 3 EUR nil
EUR 50,300,530
and the memorandum account recording the negative accrual at the end of Day 3 comprises:
Day 1 movement EUR nil
Add: Day 2 movement EUR -20,104
Less: Day 3 movement EUR 10,040
EUR -10,064
End of Performance Assuming that the Share Class Return moves in line with the Benchmark Return for the remainder of
Period the financial year, the negative memorandum accrual of EUR -10,064 will remain in place and will be
carried forward to the next financial year. No Performance Fee will be payable to the Management
Company for the current financial year.
For the subsequent financial year, on Day 1, assume the Share Class Return is +0.7% while the Benchmark Return is +0.4%. The
differential return is +0.3% and the Performance Fee accrual before considering the memorandum account is EUR 30,180 (i.e., EUR
50,300,530 * 0.3% * 20%). As the memorandum account shows the prior year’s accrual of EUR -10.064, the effective Performance
Fee accrual is EUR 20,116. Assuming that for the rest of that financial year, the share class return moves in line with the Benchmark
Return, a performance fee of EUR 20,116 will be payable to the Management Company.
Method B
Example 3: Positive accrual included in Net Asset Value calculation and setting of a new high
watermark
Assuming an investment of EUR 50m, i.e., Net Asset Value of the Share Class of EUR 50m and assuming a
Participation Rate of 20%. The number of shares issued is assumed to be constant at 50,000 and the
current high watermark is 1,000.
Day 1 Between the first Valuation Point of the Performance Period and the immediately preceding Valuation
Point, the Benchmark Return is equal to +0.1%. In that same period the Share Class Return is +0.3%.
The differential return is +0.2% and, therefore, an initial Performance Fee accrual of EUR 20,000 (i.e.,
EUR 50m x 0.2% x 20%) is included as a liability in the Net Asset Value calculation. The Net Asset Value
of the Performance Fee Share Class increases to EUR 50.13m (i.e., EUR 50m investment brought
forward from previous Performance Period + EUR 150,000 Share Class Return – EUR 20,000
Performance Fee initial accrual).
Day 2 At the following Valuation Point, the Share Class Return is +0.1%. The Benchmark Return is zero.
The differential return is +0.1%, resulting in an increase to the Performance Fee accrual of EUR 10,026
(i.e., EUR 50.13m x 0.1% x 20%).
The total Performance Fee accrual on Day 2, therefore, increases by EUR 10,026, from EUR 20,000 to
EUR 30,026. The Net Asset Value of the Performance Fee Share Class is EUR 50.17m (i.e., EUR 50.13m
as at previous Valuation Point + EUR 50,130 Share Class Return – EUR 10,026 increase to the
Performance Fee accrual).
Day 3 On Day 3, the Share Class Return is +0.4%, whilst the Benchmark Return is equal to +0.1%.
The differential return is +0.3%, resulting in an increase to the Performance Fee accrual of EUR 30,102
(i.e., EUR 50.17m x 0.3% x 20%).
The total Performance Fee accrual on Day 3, therefore, increases from EUR 30,026 to EUR 60,128.
The Net Asset Value of the Performance Fee Share Class increases to EUR 50.34m (i.e., EUR 50.17m as
at previous Valuation Point + EUR 200,680 Share Class Return – EUR 30,102 increase to Performance
Fee accrual).
The Net Asset Value of the Performance Fee Share Class at the end of Day 3 therefore comprises:
Investment on Day 1 EUR 50,000,000
Add: Aggregate of Share Class Returns (Day 1 to Day 3) EUR 400,810
Less: Performance Fee accrual as at Day 3 EUR -60,128
EUR 50,340,682
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- Allianz Global Investors Fund -
End of Performance Assuming that the movement in the Share Class Return moves in line with the Benchmark Return for
Period the remainder of the financial year, a Performance Fee of EUR 60,128 will be payable to the
Management Company for the financial year and a new high watermark of EUR 1,006.81 (=
50,340,682 / 50,000) will be set for the next financial year.
Example 4: Use of memorandum account for negative accrual / constant HWM
Assuming an investment of EUR 50m, i.e., Net Asset Value of the Share Class of EUR 50m and assuming a
Participation Rate of 20%. The number of shares issued is assumed to be constant at 50,000 and the
current high watermark is 1,000.
Day 1 As in Example 3 above, between the first Valuation Point of the Performance Period and the
immediately preceding Valuation Point, the Benchmark Return is equal to +0.1%. In that same period
the Share Class Return is +0.3%.
The Differential Return is +0.2%. Therefore, an initial Performance Fee accrual of EUR 20,000 is
included as a liability in the Net Asset Value calculation. The Net Asset Value of the Performance Fee
Share Class increases to EUR 50.13m.
Day 2 On the following day, the Share Class Return is -0.2%, whilst the Benchmark Return is equal to +0.1%.
The differential return is -0.3%, resulting in a decrease to the Performance Fee accrual of EUR 30,078
(i.e., EUR 50.13m x 0.3% x 20%).
The Performance Fee accrual on Day 2, therefore, reduces from EUR 20,000 to nil. At the same time, a
negative accrual of EUR - 10,078 is recorded in the memorandum account.
The Net Asset Value of the Performance Fee Share Class is EUR 50.05m (i.e., EUR 50.13m – EUR
100,260 Share Class Return + EUR 20,000 decrease in Performance Fee accrual).
Day 3 On Day 3, the Share Class Return is +0.1%, whilst the Benchmark Return is +0.05%.
The differential return is +0.05%, resulting in an increase in the value of the memorandum accrual of
EUR 5,005 (i.e., EUR 50.05m x 0.05% x 20%), from EUR -10,078 to EUR -5,073. No Performance Fee
accrual is included in the Net Asset Value calculation as an amount of EUR -5,073 remains recorded on
the memorandum account. The Net Asset Value of the Share Class increases to EUR 50.1m (i.e., EUR
50.05m + EUR 50,050 Share Class Return).
The Net Asset Value of the Share Class at the end of Day 3 therefore comprises:
Investment on Day 1 EUR 50,000,000
Add: Aggregate of Share Class Returns (Day 1 to Day 3) EUR 99,790
Less: Performance Fee accrual as at Day 3 EUR nil
EUR 50,099,790
and the memorandum account recording the negative accrual at the end of Day 3 comprises:
Day 1 movement EUR nil
Add: Day 2 movement EUR -10,078.00
Less: Day 3 movement EUR 5,005
EUR -5,073
End of Performance Assuming that the Share Class Return moves in line with the Benchmark Return for the remainder of
Period the financial year, the negative memorandum accrual of EUR -5,073 will remain in place and will be
carried forward to the next financial year. No Performance Fee will be payable to the Management
Company for the current financial year and no new high watermark will be set.
For the subsequent financial year, on Day 1, assume the Share Class Return is +0.1% while the Benchmark Return is zero. The
differential return is +0.1% and the Performance Fee accrual before considering the memorandum account is EUR 10,020 (i.e., EUR
50,099,790 * 0.1% * 20%). As the memorandum account shows the prior year’s accrual of EUR -5.073, the effective Performance
Fee accrual is EUR 4,947. Assuming that for the rest of that financial year, the share class return as well as the Benchmark Return is
zero every day, a performance fee of EUR 4,947 will be payable to the Management Company and the Net Asset Value of the
Share Class at the end of that financial year is 50,144,943 (= 50,099,790 + 50,080 – 4,947). A new high watermark of EUR 1,002.90
(= 50,144,943 / 50,000) will be set for the next financial year.
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Following on from the examples provided above, the table below illustrates the operation of the accrual
for the financial year from the perspective of an investor investing EUR 50,000 into the Sub-Fund.
Return on
equivalent Movement in Total
Performance Amount Return on Differential Memorandum
investment Performance Performance
Period invested investment Return Account
in the Fee Accrual Fee Accrued
Benchmark
Example 1
Day 1 50,000 150 50 100 20 20 0
Day 2 50,130 50 0 50 10 30 0
Day 3 50,170 201 251 -50 -10 20 0
End of period 50,381
Example 2
Day 1 50,000 150 50 100 20 20 0
Day 2 50,130 50 251 -201 -40 0 -20
Day 3 50,200 100 50 50 10 0 -10
End of period 50,301
Example 3
Day 1 50,000 150 50 100 20 20 0
Day 2 50,130 50 0 50 10 30 0
Day 3 50,170 201 50 151 30 60 0
End of period 50,341
A new high watermark will be set
Example 4
Day 1 50,000 150 50 100 20 20 0
Day 2 50,130 -100 50 -150 -30 0 -10
Day 3 50,050 50 25 25 5 0 -5
End of period 50,100
A new high watermark will not be set
2.3 Additional Costs
All other additional costs are charged to the assets of the relevant Sub-Fund. These costs are separate to
those named above and include, but are not limited to:
- costs for examination, asserting and enforcement of any claims for reduction, offsetting or refund of
withholding taxes or other taxes or fiscal duties,
- costs for asserting and enforcing legal rights of the Company which appear to be justifiable and for
defending any claims made against the Company which seem unjustified,
- all taxes, fees, public and similar charges which may be incurred in connection with administration
and custody, or
- costs in connection with the purchase and sale of assets (including any research and analyst services
made available in accordance with market practice, interest/fees for Deposits as well as fees resulting
out of the provision and drawdown of credit facilities) and the use of securities lending programmes
and securities lending brokers as well as interest cost; or
- compensation for the Management Company for arranging, preparing, and executing securities
lending and/or repurchase/reverse repurchase transactions without the use of securities lending
programs and securities lending brokers of 30% of any income generated.
Costs for the use of securities lending programmes and securities lending brokers and compensation for
the Management Company for arranging, preparing, and executing securities lending and
repurchase/reverse repurchase transactions can only be applied alternatively but in no case cumulatively
for a respective transaction.
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The Management Company may, in its absolute discretion, levy a lower compensation for arranging,
preparing and executing securities lending and/or repurchase/reverse repurchase transactions than that
mentioned above.
Certain Sub-Funds may incur additional costs as further described in Appendices 2 and 6.
2.4 Placement Fee
The Company may pay to the Management Company a placement fee (“Placement Fee”) out of the
assets of a Sub-Fund. The amount of the Placement Fee charged, if any, is listed in Appendix 2.
The Placement Fee is determined as a fixed amount per Share which shall in particular serve as a
compensation for the distribution. The Placement Fees is paid in a single instalment on the first Valuation
Day after the expiry of the subscription period (“Payment Date”) and at the same time added to the Sub-
Fund’s assets as prepaid expenses. The Net Asset Value on the Payment Date is therefore not impacted
by the Placement Fee. The Sub-Fund’s position of pre-paid expenses is then amortized over a defined
number of years (“Amortization Period”) on a daily basis from the Payment Date. The remaining position
of prepaid expenses per Share on each Valuation Day is calculated by linearly decreasing the fix amount
per Share over the Amortization Period on a daily basis. After expiration of the Amortization Period the
remaining position of prepaid expenses per Share is zero by definition.
2.5 Soft Commissions
Brokerage commissions on portfolio transactions for the Company may be paid by the Management
Company and/or the Investment Managers, as consideration for research related services provided to
them as well as for services rendered in the execution of orders. The receipt of investment research and
information and related services allows the Management Company and/or the Investment Managers to
supplement their own research and analysis and makes available to them the views and information of
individuals and research staffs of other firms.
The Management Company and/or the Investment Managers may pay, or be responsible for the
payment of, soft commissions only insofar as:
(1) the Management Company and/or the Investment Managers and/or the Sub-Investment Managers
(if any) and/or their connected persons act at all times in the best interest of the Company and
Shareholders when entering into soft commission arrangements,
(2) the goods and services relate directly to the activities of the Management Company and/or the
Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons
and such activities are of demonstrable benefits to the Shareholders,
(3) transaction execution is consistent with best execution standards and brokerage rates are not in
excess of customary institutional full-service brokerage rates,
(4) any such soft commissions are paid by the Management Company and/or the Investment Managers
and/or the Sub-Investment Managers (if any) and/or their connected persons to broker-dealers which
are corporate entities and not individuals, and
(5) the availability of soft commission arrangements is not the sole or primary purpose to perform or
arrange transaction with such broker or dealer.
Goods and services described above may include but are not limited to research and advisory services,
economic and political analysis, portfolio analysis, including valuation and performance measurement,
market analysis, data and quotation services, computer hardware and software incidental to the above
goods and services, clearing and custodian services and investment-related publications.
Such soft commissions do not include costs relating to travel, accommodation, entertainment, general
administrative goods or services, general office equipment or premises, membership fees, employee
salaries or direct money payment, which are to be paid by the Management Company and/or the
Investment Managers.
Periodic disclosure in the form of a statement describing such soft commissions will be made in the
Company’s annual report.
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2.6 Commission Sharing Arrangements
The Management Company and/or the Investment Managers may enter into commission sharing
arrangements only where there is demonstrable benefit to the Company and where the Management
Company and/or the Investment Managers are satisfied that the transactions generating the shared
commissions are made in good faith, in strict compliance with applicable regulatory requirements and are
in the best interests of the Company and the Shareholders.
Such arrangements must only be entered into by the Management Company and/or the Investment
Managers on terms commensurate with best market practice and brokerage rates should not be in excess
of customary institutional full-service brokerage rates. Such commissions may be used to pay for research
and/or other goods and services. Other jurisdictions may have other arrangements in place to pay for
such services in accordance with local regulatory obligations.
Periodic disclosure in the form of a statement describing such commission sharing arrangements will be
made in the Company’s annual report.
2.7 Third Party Fees and Expenses
If the investor is advised by third parties when acquiring shares or if such parties act as broker to the
acquisition, they may quote costs or expense ratios that are not identical to the costs disclosed in this
prospectus and in the key information document. The expense ratio may also exceed the total expense
ratio as described in the prospectus. The reason for this may be specifically that the third party
additionally takes into account the cost of its own operations (e.g., brokerage, advice or securities account
maintenance). In addition, the third party may also take into account non-recurring costs, such as sales
loads, and generally uses different calculation methods or estimates for the expenses incurred at Sub-
Fund level, which include the Sub-Fund’s transaction costs in particular. Divergences in the cost quotation
may arise both in the case of information provided prior to conclusion of a contract and for regular cost
information about the Sub-Fund investment held within a long-term client relationship.
2.8 Indemnity of Directors and Officers
The Company may indemnify any director or officer against any expenses reasonably incurred by him in
connection with any legal action, suit or proceeding to which this person may be made a party by reason
of his being, or having been, a director or officer of the Company, as described in further detail in the
Articles. This foregoing right of indemnity does not exclude other rights to which the person may be
entitled.
2.9 Liabilities of the Sub-Funds
The Company (including the existing Sub-Funds and future Sub-Funds) shall be considered as one single
legal entity. However, with regard to third parties, in particular towards the Company’s creditors, each
Sub-Fund is solely responsible for the liabilities attributable to it.
2.10 Ongoing Charges
The costs incurred by the Sub-Funds (or the respective Share Classes) during the preceding financial year
(excluding transaction costs) are disclosed in the annual report and are also expressed as a ratio of the
average volume of the Sub-Funds (or of the average volume of the respective Share Classes) (“Ongoing
Charges”). In addition to the All-in-Fee as well as the taxe d’abonnement (see “Taxation” under Section
XIII), all other costs are considered except for the incurred transaction costs, the costs the use of securities
lending programmes and securities lending brokers and compensation for arranging, preparing, and
executing securities lending and/or repurchase/reverse repurchase transactions by the Management
Company and any performance fees.
If a Sub-Fund invests more than 20% of its assets in other UCITS or UCI that publish their ongoing charges,
these ongoing charges are taken into consideration when calculating the Ongoing Charges for the Sub-
Fund.
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2.11 Restructuring Fee
In addition, the Management Company may charge a restructuring fee to certain Sub-Funds, provided
that such fee is not charged directly to the Shareholder under the terms of a Share Class. The
Management Company may reduce the restructuring fee at its absolute discretion.
2.12 Remuneration Policy
The primary components of monetary remuneration are the base salary, which typically reflects the
scope, responsibilities and experience that are required in a particular role, and an annual discretionary
variable compensation award. The variable compensation typically includes both, an annual bonus
payment in cash after the end of each performance year and a deferred component for all employees
whose variable remuneration exceeds a specified threshold.
The total amount of the variable remuneration payable throughout the Management Company depends
on the performance of the business and on the Management Company’s risk position. For this reason, it
varies from year to year. In this respect the allocation of specific amounts to particular employees is
based, inter alia, on the performance of the employee or his department during the period under review.
The level of pay awarded to employees is tied to both quantitative and qualitative performance
indicators. Quantitative indicators are aligned around measurable goals. Qualitative indicators take into
account actions reflecting the Management Company’s core values of excellence, passion, integrity and
respect. Such indicators also comprise the absence of significant regulatory breaches or deviations from
compliance and risk standards including AllianzGI`s sustainability risk management policy.
For investment professionals, whose decisions make a real difference to delivering successful outcomes
for our clients, quantitative indicators are aligned around sustainable investment performance. In
particular for portfolio managers, the quantitative element is aligned with the benchmarks of the client
portfolios they manage or with the client’s stated investment outcome objective measured over a multi-
year framework.
For client facing professionals, goals include client satisfaction, measured independently.
The amounts ultimately distributed in the framework of the long-term incentive awards depend on the
Management Company’s business performance or the performance of certain funds over several years.
The remuneration of employees in controlling functions is not directly linked to the business performance
of the departments monitored by the controlling function.
In accordance with the applicable rules, certain groups of employees are classified as “Identified Staff”:
members of the management, risk takers and employees in controlling positions, as well as all employees
whose total remuneration puts them into the same remuneration category as members of the
management and risk takers whose activities have a significant effect on the risk profiles of the
Management Company and the funds managed by it.
Employees classified as Identified Staff are subject to additional standards relating to performance
management, the form of variable compensation and the timing of payments.
Multi-year targets and deferred parts of the variable compensation ensure a long-term performance
measuring. In particular, the performance of portfolio managers is measured to a large extent against
quantitative return results over a multi-year framework.
For Identified Staff a significant portion of the annual variable remuneration is deferred for three years,
starting from a defined variable compensation level. 50% of the variable compensation (deferred and
non-deferred) has to consist of units or shares of funds managed by the Management Company or
comparable instruments.
An ex-post risk adjustment enables explicit adjustments to previous years‘ performance evaluation and
related compensation, to prevent the vesting of all or part of the amount of a deferred remuneration
award (Malus), or the return of ownership of an amount of remuneration to the Management Company
(Clawback)
AllianzGI has a comprehensive risk reporting in place, which covers both current and future risks of the
Management Company’s business activities. Risks which significantly exceed the organisation’s risk
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- Allianz Global Investors Fund -
appetite are presented to the Management Company’s Global Remuneration Committee which will
decide, if necessary, on adjustments to the total remuneration pool.
Further details of the Management Company’s current remuneration policy are published on the Internet
at https://regulatory.allianzgi.com. This includes a description of the calculation methods for
remuneration and benefits awarded to certain groups of employees, as well as details of the persons
responsible for allocation, including members of the remuneration committee. On request, the
information will be made available by the Management Company in hard copy without charge.
2.13 Investments in Target Funds
To the extent that a Sub-Fund invests in units of target funds, investors will have to bear not only directly
the expenses and costs described in this prospectus, but also indirectly the pro rata expenses and costs
charged to the target fund. The expenses and costs charged to the target fund are determined by their
constitutional documents (e.g., management regulations or articles of incorporation) and are therefore
impossible to forecast in an abstract way. Typically, however, it is to be expected that the fees and
expenses charged to the Company described in this prospectus are charged to target funds as well.
If a Sub-Fund acquires shares of a UCITS or UCI which is directly or indirectly managed by the same
company or by another company with which the Company is linked by common management or control,
or by a substantial direct or indirect participation according to the Law (including cross Sub-Fund
investments between Sub-funds) then neither the Company nor the associated company may charge fees
for the subscription or redemption of units.
If a Sub-Fund invests a substantial portion of its assets in other UCITS and/or other UCI as defined above,
a management fee at the level of such UCITS or UCI (excluding any performance fee, if any) of no more
than 2.50% per annum of their net asset value may be charged.
The Company indicates in its annual report the maximum proportion of management fees charged both
to the Sub-Funds itself and to the UCITS and/or other UCI in which it invests.
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XIII. Taxation
1. General
The following statements on taxation below are intended to be a general summary of certain tax
consequences that may result to the Company and Shareholders in connection with their investment in
the Company and are included herein solely for information purposes. They are based on the law and
practice in force at the date of this Prospectus. There is no assurance that the tax status of the Company
or Shareholders will not be changed as a result of amendments to, or changes in the interpretation of,
relevant tax legislation and regulations. This summary is of a general nature only and is not intended to
be, nor should it be construed to be, legal or tax advice to any particular investor. Prospective investors
should therefore consult their own professional advisers as to the effects of state, local or foreign laws,
including Luxembourg tax law, to which they may be subject.
Shareholders may be resident for tax purposes in many different countries. Dividends, interest payments
and other income paid to the Company on its investments may be subject to non-refundable withholding
taxes or other taxes in the country of origin. No attempt is made in this Prospectus to summarize the
taxation consequences for each investor. These consequences will vary depending on the Shareholder’s
personal circumstances in accordance with the law and practice currently in force in a Shareholder’s
country of citizenship, residence, domicile, permanent residence or in which a Shareholder has his shares
in custody.
2. Luxembourg
2.1 Taxation of the Company
The Company is not subject to any Luxembourg tax on profits or income, nor are any distributions from
the Sub-Funds subject to any Luxembourg withholding tax.
The Company is liable in Luxembourg for an annual subscription tax (“taxe d’abonnement”) which is
payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant
calendar quarter.
The rate of the subscription tax is 0.05% per annum of the Net Asset Value of each Share Class which is
available to all investors.
The rate of the subscription tax is 0.01% per annum of the Net Asset Value for:
- Sub-Funds whose sole object is the collective investment in money market instruments and the
placing of Deposits with credit institutions,
- Sub-Funds whose sole object is the collective investment in Deposits with credit institutions and
- Sub-Funds or Share Classes which are reserved to one or more Institutional Investors.
A Sub-Fund that satisfies the following conditions is exempt from the annual subscription tax:
- the securities issued by the Sub-Fund are reserved to Institutional Investors, and
- the sole object of the Sub-Fund is the collective investment in money market instruments and the
placing of Deposits with credit institutions, and
- the weighted residual portfolio maturity of the Sub-Fund does not exceed 90 days, and
- the Sub-Fund has obtained the highest possible rating from a recognized rating agency.
There is no Luxembourg stamp duty or other tax payable on the issuance of the Shares. Capital gains
realised on Company assets are not subject to tax in Luxembourg.
2.2 Taxation of Shareholders
In accordance with the current laws of Luxembourg, Shareholders are neither subject to (1) income tax on
income from investment funds, (2) capital gains tax nor (3) withholding tax, subject to the provisions of
the following paragraph. However, this does not apply to Shareholders who have their domicile,
residence, or a permanent establishment in Luxembourg.
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The OECD Common Reporting Standard
Luxembourg has implemented the “Standard for Automatic Exchange of Financial Account Information”,
also known as the Common Reporting Standard (“CRS”), into Luxembourgish law on 18 December 2015.
The CRS is a new, single global standard on Automatic Exchange of Information (“AEOI”) which was
approved by the Council of the Organisation for Economic Cooperation and Development (“OECD”) in
July 2014. It draws on earlier work of the OECD and the EU, global anti-money laundering standards and,
in particular, the Model FATCA Intergovernmental Agreement. The CRS sets out details of the financial
information to be exchanged, the financial institutions required to report, together with common due
diligence standards to be followed by financial institutions. Under the CRS, participating jurisdictions will
be required to exchange certain information held by financial institutions regarding customers with tax
residency outside the country. Over 90 jurisdictions have committed to exchanging information under the
CRS. On 29 October 2014, Luxembourg (along with 50 other countries) signed such multilateral
agreement (Multilateral Competent Authority Agreement on automatic exchange of financial account
information "MCAA") and committed, along with more than 40 other countries, to an early
implementation of the CRS. The countries participating in the automatic exchange of financial accounts
are those countries that have signed the MCAA. For the early adopters, the first exchange of information
took place as of the end of September 2017 with respect to accounts that existed as of 1 January 2016
and high value accounts that existed as of 31 December 2015. Initial information on low-value individual
accounts that existed as of 31 December 2015, and legal entity accounts was exchanged at the end of
September 2017 or the end of September 2018, depending on when the financial institutions identify
them as reportable.
Investors should note that the Company principally will be required to disclose the name, address,
jurisdiction(s) of tax residence, date and place of birth, account reference number, tax identification
number(s) of each person who is considered to be an account holder for CRS and information relating to
each investor’s investment (including but not limited to the value of and any payments in respect of the
investments) to the Luxembourg tax authorities who may in turn exchange this information with the
foreign tax authorities in territories who are participating jurisdictions for the purposes of the CRS. In order
to comply with its obligations, the Company may require additional information from Investors.
Investors refusing to provide the requisite information to the Company may also be reported to the
Luxembourg tax authorities.
The Company will comply with the reporting and due diligence obligations for information on financial
accounts and will provide annually the Luxembourg tax authorities with the required information, which
will forward this information to the tax authorities of the countries in which the individual and/or legal
entity concerned is resident.
Each prospective Investor should consult its own professional advisers on the requirements applicable to
it under these arrangements.
Shareholders are advised to inform themselves about the tax consequences of subscription, purchase,
holding, redemption or any other disposal of Shares or earning income (e.g., through distributions of a
Sub-Fund or any accumulation) in the framework of the laws in a Shareholder’s country of citizenship,
residence, domicile or in which a Shareholder has his Shares in custody and, if necessary, to seek
professional advice.
3. US Tax Withholding and Reporting under FATCA
The Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act
(“FATCA”) generally impose a U.S. federal reporting and withholding tax regime with respect to certain
U.S. source income earned and gross proceeds from the sale or other disposal of property that can
produce such U.S. source income. The rules are designed to require a direct and indirect ownership of
certain non-US accounts and non-US entities by certain U.S. persons (e.g., U.S. citizens and U.S. residents
or a partnership, corporation or trust organized in the United States or under the laws of the United States
or any of its States) to be reported to the U.S. Internal Revenue Service. Pursuant to FATCA, payments of
fixed or determinable annual or periodic gains, profits and income, including dividends, interest and
gains, from sources within the United States, made after 30 June 2014, payments attributable to gross
proceeds from the sale or other disposition of property that could produce U.S. source interest or
dividends made after 31 December 2016, and certain payments (or a portion thereof) by a foreign
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financial institution made after 31 December 2016, to a foreign financial institution or other foreign entity
or “passthru payments” on the individual shareholder (to the extent provided in future regulations which
will be subject to further changes, but in no event before 1 January 2017) will be subject to a withholding
tax of 30% unless various reporting requirements are satisfied.
Luxembourg has entered into an intergovernmental agreement with the United States of America (“IGA”).
Under the IGA, FATCA compliance will be enforced under new local Luxembourg tax legislation (as
transposed into Luxembourg law by the law of 24 July 2015) and reporting rules and practices.
The Company, Nominee and/or Transfer Agent will likely require additional information from
Shareholders in order to comply with these provisions. The Company, Nominee and/or Transfer Agent
may disclose the information, certifications, or other documentation that they receive from (or concerning)
their investors to the U.S. Internal Revenue Service, non-US taxing authorities, or other parties as
necessary to comply with FATCA, related intergovernmental agreements or other applicable law or
regulation. Each prospective investor is urged to consult his tax adviser regarding the applicability of
FATCA to himself and the Company (and/or the Sub-Funds) and any other reporting requirements with
respect to the prospective investor’s own situation. If a change in circumstances occurs, the shareholder or
intermediary must inform the Company within 30 days.
4. PRC Taxation
Corporate Income Tax
If the Company or the relevant Sub-Fund is considered a tax resident enterprise of the PRC, it will be
subject to PRC corporate income tax (“CIT”) at 25% on its worldwide taxable income. If the Company or
the relevant Sub-Fund is considered a non-tax resident enterprise with an establishment or place or
establishment of business in the PRC, the profits attributable to that PE would be subject to CIT at 25%.
Under the PRC CIT Law effective from 1 January 2008 and its implementation rules, a non-PRC tax
resident enterprise without an establishment in the PRC will generally be subject to withholding income
tax (“WIT”) of 10% on its PRC sourced income, including but not limited to passive income (e.g., dividends,
interest, gains arising from transfer of assets, etc.).
The Management Company, in respect of the Company or the Investment Manager, in respect of the
relevant Sub-Fund(s), intend to manage and operate the Company or the relevant Sub-Fund(s) in such a
manner that the Company or the relevant Sub-Fund(s) should not be treated as a tax resident enterprise
of the PRC or a non-PRC tax resident enterprise with an establishment in the PRC for CIT purposes,
although due to uncertainty in tax laws and practices in the PRC, this result cannot be guaranteed.
(i) Interest
Unless a specific exemption is applicable, non-PRC tax resident enterprises are subject to PRC WIT on the
payment of interests on debt instruments issued by PRC tax resident enterprises, including bonds issued
by enterprises established within the PRC. The general WIT rate applicable is 10%, subject to reduction
under an applicable double tax treaty and agreement by the PRC tax authorities.
Interest derived from government bonds issued by the in-charge Finance Bureau of the State Council
and/or local government bonds approved by the State Council is exempt from PRC CIT under the PRC CIT
Law.
According to a tax circular jointly issued by the Ministry of Finance of the PRC (“MoF”) and the State
Administration of Taxation of the PRC (“STA”) on 7 November 2018, i.e., Circular on the Enterprise Income
Tax and Value-Added Tax Policies for Foreign Institutions investing in Onshore Bond Markets (“Circular
108”), the foreign institutional investors are temporarily exempt from PRC CIT with respect to bond
interest income derived in the PRC bond market for the period from 7 November 2018 to 6 November
2021. The scope of such PRC CIT exemption has excluded bond interest gained by foreign investors’
onshore entities/establishment that are directly connected with such onshore entities/establishment.
According to the tax circular published jointly by the MoF and the STA on 22 November 2021 (“Circular
34”), such temporary tax exemption is extended until 31 December 2025. However, there is no guarantee
that such temporary tax exemption will continue to apply, will not be repealed and re-imposed
retrospective, or that no new tax regulations and practice in China specifically relating to the PRC bond
market will not be promulgated in the future.
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(ii) Dividend
Under the current PRC CIT Law and its implementation rules, non-PRC tax resident enterprises are subject
to PRC WIT on cash dividends and bonus distributions from PRC tax resident enterprises. The general WIT
rate applicable is 10%, subject to reduction under an applicable double tax treaty and agreement by the
PRC tax authorities.
(iii) Capital gain
Based on the CIT Law and its Implementation Rules, “income from the transfer of property” sourced from
the PRC by non-PRC tax resident enterprises should be subject to 10% PRC WIT unless exempt or reduced
under an applicable tax treaty and agreement by the PRC tax authorities.
The MoF, STA and the China Securities Regulatory Commission (“CSRC”) issued joint circulars to clarify
the taxation of the Stock Connect, in which capital gain realised from the transfer of China A-Shares is
temporarily exempt from PRC WIT. The MoF, STA and CSRC issued Circular Caishui [2014] No. 79
(“Circular 79”) dated 31 October 2014 to clarify the taxation of capital gains on transfer of PRC equity
investment assets derived by QFIIs and RQFIIs. Pursuant to Circular 79, for QFIIs and RQFIIs without a PE
in the PRC or with a PE in the PRC but the income so derived in the PRC is not effectively connected with
such establishment, capital gain derived from the transfer of PRC equity investment assets such as China
A-Shares on or after 17 November 2014 is temporarily exempt from PRC WIT. However, capital gain
realised by QFIIs and RQFIIs prior to 17 November 2014 is subject to PRC WIT in accordance with the
provisions of the laws. The MoF, the STA and the CSRC issued joint circulars Caishui [2014] No. 81 and
Caishui [2016] No. 127 to clarify the taxation of the Stock Connect, in which capital gain realized from the
transfer of China A-Shares via Stock Connect is temporarily exempt from PRC WIT.
Based on verbal comments from the PRC tax authorities, gains realized by foreign investors (including
FIIs) from investment in PRC debt securities via Bond Connect are non-PRC sourced income and thus
should not be subject to PRC WIT. However, there are no written tax regulations issued by the PRC tax
authorities to confirm that interpretation. As a matter of practice, the PRC tax authorities have not levied
PRC WIT on capital gains realised by FIIs from the transfer of debt securities, including those traded via
CIBM.
In light of the above and based on professional and independent tax advice, the Management Company
and/or the relevant Investment Manager (as the case may be) intends to:
- provide for WIT at 10% on dividend from China A-Shares and interest received from debt instruments
issued by PRC enterprises if such WIT is not withheld at source; and
- not make provisions for any PRC WIT in respect of gross realised and unrealised capital gains derived
from the trading of China A-Shares and non-equity investments such as PRC debt instruments.
Given the possibility of the tax rules being changed or differently interpreted and the possibility of taxes
being applied retrospectively, any provision for taxation made by the Investment Manager in a given
point in time may be excessive or inadequate to meet the PRC tax liabilities in connection with
investments made by the Company or the relevant Sub-Fund in the PRC. Consequently, investors may be
advantaged or disadvantaged depending on how any such gains or income will in fact be calculated or
taxed, how the Investment Manager provides for the tax and when investors subscribed and/or
redeemed their holdings in/from the Company or the relevant Sub-Fund. If there is a change in the tax
requirement or environment which results in an under-provision by the Investment Manager of actual or
potential tax liabilities, the then existing investors and new investors will be disadvantaged as the
Company, or the relevant Sub-Fund will have to pay the difference between the Company or the relevant
Sub-Fund’s then WIT provision and the taxation liabilities under the new regime. On the contrary, if there
is a change in the tax requirement or environment which results in an over-provision by the Investment
Manager, the investors who have already redeemed the Shares under the old regime will be
disadvantaged as they would have contributed to the over-provision. In this case the then existing
investors and the new investors will benefit as the difference between the Company or the relevant Sub-
Fund’s then WIT provision and the taxation liabilities will be returned to the Company or the relevant Sub-
Fund as assets thereof.
In light of the above-mentioned uncertainty and in order to meet the potential tax liability for gains on
disposal of debt securities and interest income derived from debt instruments, the Company reserves the
right to vary the provision for WIT on such gains or interest income for the account of the Company or the
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relevant Sub-Fund in respect of any potential tax on the gross realized and unrealized capital gains and
interest income.
Upon any future resolution of the above-mentioned uncertainty or further changes to the tax law or
policies, the Company will, as soon as practicable, make relevant adjustments to the amount of tax
provision (if any) as they consider necessary. The amount of any such tax provision will be disclosed in the
accounts of the Company.
It should also be noted that the actual applicable tax imposed by the PRC tax authorities may be
different and may change from time to time. There is a possibility of the rules being changed and taxes
being applied retrospectively. As such, any provision for taxation made by the Investment Manager for
the account of the relevant Sub-Fund may be excessive or inadequate to meet final PRC tax liabilities.
Consequently, Shareholders of the Sub-Fund may be advantaged or disadvantaged depending upon the
final tax liabilities, the level of provision and when they subscribed and/or redeemed their Shares in/from
the Sub-Fund.
Value-added Tax (“VAT”) and other surcharges (applicable on and after 1 May 2016)
According to the Circular Caishui [2016] 36 (“Circular 36”), VAT at 6% shall be levied on the difference
between the selling and buying prices of those marketable securities starting from 1 May 2016.
The gains derived from trading of marketable securities (including A-shares and other PRC listed
securities) are exempted from VAT in the PRC under Circular 36 and Caishui [2016] No.70. In addition,
deposit interest income and interest received from government bonds and local government bonds are
also exempt from VAT.
According to Circular 108 and Circular 34, the foreign institutional investors are temporarily exempt from
VAT with respect to bond interest income derived in the PRC bond market for the period from 7
November 2018 to 31 December 2025. However, there is no guarantee that such temporary tax
exemption will continue to apply, will not be repealed and re-imposed retrospective, or that no new tax
regulations and practice in China specifically relating to the PRC bond market will not be promulgated in
the future.
Dividend income or profit distributions on equity investment derived from PRC are not included in the
taxable scope of VAT.
In addition, urban maintenance and construction tax (currently at the rate ranging from 1% to 7%),
educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate
of 2%) are imposed based on the VAT liabilities.
Stamp Duty
Stamp duty under the PRC laws generally applies to the execution and receipt of all taxable documents
listed in the PRC’s Provisional Rules on Stamp duty. Stamp Duty is generally imposed on the sale of PRC-
listed shares at a rate of 0.1% of the sales consideration. The Company or the relevant Sub-Fund will be
subject to this tax on each disposal of PRC listed shares. No stamp duty is expected to be imposed on non-
PRC tax resident holders of government and corporate bonds, either upon issuance or upon a subsequent
transfer of such bonds.
Non-PRC tax resident Shareholders will not be subject to PRC tax on distributions received from the
Company or the relevant Sub-Fund, or on gains derived from the disposal of Shares. PRC tax resident
Shareholders should seek their own tax advice on their tax position with regard to their investment in the
Company or the relevant Sub-Fund.
There can be no guarantee that no new tax laws, regulations and practice in the PRC specifically relating
to the FII, Stock Connect, Bond Connect or CIBM regime (as the case may be) may be promulgated in the
future and may be applied retrospectively. The promulgation of such new laws, regulations and practice
may operate to the advantage or disadvantage of the Shareholders due to the Company or the relevant
Sub-Fund’s investments in the PRC market.
Investors should inform themselves of, and where appropriate consult their professional advisors on, the
possible tax consequences of subscribing for, buying, holding, converting, redeeming, or otherwise
disposing of Shares under the laws of their country of citizenship, residence, or domicile or incorporation.
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XIV. Conflicts of Interest and Transactions with Connected Parties
1. Conflicts of Interest
The Company, the Management Company, the Depositary, the Registrar Agent and any of the Investment
Managers, Investment Advisors, Paying and Information Agent or Distributors may each from time-to-
time act in such capacity in relation to, or be otherwise involved in, other funds which have similar
investment objectives to those of the Sub-Funds. It is, therefore, possible that any of them may, in the
course of business, have potential conflicts of interests with one or more of the Sub-Funds.
Each party will, at all times, have regard in such event to its obligations under its respective service
agreement with the Company and will endeavour to ensure that such conflicts of interest are resolved
fairly. The Management Company has adopted a policy designed to ensure that in all transactions a
reasonable effort is made to avoid conflicts of interest and, when they cannot be avoided, such conflicts
are managed such that the Sub-Funds and their Shareholders are fairly treated.
In addition, any of the foregoing parties may deal, as principal or agent, with any of the Sub-Funds,
provided that such dealings are carried out as if effected on normal commercial terms negotiated on an
arm’s length basis and in the best interests of Shareholders.
Dealings will be deemed to have been effected on normal commercial terms if: (i) a certified valuation of
a transaction by a person approved by the Depositary as independent and competent is obtained; (ii) the
transaction is executed on best terms on an organised investment exchange in accordance with the rules
of such exchange; or (iii), where (i) and (ii) are not practical, the transaction is executed on terms which
the Depositary is satisfied are normal commercial terms negotiated at arm’s length.
Conflicts of interest may arise as a result of transactions in derivatives, OTC derivatives and efficient
portfolio management techniques and instruments. For example, the counterparties to, or agents,
intermediaries or other entities which provide services in respect of, such transactions may be related to
the Management Company, any Investment Manager or Investment Advisor or the Depositary. As a
result, those entities may generate profits, fees or other income or avoid losses through such transactions.
Furthermore, conflicts of interests may also arise where the collateral provided by such entities is subject
to a valuation or haircut applied by a related party.
The Management Company has adopted a policy designed to ensure that its service providers act in the
Sub-Funds’ best interests when executing decisions to deal and placing orders to deal on behalf of those
Sub-Funds in the context of managing the Sub-Funds’ portfolios. For these purposes, all reasonable steps
must be taken to obtain the best possible result for the Sub-Funds, taking into account price, costs, speed,
likelihood of execution, order size and nature, research services provided by the broker to the Investment
Manager or Investment Advisor, or any other consideration relevant to the execution of the order.
Information about the Management Company’s execution policy and any material change to the policy
are available to Shareholders at no charge upon request.
2. Transactions with Connected Parties
If arrangements for borrowing or making Deposits by any of the Sub-Funds are made with any of the
Depositary, Management Company, or Investment Managers or any of their connected persons, such
person shall be entitled to retain for its own use and benefit any profits which may be derived from such
an arrangement. However, the terms for such transactions must be negotiated at arm’s length in
accordance with ordinary normal course of business and the arrangement shall be in the best interests of
the Shareholders. In addition:
- the interest charges on borrowing arrangements with such persons and the fees (if any) for arranging
or terminating the arrangement shall be at a rate not higher than is in accordance with normal
banking practice, the commercial rate for borrowing arrangements of that similar type, size and
nature; and
- the interest received on Deposits placed with such persons shall be at a rate not lower than is in
accordance with normal banking practice, the commercial rate for a deposit of that similar type, size
and term.
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Subject to the prior written consent of the Depositary, the Management Company, any Investment
Manager, the Directors or any of their connected persons may deal as principal with any Sub-Fund and
shall not be liable to account either to each other or to the relevant Sub-Fund or any of its Shareholders
for any profits or benefits made or derived from such transactions provided always that such transactions
are transacted and executed at arm’s length and in the best interest of the Shareholders. If such
transactions are entered into, they shall be disclosed in the annual report of the Company.
Connected brokers may not, in aggregate, account for more than 50% of any Sub-Fund’s transactions in
value in any financial year.
XV. Risk Factors
Investment in a Sub-Fund may be associated with the following risk factors in particular:
1. General Risk Factors applicable to All Sub-Funds unless otherwise stated
ABS and MBS Risk
The income, performance and/or capital repayment amounts of ABS and MBS are linked to the income, performance, liquidity
and credit rating of the underlying or covering pool of reference assets (e.g., receivables, securities and/or credit derivatives), as
well as the individual assets included in the pool or their issuers. If the performance of the assets in the pool is unfavourable for
investors, depending on the form of the ABS or MBS, those investors may suffer losses up to and including total loss of invested
capital.
ABS and MBS may be issued with or without the use of a special-purpose vehicle (“SPV”). Such SPVs normally do not engage in
any other business aside from issuing ABS or MBS. The pool underlying the ABS or MBS, which also often consists of non-fungible
assets, normally represents the only assets of the SPV or the only assets from which the ABS and MBS are to be serviced. If ABS
or MBS are issued without the use of a SPV, there is the risk that the liability of the issuer will be limited to the assets included in
the pool. The principal risks in respect of the assets included in the pool are concentration risk, liquidity risk, interest-rate risk,
creditworthiness risk, company-specific risk, general market risk, risk of default and counterparty risk as well as the general risks
of investing in bonds and derivatives, in particular interest-rate risk, creditworthiness risk, company-specific risk, general market
risk, risk of default, counterparty risk and liquidity risk.
As a result, ABS and MBS may be highly illiquid and prone to substantial price volatility. These instruments may therefore be
subject to greater credit, liquidity and interest-rate risks compared to other debt securities. They are often exposed to extension
and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely
impact the returns of the securities, the Net Asset Value of the relevant Sub-Fund or investors.
Active Currency Positions Risk
A Sub-Fund may implement active currency derivative positions that may not be correlated with the underlying securities
positions held by the Sub-Fund. Therefore, such Sub-Fund may suffer a significant or total loss even if there is no loss of the value
of the underlying securities positions (eg., equities, debt securities) held by the Sub-Fund.
Asset Allocation Risk
The performance of the Sub-Fund is partially dependent on the success of the asset allocation strategy employed by that Sub-
Fund. There is no assurance that the strategy employed by the Sub-Fund will be successful and therefore the investment objective
of the Sub-Fund may not be achieved. The investments of the Sub-Fund may be periodically rebalanced and therefore that Sub-
Fund may incur greater transaction costs than a Sub-Fund with static allocation strategy.
Capital Risk
There is a risk that capital of a Sub-Fund or the capital that can be allocated to a Class will decrease. Excessive redemptions of a
Sub-Fund’s Shares or distributions exceeding realised capital gains and other income of returns on investments could have the
same effect. Distribution Share applying the Fixed Percentage Policy have a relatively high risk of distributions exceeding
realised capital gains and other income. A reduction in the capital of a Sub-Fund or the capital that can be allocated to a Class
could make the management of the Company, a Sub-Fund, or a Class unprofitable, which could lead to the liquidation of the
Company, a Sub-Fund or a Class and to investor losses.
Certificate Investments Risk
A certificate vests the right, subject to the terms and conditions of the certificate, for the certificate holder to demand payment of
a specific amount of money or delivery of certain assets on the settlement date. Whether the certificate holder has a
corresponding claim on performance and, if so, to what extent, depends on certain criteria, such as the performance of the
underlying asset during the term of the certificate or its price on certain days. As an investment vehicle, certificates are subject to
the following risks in relation to the issuer of the certificate: creditworthiness risk, company-specific risk, settlement default risk
and counterparty risk. Other risks that should be emphasised are general market risk, liquidity risk and, if applicable, currency
risk. Certificates are not hedged through other assets or through third-party guarantees. This applies likewise to any permissible
position held through another instrument based on the law of obligations.
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Changes in Underlying Conditions Risk
Over time, the underlying conditions (e.g., economic, legal or tax) within which an investment is made may change. This could
have a negative effect on the investment and on the treatment of the investment by the investor.
Changes to the Company and/or a Sub-Fund Risk
The Articles, investment policy and other basic aspects of a Sub-Fund may be changed whenever permitted. In particular, a
change to the investment policy within the permitted range may change the risk profile associated with such Sub-Fund. Such
changes may have a negative impact on the performance of the Sub-Fund.
Closed-End Fund Risk
When investing in closed-end funds, the income, performance and/or capital repayment will depend on the income, performance
and credit rating of the underlying investments of the closed-end funds. If the performance of the assets of the closed-end-funds
are unfavourable for its investors, depending on the form of the closed-end-funds, investors of the relevant Sub-Fund can suffer
partial, or even total loss.
Redemptions of investments in closed-end funds may not be possible. Since such funds commonly have a fixed term which makes
continuous liquidation/termination of such investments in closed-end funds prior to maturity impossible. In the case of a closed-
end fund which maturity is not already determined, the liquidity risk may be even higher. Eventually, investments in closed-end
funds might be sold on a secondary market, if any, with the risk of significant bid/offer spreads. Investments in closed-end funds
may also be fully or partially repaid prior to maturity, which could lead to a less attractive total investment in the respective close-
end fund as well as to a less attractive reinvestment. In addition, the corporate governance mechanisms, the transferability as
well as the possibility to rate, to receive adequate information about and to evaluate investments in closed-end-funds may
deteriorate before maturity.
The principal risks for investments in closed-end funds are general market risk, concentration risk, liquidity risk, the risk of interest
rate changes, creditworthiness risk, company-specific risk, settlement default risk and counterparty risk. Specific risks vary
depending on the particular type of closed-end fund.
When investing in closed-end funds, costs are regularly incurred both at the level of the funds themselves particularly in respect
of service provider fees, as well as at the level of the portfolio making the investment. These may result in increased charges to
the investors in the portfolio making the investment in the closed-end fund.
Company-Specific Risk
The value of a Sub-Fund’s assets (in particular of securities and money-market instruments directly or indirectly held by such Sub-
Fund) may be affected by company-specific factors (e.g., the issuer’s business situation). If a company-specific factor deteriorates,
the price of the respective asset may drop significantly and for an extended period of time, possibly without regard to an
otherwise generally positive market trend. This may have an adverse impact on the Sub-Fund and/or the investor.
Concentration Risk
If a Sub-Fund focuses its investments on certain markets, types of investments, particular countries, regions, or industries, this may
reduce risk diversifications. Consequently, such Sub-Fund may be particularly dependent on the development of these
investments, markets or related markets, individual or interdependent countries or regions, industries or industries that influence
each other or companies of such markets, countries, regions or industries. As such, the Sub-Fund is likely to be more volatile than
a fund that has a more diversified investment strategy. It may be more susceptible to fluctuations in value resulting from a limited
number of holdings or the impact of adverse conditions on a particular investment or market. This may have an adverse impact
on the performance of the Sub-Fund and consequently adversely affect an investor’s investment in the Sub-Fund.
Contingent Convertible Bonds Investment Risk
Investing in contingent convertible bonds (“CoCos”) is associated with the following specific risks as issued in the statement
ESMA/2014/944 ("Potential Risks Associated with Investing in Contingent Convertible Instruments") issued by the ESMA which
include, but are not limited to (i) Trigger level risk: trigger levels differ; they determine exposure to conversion risk depending on
the distance between the price of the equity security and the trigger level; (ii) Coupon cancellation risk: coupon payments may be
cancelled by the issuer at any point and for any length of time; (iii) Capital structure inversion risk: contrary to classic capital
hierarchy, CoCo investors may suffer a loss of capital when equity shareholders do not; (iv) Call extension risk: CoCos are issued
as perpetual instruments, callable at predetermined levels only with the approval of the competent authority; (v) Unknown risk:
the structure of the instruments is innovative yet untested; (vi) Yield/valuation risk: investors are drawn to CoCos as a result of
their frequently attractive yield, which may, however, also represent a premium to their price in light of the complexity of how
they are structured.
Convertible Bonds Investments Risk
Investing in convertible bonds are normally associated with increased creditworthiness risk, risk of default, risk of interest rate
changes, prepayment risk, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a
significant discount to the purchase price), all of which may adversely impact the Net Asset Value of the relevant Sub-Fund.
The value of convertible bonds may be affected by the price movement of the underlying securities (i.e., equities), among other
things. Convertible bonds may also have call provisions and other features which may give rise to the risk of a call. All these
factors may adversely impact the Net Asset Value of the relevant Sub-Fund.
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Counterparty Risk
Transactions not handled through a stock exchange or a Regulated Market (e.g., OTC trades) are exposed to the risk that a
counterparty may default or not completely fulfil its obligations in addition to the general risk of settlement default. This is
particularly true of OTC financial derivative instruments and other transactions based on techniques and instruments. Default by
a counterparty may result in losses for a Sub-Fund. However, such risk can be significantly reduced, especially with respect to
OTC derivative transactions, by receipt of collateral from the counterparty in accordance with the Company’s collateral
management policy as described in Appendix 1.
Country and Region Risk
If a Sub-Fund focuses its investments on particular countries or regions, this may increase the concentration risk. Consequently,
such Sub-Fund is particularly susceptible to the adverse development and risks of individual or interdependent countries and
regions, or of companies based and/or operating in those countries or regions. Any adverse economic, political, policy, foreign
exchange, liquidity, tax, legal or regulatory event or development in such countries, regions or companies may adversely impact
the performance of the Sub-fund and/or the value of Shares held by investors. Economic or political instability in certain countries
in which a Sub-Fund is invested may lead to a situation in which such Sub-Fund does not receive part, or all of the monies owed to
it in spite of the solvency of the issuer of the relevant assets. Currency or transfer restrictions or other legal changes may have a
significant effect. In addition, Sub-Funds which focus on certain countries or regions, have a limited investment universe which
results in limited risk diversification compared to broadly investing funds. The smaller the respective country or region is the more
limited the investment universe and the more limited the risk diversification of the respective Sub-Fund might be. A limited risk
diversification can increase the impact of the development of individual securities acquired for the respective Sub-Fund.
Credit Rating Risk
Credit ratings of Investment Grade debt securities assigned by rating agencies (e.g., Fitch, Moody’s and/or Standard & Poor’s)
are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.
Creditworthiness and Downgrading Risk
The creditworthiness (ability to pay) of the issuer of an asset (in particular, of a security or money-market instrument directly or
indirectly held by the Sub-Fund) may fall. This usually leads to a decrease in the price of the asset greater than that caused by
general market fluctuations. Further, there is a risk that the credit rating of certain debt securities, or the issuers of debt securities,
may be downgraded due to adverse market conditions. The Sub-Fund may or may not be able to dispose of the Debt Securities
that are being downgraded. This may lead to a fall in the NAV of the Sub-Fund and the performance of the Sub-Fund will be
adversely affected.
Currency Risk
If a Sub-Fund directly or indirectly (via derivatives) holds assets denominated in currencies other than its Base Currency or if a
class of shares of the Sub-Fund is designated in a currency other than the Base Currency of the Sub-Fund (each a “foreign
currency”), it is exposed to a currency risk that if foreign currency positions have not been hedged or if there is any change in the
relevant exchange control regulations, the NAV of the Sub-Fund or that class of shares may be affected unfavorably. Any
devaluation of the foreign currency against the Base Currency of the Sub-Fund would cause the value of the assets denominated
in the foreign currency to fall, and as a result may have an adverse impact on the Sub-Fund and/or the investors.
Custodial Risk
Sub-custodians may be appointed in local markets for purpose of safekeeping assets in those markets. Where a Sub-Fund invests
in markets where custodial and/or settlement systems are not fully developed, the assets of such Sub-Fund may be exposed to
custodial risk. A Sub-Fund may be denied access, in whole or in part, to investments held in custody in the event of bankruptcy,
negligence, wilful misconduct or fraudulent activity on the part of the Depositary or sub-custodian. In such circumstances, a Sub-
Fund may take a longer time or may even be unable to recover some of its assets (in extreme circumstances such as the
retroactive application of legislation and fraud or improper registration of title), which may lead to significant losses for the Sub-
Fund and consequently adversely affect an investor’s investment in the Sub-Fund. The Custodial Risk may apply to assets as well
as to collateral.
Dilution and Swing Pricing Risk
The actual cost of purchasing or selling the underlying assets of a Sub-Fund may be different from the booking value of these
assets in the Sub-Fund’s valuation. The difference may arise due to dealing and other costs (such as taxes) and/or any spread
between the buying and selling prices of the underlying assets. These dilution costs can have an adverse effect on the overall
value of a Sub-Fund and thus the NAV per Share may be adjusted in order to avoid disadvantaging the value of investments for
existing Shareholders. The size of the adjustment impact is determined by factors such as the volume of transactions, the
purchase or sale prices of the underlying assets and the valuation method adopted to calculate the value of such underlying
assets of the Sub-Fund.
Distribution out of Capital Risk
The Company may launch Classes whose distribution policy deviates from the regular distribution policy, and which may provide
for distributions out of capital in accordance with Article 31 of the Law. The payment of distributions out of capital represents a
return or withdrawal of part of the amount which the investors originally invested and/or capital gains attributable to the original
investment. Investors should be aware that any distributions involving payment of distributions out of a Sub-Fund’s capital may
result in an immediate decrease in the Net Asset Value per Share and may reduce the capital available for such Sub-Fund for
future investment and capital growth. As a result, such investors’ investment in the Sub-Fund will be adversely affected. The
distribution amount and NAV of any Currency hedged Share Classes of the Sub-Fund may be adversely affected by differences in
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the interest rates of the reference currency of the Currency hedged Share Classes and the base currency of the Sub-Fund,
resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other
non-hedged share classes, particularly if Currency hedged Share Classes are applying the IRD Neutral Policy. Distribution Shares
applying the Fixed Percentage Policy have a relatively high risk of distributions exceeding realised capital gains and other
income. Distribution Shares applying the Gross Distribution Policy will usually be subject to distribution out of capital with regard
to fees and expenses charged to these share classes. This may result in an immediate decrease in the Net Asset Value per Share
and may reduce relatively larger portion of capital available for such Sub-Fund for future investment and capital growth,
potentially eroding the capital more quickly.
Early Liquidation Risk
As may be determined by the Board, a Sub-Fund may be liquidated under certain circumstances as set out under “Liquidation
and Merger” of the HK Prospectus. In the event of a Sub-Fund’s liquidation, the Sub-Fund would have to distribute to
Shareholders their pro rata interest in the assets of the Sub-Fund. It is possible that at the time of a sale or distribution, certain
assets held by the relevant Sub-Fund may be worth less than their initial cost, resulting in a loss to shareholders.
European Country Risk
In light of the fiscal conditions and concerns regarding the sovereign debt of certain European countries, investments of a Sub-
Fund in Europe may be subject to a number of risks arising from a potential crisis in Europe. The economic and financial
difficulties in Europe may continue to get worse or spread within and outside Europe and may lead to one or several countries
exiting the Eurozone and/or exiting the EU or default of a sovereign within the Eurozone and/or within the EU, potentially
resulting in the breakup of the EU, the Eurozone, and the Euro.
While the governments of many European countries (including the EU Member States), the European Commission, the European
Central Bank, the International Monetary Fund, and other authorities are taking measures (such as undertaking economic
reforms and imposing austerity measures on citizens) to address the current fiscal conditions and concerns, these measures may
not have their desired effect, and the future stability and growth of Europe is therefore uncertain. The impact of such events on
the Sub-Funds which are denominated in Euro, or which invest in instruments predominantly tied to Europe may be significant
and the NAV of such Sub-Funds may be adversely affected by the increased risks (such as increased volatility, liquidity and
currency risks associated with investments in Europe).
Emerging Markets Risk
A Sub-Fund’s investments in Emerging Markets are subject to greater liquidity risk, currency risk and general market risk.
Increased risks may arise in connection with the settlement of securities transactions in Emerging Markets, especially as it may
not be possible to deliver securities directly when payment is made. In addition, the legal, taxation and regulatory environment,
as well as the accounting, auditing, and reporting standards in Emerging Markets may deviate substantially to the detriment of
the investors from the levels and standards that are considered standard international practice. Increased custodial risk in
Emerging Markets may also arise, which may result from differing disposal methods for acquired assets. Such increased risks may
have an adverse impact on the relevant Sub-Fund and/or the investors.
General Market Risk
To the extent that a Sub-Fund invests directly or indirectly in securities or other assets, it is exposed to various general trends and
tendencies in the economic and political situation as well as securities markets and investment sentiment, which are partially
attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in securities prices affecting the
entire market and the value of a Sub-Fund’s investments may be negatively affected.
Index-based Investment Risk
With respect to index-based investments, the composition of an index and the weighting of individual components may change
during the time a position is held. Further, index levels are neither current nor based on current data. These factors can have
negative effects on such investments.
Inflation Risk
Inflation risk is the risk that assets will lose value because of a decrease in the value of money. Inflation can reduce the
purchasing power of income made on an investment in a Sub-Fund as well as the intrinsic value of the investment. This could
have a negative effect on an investor’s investment. Different currencies are subject to different levels of inflation risk.
Instruments with Loss-absorption Features Risk
A Sub-Fund may invest in instruments with loss-absorption features which are subject to greater risks when compared to
traditional debt instruments as such instruments typically include terms and conditions specifying that the instrument is subject to
being partly or wholly written off, written down, or converted to ordinary shares of the issuer upon the occurrence of a pre-
defined trigger event. Trigger events are likely to be outside of the issuer’s control and commonly include a reduction in the
issuer’s capital ratio below a specified level or upon specific government or regulatory action being taken as a result of the
issuer’s ongoing financial viability. Trigger events are complex and difficult to predict and can result in a significant or total
reduction in the value of such instruments, giving rise to consequential loss of a Sub-Fund.
Contingent convertible bonds are typical instruments with loss-absorption features, please also refer to the risk factor
“Contingent Convertible Bonds Investment Risk”.
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Interest Rate Risks
To the extent that a Sub-Fund invests directly or indirectly in Debt Securities, it is exposed to interest-rate risk. If market interest
rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially and negatively affect the
performance of such Sub-Fund. This applies to an even greater degree if such Sub-Fund also holds Debt Securities with a longer
time to maturity and a lower nominal interest rate.
Issuer Default Risk
The issuer of a security directly or indirectly held by a Sub-Fund or the debtor of a claim belonging to a Sub-Fund may become
insolvent causing its inability to fulfil his payment obligations in a full and timely manner. Risks of losses arising from the issuer’s
default and causing such issued assets (see Defaulted Securities Risk) to become economically worthless.
Key Personnel Risk
Sub-Funds that achieve very positive results in a certain period of time may owe this success to the aptitude of the traders and the
correct decisions of their management. If staffing at a fund changes, new decision makers may have less success in managing the
Sub-Fund’s assets, which may have a negative impact on the performance of such Sub-Fund.
Legal Risk
Legal risks can bear the risk of loss because of the unexpected application of a law or regulation or because a contract cannot be
enforced. In case of collateralized transactions, there is the risk that the relevant insolvency law may impose a stay that prevents
the collateral taker from liquidating the collateral, even if the collateral arrangement has been set up correctly.
Liquidity Risk
Investments in securities in certain developing markets may be subject to higher volatility and lower liquidity compared to more
developed markets. Even relatively small orders of illiquid securities can lead to significant price changes. If an asset is illiquid,
there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price, or, conversely, its
purchase price may increase significantly. Such price changes may adversely impact the NAV of a Sub-Fund.
Local Tax Risk
As a result of local regulations, a Sub-Fund’s assets may, from time to time, be subject to taxes, fees, charges, and other
retentions. This applies in particular to revenues or gains from the sale, redemption or restructuring of the Sub-Fund’s assets, cash
flow-free restructuring of such assets, and/or changes related to settlement and dividends, interest and other income received by
the Sub-Fund. Certain taxes or charges (e.g., all charges collected under FATCA), may be collected in the form of withholding tax
or a retention when paying out or forwarding payments. Certain taxes or withholdable payments collected under FATCA may be
collected in the form of a withholding tax on the Sub-Fund or in form of a withholding tax on “passthrough payments” on the
individual shareholder (to the extent provided in future regulations which will be subject to further changes, but in no event
before 1 January 2017). Although the Company will attempt to satisfy any obligations imposed on it to avoid the imposition of
the FATCA withholding tax, no assurance can be given that the Company will be able to satisfy these obligations. Withholding on
passthrough payments by the Company will be permitted under applicable laws and regulations and in which case the Company
will act in good faith and on reasonable grounds. If the Company becomes subject to a withholding tax as a result of the FATCA
regime, the value of the Shares held by Shareholders may suffer material losses.
Negative Interest on Cash Accounts Risk
The Company invests the liquid asset of the Sub-Funds at the Depositary or other banks for account of the Sub-Funds. Depending
on the market development, in particular the development of the interest policy of the European Central Bank, short-, medium-
and long-term bank deposits may have negative interest rates which will be charged to the Sub-Funds. Such interest charges
may adversely impact the net asset value of the Sub-Funds.
New Sub-Fund Launch, Merger or Liquidation Risk
Certain investment restrictions applicable to a Sub-Fund need not be adhered to during the period following the launch of a Sub-
Fund or before a Sub-Fund undergoes a merger or liquidation (for further details, please refer to Appendix1 Part A). The
performance of a Sub-Fund in the above period(s) may be different from what it would otherwise be had the relevant investment
restrictions been strictly adhered to by that Sub-Fund during such periods.
Non-investment Grade Sovereign Debt Securities Risk
The Sub- Fund may invest in Debt Securities issued or guaranteed by a non-investment grade sovereign issuer and is therefore
subject to higher credit/default risk and concentration risk as well as greater volatility and higher risk profile. In addition, there
are no bankruptcy proceedings for such securities on which money to pay the obligations of the securities may be collected in
whole or in part. Shareholders may be requested to participate in the rescheduling of such securities and to extend further loans
to the issuers. In the event of default of the sovereign issuer, the Sub-Fund may suffer significant losses.
Operational Risk
The Company may be exposed to a risk of loss which can arise, for example, from inadequate internal processes and from
human error of system failure at the Company, at the Management Company, at the Investment Manager, at the Custodian or at
external third parties. These risks can affect the performance of a Sub-Fund, can thus also adversely affect the net asset value
per share and the capital invested by the shareholder.
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Performance Risk
It cannot be guaranteed that the investment objective of a Sub-Fund or the investment performance desired by the investors will
be achieved. The Net Asset Value per Share may fluctuate and may fall, causing investors to incur losses. Investors assume the
risk of potentially receiving back a lesser amount of principal than they originally invested. No guarantees are issued by the
Company or any third party of any outcome for an investment in any of the Sub-Funds.
Restricted Flexibility Risk
The redemption of Shares may be subject to restrictions. If the redemption of Shares is suspended or delayed, investors will not
be able to redeem their Shares and will be compelled to remain invested in the Sub-Fund for a longer period of time than
originally intended or desired and their investments continue to be subject to the risks inherent to such Sub-Fund. If a Sub-Fund or
Class is dissolved, or if the Company exercises the right to compulsorily redeem Shares, investors will no longer be so invested.
The same applies if a Sub-Fund or Class held by the investors merges with another fund, Sub-Fund or Class, in which case the
investors shall automatically become holders of shares in such other fund, or Shares in another Sub-Fund or Class. The sales
charge levied when Shares are acquired could reduce or even eliminate any gains on an investment, particularly if the
investment is held for only a short period of time. If Shares are redeemed in order to invest the proceeds in another type of
investment, investors may, in addition to the costs already incurred (e.g., sales charge), incur other costs such as a redemption fee
and/or a disinvestment fee for the Sub-Fund held or extra sales charges for the purchase of other shares. These events and
circumstances could result in losses to the investor.
Risk Associated with the Receipt of Collateral
The Company may receive collateral e.g., for OTC derivatives. Derivatives may increase in value. Therefore, collateral received
may no longer be sufficient to fully cover the Company’s claim for delivery or redemption of collateral against a counterparty.
The Company may deposit cash collateral in blocked accounts or invest it in high quality government bonds or in money market
funds with a short-term maturity structure. Though, the credit institution that safe keeps the deposits may default; the
performance of government bonds and money market funds may be negative. Upon completion of the transaction, the collateral
deposited or invested may no longer be available to the full extent, although the Company is obligated to redeem the collateral
at the amount initially granted. Therefore, the Company may be obliged to increase the collateral to the amount granted and
thus compensate the losses incurred by the deposit or investment of collateral.
Risk Associated with Collateral Management
Collateral management requires the use of systems and certain process definitions. Failure of processes as well as human or
system errors at the level of the Company, the Management Company or third parties in relation to collateral management
could entail the risk that assets, serving as collateral, lose value and are no longer sufficient to fully cover the Company’s claim
for delivery or transfer back of collateral against a counterparty.
Settlement Risk
There is a risk for investments in unlisted securities that the settlement will not be executed as expected by a transfer system
owing to a delayed payment or delivery or payment not being made in accordance with the agreement. This may lead to a fall in
the NAV of a Sub-Fund.
Share Class Liability Risk
Classes of a Sub-Fund are not separate legal entities. In relation to third parties, the assets allocated to a certain Class are not
liable for just the debts and liabilities that can be allocated to that Class. If the assets of a Class are insufficient to cover the
liabilities that can be allocated to such Class, those liabilities may have the effect of reducing the NAV of other Classes of the
same Sub-Fund. Any reduction in NAV will have a negative impact on the relevant investor’s investment.
Share Movements Risk
The issue of Shares may lead to the investment of the cash inflow. Redemptions of Shares may lead to the disposal of
investments to achieve liquidity. Such transactions can give rise to costs that could have a substantial negative effect on the
performance of a Sub-Fund if Shares issued and redeemed on a single day do not approximately offset one another.
Small capitalisation / Mid capitalisation Companies Risk
The Equities of small capitalisation/mid capitalisation companies may have lower liquidity and their prices are more volatile to
adverse economic developments than those of larger capitalization companies in general.
Sovereign Debt Risk
Debt Securities issued or guaranteed by governments, or their agencies (“Sovereign Debt Securities”) may be exposed to political,
social and economic risks. There is a risk that even governments or their agencies may default or not be able or willing to repay
the principal and/or interest. In addition, there are no bankruptcy proceedings for Sovereign Debt Securities on which money to
pay the obligations of Sovereign Debt Securities may be collected in whole or in part. Holders of Sovereign Debt Securities may
therefore be requested to participate in the rescheduling of Sovereign Debt Securities and to extend further loans to the issuers of
Sovereign Debt Securities. The Sub-Fund may suffer significant losses when there is a default of the Issuers of Sovereign Debt
Securities. A Sub-Fund may invest all, or a significant part, of its assets, in Sovereign Debt Securities issued guaranteed by a single
government or from agencies of the same government.
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Sustainability Risk
means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material
negative impact on the value of the investment. There is systematic research evidence that sustainability risks may materialize as
issuer specific extreme loss-risks. Such issuer specific sustainability risk events typically happen with low frequency and probability
but may have high financial impact and may lead to significant financial loss. Sustainability Risks may have the potential to influence
the investment performance of portfolios negatively. Allianz Global Investors considers Sustainability Risks to be potential drivers of
financial risk factors in investments such as market price risk, credit risk, liquidity risk and operational risk.
Target Funds Risk
If a Sub-Fund uses other funds (“target funds”) as an investment vehicle for its assets by acquiring shares in such target funds, it
assumes, in addition to the risks generally associated with investment policies of the target funds, the risks that result from the
structure of the “fund” vehicle. As a result, it is itself subject to the capital risk, the settlement risk, the risk of restricted flexibility,
the risk of changes to underlying conditions, the risk of changes to terms and conditions, the investment policy and other basic
aspects of a fund, the key personnel risk, the risk of transaction costs at the fund level arising from share movements and, in
general, performance risk. If the investment policy of a target fund makes use of investment strategies that are oriented toward
rising markets, the corresponding positions should generally have a positive effect on target fund assets when markets are rising
and a negative effect when markets are falling. If the investment policy of a target fund makes use of investment strategies that
are oriented toward falling markets, the corresponding positions should generally have a positive effect on target fund assets
when markets are falling and a negative effect when markets are rising.
The target fund managers of different funds operate independently of one another. This may lead to several target funds
assuming opportunities and risks in the same or related markets or assets, which concentrates the opportunities and risks of the
Sub-Fund holding these target funds on the same or related markets or assets. It could also have the effect of cancelling out the
economic opportunities and risks assumed by the different target funds.
If a Sub-Fund invests in target funds, costs are regularly incurred both at the level of the Sub-Fund making the investment and at
the level of the target funds, in particular, all-in-fees, management fees (fixed and/or performance related), depositary fees and
other costs. These may result in increased charges to the investors in the Sub-Fund making the investment.
Use of Derivatives Risk
A Sub-Fund may use derivatives – such as futures, options and swaps – for efficient portfolio management (including hedging)
purposes. This may lead to correspondingly lower opportunities and risks in the general Sub-Fund profile. Hedging can be used in
particular to reflect the different currency-hedged Share Classes and thus to mark the profile of the respective Share Class.
A Sub-Fund may also employ derivatives in a speculative sense in order to increase returns in pursuing the investment objective,
in particular, to represent the general Sub-Fund’s profile and to increase the level of investment above the level of investment of
a fund that is fully invested in securities. In reflecting the general Sub-Fund’s profile through derivatives, the general Sub-Fund’s
profile will be implemented through the replacement of direct investments in securities, for example, by investments in
derivatives or also, in shaping the general Sub-Fund’s profile, specific components of the individual investment objectives and
restrictions may be derivative based, for example reflecting currency positions through investments in derivatives, which normally
will not have a substantial effect on the general Sub-Fund’s profile. In particular, if the individual investment objectives and
restrictions states that, with the objective of achieving additional returns, the Investment Managers may also assume separate
foreign currency risks with regard to certain currencies and/or separate risks with regard to Equities, Debt Securities and/or
commodity futures indices and/or precious metals indices and/or commodity indices these components of the individual
investment objectives and restrictions are predominantely derivative based.
If a Sub-Fund employs derivatives to increase the level of investment (investment purposes), it does so in order to achieve a
medium to long-term risk profile that offers potentially much greater market risk than that of a fund with a similar profile that
does not invest in derivatives. However, to this end the Investment Manager may employ derivatives as it sees fit, including very
high levels of derivatives, which – relative to a fund that does not invest in derivatives with a similar profile – could result in very
high additional opportunities and very high risks during certain phases. A Sub-Funds Investment Manager follows a risk-
controlled approach in the use of derivatives.
Valuation Risk
Valuation of a Sub-Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to
be incorrect, this may affect the NAV calculation of the Sub-Fund.
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2. Sub-Fund-Specific Risk Factors
China Investment Risk
Various Sub-Funds invest in the Equity Markets and/or Debt Securities Markets of the PRC. There are numerous and varied risks
associated with such an investment which are referred to as the “China Investment Risk”. Independent if a Sub-Funds invests in
the Equity Markets and/or in the Debt Securities Markets of the PRC, the following risks are generally associated with such an
investment, in the PRC:
FII Risk
A Sub-Fund may invest in securities and investments permitted to be held or made by FII under the relevant FII Regulations
through institutions that have obtained FII status in China. In addition to the general investment and equity related risks of
investments including in particular the Emerging Markets risks, the following risks should be emphasised:
Regulatory Risks
The FII regime is governed by FII Regulations. Certain parts of the Allianz Global Investors Group meet the relevant prescribed
eligibility requirements under the FII Regulations and have been granted or might be granted a FII license. FII Regulations may
be amended from time to time. It is not possible to predict how such changes would affect the relevant Sub-Fund.
Rules on investment restrictions and rules on repatriation of principal and profits, imposed by the Chinese government on the FII
may be applicable to the latter as a whole and not only to the investments made by the relevant Sub-Fund and may have an
adverse effect on the Sub-Fund’s liquidity and performance.
FII Investments Risks
Investors should be aware that there can be no assurance that a FII will continue to maintain its FII status and/or that redemption
requests can be processed in a timely manner due to changes in FII Regulations. Therefore, a Sub-Fund may no longer be able to
invest directly in the PRC or may be required to dispose of its investments in the PRC domestic securities market held by the FII,
which could have an adverse effect on its performance or result in a significant loss.
Regulatory sanctions may be imposed on the FII if the FII itself or the local custodian breach any provision of the relevant rules
and regulations.
Such restriction may result in a rejection of applications or a suspension of dealings of the Sub-Fund. Should the FII lose its FII
status or retire or be removed, the relevant Sub-Fund may not be able to invest in FII Eligible Securities, and the relevant Sub-
Fund may be required to dispose of its holdings, which would likely have a material adverse effect on the Sub-Fund.
Limits on Redemption
A Sub-Fund may be impacted by the rules and restrictions under the FII regime (including investment restrictions, limitations on
foreign ownership or holdings), which may have an adverse impact on its performance and/or its liquidity. Currently, no
regulatory prior approval is required for repatriation of funds from the FII. However, the FII Regulations are subject to uncertainty
in their application and there is no certainty that no other regulatory restrictions will apply or that repatriation restrictions will be
imposed in the future. Although the relevant FII Regulations have recently been revised to relax regulatory restrictions on the
onshore capital management by FIIs (including removing investment quota limit and simplifying process for repatriation of
investment proceeds), it is a very new development therefore subject to uncertainties as to how well it will be implemented in
practice, especially at the early stage.
Any restrictions on repatriation of the invested capital and net profits may impact on the relevant Sub-Fund’s ability to meet redemption
requests from the Shareholders. In extreme circumstances, the relevant Sub-Fund may incur significant loss due to limited investment
capabilities or may not be able fully to implement or pursue its investment objectives or strategies, due to FII investment restrictions,
illiquidity of the PRC’s securities market, and delay or disruption in execution of trades or in settlement of trades.
PRC Depositary Risks under the FII regime
Where a Sub-Fund invests in fixed income securities and/or eligible securities through the FII, such securities will be maintained
by a local custodian pursuant to PRC regulations through appropriate securities accounts and such other relevant depositories in
such name as may be permitted or required in accordance with PRC law.
The Sub-Fund may incur losses due to the acts or omissions of the PRC Depositary in the execution or settlement of any transaction.
The Depositary will make arrangements to ensure that the relevant PRC Depositary has appropriate procedures to properly safe
keep the assets of the relevant Sub-Fund. The securities accounts are to be maintained and recorded in the joint name of the FII
and the relevant Sub-Fund and segregated from the other assets of the same local custodian. However, the FII Regulations are
subject to the interpretation of the relevant authorities in the PRC.
Any securities acquired by the relevant Sub-Fund held by the FII will be maintained by the PRC Depositary and should be
registered in the joint names of the FII and the Sub-Fund and for the sole benefit and use of such Sub-Fund. Providing that the FII
will be the party entitled to the securities, the related security may be vulnerable to a claim by a liquidator of the FII and may not
be as well protected as if they were registered solely in the name of the respective Sub-Fund.
In addition, investors should note that cash deposited in the cash account of the relevant Sub-Fund with the relevant local
custodian will not be segregated but will be a debt owing from the local custodian to the relevant Sub-Fund as a depositor. Such
cash will be co-mingled with cash belonging to other clients of that local custodian. In the event of bankruptcy or liquidation of
the local custodian, the relevant Sub-Fund will not have any proprietary rights to the cash deposited in such cash account, and
the relevant Sub-Fund will become an unsecured creditor, ranking equal with all other unsecured creditors, of the local custodian.
The relevant Sub-Fund may face difficulty and/or encounter delays in recovering such debt or may not be able to recover it in full
or at all, in which case the Sub-Fund will suffer losses.
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PRC Broker Risks under the FII regime
The execution and settlement of transactions may be conducted by PRC Brokers appointed by the FII, as the case may be. There
is a risk that a Sub-Fund may suffer losses from the default, bankruptcy, or disqualification of the PRC Brokers. In such event, the
Sub-Fund may be adversely affected in the execution or settlement of any transaction.
In selection of PRC Brokers, the FII will have regard to factors such as the competitiveness of commission rates, size of the
relevant orders and execution standards. If the FII, as the case may be, consider appropriate and if under market or operational
constraints, it is possible that a single PRC Broker will be appointed, and the Sub-Fund may not necessarily pay the lowest
commission or spread available in the market at the relevant time.
PRC Tax Provision Risk
If no or inadequate provision for potential withholding tax is made and, in the event, that the PRC tax authorities enforce the
imposition of such withholding tax, the Net Asset Value of the relevant Sub-Funds may be adversely affected. For any
withholding tax made in respect of trading of PRC securities, it may reduce the income from, and/or adversely affect the
performance of, the relevant Sub-Fund. With respect to CIBM, the amount withheld (if any) will be retained by the Investment
Manager for the account of the relevant Sub-Fund until the position with regard to PRC taxation in respect of gains and profits
from trading via the CIBM has been clarified. In the event that such position is clarified to the advantage of the relevant Sub-
Fund, the Company may rebate all or part of the withheld amount to the Sub-Fund. The withheld amount (if any) so rebated shall
be retained by the Sub-Fund and reflected in the value of its Shares. Notwithstanding the foregoing, no Shareholder who
redeemed his/her Shares before the rebate of any withheld amounts shall be entitled to claim any part of such rebate.
It should also be noted that the actual applicable tax imposed by the PRC tax authorities may be different and may change from
time to time. There is a possibility of the rules being changed and taxes being applied retrospectively. Any increased tax liabilities
on a Sub-Fund may adversely affect the Sub-Fund’s value. As such, any provision for taxation made by the Investment Manager
for the account of the relevant Sub-Fund may be excessive or inadequate to meet final PRC tax liabilities. Consequently,
Shareholders of the relevant Sub-Fund may be advantaged or disadvantaged depending upon the final tax liabilities, the level
of provision and when they subscribed and/or redeemed their Shares in/from the relevant Sub-Fund.
If the actual applicable tax levied by the PRC tax authorities is higher than that provided for by the Investment Manager so that
there is a shortfall in the tax provision amount, investors should note that the Net Asset Value of the Sub-Fund may suffer more
than the tax provision amount as that Sub-Fund will ultimately have to bear the additional tax liabilities. In this case, the then
existing and new Shareholders will be disadvantaged. On the other hand, if the actual applicable tax rate levied by the PRC tax
authorities is lower than that provided for by the Manager so that there is an excess in the tax provision amount, Shareholders
who have redeemed Shares in the relevant Sub-Fund before the PRC tax authorities’ ruling, decision or guidance in this respect
will be disadvantaged as they would have borne the loss from the Investment Manager’s over-provision. In this case, the then
existing and new Shareholders may benefit if the difference between the tax provision and the actual taxation liability under that
lower tax amount can be returned to the account of the Sub-Fund as assets thereof.
Investors should seek their own tax advice on their own tax position with regard to their investment in the relevant Sub-Fund.
It is possible that the current tax laws, regulations, and practice in the PRC will change, including the possibility of taxes being
applied retrospectively, and that such changes may result in higher taxation on PRC investments than is currently contemplated.
RMB Risk
Investors should be aware that the RMB is subject to a managed floating exchange rate based on market supply and demand
with reference to a basket of currencies. Currently, RMB is traded in PRC (“CNY”) and outside PRC (“CNH”). RMB traded in PRC,
CNY, is not freely convertible and is subject to exchange control policies and restrictions imposed by the PRC authorities. On the
other hand, the RMB traded outside the PRC, CNH, is freely tradeable but still subject to controls, limits and availability. In
general, the respective daily exchange rate of the RMB against other currencies is allowed to float within a range above or
below the central parity rates published by the People’s Bank of China (“PBOC”) each day. Its exchange rate against other
currencies, including e.g., USD or HKD, is therefore susceptible to movements based on external factors. There can be no
assurance that such exchange rates will not fluctuate widely.
While CNY and CNH represent the same currency, they are traded on different and separate markets which operate
independently. As such, the value of CNH could differ, perhaps significantly, from that of CNY and the exchange rate of CNH and
CNY may not move in the same direction due to a number of factors including, without limitation, the foreign exchange control
policies and repatriation restrictions pursued by the PRC government from time-to-time, as well as other external market forces.
Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the
exchange controls and restrictions applicable to RMB.
There is no assurance that RMB will not be subject to devaluation, in which case the value of investors’ investments in RMB assets
will be adversely affected.
Currently, the PRC government imposes certain restrictions on repatriation of RMB out of the PRC. Investors should note that such
restrictions may limit the depth of the RMB market available outside of the PRC and thereby, may reduce the liquidity of the Sub-Fund.
The PRC government’s policies on exchange controls and repatriation restrictions are subject to change, and the Sub-Fund’s and
its investors’ position may be adversely affected by such change.
With regard to Share Classes denominated in RMB investors, who invest in such Share Classes, should pay particular attention to
this risk warning.
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For Sub-Funds which may invest into the Equity Markets of the PRC the following risks apply additionally:
Investing in China A-Shares Risk
The securities market in the PRC, including China A-Shares, may be more volatile, and unstable (for example, due to the risk of
suspension /limitation in trading of a particular stock or government intervention) than markets in more developed countries and
has potential settlement difficulties. This may result in significant fluctuations in the prices of securities traded in such market and
thereby affecting the prices of shares of the Sub-Fund.
Investment in the PRC remains sensitive to any major change in economic, social and political policy in the PRC. The capital
growth and thus the performance of these investments may be adversely affected due to such sensitivity.
Utilising Stock Connect Programmes Risk
The Shanghai-Hong Kong Stock Connect comprises a Northbound Shanghai Trading Link and a Southbound Hong Kong Trading
Link. Under the Northbound Shanghai Trading Link, Hong Kong and overseas investors (including the relevant Sub-Funds),
through their Hong Kong brokers and a securities trading service company established by SEHK, may be able to trade eligible
China A-Shares listed on the SSE by routing orders to the SSE. Under the Southbound Hong Kong Trading Link under the
Shanghai-Hong Kong Stock Connect, investors in the PRC will be able to trade certain stocks listed on the SEHK.
Under the Shanghai-Hong Kong Stock Connect, the relevant Sub-Funds, through their Hong Kong brokers may trade certain
eligible shares listed on the SSE (“SSE Securities”). These include all the constituent stocks from time to time of the SSE 180 Index
and SSE 380 Index, and all the SSE-listed China A-Shares that are not included as constituent stocks of the relevant indices, but
which have corresponding H-Shares listed on SEHK, except the following:
– SSE-listed shares which are not traded in RMB,
– SSE-listed shares which are included in the “risk alert board”, and
– SSE-listed shares which are subject to delisting process or the listing of which has been suspended by SSE.
It is expected that the list of eligible securities will be subject to review.
The trading is subject to rules and regulations issued from time to time. Trading under the Shanghai-Hong Kong Stock Connect is
subject to a daily quota (“Daily Quota”). Northbound Shanghai Trading Link and Southbound Hong Kong Trading Link under the
Shanghai-Hong Kong Stock Connect will be subject to a separate set of Daily Quota. The Daily Quota limits the maximum net
buy value of cross-boundary trades under the Shanghai-Hong Kong Stock Connect each day.
The Shenzhen-Hong Kong Stock Connect comprises a Northbound Shenzhen Trading Link and a Southbound Hong Kong
Trading Link. Under the Northbound Shenzhen Trading Link, Hong Kong, and overseas investors (including the relevant Sub-
Funds), through their Hong Kong brokers and a securities trading service company established by SEHK, may be able to trade
eligible China A-Shares listed on the SZSE by routing orders to SZSE. Under the Southbound Hong Kong Trading Link under the
Shenzhen-Hong Kong Stock Connect investors in the PRC will be able to trade certain stocks listed on the SEHK.
Under the Shenzhen-Hong Kong Stock Connect, the relevant Sub-Funds, through their Hong Kong brokers may trade certain
eligible shares listed on the SZSE (“SZSE Securities”). These include any constituent stock of the SZSE Component Index and
SZSE Small/Mid Cap Innovation Index which has a market capitalisation of not less than RMB6 billion and all SZSE-listed China
A-Shares which have corresponding H Shares listed on the SEHK except for the following:
– SZSE-listed shares which are not traded in RMB,
– SZSE-listed shares which are included in the “risk alert board”, and
– SZSE-listed shares which are subject to delisting process or the listing of which has been suspended by SZSE.
At the initial stage of the Northbound Shenzhen Trading Link, investors eligible to trade shares that are listed on the ChiNext
Board of SZSE under the Northbound Shenzhen Trading Link will be limited to institutional professional investors as defined in
the relevant Hong Kong rules and regulations.
It is expected that the list of eligible securities will be subject to review.
The trading is subject to rules and regulations issued from time to time. Trading under the Shenzhen-Hong Kong Stock Connect
will be subject to a Daily Quota. Northbound Shenzhen Trading Link and Southbound Hong Kong Trading Link under the
Shenzhen-Hong Kong Stock Connect will be subject to a separate set of Daily Quota. The Daily Quota limits the maximum net
buy value of cross-boundary trades under the Shenzhen-Hong Kong Stock Connect each day.
HKSCC, a wholly owned subsidiary of the Hong Kong Exchanges and Clearing Limited, and ChinaClear will be responsible for the
clearing, settlement and the provision of depository, nominee and other related services of the trades executed by their
respective market participants and/or investors. The China A-Shares traded through Stock Connect are issued in scripless form,
and investors will not hold any physical China A-Shares.
Although HKSCC does not claim proprietary interests in the SSE Securities and SZSE Securities held in its omnibus stock accounts
in ChinaClear, ChinaClear as the share registrar for SSE and SZSE listed companies will still treat HKSCC as one of the
shareholders when it handles corporate actions in respect of such SSE Securities and SZSE Securities.
SSE/SZSE listed companies usually announce information regarding their annual general meetings/extraordinary general
meetings about two to three weeks before the meeting date. A poll is called on all resolutions for all votes. HKSCC will inform the
Hong Kong Central Clearing and Settlement System (“CCASS”) participants of all general meeting details such as meeting date,
time, venue and the number of proposed resolutions.
Under the Stock Connect, Hong Kong and overseas investors will be subject to the fees and levies imposed by SSE, SZSE,
ChinaClear, HKSCC or the relevant Mainland Chinese authority when they trade and settle SSE Securities and SZSE Securities.
Further information about the trading fees and levies is available online at the website:
http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/chinaconnect.htm
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In accordance with the UCITS requirements, the Depositary shall provide for the safekeeping of the relevant Sub-Fund’s assets in
the PRC through its global custody network. Such safekeeping is in accordance with the conditions set down by the CSSF which
provides that there must be legal separation of non-cash assets held under custody and that the Depositary through its delegates
must maintain appropriate internal control systems to ensure that records clearly identify the nature and amount of assets under
custody, the ownership of each asset and where documents of title to each asset are located.
A Sub-Fund may invest in China A-Shares via the Stock Connect. In addition to the general investment and equity related risks
including Emerging Markets risks and risks regarding RMB, the following risks should be emphasised:
Quota Limitations
The Stock Connect is subject to quota limitations. In particular, the Stock Connect is subject to a daily quota which does not
belong to the relevant Sub-Fund and can only be utilised on a first-come-first-serve basis. Once the daily quota is exceeded, buy
orders will be rejected (although investors will be permitted to sell their cross-boundary securities regardless of the quota
balance). Therefore, quota limitations may restrict the relevant Sub-Fund’s ability to invest in China A Shares through the Stock
Connect on a timely basis, and the relevant Sub-Fund may not be able to effectively pursue its investment strategy.
Legal / Beneficial Ownership
The SSE and SZSE shares in respect of the Funds are held by the Depositary/ sub-custodian in accounts in the CCASS maintained
by the HKSCC as central securities depositary in Hong Kong. HKSCC in turn holds the SSE and SZSE shares, as the nominee
holder, through an omnibus securities account in its name registered with ChinaClear for each of the Stock Connects. The precise
nature and rights of the Funds as the beneficial owners of the SSE and SZSE shares through HKSCC as nominee is not well
defined under PRC law. There is lack of a clear definition of, and distinction between, "legal ownership" and "beneficial
ownership" under PRC law and there have been few cases involving a nominee account structure in the PRC courts. Therefore,
the exact nature and methods of enforcement of the rights and interests of the Funds under PRC law is uncertain. Because of this
uncertainty, in the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong it is not clear if the SSE
and SZSE shares will be regarded as held for the beneficial ownership of the Funds or as part of the general assets of HKSCC
available for general distribution to its creditors.
Clearing and Settlement Risk
HKSCC and ChinaClear have established the clearing links and each has become a participant of the other to facilitate clearing
and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will
on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfil the clearing and
settlement obligations of its clearing participants with the counterparty clearing house.
As the national central counterparty of the PRC’s securities market, ChinaClear operates a comprehensive network of clearing,
settlement and stock holding infrastructure. ChinaClear has established a risk management framework and measures that are
approved and supervised by the CSRC. The chances of ChinaClear default are considered to be remote. In the remote event of a
ChinaClear default, HKSCC’s liabilities in SSE and SZSE Securities under its market contracts with clearing participants will be
limited to assisting clearing participants in pursuing their claims against ChinaClear. HKSCC will in good faith, seek recovery of
the outstanding stocks and monies from ChinaClear through available legal channels or through ChinaClear’s liquidation. In that
event, the relevant Sub-Fund may suffer delay in the recovery process or may not fully recover its losses from ChinaClear.
Suspension Risk
Each of the SEHK, SSE and SZSE reserves the right to suspend trading, if necessary, for ensuring an orderly and fair market and
that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where
a suspension is affected, the relevant Sub-Fund’s ability to access the PRC market will be adversely affected.
Differences in Trading Day
The Stock Connect only operates on days when both the PRC and Hong Kong markets are open for trading and when banks in
both markets are open on the corresponding settlement days. So, it is possible that there are occasions when it is a normal
trading day for the PRC market, but the relevant Sub-Funds cannot carry out any China A-Shares trading via the Stock Connect.
The relevant Sub-Funds may be subject to a risk of price fluctuations in China A-Shares during the time when any of the Stock
Connect is not trading as a result.
Restrictions on Selling Imposed by Front-end Monitoring
PRC regulations require that before an investor sells any share, there should be sufficient shares in the account; otherwise, the
SSE or SZSE will reject the sell order concerned. SEHK will carry out pre-trade checking on China A-Shares sell orders of its
participants (i.e., the stockbrokers) to ensure there is no over-selling.
If a relevant Sub-Fund intends to sell certain China A-Shares it holds, it must transfer those China A-Shares to the respective
accounts of its broker(s) before the market opens on the day of selling (“trading day”). If it fails to meet this deadline, it will not be
able to sell those shares on the trading day. Because of this requirement, the relevant Sub-Fund may not be able to dispose of its
holdings of China A-Shares in a timely manner.
Operational Risk
The Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Market
participants are permitted to participate in this program subject to meeting certain information technology capability, risk
management and other requirements as may be specified by the relevant exchange and/or clearing house.
The securities regimes and legal systems of the two markets differ significantly and market participants may need to address
issues arising from the differences on an on-going basis. There is no assurance that the systems of the SEHK and market
participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that
the relevant systems fail to function properly, trading in both markets through the program could be disrupted. The relevant Sub-
Fund’s ability to access the China A-Shares market (and hence to pursue its investment strategy) may be adversely affected.
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Regulatory Risk
The current regulations relating to Stock Connect are relatively new and subject to continuous evolvement. In addition, the
current regulations are subject to change which may have potential retrospective effects and there can be no assurance that the
Stock Connect will not be abolished. New regulations may be issued from time to time by the regulators / stock exchanges in the
PRC and Hong Kong in connection with operations, legal enforcement, and cross-border trades under the Stock Connect. The
relevant Sub-Funds may be adversely affected as a result of such changes.
Recalling of Eligible Stocks
When a stock is recalled from the scope of eligible stocks for trading via the Stock Connect, the stock can only be sold but
restricted from being bought. This may affect the investment portfolio or strategies of the relevant Sub-Funds, for example, if the
Investment Manager wishes to purchase a stock which is recalled from the scope of eligible stocks.
Risks associated with the ChiNext Market
The relevant Sub-Fund may invest in the ChiNext Board of the SZSE (“ChiNext Board”). Investments in the ChiNext Board may
result in significant losses for the relevant Sub-Fund and its investors. The following additional risks apply:
Higher Fluctuation on Stock Prices
Listed companies on the ChiNext Board are usually of emerging nature with smaller operating scale. Hence, they are subject to
higher fluctuation in stock prices and liquidity and have higher risks and turnover ratios than companies listed on the Main Board
of the SZSE (“Main Board”).
Over-Valuation Risk
Stocks listed on the ChiNext Board may be overvalued and such exceptionally high valuation may not be sustainable. Stock price
may be more susceptible to manipulation due to fewer circulating shares.
Differences in Regulations
The rules and regulations regarding companies listed on ChiNext Board are less stringent in terms of profitability and share
capital than those in the Main Board.
Delisting Risk
It may be more common and faster for companies listed on the ChiNext Board to delist. This may have an adverse impact on the
relevant Sub-Fund if the companies that it invests in are delisted.
Risk associated with Small-Capitalisation / Mid-Capitalisation Companies
The stocks of small-capitalisation / mid-capitalisation companies may have lower liquidity and their prices are more volatile to
adverse economic developments than those of larger capitalisation companies in general.
Taxation Risk
Investments via the Stock Connect are subject to PRC’s tax regime. The PRC State Administration of Taxation has reaffirmed the
application of normal Chinese stamp duty and a 10% dividend withholding tax, while the value-added tax and income tax on
capital gains are temporarily exempted for an unspecified period. The tax regime may change from time to time and the Sub-
Funds are, thus, subject to such uncertainties in their PRC tax liabilities. For further details on PRC taxation, please refer to sub-
section “PRC Taxation” under the section titled “Taxation”.
RMB Currency Risk in relation to Stock Connect
China A-Shares are priced in RMB, and the relevant Sub-Funds will need to use RMB to trade and settle SSE/SZSE Securities.
There may be associated trading costs involved in dealing with SSE/SZSE Securities. Mainland Chinese government controls
future movements in exchange rates and currency conversion. The exchange rate floats against a basket of foreign currencies;
therefore, such exchange rate could fluctuate widely against the USD, HKD or other foreign currencies in the future. In particular,
any depreciation of RMB will decrease the value of any dividends and other proceeds an investor may receive from its
investments. Further, investors should note that CNY may trade at a different rate compared to CNH. A Sub-Fund’s investments
may be exposed to both the CNY and the CNH, and the relevant Sub-Fund may consequently be exposed to greater exchange
risks and/or higher costs of investment. The PRC government’s policies on exchange control are subject to change, and the
relevant Sub-Fund may be adversely affected.
For Sub-Funds which may invest into the Bond Markets of the PRC the following risks apply additionally:
Bond Connect
Bond Connect is an initiative launched in July 2017 for mutual bond market access between Hong Kong and Mainland China
established by China Foreign Exchange Trade System & National Interbank Funding Centre (“CFETS”), China Central Depository
& Clearing Co., Ltd, Shanghai Clearing House, and Hong Kong Exchanges and Clearing Limited and Central Moneymarkets Unit.
Bond Connect is governed by rules and regulations as promulgated by the Mainland Chinese authorities. Such rules and
regulations may be amended from time to time and include (but are not limited to):
(i) the “Interim Measures for the Administration of Mutual Bond Market Access between Mainland China and Hong Kong (Decree
No.1 [2017])” issued by the People’s Bank of China (“PBOC”) on 21 June 2017,
(ii) the “Guide on Registration of Overseas Investors for Northbound Trading in Bond Connect” issued by the Shanghai Head
Office of PBOC on 22 June 2017; and
(iii) any other applicable regulations promulgated by the relevant authorities.
Under the prevailing regulations in Mainland China, eligible foreign investors will be allowed to invest in the bonds circulated in
the China Interbank Bond Market through the northbound trading of Bond Connect (“Northbound Trading Link”). There will be
no investment quota for Northbound Trading Link. Under the Northbound Trading Link, eligible foreign investors are required to
appoint the CFETS, or other institutions recognised by the PBOC as registration agents to apply for registration with the PBOC.
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Pursuant to the prevailing regulations in Mainland China, an offshore custody agent recognised by the Hong Kong Monetary
Authority (currently, the Central Moneymarkets Unit) shall open omnibus nominee accounts with the onshore custody agent
recognised by the PBOC (currently, the China Central Depository & Clearing Co., Ltd and/or the Shanghai Clearing House). All
debt securities traded by eligible foreign investors will be registered in the name of Central Moneymarkets Unit, which will hold
such debt securities as a nominee owner.
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the China Interbank Bond
Market may result in prices of certain debt securities traded on such market fluctuating significantly. The Sub-Fund investing in
such market is therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be
large, and the Sub-Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling
such investments.
To the extent that the Sub-Fund transacts in the China Interbank Bond Market, the Sub-Fund may also be exposed to risks
associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with
the Sub-Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
For investments via Bond Connect, the relevant filings, registration with PBOC and account opening have to be carried out via an
onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be). As such, the
respective Sub-Fund is subject to the risks of default or errors on the part of such third parties.
Investing in the China Interbank Bond Market via Bond Connect is also subject to regulatory risks. The relevant rules and
regulations on these regimes are subject to change which may have potential retrospective effect. In the event that the relevant
Mainland Chinese authorities suspend account opening or trading on the China Interbank Bond Market, the Sub-Fund’s ability to
invest in the China Interbank Bond Market will be adversely affected. In such event, the Sub-Fund’s ability to achieve its
investment objective will be negatively affected.
Trading through Bond Connect is performed through newly developed trading platforms and operational systems. There is no
assurance that such systems will function properly or will continue to be adapted to changes and developments in the market. If
the relevant systems fail to function properly, trading through Bond Connect may be disrupted. A Sub-Fund’s ability to trade
through Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. In addition, where a
Sub-Fund invests in the China Interbank Bond Market through Bond Connect, such Sub-Fund may be subject to risks of delays
inherent in the order placing and/or settlement systems.
China Interbank Bond Market
Overview
Participation in CIBM by foreign institutional investors (where such is mentioned in the investment restrictions of the relevant Sub-
Fund) via a foreign access regime (e.g., FII program, CIBM Initiative and/or Bond Connect) is governed by rules and regulations
as promulgated by the Mainland Chinese authorities, i.e., the PBOC and the State Administration of Foreign Exchange (“SAFE”).
Such rules and regulations may be amended from time to time and include (but are not limited to):
(i) the “Announcement (2016) No 3” issued by the PBOC on 17 February 2016,
(ii) the “Implementation Rules for Filing by Foreign Institutional Investors for Investment in Interbank Bond Markets” issued by the
Shanghai Head Office of PBOC on 27 May 2016,
(iii) the “Circular concerning the Foreign Institutional Investors’ Investment in Interbank bond market in relation to foreign
currency control” issued by SAFE on 27 May 2016, and
(iv) any other applicable regulations promulgated by the relevant authorities.
Under the prevailing regulations in the PRC, foreign institutional investors who wish to invest directly in CIBM via CIBM Initiative
may do so via an onshore settlement agent, who will be responsible for making the relevant filings and account opening with the
relevant authorities. There is no quota limitation.
In terms of fund remittance and repatriation, foreign investors (such as the Company) may remit investment principal in RMB or
foreign currency into the PRC for investing in the CIBM. An investor needs to file relevant information about its investments with
the Shanghai Head Office of PBOC through the onshore settlement agent and an updated filing may be required if there is any
significant change to the filed information. Where the Company repatriates funds out of the PRC, the ratio of RMB to foreign
currency (“Currency Ratio”) should generally match the original Currency Ratio when the investment principal was remitted into
the PRC, with a maximum permissible deviation of 10%.
Taxation Risk
According to Circular 108, the foreign institutional investors are temporarily exempt from PRC CIT and VAT with respect to bond
interest income derived in the PRC bond market for the period from 7 November 2018 to 6 November 2021. However, there is no
guarantee that such temporary tax exemption will continue to apply, will not be repealed and re-imposed retrospective, or that
no new tax regulations and practice in China specifically relating to the PRC bond market will not be promulgated in the future.
For further details on PRC taxation, please refer to sub-section “PRC Taxation” under the section titled “Taxation”.
Risks Associated with China Interbank Bond Market
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the CIBM may result in
prices of certain debt securities traded on such market fluctuating significantly. The Sub-Fund investing in such market is
therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be large, and a Sub-
Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling such investments.
To the extent that a Sub-Fund transacts in the CIBM, the Sub-Fund may also be exposed to risks associated with settlement
procedures and default of counterparties. The counterparty which has entered into a transaction with the Sub-Fund may default
in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
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Since the relevant filings and account opening for investment in the CIBM via CIBM Initiative have to be carried out via the onshore
settlement agent, the relevant Sub-Fund is subject to the risks of default or errors on the part of the onshore settlement agent.
Investing in the CIBM via a foreign access regime (e.g., FII program, CIBM Initiative and/or Bond Connect) is also subject to
regulatory risks. The relevant rules and regulations on investment in the CIBM is subject to change which may have potential
retrospective effect. If the relevant Mainland Chinese authorities suspend account opening or trading on the CIBM, a Sub-Fund’s
ability to invest in the CIBM will be limited and, after exhausting other trading alternatives, the Sub-Fund may suffer substantial
losses as a result.
Credit Rating Agency Risk
The credit appraisal system in the PRC and the rating methodologies employed in the PRC may be different from those
employed in other markets. Credit ratings given by PRC rating agencies may therefore not be directly comparable with those
given by other international rating agencies.
RMB Debt Securities Risk
Investors should be aware that the availability of RMB-denominated Debt Securities issued or distributed outside PRC is currently
limited and therefore is more susceptible to volatility and illiquidity. The operation of the RMB-denominated Debt Securities
markets as well as new issuances could be disrupted, causing a fall in the NAV of the Sub-Fund should there be any
promulgation of new rules which limit or restrict the ability of issuers to raise RMB by way of bond issuances and/or reversal or
suspension of the liberalization of the CNH market by the relevant regulators.
If there are insufficient RMB-denominated Debt Securities for a Sub-Fund to invest in, the Sub-Fund may hold a significant
portion of assets in RMB deposit accounts and/or RMB-denominated certificates of deposit issued by financial institutions. These
circumstances may have an adverse impact on the performance of such Sub-Fund.
For RMB-denominated Debt Securities issued, listed, or traded outside PRC (e.g., on the Central Moneymarkets Unit in Hong Kong),
market depth may be limited, potentially resulting in reduced liquidity or even partial illiquidity of such securities. The Sub-Fund may
suffer loss in trading such securities, in particular in circumstances where the Sub-Fund may have to liquidate such investments at a
discount in order to meet redemption requests. The Sub-Fund may not be able to sell the securities at the time desired.
In addition, the bid and offer spread of the price of RMB-denominated Debt Securities may be large. Therefore, the Sub-Fund
may incur significant trading and realisation costs and may suffer significant losses when selling such investments.
Investments in RMB-denominated Debt Securities are also subject to the general risks of investing in bonds, including, but not
limited to interest-rate risks, creditworthiness risk, company specific risk, general market risk, risk of default and counterparty risk.
RMB-denominated Debt Securities are typically unsecured debt obligations and are not supported by any collateral. Investments
in such securities will expose the relevant Sub-Fund to the credit/insolvency risk of its counterparties as an unsecured creditor.
RMB-denominated Debt Securities may be unrated. In general, debt instruments that have a lower credit rating or that are
unrated may be more susceptible to the credit risk of the issuer.
Investments in Debt Securities issued by companies or bodies established within PRC may be affected by PRC tax policies.
Current tax laws and regulations may also be amended or revised at any point in time and without prior notice to investors. Such
amendments and revisions may also take effect on a retrospective basis, with a potentially adverse impact on such investments.
Certain Sub-funds invest in the onshore Debt Securities which may be traded on the Shanghai or Shenzhen Stock Exchange or on
the interbank bond markets. Investors should note that the securities markets in PRC generally and the onshore bond markets in
particular are both at a developing stage and the market capitalisation and trading volume may be lower than those in more
developed financial markets. Market volatility and potential lack of liquidity due to low trading volumes in PRC’s debt markets
may result in prices of securities traded on such markets fluctuating significantly and may result in substantial volatility in the Net
Asset Value of the Sub-Fund. The bid and offer spreads of the prices of the Mainland Chinese Debt Securities may be large, so
significant trading and realization costs may be incurred. The national regulatory and legal framework for capital markets and
debt instruments in PRC are still developing when compared with those of developed countries. Currently, PRC entities are
undergoing reform with the intention of increasing liquidity of debt instruments. However, the effects of any development or
reform on the PRC debt markets remain to be seen. The PRC bond markets are also subject to regulatory risks.
Debt Securities may only be bought from, or sold to, the Sub-Fund from time to time where the relevant Debt Securities may be
sold or purchased on the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the CIBM, as appropriate. Given that the
bond markets are considered volatile and unstable (with the risk of suspension of a particular stock or government intervention),
the subscription and redemption of Sub-Fund’s units may also be disrupted.
Commodities Markets Risk
Positions in commodity futures, precious metals or commodity markets (“Commodities”) are subject to general market risk. The
performance of Commodities depends on the general supply and demand of the respective goods, as well as the expected
demand, output, extraction, and production. Therefore, the performance of Commodities can be especially volatile.
Certificate Investments will be exposed to Certificate Investments risks. Derivative-based investments are subject to the general
risks associated with investment in derivatives. Investment in funds oriented towards Commodities is also subject to the specific
risks of investing in target funds. With respect to index-based investments, the Index-based Investments Risk will apply.
In addition to the costs incurred in the acquisition and sale of a certificate, a derivative, or shares in funds oriented towards
Commodities, additional costs may be incurred at the level of an index, a certificate, a derivative, or the above-mentioned funds,
which could affect the value of the investment, possibly to a substantial extent.
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Credit Long/Short Strategy Risk
Credit Long / Short strategies focuses on fixed income securities where most of the return is derived from corporate credit
exposure and selection as opposed to the general term structure of interest rates. Strategies utilized by long/short credit include
the purchase or short sale of stressed and distressed bonds, high-yield debt, and securities from recently reorganized firms. The
objective of Credit Long / Short strategies is generally to seek exposure to credit sensitive securities by identifying improving and
undervalued issuers for the long side and deteriorating or overvalued fixed income securities for the short side.
The strategy attempts to capitalize on inefficiencies in the marketplace while maintaining a lower degree of correlation to
traditional asset classes as well as higher liquidity than a typical distressed debt investment.
A strategy that takes both long and short positions offers the potential for investors to take advantage of falling as well as rising
markets and, subsequently, to manage market volatility more effectively compared with traditional long-only strategies. In
addition, a long-short credit strategy typically performs when market volatility increases and when credit spreads widen by
establishing downside protection. The success of a credit long/short strategy depends primarily on the selection of fixed income
securities as well as on the degree of accuracy in forecasting the future performance of the credit markets. Depending on how the
market does, the prices of the long and short positions could perform differently and losses in both positions could result. In
addition, by investing in a long/short credit fund, an investor is principally exposed to interest rate, credit and default risks and,
potentially, to currency exchange rate risk. The risks connected with the use of derivatives should also be noted.
Defaulted Securities / Distressed Debt Risk
In certain cases, a Sub-Fund may acquire securities issued from an issuer that has defaulted on their interest/coupon payments
(“Defaulted/Distressed Debt Securities”). The purchase of these securities exposes the Sub-Fund to the specific risk of Issuer
Default (see Issuer Default Risk). In addition, an insolvency administrator is usually appointed to manage the defaulted issuer on
behalf of the issuer’s directors. There is a high risk that the insolvency administrator realises the failed company’s assets, pays the
liquidation expenses and compensates the creditors as far as the issuer’s remaining assets allow. This causes a long-lasting risk to
the Sub-Fund that had acquired defaulted securities that these securities could potentially become completely worthless from an
economic view. There is therefore a significant risk that the initial invest in the Defaulted/Distressed Debt could be lost entirely. If
a security held becomes defaulted, the Sub-Fund may continue to hold the defaulted security until such time as the Investment
Manager determines.
Event-Driven Strategies Risk
Event-driven investing is an investment strategy that seeks to exploit pricing inefficiencies that may occur before or after a
corporate event, such as a bankruptcy, merger, acquisition, or spinoff. Event-driven strategies involve investment, long or short, in
the equity and debt securities of corporations undergoing such significant change. Corporate events often provide managers with
a tangible catalyst by which the manager may be able to realize the expected change in value in the underlying security. Profits
may be generated by managers who correctly analyze the impact of the anticipated corporate event, predict the course of
restructuring and take positions accordingly.
The primary risk of event-driven investing is individual transaction risk, should a planned corporate event not occur. If a deal is
terminated, the target and acquiring companies’ securities tend to revert to price levels prior to the transaction announcement,
possibly erasing gains or causing losses.
The risks connected with the use of derivatives should also be noted.
Global Macro Strategies Risk
A global macro strategy employs a top-down investment approach and generally analyzes macroeconomic variables, such as a
country’s gross domestic products growth trends, inflation expectations, employment levels, and money supply, in order to assess
the potential pricing impact a change in one or more of these variables would have on a region’s equity, sovereign debt,
commodity, and/or currency markets.
As such strategies tend to be uncorrelated to traditional asset classes, global macro funds tend to perform best in situations that
would be unfavorable to those asset classes. These situations include the following. 1) Periods of sustained increased volatility in
currencies, interest rates, commodities, and equity markets. 2) Periods where markets are driven by overall macroeconomic
themes rather than by individual bottom-up fundamental analysis. The reason global macro strategies work best in these
environments is that they tend to trade in highly liquid markets, allowing them to quickly exploit opportunities as they arise or
adjust portfolio risk exposures as the market environment changes. While global macro funds also invest in equities, the focus is
on the impact of macroeconomic variables on the price of the equity rather than on the fundamental characteristics of a
company. Generally global macro funds use derivatives on global equity indices to manage equity exposures but might construct
a custom basket of single equities to manage a more specific risk. When markets are less volatile and showing overall strength,
there are fewer chances for global macro managers to capitalize on short-term opportunities, so they tend not to perform as well
in these periods.
The risks connected with the use of derivatives should also be noted.
Hedge Fund Risk
A Sub-Fund’s investment in “hedge fund” indices and other hedge fund-related investments is regarded as “Alternative
Investments”.
It must be noted that a “hedge fund” index does not refer to funds that seek to hedge and neutralise investment risk, but rather to
funds that normally pursue purely speculative investment objectives. Investors who invest directly or indirectly in hedge fund
indices or in hedge funds themselves must be able to accept the financial risks of investing in such funds and the associated risk
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of losing some or all of the invested capital. For investments related to a hedge fund index, losses at the level of a hedge fund
belonging to such an index may have a negative impact.
In addition, to the investment risks generally associated with the investment policy and the assets of a hedge fund (e.g., Equities,
bonds, high-yield investments, derivatives), performance risk may also be sharply increased. Hedge funds and their business
activities are, generally, not subject to any governmental supervision or control for the protection of their investors and are not
bound by investment restrictions or limits nor the principle of risk diversification. Assets of hedge funds are not held in separate
custody by any institutions that specifically undertake to protect the investor; for this reason, there is an increased custodial and
settlement default risk. In addition, currency risk, the risk of changes in underlying conditions and country and transfer risks may
be of relevance.
Such hedge funds underlying an index, operate independently from one another which, on the one hand, may (but not
necessarily) result in risk diversification and, on the other hand, may result in a balancing of positions while still incurring
additional costs. Hedge funds may regularly take out loans for the joint account of investors or use corresponding derivatives to
increase their level of investment – possibly even without restriction. While such practices increase the opportunities to increase
overall returns, they are also subject to the risk of increased or total loss.
Hedge funds may also regularly make short sales, meaning the sale of assets received through securities lending, with an obligation
to return them to a third party. If the prices of assets sold in this way subsequently fall, a hedge fund may possibly realise profits, after
deduction of expenses; however, subsequent price increases in such assets will result in losses for the hedge fund.
The individual components of an index are generally valued using recognised methods for the assets contained in it. These
valuations may initially only have been prepared based on unaudited interim reports. After an audit has been conducted, an
adjustment may be made up or down. This could also change the value of an index in which the relevant hedge fund is included.
As a result, the published value of the index may deviate from the actual value if there is a subsequent correction of the net asset
values of the individual index components. This applies likewise to the valuation of hedge funds, however, if the position is not
index-related. With respect to index-based investments, the Index-based Investments risks will apply.
In addition to the costs incurred in the acquisition and sale of a certificate, a derivative, or shares in a hedge fund, additional costs
may be incurred at the level of a hedge fund index, a certificate, a derivative, or a hedge fund, which could affect the value of the
investment, possibly to a substantial extent.
High-Yield Investments Risk
High-yield investments are Debt Securities that are either rated non-investment grade by a recognised rating agency or are not
rated at all, but that would presumably receive a rating of non-investment grade if they were to be rated. In particular, such
investments are normally associated with an increased degree of creditworthiness risk, risk of interest rate changes, general
market risk, company-specific risk and liquidity risk than higher rated, lower yielding securities. Such increased risk may have an
adverse impact on the Sub-Fund and/or the investors.
India Investment Risk
Certain Sub-Funds invest in the Equity Markets and/or Debt Securities Markets of India. There are numerous and varied risks
associated with such an investment which are referred to as the “India Investment Risk”. Independent if a Sub-Funds invests in the
Equity Markets and/or in the Debt Securities Markets of India, the following risks (and thresholds) are generally associated with
such an investment, in India. Generally, only entities and persons that comply with certain statutory conditions and that are
registered FPIs are permitted to make direct investments in exchange-traded and certain other Indian securities. As a registered
FPI, the relevant Sub-Fund can only hold up to 10% of the paid-up capital, or 10% of the paid-up value of each series of convertible
debentures or preference shares or share warrants of an Indian company (the “10% Threshold”). In addition to the 10% Threshold,
FPI investment in Indian companies may not exceed any sectoral cap on ownership by an FPI that applies to a particular company
and/or an aggregate cap on FPI investments in a company. Compliance with the FPI Regulations may limit a Sub-Funds’ ability to
invest in certain Indian securities which may negatively impact the respective Sub-Funds’ investment performance. Additionally, a
Sub-Funds may have to sell portfolio holdings to maintain compliance with the regulatory limits in order to continue to hold those
investments as a registered FPI. Investments held in excess of the limits would be reclassified as “Foreign Direct Investment” under
applicable regulations, which would restrict further investment and may lead to adverse tax implications for the respective Sub-
Fund.
Leverage Risk
Certain Sub-Funds seek to provide leveraged returns by making use of derivatives such as swaps, options, and future-contracts to
accomplish the Sub-Fund’s investment objective. Depending on the purpose of derivatives used, the use of leverage (based on
Derivatives) can cause leveraged Sub-Funds to be more volatile and subject to higher price movements than the same portfolio
would have without any derivatives. The use of leverage may result in losses which are caused by leveraged positions. At the
same time, the combined investments (including all derivative and non-derivative positions) will result in an overall (economic)
exposure that is in line with the Sub-Fund’s investment objective. The applied risk management approach for each Sub-Fund and
a Sub-Fund’s expected level of leverage of derivatives is disclosed in Appendix 4.
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- Allianz Global Investors Fund -
Market Neutral Long/Short Equity Strategy Risk
A market neutral long/short equity strategy involves entering into long positions on equity-oriented securities while
simultaneously reducing, or entirely eliminating, market risk using opposing short positions. This is normally done by opening long
and short positions to an approximately equal extent.
The success of a market neutral long/short equity strategy depends primarily on the selection of equity-oriented securities as well
as on the degree of accuracy in forecasting the future performance of equity markets. If the prices of securities held as long
positions in the portfolio rise, the Sub-Fund participates in this performance, while it takes a loss if these prices fall. Conversely, if
the prices of securities held as short positions in the portfolio fall, the Sub-Fund participates in this performance, while it takes a
loss if these prices rise. The risk of loss is essentially unlimited.
The use of a pure market neutral long/short equity strategy is intended to limit the overall potential for losses on investments
made using a market neutral long/short equity strategy. However, depending on how the market performs, the prices of the long
and short positions could perform differently and losses in both positions could result. If one of the two positions is larger than the
other, the larger position is subject to the risk described in the previous paragraph without the potential of the risk being
mitigated by an offsetting position.
Private Equity Risk
While assets that are issued by companies active in the area of private equity may be listed on an exchange, the investments
made by such companies in private equity companies (“PE Investments”) are not regularly traded on any exchange. Such
companies may acquire several different assets by investing in PE Investments, include shareholders’ equity, hybrid equity or
debt. The capital made available may be subordinate to other creditors of the relevant PE Investment. PE Investments may be
made for venture capital, buy-out investments, or special situation investment purposes.
PE Investments in are normally long-term, not traded on an exchange, illiquid and only fungible to a limited extent. In addition,
the process of investing in PE Investments may itself be subject to technical difficulties and risks. PE Investments typically have
risks that are greater in scope than those of conventional investments in listed companies, which may correspondingly impact
assets, income, liquidity situation and value of the companies operating in the area of private equity. For example, private equity
companies may often only exist for a short period of time or find themselves in a restructuring phase or a crisis, have rather
limited market experience and penetration, offer new products not yet established on the market and have a rather tight
financial position, uncertain planning, and substandard levels of organisation. The accounting, auditing and financial reporting
standards and the advertising used by a private equity company may be substantially below those of conventional, exchange-
traded investments. Private equity companies are often subject to little or no governmental supervision.
In addition to the costs incurred in the acquisition and sale of a certificate, a derivative, or shares in funds oriented towards
companies that essentially operate in the private equity sector, additional costs may be incurred at the level of an index, a certificate,
a derivative or the above-mentioned funds, which could affect the value of the investment, possibly to a substantial extent.
Property-Related Assets Risk
The Sub-Fund’s investments in the real estate industry may by be subject to risks of fluctuations in the value and the rental
income received in respect of the underlying property. This also applies when investments are made through funds, property
companies or other property equity market-related products (in particular, REITs). The following risks should be emphasized:
The underlying REITs which the Sub-Fund may invest in may not necessarily be authorized by the SFC and the dividend or pay
out policy of the Sub-Fund is not representative of the dividend or pay out policy of the underlying REITs.
In addition to the risks of any changes in the underlying general economic conditions, there are special risks associated with
property ownership, such as vacancies, delinquent/defaulted rental payments or charges for use that may depend, among other
things, on the quality of the location or the creditworthiness of the tenant/debtor. Leasehold rights may revert ahead of schedule
with the result that another use must be found for the property than was originally intended, and such other use may not have
the same prospects. This applies analogously for reversion after the expiration of the contract or, if applicable, in similar
situations with rights granted to a third party. The attachment of leasehold rights or other rights to a property may restrict its
saleability. Actual returns on an investment may deviate from previous calculations. There is also the risk of restricted ability to
use a property for other purposes.
The condition of the building or its structure may also require necessary maintenance and restoration expenses that are not
always predictable. Buildings may have construction deficiencies and risks from contaminated sites cannot be excluded. There
may also be cases of uninsured damages. Properties, especially in metropolitan areas, may be subject to war or terror risks. A
property may decrease in economic value if the property market in the affected area is affected over the long term, and it
becomes difficult or impossible to find tenants.
In the development of the project, there may also be risks such as changes in construction planning and delays in issuing building
permits or other necessary official permissions or increases in construction costs. The success of the initial letting is particularly
dependent on the demand situation at the time the construction is completed, which will be later.
In the case of investing abroad, additional risks to be considered are those that result from the features of the specific property
(e.g., different legal and tax systems, differing interpretations of double taxation agreements and, if applicable, changes in
exchange rates). Other risks associated with foreign investments to be considered are the increased management risk, any
technical difficulties, including transfer risks regarding current income or proceeds of sales, as well as currency risks.
For investments in property companies, the risks to be considered are those that result from the form of the company, risks in
connection with the possible default of partners and risks of changes to the tax and corporate law framework. This is especially
true if the property companies are headquartered in a foreign country. Moreover, if interests in property companies are acquired,
they may have obligations that are difficult to recognise and there may not be a liquid secondary market for an intended
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- Allianz Global Investors Fund -
disposal of the interest. Changes in the value of properties have an increased effect on equity when outside financing is used. This
affects the profit for the investor when prices rise or fall, then when the project is completely self-financed. When properties are
sold, the purchaser or other third parties may have guarantee claims.
In addition to the costs incurred in the acquisition and sale of a certificate, a derivative, or shares in property funds or in funds
oriented towards REITs, additional costs may be incurred at the level of an index, a certificate, a derivative, or the above-
mentioned funds, which could affect the value of the investment, possibly to a substantial extent.
Risks relating to Water Sector
A Sub-Fund may be more susceptible to different water-related factors. Companies invested in markets with regulated water
tariffs may suffer from decreasing water tariffs, which would lower the revenues and the returns of listed water operators.
Moreover, during budget process, water-related projects may be given a lower priority and be delayed. Political forces may put
priorities on projects in different sectors such as healthcare, infrastructure, and education. The growth outlook of water-related
companies may be reduced. A Sub-Fund’s value may be adversely affected.
Sector and Theme Fund Risk
Sector and theme funds have a limited investment universe which results in limited risk diversification compared to broadly
investing funds. The more specific the respective sector and/or theme is the more limited the investment universe and the more
limited the risk diversification might be. A limited risk diversification can increase the impact of the development of individual
securities acquired for the respective fund. In addition, sector and theme funds may acquire Equities of companies which are also
related to other sectors and/or themes in case of companies being active in various sectors and/or themes. This may include
Equities of companies which are – at the time of acquisition – only related to a minor part to the respective sector and/or theme if
such companies - pursuant to the portfolio manager’s discretionary assessment –will likely materially increase the importance of
such segment of their business activities. This may result in deviations of the performance of the respective fund compared to the
performance of financial indices reflecting the respective sector and/or theme.
Sustainable Strategy Investment Risk / Investment Risk of a specific Investment Strategy
Sub-Funds which follow a specific Investment Strategy as mentioned in Annex 1, Part B (the “Use of a specific Investment
Strategy”) apply minimum exclusion criteria and/or certain (internal/external) rating assessments which may adversely affect a
Sub-Fund’s investment performance. A Sub-Fund’s investment performance might be impacted and/or influenced by a
Sustainability Risk since the execution of a specific Investment Strategy may result in foregoing opportunities to buy certain
securities when it might otherwise be advantageous to do so, and/or selling securities due to their characteristics when it might
be disadvantageous to do so. Sub-Funds which apply a specific Investment Strategy may use one or more different third-party
research data providers and/or internal analyses, and the way in which different Sub-Funds will apply certain criteria may vary.
In assessing the eligibility of an issuer based on research, there is a dependence upon information and data from third party
research data providers and internal analyses, which may be subjective, incomplete, inaccurate, or unavailable. As a result, there
is a risk to assess a security or issuer incorrectly or subjectively. There is also a risk that a Sub-Fund’s Investment Manager may not
apply the relevant criteria resulting out of the research correctly or that a Sub-Fund which follows a specific Investment Strategy
could have indirect exposure to issuers who do not meet the relevant criteria of the specific Investment Strategy. It is noted that
there is a lack of standardized taxonomy of Sustainable Investments.
In addition, Sub-Funds which follow a specific Investment Strategy may focus on Sustainable Investments and have a limited /
reduced investment universe which results in limited risk diversification compared to broadly investing funds. The more specific
the respective sector and/or theme a Sub-Fund intends to invest in is (e.g., SDGs or other comparable societal goals) the more
limited the Sub-Fund’s investment universe and the more limited the risk diversification might be. A limited risk diversification can
increase the impact of the development of individual securities acquired for the respective Sub-Fund. The Sub-Fund is likely to be
more volatile than a fund that has a more diversified investment strategy. It may be more susceptible to fluctuations in value
resulting from the impact of adverse conditions on these investments.
In addition, Sub-Funds which apply a specific Investment Strategy may – subject to the requirements of the respective specific
Investment Strategy - acquire Equities of companies which are also related to other sectors and/or themes in case of companies
being active in various sectors and/or themes. This may include Equities of companies which are – at the time of acquisition – only
related to a minor part to the respective SDGs and/or to the respective comparable societal goal if such companies - pursuant to
the Investment Manager’s discretionary assessment –will likely materially increase the importance of such segment of their
business activities. This may result in deviations of the performance of the respective Sub-Fund compared to the performance of
financial indices reflecting the respective SDG and/or the respective comparable societal goal. This may have an adverse impact
on the performance of the Sub-Fund and consequently adversely affect an investor’s investment in the Sub-Fund.
The securities held by the Sub-Fund may be subject to style drift which no longer meet the Sub-Fund’s investment criteria after
the Sub-Fund’s investments. The Investment Manager might need to dispose of such securities when it might be disadvantageous
to do so. This may lead to a reduction in the Sub-Fund’s Net Asset Value.
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- Allianz Global Investors Fund -
Volatility Strategies Risk
Volatility strategies in an investment strategy that seeks to exploit pricing inefficiencies that may occur as a consequence of
realized volatility compared to presumed volatility as reflected in current market prices of respective derivatives such as variance
swaps. Volatility describes the variation of a trading price series over time. The higher the differences of low and high market
prices of an asset are, the more volatile such asset is.
A variance swap results in a financial settlement between the parties at the end of the swap period. The amount of this
settlement is the swap’s nominal value multiplied by the difference between the annualised realised variance and a reference
value fixed for the variance at the start of the swap period (the strike variance, which generally corresponds to the expected
variance for the respective swap period). The value of a variance swap does not depend 1:1 on the absolute performance of the
underlying to which it refers; instead, it depends on the change in the annualised realised variance of the respective underlying in
the respective swap period. For this reason, the value of a variance swap may even rise when the value of its underlying is
dropping, or it may fall when the value of its underlying security is rising. The success of the investment strategy therefore
depends particularly on the extent to which, within the quantitative approach, the change in the annualised realised variance of
the respective underlying can be accurately forecast for a corresponding swap period.
An option-based investment strategy is a particular form of a volatility strategy. It utilizes equity option spreads, typically buying
and selling put options and call options including, without any limitation, on global equity indices, global equity index futures,
global equity market related volatility indices, global equity market related volatility futures, and exchange traded funds. The
objective of the option spreads is to create option based “profit zones” that upon expiration of the options will lead to a positive
return for the strategy if the level of the underlying index (or other instrument) ends up within such profit zone. However, if the
level of the underlying index (or other instrument) ends up outside such profit zone it will result in a loss for the fund.
The risks connected with the use of derivatives should also be noted.
3. Sub-Fund-Specific Risk Factors on an Individual Basis
Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz ActiveInvest Balanced - 9 - - 9 9 9 9 - - 9 - - - - 9 9
Allianz ActiveInvest Defensive - 9 - - 9 9 9 9 - - 9 - - - - 9 9
Allianz ActiveInvest Dynamic - 9 - - 9 9 9 9 - - 9 - - - - 9 9
Allianz Advanced Fixed Income Euro - - - - - - - 9 - - - - - - - 9 -
Allianz Advanced Fixed Income Global 9 - - - - - - 9 - - - - - - - 9 -
Allianz Advanced Fixed Income Global
Aggregate
9 - - - - - - 9 - - - - - - - 9 -
Allianz Advanced Fixed Income Short
Duration
- - - - - - - 9 - - - - - - - 9 -
Allianz All China Equity 9 - - - - - - - - - - - - - - 9 -
Allianz Alternative Investment Strategies - - 9 - 9 9 - 9 - - 9 - - - - - 9
Allianz American Income 9 - - - - - - 9 - - - - - - - - -
Allianz Asia Pacific Income 9 - - - - - - 9 9 - - - - - - - -
Allianz Asian Multi Income Plus 9 - - - - - - 9 9 - - - - - - - -
Allianz Asian Small Cap Equity 9 - - - - - - 9 9 - - - - - - - -
Allianz Best Ideas 2025 9 9 9 - 9 9 9 9 - 9 9 9 9 - - - 9
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- Allianz Global Investors Fund -
Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz Best Styles Euroland Equity - - - - - - - - - - - - 9 - - - -
Allianz Best Styles Europe Equity - - - - - - - - - - - - 9 - - - -
Allianz Best Styles Europe Equity SRI - - - - - - - - - - - - 9 - - 9 -
Allianz Best Styles Global AC Equity 9 - - - - - - - - - - - 9 - - - -
Allianz Best Styles Global Equity - - - - - - - - - - - - 9 - - - -
Allianz Best Styles Global Equity SRI - - - - - - - - - - - - 9 - - 9 -
Allianz Best Styles Pacific Equity - - - - - - - - - - - - 9 - - - -
Allianz Best Styles US Equity - - - - - - - - - - - - 9 - - 9 -
Allianz Better World Defensive 9 - - - - - - 9 9 - - - - 9 9 9 -
Allianz Better World Dynamic 9 - - - - - - 9 9 - - - - 9 9 9 -
Allianz Better World Moderate 9 - - - - - - 9 9 - - - - 9 9 9 -
Allianz Capital Plus - - - - - - - 9 - - - - - - - 9 -
Allianz Capital Plus Global 9 - - - - - - 9 9 - - - - - - 9 -
Allianz China A Opportunities 9 - - - - - - - - - - - - - - 9 -
Allianz China A-Shares 9 - - - - - - - - - - - - - - 9 -
Allianz China Equity 9 - - - - - - - - - - - - - - 9 -
Allianz China Future Technologies 9 - - - - - - - - - - - - - 9 - -
Allianz China Healthy Living 9 - - - - - - - - - - - - - 9 - -
Allianz China Strategic Bond 9 - - - - - - 9 - - - - - - - - -
Allianz China Thematica 9 - - - - - - - - - - - - - 9 9 -
Allianz Clean Planet 9 - - - - - - - - - - - - 9 9 9 -
Allianz Climate Transition - - - - - - - - - - - - - - 9 9 -
Allianz Convertible Bond - - - 9 - - - 9 - - - - - - - 9 -
Allianz Coupon Select Plus VI - 9 - - 9 9 9 9 - - 9 - - - - - 9
Allianz Credit Opportunities 9 - 9 - - - - 9 - - - - - - - - -
Allianz Credit Opportunities Plus 9 - 9 - - - - 9 - 9 - - - - - - -
Allianz Cyber Security 9 - - - - - - - - - - - - - 9 9 -
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- Allianz Global Investors Fund -
Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz Dynamic Allocation Plus Equity 9 - 9 - - 9 9 9 - 9 - 9 - - - 9 9
Allianz Dynamic Asian High Yield Bond 9 - - 9 - - - 9 - - - - - - - - -
Allianz Dynamic Commodities - 9 - - - - - 9 - 9 - - - - - - -
Allianz Dynamic Multi Asset Strategy SRI
15
- 9 - - 9 9 9 9 - - 9 9 9 - - 9 9
Allianz Dynamic Multi Asset Strategy SRI
- 9 - - 9 9 9 9 - - 9 9 9 - - 9 9
30
Allianz Dynamic Multi Asset Strategy SRI
50
- 9 - - 9 9 9 9 - - 9 9 9 - - 9 9
Allianz Dynamic Multi Asset Strategy SRI
75
- 9 - - 9 9 9 9 - - 9 9 9 - - 9 9
Allianz Emerging Asia Equity 9 - - - - - - - 9 - - - - - - - -
Allianz Emerging Markets Equity 9 - - - - - - - 9 - - - 9 - - - -
Allianz Emerging Markets Equity
9 - - - - - - - 9 - - - - - - - -
Opportunities
Allianz Emerging Markets Equity SRI 9 - - - - - - - 9 - - - 9 - - 9 -
Allianz Emerging Markets Multi Asset
Income
9 - - - - - - 9 - - - - 9 - - - -
Allianz Emerging Markets Select Bond 9 - - 9 - - - 9 9 9 - - - - - - -
Allianz Emerging Markets Short Duration
9 - - - - - - 9 - 9 - - - - - - -
Bond
Allianz Emerging Markets Sovereign
9 - - 9 - - - 9 - - - - - - - - -
Bond
Allianz Emerging Markets SRI Bond 9 - - - - - - 9 - - - - - - - 9 -
Allianz Emerging Markets SRI Corporate
9 - - - - - - 9 - - - - - - - 9 -
Bond
Allianz Enhanced Short Term Euro - - - - - - - - - - - - - - - 9 -
Allianz Euro Balanced - - - - - - - - - - - - 9 - - 9 -
Allianz Euro Bond - - - - - - - 9 - 9 - - - - - 9 -
Allianz Euro Bond Short Term 1-3 Plus - - - - - - - 9 - - - - - - - 9 -
Allianz Euro Credit SRI - - - - - - - 9 - - - - - - - 9 -
Allianz Euro Government Bond - - - - - - - - - - - - - - - 9 -
Allianz Euro High Yield Bond - - - - - - - 9 - - - - - - - 9 -
Allianz Euro High Yield Defensive - - - - - - - 9 - - - - - - - 9 -
Allianz Euro Inflation-linked Bond - - - - - - - - - - - - - - - 9 -
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- Allianz Global Investors Fund -
Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz Euroland Equity Growth - - - - - - - - - - - - - - - 9 -
Allianz Europe Equity Growth - - - - - - - - - - - - - - - 9 -
Allianz Europe Equity Growth Select - - - - - - - - - - - - - - - 9 -
Allianz Europe Equity powered by
Artificial Intelligence
- - - - - - - - - - - - 9 - - - -
Allianz Europe Equity SRI - - - - - - - - - - - - - - - 9 -
Allianz Europe Equity Value - - - - - - - - - - - - 9 - - 9 -
Allianz Europe Income and Growth 9 - 9 - - - - 9 - - - - 9 - - - -
Allianz Europe Mid Cap Equity - - - - - - - - - - - - 9 - - 9 -
Allianz Europe Small and Micro Cap
Equity
- - - - - - - - - - - - - - - 9 -
Allianz Europe Small Cap Equity - - - - - - - - - - - - 9 - - 9 -
Allianz European Bond RC - - - - - - - 9 - 9 - - - - - - -
Allianz European Equity Dividend - - - - - - - - - - - - 9 - - 9 -
Allianz Flexi Asia Bond 9 - - 9 - - - 9 - - - - - - - 9 -
Allianz Floating Rate Notes Plus - - - - - - - - - - - - - - - 9 -
Allianz Food Security 9 - - - - - - - 9 - - - - 9 9 9 -
Allianz GEM Equity High Dividend 9 - - - - - - 9 9 - - - - - - - -
Allianz German Equity - - - - - - - - - - - - - - - 9 -
Allianz German Small and Micro Cap - - - - - - - - - - - - 9 - - - -
Allianz Global Aggregate Bond 9 - - - - - - 9 - - - - - - - - -
Allianz Global Allocation Opportunities 9 9 - - - - - 9 - - - - - - - 9 9
Allianz Global Artificial Intelligence - - - - - - - - - - - - - - 9 9 -
Allianz Global Capital Plus 9 - - - - - - 9 9 - - - - - - 9 -
Allianz Global Credit SRI 9 - - - - - - 9 - - - - - - - 9 -
Allianz Global Diversified Dividend - - - - - - - - - - - - 9 - - 9 -
Allianz Global Dividend 9 - - - - - - - - - - - - - - - -
Allianz Global Dynamic Multi Asset
Income
- - - - - - - 9 - - - - 9 - - - -
Allianz Global Emerging Markets Equity
9 - - - - - - - 9 - - - - - - - -
Dividend
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- Allianz Global Investors Fund -
Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz Global Equity Growth 9 - - - - - - - - - - - - - - 9 -
Allianz Global Equity Insights 9 - - - - - - - 9 - - - - - - 9 -
Allianz Global Equity powered by
Artificial Intelligence
- - - - - - - - - - - - 9 - - - -
Allianz Global Equity Unconstrained 9 - - - - - - - - - - - - - - 9 -
Allianz Global Floating Rate Notes Plus - - - - - - - 9 - - - - - - - 9 -
Allianz Global Government Bond 9 - - - - - - 9 - - - - - - - - -
Allianz Global High Yield - - - 9 - - - 9 - - - - - - - 9 -
Allianz Global Hi-Tech Growth - - - - - - - - - - - - - - 9 9 -
Allianz Global Income 9 - - 9 - - - 9 - - - - - - - - -
Allianz Global Intelligent Cities Income 9 - - 9 - - - 9 - - - - - - 9 9 -
Allianz Global Metals and Mining 9 - - - - - - - - - - - - - 9 - -
Allianz Global Multi-Asset Credit - - - 9 - - - 9 - - - - - - - 9 -
Allianz Global Multi Asset Sustainability
9 - - - - - - 9 9 - - - - - - 9 -
Balanced
Allianz Global Opportunistic Bond 9 9 - - - - - 9 - 9 - - - - - - -
Allianz Global Small Cap Equity 9 - - - - - - 9 9 - - - 9 - - - -
Allianz Global Sustainability 9 - - - - - - - - - - - - - 9 9 -
Allianz Global Water 9 - - - - - - - - - - - - 9 9 9 -
Allianz Green Bond - - - - - - - 9 - - - - - - - 9 -
Allianz Green Future - - - - - - - 9 - - - - - 9 9 9 -
Allianz Green Transition Bond 9 - - - - - - 9 - - - - - - - 9 -
Allianz High Dividend Asia Pacific Equity 9 - - - - - - - 9 - - - - - - 9 -
Allianz HKD Income 9 - - - - - - 9 - - - - - - - - -
Allianz Hong Kong Equity 9 - - - - - - - - - - - - - - - -
Allianz Income and Growth 9 - - 9 - - - 9 - - - - - - - - -
Allianz India Equity - - - - - - - - 9 - - - - - - - -
Allianz Japan Equity - - - - - - - - - - - - - - - 9 -
Allianz Japan Smaller Companies Equity - - - - - - - - - - - - - - - - -
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- Allianz Global Investors Fund -
Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz Little Dragons 9 - - - - - - - 9 - - - - - - - -
Allianz Multi Asset Long / Short - 9 9 - - 9 9 9 - 9 - 9 9 - - - 9
Allianz Multi Asset Risk Premia - 9 9 - - 9 9 9 - 9 - 9 9 - - - 9
Allianz Oriental Income 9 - - - - - - - 9 - - - - - - - -
Allianz Pet and Animal Wellbeing 9 - - - - - - - - - - - - - 9 9 -
Allianz Positive Change 9 - - - - - - - 9 - - - - 9 9 9 -
Allianz Premium Champions - - - - - - - - - - - - - - 9 - -
Allianz Renminbi Fixed Income 9 - - - - - - 9 - - - - - - - - -
Allianz SDG Euro Credit - - - - - - - - - - - - - - - 9 -
Allianz SDG Global Equity - - - - - - - - - - - - 9 - - 9 -
Allianz Select Income and Growth 9 - - - - - - 9 - - - - - - - - -
Allianz Selection Alternative 9 - 9 - 9 9 9 9 - - 9 9 9 - - - 9
Allianz Selection Fixed Income 9 - - - - - - 9 - - - 9 9 - - 9 -
Allianz Selection Small and Mid Cap
Equity
- - - - - - - 9 - - - - - - - 9 -
Allianz Selective Global High Income - - - - - - - 9 - - - - - - - 9 -
Allianz SGD Income 9 - - - - - - 9 - - - - - - - - -
Allianz Short Duration Global Bond SRI - - - - - - - - - - - - - - - 9 -
Allianz Smart Energy 9 - - - - - - - - - - - - - - 9 -
Allianz Social Conviction Equity - - - - - - - - - - - - - - - 9 -
Allianz Strategic Bond 9 - 9 - - 9 - 9 9 9 - - - - - - 9
Allianz Strategy Select 30 - - - - - - - - - - - - - - - - -
Allianz Strategy Select 50 - - - - - - - - - - - - - - - - -
Allianz Strategy Select 75 - - - - - - - - - - - - - - - - -
Allianz Strategy4Life Europe 40 - - - - - - - - - - - - - - - 9 -
Allianz Sustainable Health Evolution 9 - - - - - - - 9 - - - - 9 9 9 -
Allianz Sustainable Multi Asset 75 - 9 - - 9 9 9 9 - - 9 9 9 9 9 9 9
Allianz Systematic Enhanced US Equity
SRI
- - - - - - - - - - - - 9 - - 9 -
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Sub-Fund Name
Investment Risk of a specific Investment
Sustainable Strategy Investment Risk /
Defaulted Securities/Distressed Debt
Market Neutral Long/Short Equity
Credit Long/Short Strategy Risk
Risks relating to Water Sector
Global Macro Strategies Risk
Property-Related Assets Risk
Sector and Theme Fund Risk
Event-Driven Strategies Risk
High-Yield Investments Risk
Commodities Markets Risk
Volatility Strategies Risk
China Investment Risk
India Investment Risk
Private Equity Risk
Hedge Fund Risk
Leverage Risk
Strategy Risk
St t
Risk
Allianz Target Maturity Euro Bond I - - - - - - - 9 - - - - - - - 9 -
Allianz Target Maturity Euro Bond II - - - - - - - 9 - - - - - - - 9 -
Allianz Target Maturity Euro Bond III - - - - - - - 9 - - - - - - - 9 -
Allianz Target Maturity Euro Bond IV - - - - - - - 9 - - - - - - - 9 -
Allianz Target Maturity Euro Bond V - - - - - - - 9 - - - - - - - 9 -
Allianz Thematica 9 - - - - - - - - - - - - - 9 9 -
Allianz Total Return Asian Equity 9 - - - - - - - 9 - - - - - - 9 -
Allianz Treasury Short Term Plus Euro - - - - - - - 9 - 9 - - - - - 9 -
Allianz Trend and Brands - 9 - - 9 9 9 9 - - 9 - - 9 9 - 9
Allianz UK Government Bond - - - - - - - - - 9 - - - - - - -
Allianz Unconstrained Multi Asset
Strategy
9 9 9 - - 9 9 9 - 9 9 9 - - - - -
Allianz US Equity Fund - - - - - - - - - - - - - - - - -
Allianz US Equity Plus 9 - - - - - - 9 - - - - - - - - -
Allianz US Equity powered by Artificial
Intelligence
- - - - - - - - - - - - 9 - - - -
Allianz US High Yield 9 - - 9 - - - 9 - - - - - - - - -
Allianz US Investment Grade Credit
- - - - - - - - - - - - - - - 9 -
Allianz US Large Cap Value - - - - - - - - - - - - 9 - - 9 -
Allianz US Short Duration High Income
Bond
9 - - - - - - 9 - - - - - - - 9 -
Allianz Volatility Strategy Fund - - - - - - - - - - - - - - - 9
IndexManagement Balance 9 9 - - - - - 9 - - - 9 9 - - - -
IndexManagement Chance 9 9 - - - - - 9 - - - 9 9 - - - -
IndexManagement Substanz 9 9 - - - - - 9 - - - 9 9 - - - -
IndexManagement Wachstum 9 9 - - - - - 9 - - - 9 9 - - - -
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Appendix 1
General Investment Principles, specific Asset Class
Principles and Sub-Funds’ individual Investment
Objectives and individual Investment Restrictions
Part A:
General Investment Principles applicable to all Sub-Funds
(“General Investment Principles”)
Investors can choose from a range of Sub-Funds and Share Classes.
When applying any general investment strategy as explained in Appendix 1 Part A, a Sub-Fund’s
Investment Manager considers as part of its due diligence process all relevant financial risks, including
all relevant sustainability risks that could have a significant negative impact on the return on an
investment, in its investment decision and evaluates them on an ongoing basis. The Sustainability
Risks assessment does not cover cash and Deposits, derivatives, and non-rated investments.
Sustainability Risks are clustered as
- Sustainability macro risks with global relevance for all sub-funds (for example global warming
and climate change).
- Sustainability sector risks with relevance for all funds exposed to specific sectors (for example
stranded asset risks for Oil & Gas sector).
- Sustainability idiosyncratic risks on the level of individual corporate and sovereign issuers with
relevance for all portfolios exposed to these issuers (for example climate transition risk).
- Sustainability investment risks on portfolio level derived from portfolio exposure on Sustainability
macro risk, Sustainability sector risks and in particular invested Sustainability issuers.
Sustainability risks are assessed using external sustainability research data and/or internal research
and analysis. Both external and internal research aims at identifying potential financial risks of an
investment in securities of an issuer related to sustainability. Issuers can be corporate issuers,
sovereign issuers, or sub-sovereign agency issuers. Details can be found in the Risk Management
Policy Statement available at https://www.allianzgi.com/en/our-firm/esg.
All Sub-Funds comply with the process described above.
In addition, to applying a general investment strategy, a Sub-Fund’s Investment Manager may also
apply a specific Investment Strategy as explained in detail in Appendix 1, Part B.
Such specific Investment Strategy is generally applied in line with Article 8 and 9 of the Sustainability-
related Disclosure Regulation and does have features that to some extent could limit certain risks, in
particular reputational risks, e.g., exclusions of certain industries or of the worst rated issuers.
If a Sub-Fund’s specific Investment Strategy is carried out in accordance with Art. 9 of the Sustainability-
related Disclosure Regulation, all relevant information to be disclosed pursuant to Art. 5 of the Taxonomy
Regulation in this regard may be found in Appendix 10. Sub-Funds are managed in accordance with Art.
9 (1), (2) or (3) of the Sustainability-related Disclosure Regulation if they have sustainable investment as
its objective.
If a Sub-Fund’s specific Investment Strategy is carried out in accordance with Art. 8 of the Sustainability-
related Disclosure Regulation, all relevant information to be disclosed pursuant to Art. 6 of the Taxonomy
Regulation in in this regard may be found in Appendix 10. Sub-Funds are managed in accordance with
Art. 8 (1) of the Sustainability-related Disclosure Regulation if they promote, amongst other
characteristics, environmental or social characteristics, or a combination of those characteristics, provided
that the companies in which the investments are made follow good governance practices.
Where a Sub-Fund’s investment strategy is neither carried out in accordance with Art. 9 of the
Sustainability-related Disclosure Regulation nor in accordance with Art. 8 of the Sustainability-related
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- Allianz Global Investors Fund -
Disclosure Regulation, such Sub-Fund may be found in in Appendix 10 by explicitly stating that Sub-
Fund’s investments do not consider the EU criteria for environmentally sustainable economic activities.
Furthermore, the Management Company considers PAI indicators on sustainability factors in a similar
manner as described before during all investment decisions to be taken for a Sub-Fund. Further details
are included in the Management Company`s Principal Adverse Impact Statement available on the
website www.allianzglobalinvestors.com.
The assets of the Sub-Funds may, subject to a Sub-Fund’s specific Asset Class Principles in combination
with a Sub-Fund’s individual Investment Restrictions and depending on market conditions, be either
focused on:
- individual asset classes,
- individual currencies,
- individual themes,
- individual sectors,
- individual countries,
- individual regions,
- assets with shorter or longer (residual) maturities, and/or
- assets of issuers/debtors of a specific nature (e.g., government or corporate),
or may be more broadly invested.
The Investment Manager may select securities based on fundamental and/or quantitative analysis. In this
process, individual securities are analysed, assessed, and selected in accordance with different investment
processes. In order to generate sustained alpha, a Sub-Fund’s Investment Manager may incorporate the
analysis of the ever-growing data universe into the concrete investment process / investment strategy
thereby embracing new statistical techniques which may include, but are not limited to, (i) machine
learning and/or (ii) natural language processing and/or (iii) artificial intelligence (AI) to analyse the data
efficiently for better and deeper exploitation of unrevealed information. The Investment Manager intend
to use the latest available technology and techniques to derive investment signals according to the
aforesaid possibilities. The allocation of these investment signals is always fully owned by a Sub-Fund’s
Investment Manager, who is responsible for both, the final implementation as well as the accounting for
the performance. In all cases – independent if the Investment Manager makes use of the aforementioned
new statistical techniques or not - a Sub-Fund’s Investment Manager is always and solely responsible for
the final decisions made in the context to analyse, to assess and to select individual securities.
A Sub-Fund’s Investment Manager may invest in the corresponding securities of companies of all sizes,
either directly or indirectly. Depending on the market situation, the Investment Manager may focus either
on companies of a certain size or individually determined sizes or have a broad investment focus. The
Sub-Fund may also invest in very small cap stocks, some of which operate in niche markets.
The Investment Manager may, also invest either directly or indirectly in Value Stocks and Growth Stocks.
Depending on the market situation, the Investment Manager may either concentrate on Value Stocks or
Growth Stocks or have a broad investment focus.
Where a theme and/or a sector is referred to in a Sub-Fund’s investment objective (or in a Sub-Fund’s
investment restriction), the Investment Manager will (or if specifically restricted in a Sub-Fund’s
investment objective or investment restrictions, will not) make investments which have exposure or
connection to such theme and/or sector. Such investments may include any securities and Money Market
Instruments of companies that either
(i) are included in publicly available financial indices (if any) or in segments (if any) as defined by the
Global Industry Classification Standard – (GICS ®) which refer to such theme and/or sector,
(ii) currently generate (either directly or indirectly) a material part of their business activities (sales,
profits, or expenses) in such theme and/or sector,
(iii) currently (either directly or indirectly) engage in the respective theme and/or sector and will likely -
pursuant to the Investment Manager’s discretionary assessment – materially increase the importance
of such engagement on short-term or mid-term, or
(iv) have substantial direct or indirect participation by way of ownership in the companies as described
under (i) to (iii) above.
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- Allianz Global Investors Fund -
In the aforesaid scenarios the Investment Manager will focus primarily in securities and/or Money Market
Securities of companies whose products or behaviour, in the Investment Manager’s opinion, are part
and/or are enablers and/or make a positive impact on such theme and/or sector.
The scenarios as described under the aforesaid items (iii) and (iv) may also include securities of companies
with exposure or connection to the respective theme and/or sector on an ancillary basis (i.e., Equities,
Debt Securities of companies which have exposure or connection to themes and/or sectors as not referred
to in a Sub-Fund’s investment objective (or in a Sub-Fund’s investment restriction) (“such other themes
and/or sectors”) even if the exposure or connection to such other themes and/or sectors are more
material than the exposure or connection to the theme and/or sector which is referred to in a Sub-Fund’s
investment objective (or in a Sub-Fund’s investment restriction).
The Investment Manager orients the composition of each Sub-Fund under management depending on its
assessment of the market situation and taking into consideration the specific Asset Class Principles and
individual Investment Restrictions, which may result in the complete or partial reorientation of the
composition of a Sub-Fund. For this reason, it is possible that such adjustments may be made even
frequently.
Sub-Funds assets are invested according to the principle of risk diversification. The portfolio of each
Sub-Fund will comprise eligible assets which have been selected following a thorough analysis of the
information available to the Investment Manager and subject to a careful evaluation of the risks and
opportunities. The performance of the Shares, however, remains dependent on price changes in the
markets. Therefore, no guarantee can be given that the investment objectives of the Sub-Funds will be
achieved, unless an explicit guarantee to this effect is mentioned for the respective Sub-Fund.
The Management Company may permit co-management of assets of one or more Sub-Funds with one or
more other Sub-Funds and/or with other undertakings for collective investment managed by the
Management Company. In such event, assets of the various Sub-Funds with the same Depositary will be
managed jointly. The assets under co-management are referred to as a “pool”, whereby such pools are,
however, exclusively used for internal management purposes. The pools are not separate entities and are
not directly accessible to investors. To each of the co-managed Sub-Funds shall be allocated its relevant
specific assets.
When combining assets from more than one Sub-Fund in a pool, the assets attributable to each
participating Sub-Fund are initially determined by applying the original allocation of assets of that Sub-
Fund to the said pool. The assets change if the Sub-Fund adds or removes assets from the pool.
The entitlement of each participating Sub-Fund to the co-managed assets applies with regard to each
individual asset of such a pool.
Additional investments made on behalf of the co-managed Sub-Funds are allocated to such Sub-Fund
according to its respective entitlement. Sold assets are charged similarly against the assets attributable to
each participating Sub-Fund.
The Investment Manager may, in particular, invest either directly or indirectly in eligible assets by using
techniques and instruments relating to transferable securities and money market instruments for efficient
portfolio management (including hedging) and/or investment purposes, if it is ensured by the Investment
Manager, that the Sub-Fund adheres to its investment limits as set out in (i) the General Investment
Principles, (ii) the Sub-Fund’s specific Asset Class Principles and (iii) the Sub-Fund’s individual investment
restrictions. The use of such techniques and instruments should not result in a change of the declared
investment objective of a Sub-Fund or substantially increase the risk profile of a Sub-Fund.
Where the provisions of this Appendix provide that an asset must have a rating by one or more Rating
Agencies, such an asset may also have (i) an equivalent rating from another Rating Agency that is not
mentioned in the Sub-Fund’s Asset Class Principles and Investment Restrictions or (ii), if unrated, a rating
of a comparable quality as determined by the Investment Manager’s internal credit quality assessment. If
an asset loses the minimum rating set out in the Sub-Fund’s Asset Class Principles and Investment
Restrictions, it must be sold within six months. Where a recognized Rating Agency has provided a rating
of an ABS/MBS in question and/or a Debt Security (excluding ABS/BMS) in question, the Investment
Manager of the Sub-Fund may use such rating and supplementary information and analysis within its
internal credit quality assessment, while not solely or mechanistically relying on the Rating Agency’s
provided rating.
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In the case of a non-rated Debt Security, the Investment Manager may take a credit rating of the
respective Debt Security’s issuer into account. For the case that neither the concrete Debt Security nor the
Debt Security’s issuer is rated, the Investment Manager will assess the Debt Security’s credit risk based on
its internal credit quality assessment. The Investment Manager ensures that its internal credit quality
assessment procedure includes, but is not limited to, the following general principles: (i) an effective
process to obtain and update relevant information on the issuer and the respective instrument's
characteristics (including, but not limited to quantitative and qualitative fundamentals which may include
issuer’s leverage, operating margin, return on capital, interest coverage, operating cash flows, industry
outlook, firm’s competitive position, and corporate governance issue); (ii) adequate measures to ensure
that the internal credit quality assessment is based on a thorough analysis of the information that is
available and pertinent, and includes all relevant driving factors that influence the creditworthiness of the
issuer and the credit quality of the instrument in question.
The Investment Manager may invest in securities from developed countries. Nevertheless, securities from
Emerging Markets may also be acquired to a substantial extent or even fully. The weighting between
investments in developed countries and emerging markets may fluctuate depending on the evaluation
of the market situation and will be mentioned in the Sub-Fund’s specific Asset Class Principles in
combination with a Sub-Fund’s individual Investment Objective. In addition, a Sub-Fund’s concrete
exposure in Emerging Markets is explicitly mentioned in a Sub-Fund’s individual investment
restrictions.
The Investment Manager may invest in securities which are rated Investment Grade. Nevertheless, the
Investment Manager may also acquire either High-Yield Investments Type 1 and/or High-Yield
Investments Type 2 to a substantial extent or even fully. The weighting between investments in
Investment Grade rated and/or High-Yield Investments Type 1 and/or High-Yield Investments Type 2 may
fluctuate depending on the evaluation of the market situation and will be mentioned in the Sub-Fund
individual investment restrictions or in the Sub-Fund specific asset class principles.
Where it is stated in a Sub-Fund’s specific investment restrictions that the Investment Manager may invest
in the China A-Shares market, the Investment Manager may invest in China A-Shares either directly
through Stock Connect or via other foreign access regimes (e.g., FII Program), and/or via other means as
may be permitted by the relevant regulations from time to time, or indirectly through eligible instruments
as described in Appendix 1 Part B and/or in China B-Shares either directly or indirectly through eligible
instruments as described in Appendix 1 Part B.
Where it is stated in a Sub-Fund’s specific investment restrictions that the Investment Manager may invest
in the PRC bond markets, the Investment Manager may invest in Debt Securities which are traded and/or
admitted on the CIBM either directly or indirectly through the CIBM Initiative or via Bond Connect or via
other foreign access regimes (e.g., FII Program), and/or via other means as may be permitted by the
relevant regulations from time to time.
Investors assume the risk of receiving a lesser amount than they originally invested. In so far as there are
no other relevant provisions contained in both, the Sub-Fund’s specific Asset Class Principles and a Sub-
Fund’s individual investment restrictions, the following shall apply to all Sub-Funds:
1. Each Sub-Fund may invest in the following assets:
a) Securities and Money Market Instruments that,
- are traded on a stock exchange or another Regulated Market of an EU Member State or of a third
country, which operates regularly and is recognised and open to the public, or
- are offered within the scope of initial public offerings, the issuing terms of which include the obligation
to apply for admission to official listing on a stock exchange or in another Regulated Market (as
detailed above), and the admission of which is obtained no later than one year after the issue.
Money market instruments are investments that are normally traded on the money market that are
liquid and whose value can be determined precisely at any time.
Securities referring to indices may only be acquired if the respective index is compliant with Article 44
of the Law and Article 9 of the Grand-Ducal Regulation of 2008.
b) Units of UCITS or other UCIs established in an EU Member State or in a third country, if:
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- Allianz Global Investors Fund -
- such other UCIs are authorised under laws which provide that they are subject to supervision
considered by the CSSF to be equivalent to that laid down in EU law, and that cooperation between
authorities is sufficiently ensured,
- the level of protection for the unitholders of the UCIs is equivalent to the level of protection for the
unitholders of a UCITS, and in particular the provisions for separate safekeeping of fund assets,
borrowing, lending, and short sales of securities and money market instruments are equivalent to the
requirements of the UCITS Directive,
- the business operations of the UCIs are the subject of annual and semi-annual reports that make it
possible to form a judgement concerning the assets and liabilities, the income, and transactions in the
reporting period,
- no more than 10% of the assets of the UCITS or of the other UCIs whose acquisition is contemplated,
can, according to their management regulations or instruments of incorporation, be invested in
aggregate in units of other UCITS or other UCI.
A Sub-Fund may also invest in Shares issued by another Sub-Fund (the “Target Sub-Fund”) provided
that:
- the Target Sub-Fund does not invest in the Sub-Fund invested in the Target Sub-Fund, and
- no more than 10% of the assets of the Target Sub-Fund may, pursuant to its investment policy, be
invested in aggregate in Shares of other Sub-Funds, and
- voting rights, if any, attaching to the relevant Shares are suspended for as long as they are held by
the Sub-Fund invested in the Target Sub-Fund and without prejudice to the appropriate processing in
the accounts and the periodic reports,
- in any event, for as long as these shares are held by the Sub-Fund, their value will not be taken into
consideration for the calculation of the net assets of the Company for the purposes of verifying the
minimum threshold of the net assets imposed by the Law, and
- there is no duplication of Sales Charges or redemption fees between those at the level of the Sub-
Fund invested in the Target Sub-Fund and those at the level of the Target Sub-Fund.
c) Time deposits and/or deposits at sight (“Deposits”) with a credit institution which are repayable on
demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that
the credit institution has its registered office in an EU Member State or, if the registered office of the
credit institution is situated in a third country, provided that it is subject to prudential rules considered
by the CSSF as equivalent to those laid down in EU law. Time deposits are generally held in interest-
bearing bank accounts that have a pre-set date of maturity. Deposits at sight are limited to cash held
in current accounts with a bank accessible at any time to cover current or exceptional payments. The
Deposits may in principle be denominated in all currencies permitted by the investment policy of the
Sub-Fund.
d) Financial derivative instruments (“Derivatives”), e.g., in particular futures-contracts, forward contracts,
options and swaps including equivalent instruments settled in cash, which are traded on Regulated
Markets described in letter a) above, and/or derivative financial instruments that are not traded on
Regulated Markets (“OTC derivatives”), if the underlying securities are instruments as defined under
letter a) and b) and in which a Sub-Fund may invest in accordance with its investment objective, or
financial indices, interest rates, exchange rates or currencies. Financial indices for this purpose
include, specifically, currency, exchange-rate, interest-rate, price, and overall interest-rate return
indices, as well as, in particular, bond, equity, commodity futures, precious metal and commodity
indices and indices on additional permissible instruments listed under this number. For the avoidance
of doubt, no derivative transaction will be entered into which provides for a physical delivery of any
component of an underlying commodity futures, precious metal, and commodity indices.
In addition, the following conditions must also be fulfilled for OTC derivatives:
- The counterparties must be top-rated financial institutions, specialised in such transactions, which has
been rated by a recognized rating agency (e.g., Moody’s, S&P or Fitch) with at least Baa3 (Moody’s),
BBB- (S&P or Fitch) and be institutions subject to prudential supervision, and belonging to the
categories approved by the CSSF. There are no further restrictions with regard to legal status or
country of origin of the counterparty.
- The OTC derivatives must be subject to a reliable and verifiable valuation on a daily basis and may be
sold, liquidated or closed out by an offsetting transaction at any time at a reasonable price.
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- Allianz Global Investors Fund -
- The transactions must be effected on the basis of standardised contracts.
- The transactions shall be subject to the Company’s collateral management policy as described in 13.
below.
- The Company must deem the purchase or sale of such instruments, instead of instruments traded on a
stock exchange or in a Regulated Market, to be advantageous to Shareholders. The use of OTC
derivatives is particularly advantageous if it facilitates a hedging of assets at matching maturities,
thus being less expensive.
e) Money Market Instruments that are not traded on a Regulated Market and do not fall under the
definition under No. 1. a) above, provided that the issue or issuer of these instruments is itself subject
to regulations concerning deposit and investor protection. The requirements for deposit and investor
protection are fulfilled for money market instruments if these instruments are rated investment grade
by at least one recognised rating agency or the Company considers that the credit rating of the issuer
corresponds to a rating of investment grade. These money market instruments must also be
- issued or guaranteed by a central governmental, regional, or local body or the central bank of an EU
Member State, the European Central Bank, the EU or the European Investment Bank, a third country
or if a federal state, a state of this federal state, or by an international organisation under public law,
to which at least one member state belongs, or
- issued by a company whose securities are traded on the Regulated Markets described under No. 1. a)
above, or
- issued or guaranteed by an institution that is subject to official supervision in accordance with criteria
set down in European Community law, or an institution that is subject to regulatory provisions, which
in the opinion of the CSSF, are equivalent to European Community law, or
- issued by other issuers who belong to a category that was admitted by the CSSF, provided that
regulations for investor protection apply to investors in these instruments, which are equivalent to
those of the first, second or third bullet points and provided the issuer is either a company having a
share capital of at least EUR 10 million, which prepares and publishes its annual financial statements
according to the requirements of the Fourth Directive 78/660/EEC, or is a legal entity, which within a
group of one or several listed companies, is responsible for the financing of this group, or is a legal
entity, which is intended to finance the securitisation of debt by utilising a credit line granted by a
financial institution.
2. Each Sub-Fund may also conduct the following transactions:
- invest of up to 10% of the assets of a Sub-Fund in securities and Money Market Instruments other than
those listed under No. 1. – subject to the provisions of the relevant Sub-Fund individual Investment
Restrictions,
- raise short-term loans of up to 10% of the Sub-Fund’s net assets, provided the Depositary agrees to
the borrowing and the terms of the relevant loan; the Sub-Fund individual Investment Restrictions or
in the Sub-Fund ‘s specific Asset Class Principles will give an only declarative indication. Not included
in this 10% limit, but permissible without the approval of the Depositary, are foreign currency loans in
the form of back-to-back loans.
3. In investing the assets of the Company, each Sub-Fund must observe the following restrictions:
a) On behalf of a Sub-Fund, the Company may purchase securities or money market instruments of an
issuer, provided that the aggregate value of such securities and the value of securities issued by the
same issuer which are already contained in a Sub-Fund does not exceed 10% of the Sub-Fund’s net
assets at the time of purchase. A Sub-Fund may invest a maximum of 20% of its net assets in Deposits
at one institution. The default risk of the counterparties in OTC derivatives may not exceed 10% of a
Sub-Fund’s net assets if the counterparty is a credit institution within the meaning of No. 1 c); for other
cases, the maximum limit is 5% of a Sub-Fund’s net assets. The aggregate value in a Sub-Fund’s net
assets of securities and money market instruments of issuers where a Sub-Fund has invested more
than 5% of its net assets in securities and money market instruments of the same issuer may not
exceed 40% of a Sub-Fund’s net assets. This restriction does not apply to Deposits and to transactions
with OTC derivatives that are effected with financial institutions that are subject to official supervision.
A Sub-Fund may invest in ancillary liquid assets which are limited to deposits at sight, such as cash
held in current accounts with a bank accessible at any time to cover current or exceptional payments,
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- Allianz Global Investors Fund -
or for the time necessary to reinvest in eligible assets according to Appendix 1, Part A, Nr. 1 or for a
period strictly necessary in case of unfavorable market conditions. The holding of such ancillary liquid
assets is limited to 20% of a Sub-Fund’s net assets. Such 20% limit shall only be temporarily breached
for a period strictly necessary when, because of exceptionally unfavorable market conditions,
circumstances so require and where such breach is justified by the interests of a Sub-Fund’s
shareholders.
Irrespective of the individual investment limits cited above, a Sub-Fund may not invest more than 20%
of its net assets in aggregate in:
- the securities or money market instruments issued by a single body,
- Deposits with that body and/or
- exposures arising under OTC derivatives entered into with that body.
b) If the purchased securities or money market instruments are issued or guaranteed by an EU Member
State or its central, regional, or local authorities, a third country, or by international organisations
under public law to which one or more member states of the EU belong, the restriction under the first
sentence of 3 a) above is increased from 10% to 35% of the Sub-Fund’s net assets.
c) In the case of bonds issued by credit institutions domiciled in an EU Member State, where the
respective issuers are subject to a special official supervision due to statutory provisions protecting
bondholders, the restrictions under No. 3. a) sentences 1 and 4 are increased from 10% to 25% and
40% to 80%, respectively, provided that these credit institutions invest the issuing proceeds, pursuant
to the respective statutory provisions, in assets which sufficiently cover the liabilities from bonds for
their whole term to maturity, and which, as a matter of priority, are intended for capital and interest
repayments becoming due on the issuer’s default.
d) The securities and money market instruments cited under No. 3. b) and c) above will not be
considered when applying the 40% investment limit provided under No.3 a) sentence 4. The
restrictions under No.3 a) to c) do not apply on a cumulative basis. Therefore, investments in securities
or money market instruments of the same issuer or in Deposits with this issuer or in derivatives of the
same may not exceed 35% of the Sub-Fund’s net assets. Companies that, with respect to the
preparation of their consolidated financial statements in accordance with Directive 83/349/EEC or
according to accepted international accounting standards, belong to the same group of companies,
are regarded as one issuer when calculating the investment limits listed under No.3 a) to d). A Sub-
Fund may invest up to 20% of its net assets in securities and money market instruments of one group
of companies.
e) Investments in derivatives are included in the limits of the numbers listed above.
f) In derogation of the limits listed under No.3 a) to d), each Sub-Fund may invest in accordance with
the principle of risk diversification up to 100% of a Sub-Fund’s assets in securities and money
market instruments of different issues being offered or guaranteed by the EU, the European
Central Bank, an EU Member State or its local authorities, by a member state of the OECD, by
international organisations under public law to which one or more member states of the EU
belong, or by any other non-EU Member State which is officially accepted by the CSSF from time to
time (as at the date of this prospectus, the following non-EU Member States are accepted by the
CSSF: The special administrative region of Hong Kong, the People’s Republic of China, the Federal
Republic of Brazil, the Republic of India, the Republic of Indonesia, the Russian Federation, the
Republic of South Africa, the Republic of Singapore), provided that such securities and money
market instruments have been offered within the framework of at least six different issues, with
the securities and money market instruments of one and the same issue not to exceed 30% of the
Sub-Fund’s net assets.
g) A Sub-Fund may purchase units of other UCITS, or UCIs as defined under No. 1 b) up to a total of 10%
of its net Sub-Fund assets. In derogation of this, the Board may decide that a higher percentage or all
of a Sub-Fund’s net assets may be invested in units of other UCITS or UCIs as defined under No.1 b),
which will be explicitly mentioned in the Sub-Fund’s individual Investment Restrictions or in the Sub-
Fund’s specific Asset Class Principles. In this case a Sub-Fund may not invest more than 20% of its net
Sub-Fund assets in a single UCITS or UCI. When this investment limit is applied, each sub-fund of an
umbrella fund as defined under Article 181 of the Law must be considered to be an independent
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investment fund if the principle of separate liability with regards to third parties is applied to each
sub-fund. Similarly, in this case investments in units of other UCIs than UCITS may not exceed a total
of 30% of a Sub-Fund’s net assets.
Moreover, the Board may decide to allow the investment in units of a master fund qualifying as a
UCITS provided that the relevant Sub-Fund (the “Feeder Sub-Fund”) invests at least 85% of its Net
Asset Value in units of such master fund and that such master fund shall neither itself be a feeder fund
nor hold units of a feeder fund, which will be explicitly mentioned in the Sub-Fund’s individual
Investment Restrictions or in the Sub-Fund’s specific Asset Class Principles.
A Feeder Sub-Fund may hold up to 15% of its assets in one or more of the following:
– ancillary liquid assets in accordance with Article 41 paragraph 2 second sub-paragraph of the Law,
– Derivatives, which may be used only for hedging purposes, in accordance with Article 41 paragraph 1,
letter g) and Article 42 paragraphs 2 and 3 of the Law,
– movable and immovable property which is essential for the direct pursuit of the Company’s business.
If a Sub-Fund has acquired units of a UCITS or a UCI, the investment values of the relevant UCITS or
UCIs are not considered with regard to the investment limits stated under No.3 a) to d).
If a Sub-Fund acquires shares of a UCITS or UCI which is directly or indirectly managed by the same
company or by another company with which the Company is linked by common management or
control, or by a substantial direct or indirect participation (at least 10% of the capital or the votes)
then neither the Company nor the associated company may charge fees for the subscription or
redemption of units.
If a Sub-Fund invests a substantial portion of its assets in other UCITS and/or other UCI as defined
above, a management fee at the level of such UCITS or UCI (excluding any performance fee, if any) of
no more than 2,50% per annum of their net asset value may be charged.
h) Irrespective of the investment limits set down in letter i) below, the Board may determine that the
upper limits stated in letters a) to d) above for investments in equities and/or debt instruments of a
single issuer amount to 20% if the objective of the Sub-Fund’s investment strategy is to replicate a
specific equity or bond index recognised by the CSSF, provided that
– the composition of the index is adequately diversified,
– the index represents an adequate benchmark for the market to which it refers,
– the index is published in an appropriate manner.
The limit of 20% is raised to 35% provided this is justified based on exceptional market conditions, and
in particular in Regulated Markets where certain securities or money market instruments are in a
strongly dominant position. An investment up to this limit is only possible with a single issuer. The limit
in accordance with a) above does not apply.
i) Each Sub-Fund may acquire securities as defined under No.1 a) referring to
(i) Equities (including assets of companies operating in the private equity sector),
(ii) Debt Securities,
(iii) UCITS and UCI as defined under No.1 b),
(iv) indices, including bond, equity (including assets of companies operating in the private equity
sector), hedge funds indices and indices on commodity futures, precious metals, or commodities as
well as indices that refer to companies active in the area of private equity; securities referring to
indices other than financial indices are only to be acquired if they are geared towards a 1:1
replication of the underlying index/indices,
(v) single hedge funds and funds of hedge funds,
(vi) commodities,
(vii) precious metals (but only if this security is a certificate referring to precious metals),
(viii) commodity forward contracts,
(ix) real estate property funds, and/or
(x) baskets of the aforementioned underlying assets.
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The aforementioned securities may be acquired regardless of whether the underlying asset can be
replaced or modified under the respective terms and conditions of the security, as long as the
replaced or modified underlying asset is one that is admissible for securities as defined in this letter.
Securities referring to an underlying asset as defined under letter i) No. (v) to No. (ix) may only be
acquired if they are geared towards a 1:1 replication of the respective underlying asset. This applies
accordingly to securities as defined under letter i) No. (x), insofar as they have underlying assets as
defined under letter i) No. (v) to No. (viii).
Securities with an underlying asset as defined under letter i) No. (vi) to No. (viii) may not provide for
any mandatory physical delivery or grant the issuer the right to make physical delivery of the
relevant underlying asset. This applies accordingly to securities as defined under letter i) No. (x),
insofar as they have underlying assets as defined under letter i) No. (vi) to No. (viii).
j) The Company may not acquire voting shares carrying a voting right for any of its investment funds to
an extent to which it would be permitted to exercise a significant influence over the management of
the issuer. A Sub-Fund may acquire a maximum of 10% of the non-voting shares, bonds, and money
market instruments of any one and a maximum of 25% of the shares or units of a UCITS or a UCI. This
limit does not apply to the acquisition of bonds, money market instruments and target fund units if the
total amount issued or the net amount of the shares issued cannot be calculated. It also does not
apply in as much as these securities and money market instruments are issued or guaranteed by an
EU Member State or its central, regional, or local authorities or by a third country, or are issued by
international organisations under public law to which one or more member states of the EU belong.
The restrictions stated under the first bullet point of 2 and 3 above refer to the time the assets are
acquired. If the limits set are subsequently exceeded because of price movements or due to reasons
beyond the control of the Company, the Company will adopt as its primary objective the remedying of
such situation, taking due account of the interests of its Shareholders.
4. Derogation from investment restrictions
a) The Company does not need to comply with the limits set forth under 1, 2 and 3 above when
exercising subscription rights attaching to transferable securities or money market instruments which
form part of its assets.
While ensuring observance of the principle of risk spreading, recently created Sub-Funds may
derogate from 1, 2 and 3 above for a period of no more than six months following the date of their
launch.
b) If the limits referred to in the preceding paragraph are exceeded for reasons beyond the control of
the Company or as a result of the exercise of subscription rights, it must adopt as a priority objective
for its sales transactions the remedying of that situation, taking due account of the interests of the
Shareholders.
c) While ensuring observance of the principle of risk spreading, Sub-Funds may derogate from the
applicable investment restrictions and limits set out in the Sub-Fund’s specific Asset Class Principles
and in the Sub-Fund’s individual Investment Restrictions during the first six months after the Sub-
Fund’s launch and during the last two months prior to the Sub-Fund’s liquidation or merger.
5. The Company is not permitted to enter into the following transactions:
a) No Sub-Fund may assume liabilities in connection with the purchase of partly paid securities, the
aggregate of which including loans as stipulated in 2 second indent exceeds 10% of the Sub-Fund’s
net assets.
b) No Sub-Fund may grant loans, or act as guarantor on behalf of third parties.
c) No Sub-Fund may acquire securities the disposal of which is subject to any kinds of restrictions due to
contractual provisions.
d) No Sub-Fund may invest in real estate, although real estate-backed securities or money market
instruments or interests in such investments, or investments in securities or money market instruments
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issued by companies which invest in real estate (such as REITs), and interests in such investments are
permitted.
e) No Sub-Fund may acquire precious metals or certificates on precious metals.
f) No Sub-Fund may pledge or charge assets, transfer them as collateral, or assign them as collateral,
unless this is required within the framework of a transaction permitted under the Prospectus. Such
collateral agreements are applicable in particular to OTC trades in accordance with 1 d) (“Collateral
Management”).
g) No Sub-Fund may conduct short sales of securities, money market instruments or target fund shares.
h) Pursuant to the investment restrictions applicable under Hong Kong requirements, the total
aggregate investments by the Company in any ordinary shares issued by any single issuer may not
exceed 10%.
6. Use of Techniques and Instruments
Subject to the specific investment restrictions of a Sub-Fund, the investment objective, the General
Investment Principles, and the specific Asset Class Principles of Sub-Funds may be achieved through the
use of techniques and instruments as described below.
Techniques and Instruments refer to the purchase of listed and non-listed (OTC) derivatives, including,
without limitation, futures, options, forward transactions, financial instruments with embedded derivatives
(structured products), credit default swaps, other swaps and instruments which provides returns based on
other investments, securities, money market instruments, funds, other derivatives, financial indices, basket
of securities, currencies, exchanges rates, interest rates, commodities, and other eligible so called
“underlyings” etc.
In the case of credit default swaps, the respective counterparties of such credit default swaps must be top-
rated financial institutions specialising in such transactions. Both the underlying and the counterparties to
the credit default swap must be taken into account with regard to the investment limits set out in No. 3
above. Credit default swaps are valued on a regular basis using clear and transparent methods, which
will be monitored by the Company and the Independent Auditor. If the monitoring should reveal
irregularities, the Company will arrange for these to be resolved and eliminated.
Subject to specific investment restrictions of a Sub-Fund, techniques and instruments may be either (i)
used for efficient portfolio management (including hedging) and/or (ii) investment purposes. The use of
techniques and instruments may involve entering into market-contrary transactions, which, for example,
could lead to gains if prices of underlyings fall, or to losses if the prices rise. They may also be restricted by
market conditions or regulatory restrictions and there are no assurances that their implementation will
achieve the desired result.
Use of such investment strategies may be restricted by market conditions or as a result of regulatory
restrictions and there is no assurance that the pursuit of such strategies will in fact achieve the desired
aim.
Derivatives
The Company may use a wide variety of derivatives, which may also be combined with other assets. The
Company may also acquire securities and money-market instruments which embed one or more
derivatives. Derivatives are based on “underlyings”. These “underlyings” may be the admissible
instruments listed in Appendix 1 Part B or they may be financial indices, interest rates, exchange rates or
currencies. Financial indices here include, specifically, currency, exchange-rate, interest-rate, price and
overall interest-rate return indices, as well as the continued use of bond and equity indices, indices on the
additional permissible instruments listed in Appendix 1 Part B, and commodity futures, precious metal
and commodity indices.
Set out hereafter are examples of the function of selected derivatives that a Sub-Fund may use
depending on its specific investment restrictions:
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Options
The purchase of a call or put option is the right to buy or sell a specific “underlying” at a fixed price at a
future time or within a specific period of time or to enter into or terminate a specific contract. An option
premium is paid for this right, which is payable whether or not the option is exercised.
The sale of a call or put option, for which the seller receives an option premium, is the obligation to sell or
buy a specific “underlying” at a fixed price at a future time or within a specific period of time or to enter
into or terminate a specific contract.
Futures-Contracts
Futures-contracts are exchange-traded instruments, and their dealing is subject to the rules of the
exchanges on which they are dealt. The amounts of the underlying asset cannot be changed nor can the
settlement date for the contract. Trades in futures are conducted via brokers who execute for the
respective Sub-Fund’s portfolio and/or clear the contracts for the sub-fund’s portfolio on the exchange.
Futures-contracts are subject to margin provisions. At the time of purchase or sale, initial margin is posted
to the exchange via the clearing broker. As the price of the contract rises or falls with the price of the
underlying, variation margin is posted or received by the sub-fund’s portfolio via a clearing broker.
Futures-Contracts on equity indices (equity index futures) will be used for both, efficient portfolio
management and hedging purposes. An equity index future is a futures-contract whose underlying
instrument is an equity index. The market value of an index future tends to rise and fall in relation to the
underlying index. The price of an index future will generally increase as the level of its underlying
increases.
Interest rate and currency futures-contracts are used to increase or reduce interest rate or currency
exposure to a particular market. Buying interest rate or currency futures provides the respective Sub-Fund
with interest rate exposure to the government bond interest rates in a given country or currency area (e.g.,
Eurozone). Selling futures-contract reduces interest rate or currency exposure in the same way. Futures-
contracts will sometimes be used by the respective Sub-Fund in combination with other securities. For
example, by buying corporate bonds and selling a duration-weighted amount of other bond futures-
contracts against those purchases, the respective Sub-Fund can take advantage of movements in credit
spreads without having exposure to interest rate risk in that market.
Exchange traded bond, currency and interest rate futures may be used as a cost-efficient alternative to
taking outright positions in underlying securities or for hedging specific risk in relation to a Sub-Fund’s
portfolio holding.
Forward Transactions
A forward transaction is a mutual agreement that authorises or obliges the counterparties to accept or to
deliver a specific “underlying” at a fixed price and at a specific time, or to make a corresponding cash
settlement available. As a rule, only a fraction of the size of any contract must be paid upfront (“margin”).
Contract for Difference
A contract for difference is a contract between the Company and a counterparty. Typically, one party is
described as “buyer” and “seller”, stipulating that the seller will pay to the buyer the difference between
the current value of an asset and its value at contract time (If the difference is negative, then the buyer
pays instead to the seller). Contract for differences may be used to take advantage of prices moving up
(long positions) or prices moving down (short positions) on underlying financial instruments and are often
used to speculate on those markets. For example, when applied to equities, such a contract is an equity
derivative that allows the portfolio manager to speculate on share price movements, without the need for
ownership of the underlying shares.
Swaps
A swap is a transaction in which the reference values underlying the transaction are swapped between
the counterparties. The Company may, in particular, enter into interest-rate, currency, equity, bond and
money-market related swap transactions, as well as credit default swap transactions within the
framework of the Sub-Fund’s investment strategy. The payments due from the Company to the
counterparty and vice versa are calculated by reference to the specific instrument and an agreed upon
notional amount.
Credit default swaps are credit derivatives that transfer the economic risk of a credit default to another
party. Credit default swaps may be used, among other things, to hedge creditworthiness risks arising from
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bonds acquired by a Sub-Fund (e.g., government or corporate bonds). As a rule, the counterparty may be
obliged to buy the bond at an agreed price or pay a cash settlement upon the occurrence a previously
defined event, such as the insolvency of the issuer, occurs. The buyer of the credit default swap pays a
premium to the counterparty as consideration for assuming the credit default risk.
OTC Derivative Transactions
The Company may enter into transactions both in derivatives that are admitted for trading on an
exchange or on another Regulated Market, as well as so-called over-the-counter transactions (OTC
transactions). In OTC transactions, the counterparties enter into direct, non-standardised agreements that
are individually negotiated and that contain the rights and obligations of the counterparties. OTC
derivatives often have only limited liquidity and may be subject to relatively high price fluctuations.
The use of derivatives to hedge an asset of a Sub-Fund is intended to reduce the economic risk inherent in
that asset. This also has the effect, however, of eliminating the Sub-Fund’s participation in any positive
performance of the hedged asset.
A Sub-Fund incurs additional risks when using derivative instruments to increase returns in pursuit of its
investment objective. These additional risks depend on the characteristics both of the respective
derivative and of the “underlying”. Derivative investments may be subject to leverage, with the result that
even a small investment in derivatives could have a substantial, even negative, effect on the performance
of a Sub-Fund.
Any investment in derivatives is associated with investment risks and transaction costs which a Sub-Fund
would not be exposed to were it not to pursue such strategies.
Specific risks are associated with investing in derivatives and there is no guarantee that a specific
assumption by the Investment Manager will turn out to be accurate or that an investment strategy using
derivatives will be successful. The use of derivatives may be associated with substantial losses which
depending from the particular derivative used may even be theoretically unlimited. The risks are primarily
those of general market risk, performance risk, liquidity risk, creditworthiness risk, settlement risk, risk of
changes in underlying conditions and counterparty risk. The following can be emphasized in connection
with this:
- The derivatives used may be misvalued or – due to different valuation methods – may have varying
valuations.
- The correlation between the values of the derivatives used and the price fluctuations of the positions
hedged on the one hand, and the correlation between different markets/positions hedged by
derivatives using underlyings that do not precisely correspond to the positions being hedged may be
imperfect, with the result that a complete hedging of risk is sometimes impossible.
- The possible absence of a liquid secondary market for any particular instrument at a certain point in
time may result in it not being possible to close out a derivative position even though it would have
been sound and desirable to do so from an investment perspective.
- OTC markets may be particularly illiquid and subject to high price fluctuations. When OTC derivatives
are used, it may be that it is impossible to sell or close out these derivatives at an appropriate time
and/or at an appropriate price.
- There is also the possible risk of not being able to buy or sell the “underlyings” that serve as reference
values for the derivative instruments at a time that would be favourable to do so or being compelled
to buy or sell the underlying securities at a disadvantageous time.
For derivative investments through certificates, there are also the additional general risks associated with
investment in certificates. A certificate vests the right, under conditions set forth in detail in the terms and
conditions of the issuer of the certificate, for the issuer of the certificate to demand the payment of an
amount of money or to deliver certain assets on the settlement date. Whether, and if so, the extent to
which the holder of a certificate has a corresponding claim on performance, depends on certain criteria,
such as the performance of the underlying security during the term of the certificate or its price on certain
days. As an investment instrument, certificates essentially contain the following risks (related to the issuer
of the certificate): the creditworthiness risk, the company-specific risk, the settlement default risk and the
counterparty risk. Other risks that should be emphasised are the general market risk, the liquidity risk and,
if applicable, the currency risk. Certificates are as a rule not hedged through other assets or through third-
party guarantees.
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Where applicable, (1) certain techniques and instruments are accounted for based on their delta-
weighted values, (2) market-contrary transactions are considered to reduce risk even where underlyings
and the Sub-Fund assets are not matched.
The Investment Manager may, in particular, invest either directly or indirectly in eligible assets by using
techniques and instruments relating to transferable securities and money markets instruments for efficient
portfolio management (including hedging) and/or investment purposes, if it is ensured by the Investment
Manager, that the Sub-Fund adheres to its investment limits as set out in (i) the General Investment
Principles, (ii) the specific Asset Class Principles and (iii) the Sub-Fund’s specific Investment Restrictions.
The use of such techniques and instruments should not result in a change of the declared investment
objective of a Sub-Fund or substantially increase the risk profile of a Sub-Fund.
For this purpose, the techniques and instruments are taken into account with the delta-weighted value of
the respective underlyings in the manner prescribed. Market-contrary techniques and instruments are
considered to reduce risk even when their underlyings and the assets of the Sub-Funds are not precisely
matched.
In the case of efficient portfolio management, techniques and instruments are used where:
a) they are cost-effective,
b) they are entered into to reduce risk or cost or to generate additional capital or income with risk levels
which is consistent with the risk profile of the Sub-Fund and applicable risk diversification rules,
c) their risks are adequately captured by the risk management process of the Company.
The use of techniques and instruments may not
a) result in a change of the Sub-Fund’s investment objective,
b) add substantial risks to the risk profile of the Sub-Fund.
The Investment Managers follows a risk-controlled approach in the use of techniques and instruments.
7. Securities (Reverse) Repurchase Agreements, Securities Lending Transactions
The Company may not enter into (reverse) repurchase agreements and into securities lending
transactions.
8. Buy-Sell Back Transactions / Sell-Buy Back Transactions, Margin Lending Transactions
A Sub-Fund may not enter into buy-sell back transactions or sell-buy back transactions.
A Sub-Fund may not enter into margin lending transactions.
9. Total Return Swaps (TRS) and financial instruments with similar characteristics
A Sub-Fund may enter into Total Return Swaps (“TRS”) in accordance with the requirements as set out in
the Securities Financing Transactions Regulation. Total return swaps are derivatives that transfer the total
economic performance, including income from interest and fees, gains and losses from price movements,
and credit losses, of a reference obligation to another party. Total return swaps may be used, among
other things, to exchange the performance of two different portfolios, e.g., the performance of certain
assets of a sub-fund towards the performance of an index or an external portfolio which may be
managed pursuant to a particular strategy as more detailed described in the Sub-Fund’s investment
restrictions. If Total Return Swaps are used, the counterparties have no influence on the composition or
administration of the respective underlying. The selected counterparties comply with the requirements of
Article 3 of the Securities Financing Transactions Regulation.
In addition, a Sub-Fund may enter into financial instruments with similar characteristics to a total return
swap (so called “contract for differences” or “CFD”). CFDs are derivatives that allow traders to take
advantage of prices moving up (long positions) or prices moving down (short positions) on all underlying
financial instruments. A CFD is a tool of leverage with its own potential profits and losses. By using CFDs a
Sub-Fund may enter the global markets without directly dealing with shares, indices, commodities or
currency pairs.
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10. Securities Financing Transactions Regulation
A Sub-Fund may enter into TRS/CFDs as set out in this section and section No. 9 above.
A Sub-Fund may enter into TRS/CFDs for investment purposes and for efficient portfolio management
purposes.
In this context, efficient portfolio management purposes include: the reduction of risk, the reduction of
cost and the generation of additional capital or income for the Sub-Fund with a level of risk that is
consistent with the risk profile of the Sub-Fund.
If a Sub-Fund invests in TRS and/or CFDs, the relevant asset or index may be comprised of Equity or Debt
Securities, Money Market Instruments or other eligible investments which are consistent with a Sub-Fund’s
specific Asset Class Principles, individual Investment Objective and Investment Restrictions.
Proportions of a Sub-Fund’s Net asset value subject to TRS/CFD
Both, the maximum and the expected proportion of the Net Asset Value of a Sub-Fund that can be
subject to TRS/CFDs are disclosed in Appendix 7.
According to the requirements of the Securities Financing Transaction Regulation the expected proportion
as pointed out in Appendix 7 is not a limit and the actual percentage may vary over time depending on
factors including, but not limited to, market conditions.
The maximum figure as pointed out in Appendix 7 is a limit.
A Sub-Funds shall only enter into TRS/CFDs with counterparties that satisfy the criteria (including those
relating to legal status, country of origin and minimum credit rating) as set out in in this Appendix
particularly in No. 7 above.
The underlyings of TRS/CFDs are securities which may be acquired for the Sub- Fund or financial indices
within the meaning of Article 9 (1) of Directive 2007/16/EC, interest rates, foreign exchange rates or
currencies into which the Sub-Fund may invest in accordance with its investment policy.
The categories of collateral which may be received by a Sub-Funds are set out in section No. 13 below
and includes cash and non-cash assets such as equities, interest-bearing securities and money market
instruments. Collateral received by the Funds will be valued in accordance with the valuation
methodology set out under Section XI.1., headed “Calculation of NAV per Share”.
Where a Sub-Fund receives collateral as a result of entering into TRS/CFDs, there is a risk that the
collateral held by a Sub-Fund may decline in value or become illiquid. In addition, there can also be no
assurance that the liquidation of any collateral provided to a Sub-Fund to secure a counterparty’s
obligations under a TRS/CFDwould satisfy the counterparty’s obligations in the event of a default by the
counterparty. Where a Sub-Fund provides collateral as a result of entering into TRS/CFDs, it is exposed to
the risk that the counterparty will be unable or unwilling to honour its obligations to return the collateral
provided.
For a summary of certain other risks applicable to TRS/CFDs, see section No. 9.
A Sub-Fund may provide certain of its assets as collateral to counterparties in connection with TRS/CFDs.
If a Sub-Fund has over-collateralised (i.e., provided excess collateral to the counterparty) in respect of
such transactions, it may be an unsecured creditor in respect of such excess collateral in the event of the
counterparty’s insolvency. If the Depositary or its sub-custodian or a third party holds collateral on behalf
of a Sub-Fund, the Sub-Fund may be an unsecured creditor in the event of the insolvency of such entity.
There are legal risks involved in entering into TRS/CFDs which may result in loss due to the unexpected
application of a law or regulation or because contracts are not legally enforceable or documented
correctly.
Subject to the restrictions laid down in section No. 13 below, a Sub-Fund may re-invest cash collateral that
it receives. If cash collateral received by a Sub-Fund is re-invested, the Sub-Fund is exposed to the risk of
loss on that investment. Should such a loss occur, the value of the collateral will be reduced, and the Sub-
Fund will have less protection if the counterparty defaults. The risks associated with the re-investment of
cash collateral are substantially the same as the risks which apply to the other investments of the Sub-
Fund.
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11. Potential impact of the use of techniques and instruments on the performance of
each Sub-Fund
The use of techniques and instruments might have a positive and a negative impact on the
performance of each Sub-Fund.
The Sub-Funds may use derivatives for hedging purposes. This may lead to correspondingly lower
opportunities and risks in the general Sub-Fund profile. Hedging can be used in particular to reflect the
different currency-hedged Share Classes and thus to mark the profile of the respective Share Class.
The Sub-Funds may also employ derivatives in a speculative sense in order to increase returns in
pursuing the investment objective, in particular, to represent the general Sub-Funds’ profiles and to
increase the level of investment above the level of investment of a fund that is fully invested in
securities. In reflecting the general Sub-Funds’ profiles through derivatives, the general Sub-Funds’
profiles will be implemented through the replacement of direct investments in securities, for example,
by investments in derivatives or also, in shaping the general Sub-Funds’ profiles, specific components
of the Sub-Funds’ investment objectives and principles may be derivative based, for example
reflecting currency positions through investments in derivatives, which normally will not have a
substantial effect on the general Sub-Funds’ profiles. In particular, if a Sub-Fund’s investment
objective states that, with the objective of achieving additional returns, the Investment Managers may
also assume separate foreign currency risks with regard to certain currencies and/or separate risks
with regard to equities, bonds and/or commodity futures indices and/or precious metals indices and/or
commodity indices these components of the investment objectives and principles are predominantly
derivative based.
If the Sub-Funds employ derivatives to increase the level of investment, they do so in order to achieve
a medium to long-term risk profile that offers potentially much greater market risk than that of a fund
with a similar profile that does not invest in derivatives.
The Investment Managers follow a risk-controlled approach in the use of derivatives.
12. Policy regarding direct and indirect operational costs/fees on the Use of Techniques
and Instruments
Direct and indirect operational costs and fees arising from the efficient portfolio management techniques
including TRS/CFD may be deducted from the revenue delivered to the Sub-Funds. These costs and fees
should not include hidden revenue. All the revenues arising from such efficient portfolio management
techniques, net of direct and indirect operational costs, will be returned to the relevant Sub-Fund. The
entities to which direct and indirect costs and fees may be paid include banks, investment firms, broker-
dealers or other financial institutions or intermediaries and may be related parties to the Management
Company or the Investment Manager. The revenues arising from such efficient portfolio management
techniques for the relevant reporting period, together with the direct and indirect operational costs and
fees incurred and the identity of the counterparty(ies) to these efficient portfolio management techniques,
will be disclosed in the annual and semi-annual reports of the Sub-Funds.
13. Collateral Management Policy
When entering into OTC derivatives transactions or efficient portfolio management techniques the
Company will observe the criteria laid down below in accordance with Circular 14/592 dated 30
September 2014 when using collateral to mitigate counterparty risk. As long as collateralization of OTC
derivatives transactions is not legally binding the level of collateral required is in the discretion of the
portfolio manager of each Sub Fund.
The risk exposure to a counterparty arising from OTC derivatives and efficient portfolio management
techniques should be combined when calculating the counterparty risk limits of 3 a) to d).
All assets received by the Sub-Funds in the context of efficient portfolio management techniques should
be considered as collateral and should comply with the criteria laid down below:
a) Liquidity: any collateral other than cash should be highly liquid and traded on a regulated market or
multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that
is close to its pre-sale valuation. Collateral received should also comply with the provisions set out in
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3. I). If the market value of the collateral exceeds or fall short of the contractually agreed threshold,
the collateral will be adjusted on a daily basis as to maintain the agreed threshold. This monitoring
process is on a daily basis.
b) Valuation: collateral received should be valued on at least a daily basis and assets that exhibit high
price volatility should not be accepted as collateral unless suitably conservative haircuts are in place.
c) Issuer credit quality: collateral should be of high quality.
d) Duration: Debt Securities received as collateral should have a maturity equivalent to the maturity of
the Debt Securities which may be acquired for the respective Sub-Fund according to its investment
restrictions.
e) Correlation: collateral received must be issued by an entity that is independent from the counterparty
and is expected not to display a high correlation with the performance of the counterparty.
f) Collateral diversification (asset concentration): collateral must be sufficiently diversified in terms of
country, markets and issuers. The criterion of sufficient diversification with respect to issuer
concentration is considered to be respected if the Sub-Fund receives from a counterparty of efficient
portfolio management and OTC derivatives a basket of collateral with a maximum exposure to a
given issuer of 20% of the Fund’s Net Asset Value. When a Fund is exposed to different counterparties,
the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a
single issuer. By way of derogation from this sub-paragraph, a Sub-Fund may be fully collateralised in
different transferable securities and money market instruments issued or guaranteed by an EU
Member State, one or more of its local authorities, a third country, or a public international body to
which one or more EU Member States belong. Such a Sub-Fund should receive securities from at least
six different issues, but securities from any single issue should not account for more than 30% of the
Sub-Fund’s Net Asset Value. A Sub-Fund’s individual Investment Restrictions will mention whether
such Sub-Fund intends to be fully collateralised in securities issued or guaranteed by an EU Member
State.
g) Enforceable: collateral received should be capable of being fully enforced by the Sub-Fund at any
time without reference to or approval from the counterparty.
h) Non-cash collateral cannot be sold, pledged, or re-invested.
i) Cash collateral received should only be
– held in accordance with 1. C); or
– invested in high-quality government bonds; or
– short term money market funds as defined in the Guidelines on a Common Definition of European
Money Market Funds.
Re-invested cash collateral should be diversified in accordance with the diversification requirements
applicable to non-cash collateral. Re-investment of cash collateral does not release the Sub-Fund from
repayment of full cash collateral received, i.e., potential losses incurring from the re-investment have to be
borne by the Sub-Fund.
Risks linked to the management of collateral, such as loss in value or illiquidity of received collateral
operational and legal risks, should be identified, managed, and mitigated by the risk management
process. The re-investment of cash collateral exposes to the Sub-Fund to a potential loss of the re-
invested assets whereas the full nominal amount (plus interest if applicable) has to be repaid to the
counterparty.
Where there is a title transfer, the collateral received should be held by the Depositary. For other types of
collateral arrangement, the collateral can be held by a third-party depositary which is subject to
prudential supervision, and which is unrelated to the provider of the collateral.
If a Sub-Fund receives collateral for at least 30% of its Net Asset Value an appropriate stress testing policy
will be applied to ensure regular stress tests are carried out under normal and exceptional liquidity
conditions to enable the Sub-Fund to assess the liquidity risk attached to the collateral. The liquidity stress
testing policy should at least prescribe the following:
a) design of stress test scenario analysis including calibration, certification, and sensitivity analysis,
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b) empirical approach to impact assessment, including back-testing of liquidity risk estimates,
c) reporting frequency and limit/loss tolerance threshold(s), and
d) mitigation actions to reduce loss including haircut policy and gap risk protection.
The Company has a clear haircut policy adapted for each class of assets received as collateral. The
haircut is a percentage by which the market value of the collateral will be reduced. The Company
typically deducts the haircuts from the market value in order to protect against credit, interest rate,
foreign exchange and liquidity risk during the period between collateral calls. The haircut generally is
contingent on factors such as price volatility of the relevant asset class, the prospective time to liquidate
the asset, the maturity of the asset, and the creditworthiness of the issuer. The following minimum haircut
levels are applied for the respective each asset class:
Cash (no haircut); Debt Securities issued by governments, central bank and/or supranationals with
Investment Grade rating (minimum haircut of 0.5% of the market value); other Debt Securities issued by
corporates with Investment Grade rating (minimum haircut of 2% of the market value); Debt Securities as
High Yield Investment Type 2 (minimum haircut of 10% of the market value); Equities (minimum haircut of
6% of the market value).
A more volatile (whether because of longer duration or other factors), less liquid asset typically carries a
higher haircut. Haircuts are defined with the approval of the risk management function and may be
subject to changes depending on changing market conditions. Haircuts may differ depending on the
underlying transaction type. Generally, Equities will only be accepted as collateral if they are included in
major stock indices. Additional (additive) haircuts apply for Debt Securities with a remaining maturity of
more than ten years. Additional (additive) haircuts apply for cash or securities received as collateral in
which their currency differ from the base currency of the Sub-Fund.
14. Risk Management Process
The Management Company will calculate the global exposure of each Sub-Fund. The Management
Company will use for each Sub-Fund either the commitment approach, the relative Value-at-Risk
approach or the absolute Value-at-Risk approach. The applied risk management approach for each Sub-
Fund is set out in Appendix 4.
The Management Company may adopt the commitment approach to limit market risk in respect of
certain Sub-Funds. The commitment approach measures the global exposure related solely to positions
on financial derivative instruments which are converted into equivalent positions on the underlying assets
with the Management Company’s total commitment to financial derivative instruments being limited to
100% of the portfolio’s total net value after taking into account the possible effects of netting and
coverage.
For those Sub-Funds for which the relative Value-at-Risk approach is used, the respective reference
portfolio is additionally outlined in Appendix 4. Furthermore, for Sub-Funds which either use the relative
Value-at-Risk approach or the absolute Value-at-Risk approach, the expected level of leverage of
derivatives is disclosed in Appendix 4.
The expected level of leverage of derivatives of the Sub-Fund is expressed as a ratio between the
aggregate of the notional values of all derivatives (excluding non-derivative investments) entered into by
the Sub-Fund and the NAV calculated based on the fair market value of all investments (including
derivatives). The actual level of leverage of the Sub-Fund might change over time and might temporarily
exceed the expected level of leverage of derivatives of the Sub-Fund. Derivatives might be used for
different purposes including hedging and/or investment purposes. The calculation of the expected level
of leverage does not distinguish between the different purposes of a derivative. Therefore, this figure
delivers no indication regarding the true riskiness of the Sub-Fund.
15. Transactions with Affiliated Companies
The Company, on behalf of a Sub-Fund, may also enter into transactions and invest in currencies and
other instruments for which affiliated companies act as broker or acts on its own account or for account of
the customers. This also applies for cases in which affiliated companies, or their customers execute
transactions in line with those of the Company. The Company may also enter into mutual transactions, on
behalf of a Sub-Fund, in which affiliated companies act both in the name of the Company and
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simultaneously in the name of the participating counterparty. In such cases, the affiliated companies have
a special responsibility towards both parties. The affiliated companies may also develop or issue
derivative instruments for which the underlying securities, currencies or instruments can be the
investments in which the Company invests or that are based on the performance of a Sub-Fund. The
Company may acquire investments that were either issued by affiliated companies or that are the object
of an offer for subscription or other sale of these shares. The commissions and sales charges charged by
the affiliated companies should be appropriate.
The Board may impose additional investment restrictions if these are necessary to comply with the legal
and administrative provisions in countries in which the Shares of the Company are offered for sale or sold.
16. Securities pursuant to Rule 144A of the United States Securities Act of 1933
To the extent permitted under the laws and regulations of Luxembourg, (and subject to the investment
objectives and investment policy of the Sub-Funds), a Sub-Fund may invest in securities which are not
registered pursuant to the United States Securities Act of 1933 and amendments thereto (hereinafter
called “the 1933 Act”), but which may be sold according to Rule 144A of the 1933 Act to qualified
institutional buyers (“securities pursuant to Rule 144A”) that qualify as securities as defined under section
1. A) above. A Sub-Fund may invest up to 10% of its net assets in securities pursuant to Rule 144A that do
not qualify as securities as defined under section 1. A) above, provided that the total value of such assets
together with other such securities and money market instruments that do not fall under section 1. A)
above, does not exceed 10%.
17. Direct Investments in Russian Securities
If the investment objective and investment policy of a Sub-Fund allow investment in Russian securities,
direct investments in traded Russian securities may be made on the “MICEX-RTS” (Moscow Interbank
Currency Exchange – Russian Trade System”) which is a Regulated Market for the purposes of Article 41
Paragraph 1 of the Law.
18. General Exclusion of certain issuers
All Sub-Funds refrain from direct investing in securities of issuers which, in the opinion of the Board,
engage in undesirable business activities. Undesirable business activities comprise particularly of the
following:
– Certain controversial weapons: The type of controversial weapons which are in the scope of the
exclusion policy may be updated from time to time and can be consulted on the website
https://regulatory.allianzgi.com/ESG/Exclusion_Policy.
– Coal: Issuers engaged in business activities related to coal will only be in scope of the exclusion policy
if they meet certain quantitative criteria. Such criteria may be updated from time to time and can be
consulted on the website https://regulatory.allianzgi.com/ESG/Exclusion_Policy.
The exclusion policy applies to corporate issuers only. The Sub-Funds might invest in securities baskets
such as indices which can contain securities falling under aforementioned exclusion criteria. To undertake
this exclusion, various external data and research providers are used. Debt Securities of issuers which are
in scope of the exclusion policy may be kept until the earlier of either maturity of the respective instrument
or 30 June 2022 provided such instrument has been acquired on behalf of the respective Sub-Fund prior
the enforcement of the exclusion policy.
19. Management Approach and reference to a Benchmark
Sub-Funds may or may not be managed by the Investment Manager in reference to a benchmark or an
index (the “Benchmark”) pursuant to Article 7 Section 1 letter d) of Commission Regulation (EU) No.
583/2010. A Sub-Fund which is managed in reference to a Benchmark makes reference to the relevant
Benchmark in its individual investment restrictions in Appendix 1, Part B.
Active Management approach
A Sub-Fund managed in reference to a Benchmark is a Sub-Fund where a Benchmark plays either a role
for (i) the explicit or implicit definition of a Sub-Fund’s portfolio composition and/or is used for (ii) a Sub-
Fund’s performance objectives and measures.
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A Sub-Fund’s Benchmark which is used for the explicit or implicit definition of a Sub-Fund’s portfolio
composition (the “Portfolio Compositon”) may include the following cases:
- A Sub-Fund uses a Benchmark as a universe from which to select securities. This applies even if only a
minority of securities which are constitutents of the Benchmark are held in a Sub-Fund’s portfolio and
the weightings of a Sub-Fund’s portfolio holdings diverge from their equivalent weighting in the
Benchmark.
- A Sub-Fund’s holdings are based upon the holdings of the Benchmark index. For example:
o The individual holdings of the Sub-Fund’s portfolio do not deviate materially from those of the
Benchmark.
o Monitoring systems are in place to limit the extent to which portfolio holdings and/or weightings
diverge from the composition of the Benchmark.
- A Sub-Fund invests in units of other UCITS or UCI in order to achieve similar performance to a
Benchmark.
A Sub-Fund’s Benchmark which is used for a Sub-Fund’s performance objectives and measures (the
“Performance Measures”) may include the following cases:
- A Sub-Fund has an internal or external target to outperform a Benchmark.
- Performance fees are calculated based on performance against a reference benchmark index.
- Contracts between the Management Company and third parties, such as the Investment Managers or
Investment Advisors, or between the management company and its directors and employees, state
that the portfolio manager must seek to outperform a benchmark index.
- The individual portfolio manager(s) receive(s) an element of performance-related remuneration
based on the Sub-Fund’s performance relative to a Benchmark.
- A Sub-Fund is constrained by internal or external risk indicators that refer to a Benchmark (e.g.,
tracking error limit, relative VaR for global exposure calculation).
- Marketing issued by the Management Company to one or more investors or potential investors shows
the performance of a Sub-Fund compared with a Benchmark.
In both cases - a Benchmark is used for Portfolio Composition, or a Benchmark is used for Performance
Measures - the Sub-Fund’s Investment Managers always follow, unless otherwise stated in a Sub-Fund’s
Investment Restrictions (Appendix 1, Part B), an active management approach, i.e., the composition of a
Benchmark is neither replicated nor reproduced.
In both cases, the Investment Manager’s aim is to outperform the Benchmark.
A Sub-Fund’s Benchmark is used for Performance Measures unless it is explicitly referred to in a Sub-
Fund’s individual investment restrictions in Appendix 1, Part B, that the relevant Sub-Fund’s Benchmark is
not used for Performance Measures. If a Sub-Fund’s Benchmark should additionally be used for a Sub-
Fund’s Portfolio Composition, such case is explicitly referred to in a Sub-Fund’s individual investment
restrictions in Appendix 1, Part B.
Due to the active management approach, a Sub-Fund’s Investment Manager may on its sole discretion
decide not to acquire certain securities as included in the Benchmark or to acquire securities other than
those included in the Benchmark. The composition and weighting of Sub-Fund's assets is neither based on
the Benchmark nor on any other benchmark.
Due to the active management approach, the individual performance of a Sub-Fund and the
performance of the Sub-Fund’s respective Benchmark are expected to differ.
Degree of Freedom
The extent to which an Investment Manager may deviate from the composition of the Benchmark by
considering both qualitative and quantitative aspects is referred to as “Degree of Freedom”. A Sub-Fund’s
Degree of Freedom is referred to in a Sub-Fund’s individual investment restrictions in Appendix 1, Part B.
The Degree of Freedom describes the grade of activity of the active management approach as used by a
Sub-Fund’s investment manager. The Degree of Freedom therefore defines the portfolio management’s
scope of action to deviate from the Benchmark and is classified in the following three categories which
reflect the grade of deviation:
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(i) limited,
(ii) material and
(iii) significant.
The Degree of Freedom is based on a methodology which is based on a qualitative assessment of the
investment strategy as well as various indicators for the grade of activity of the portfolio manager such as
active share, tracking error or condensation factor for the equity portion of portfolios or the active factor
exposure or deviation in risk contribution from active selection for the fixed income portion of portfolios.
Where possible, the indicators are determined on an ex-post basis. As an example, a high tracking error is
reflected in the methodology as an indicator for a higher grade of active management.
Sub-Funds with a limited Degree of Freedom have – compared to other actively managed Sub-Funds – a
relatively low freedom to deviate from the Benchmark. The deviation of the Sub-Fund’s portfolio and the
Benchmark composition is usually lower than for Sub-Funds with a material or significant Degree of
Freedom. Limited Degree of Freedom can be caused by a Benchmark which is well reflecting the
investment strategy of the respective Sub-Fund, e.g., by significant similarity of investment universe of the
Sub-Fund and its respective Benchmark. Limited Degree of Freedom can also be caused by a Sub-Fund’s
Investment Manager being subject to certain requirements and/or restrictions regarding the possible
deviation of the composition of the portfolio from the Sub-Fund’s Benchmark. As a consequence, the
performance of such Sub-Fund and the performance of such Sub-Fund’s Benchmark usually differ less
significant compared to Sub-Funds with a material or significant Degree of Freedom.
Sub-Funds with a material Degree of Freedom have – compared to other actively managed Sub-Funds
with limited Degree of Freedom – a relatively high discretion of the portfolio manager to deviate from the
benchmark e.g., through active security selection, active asset allocation and/or active risk management.
The deviation of the Sub-Fund’s portfolio and the Benchmark composition is usually higher than for Sub-
Funds with a limited Degree of Freedom but lower than for Sub-Funds with a significant Degree of
Freedom. As a consequence, the performance of such Sub-Fund and the performance of the Benchmark
may usually differ more compared to Sub-Funds with a limited Degree of Freedom but may usually differ
less compared to Sub-Funds with a significant Degree of Freedom.
Sub-Funds with a significant Degree of Freedom have – compared to other actively managed Sub-Funds
with limited or material Degree of Freedom – the relatively highest discretion of the portfolio manager to
deviate from the benchmark e.g., unconstrained portfolios with widely defined investment guidelines,
including but not limited to higher degrees of leverage, highly concentrated portfolios or thematic funds.
The deviation of the Sub-Fund’s portfolio and the Benchmark composition is usually higher than for Sub-
Funds with a limited or material Degree of Freedom. As a consequence, the performance of such Sub-
Fund and the performance of the Benchmark may usually differ more compared to Sub-Funds with a
limited or material Degree of Freedom.
The classification of the Degree of Freedom as well as investment restrictions restricting the Degree of
Freedom (if any) are referred to in a Sub-Fund’s individual investment restrictions in Appendix 1, Part B.
The broadness of the Benchmark’s universe can have an influence on the deviation between the Sub-
Fund’s portfolio and the Benchmark composition. For the various Sub-Funds, a variety of Benchmarks is
used which range from benchmarks with a narrow investment universe such as country or sector specific
benchmarks (e.g., the DAX which consists of only 30 constituents) with a very broad investment universe
without a specification on certain countries or sectors (e.g., the MSCI World All Countries which usually
consists of more than 3,000 constituents). Usually, Sub-Funds with a narrower benchmark may deviate
less from its benchmark compared to Sub-Funds with a wider benchmark.
The majority of securities held by a Sub-Fund may or may not consist of constituents of the respective
Benchmark. It is referred to in a Sub-Fund’s individual investment restrictions in Appendix 1, Part B if a
Sub-Fund’s securities usually have a majority of constituents of the respective Benchmark (mentioned as
“Expected Overlap: major”) or not (mentioned as “Expected Overlap: minor”).
Certain benchmarks, e.g., interest rates or fixed percentages, do not consist of assets which could be
acquired by a Sub-Fund, i.e., are not replicable by nature. If a Benchmark – due to its nature – is not
replicable in the portfolio of a Sub-Fund (e.g., the respective Benchmark is an interest rate or a fixed
percentage), the Expected Overlap is referred to as "not applicable" in the Sub-Fund’s individual
investment restrictions in Appendix 1, Part B.
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The Degree of Freedom to deviate from the Benchmark Index is likely to limit the extent to which a Sub-
Fund can outperform or underperform the Benchmark.
The Degree of Freedom as well as the Expected Overlap will be reviewed by the Management Company
on a regular basis. Amendments of the Degree of Freedom or the Expected Overlap will be only updated
in the next available version of the prospectus. There is no further obligation to inform the shareholders
about amendments of the Degree of Freedom or the Expected Overlap except the amendments of the
Degree of Freedom or the Expected Overlap are caused by a repositioning of a Sub-Fund.
In case a Sub-Fund’s Share Class is hedged against a certain currency, the respective Benchmark is also
hedged in the respective currency. In case a Sub-Fund’s Benchmark is an interest rate (e.g., EURO SHORT-
TERM RATE (€STR)) a hedged Share Class of such Sub-Fund may use an adequate other interest rate of
the hedging currency with an adequate tenure.
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Part B:
Introduction, Sub-Fund’s specific Asset Class Principles and
Sub-Funds’ individual Investment Objectives and
individual Investment Restrictions
Introduction
When studying this prospectus investors should consider that the individual investment policy of a single
Sub-Fund is only revealed in the interplay of various surveys and/or presentations contained in this
prospectus. The general fundamentals of the investment policy of all Sub-Funds are described in
Appendix 1, Part A, Chapter “General Investment Principles applicable to all Sub-Funds” (the “General
Investment Principles”), which define the legal framework for UCITS, with regard to all instruments which
are generally eligible for all Sub-Funds (including certain legal limits and restrictions to be observed).
The investments of a Sub-Fund therefor may basically consist of such assets and/or instruments as
mentioned in the “General Investment Principles”, whereby there may also be additional restrictions to be
found in the specific Sub-Fund’s Asset Class Principles and a Sub-Fund’s individual investment restrictions
(Appendix 1, Part B).
Any investment restrictions applicable for all Sub-Funds may also be found in the “General Investment
Principles”. There may also be additional individual investment restrictions described in a Sub-Fund’s
specific Asset Class Principles and in a Sub-Fund’s individual Investment Restrictions, or – if permitted by
law – there may be exceptions to the investment restrictions set forth in the “General Investment
Principles”. In addition, the ability of a Sub-Fund to borrow is limited in accordance with the “General
Investment Principles”.
A Sub-Fund’s specific Asset Class Principles and a Sub-Fund’s individual investment objectives and
individual investment restrictions are described in Appendix 1, Part B, where – unless otherwise stated –
Appendix 1 Part A and Appendix 4 (Risk Management Process) continues to apply.
Depending on which type of a particular Sub-Fund is concerned, the fundamentals of a Sub-Fund’s
specific Asset Class Principles are generally applicable for a Sub-Fund’s investment policy of such Asset
Class. All Sub-Funds associated with a specific Asset Class are listed in alphabetical order under the
respective Asset Class.
Appendix 1 Part B differentiates all Sub-Funds into different types of funds, whose general investment
principles - if no further rules apply according to a Sub-Fund’s individual Investment Restrictions – are
based on the specific Asset Class Principles for
(i) Equity Funds,
(ii) Bond Funds,
(iii) Multi Asset Funds,
(iv) Funds of Funds,
(v) Target Maturity Funds, and
(vi) Alternative Funds.
If a Sub-Fund’s individual investment policy differs from the investment principles as set out in the General
Investment Principles in combination with a Sub-Fund’s specific Asset Class Principles, such deviation is
explicitly mentioned in a Sub-Fund’s individual Investment Restrictions.
The combination of the investment principles resulting from both, the General Investment Principles and
the Sub-Fund’s specific Asset Class Principles and any potential deviation set out in a Sub-Fund’s
individual Investment Restrictions determines the individual investment policy of a Sub-Fund.
Generally, all Sub-Funds may use techniques and instruments in accordance with the “General Investment
Principles” if not otherwise stated in a Sub-Fund’s individual Investment Restrictions.
Details on Fees and Expenses are set out in Appendix 2, a Sub-Fund’s specific characteristics (such as the
Base Currency, the Dealing Day / Valuation Day convention, and the Trading Deadline applicable) are set
out in Appendix 3. The applied risk management approach for each Sub-Fund is set out in Appendix 4.
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The Investment Managers, if any, as well as the Sub-Funds for which the Management Company does not
delegate investment management but performs this duty internally is disclosed in Appendix 5. The
respective Investor Profile as well as investor restrictions (such as specific minimum subscription amounts
per Sub-Fund and/or Share Class) are set out in Appendix 6. The proportions of a Sub-Fund’s Net Asset
Value subject to the Securities Financing Transactions are set out in Appendix 7. Appendix 8 includes
information as far as other investment funds managed by the Management Company are concerned,
whereas Appendix 9 refers to information concerning Benchmark Regulation and the ESMA Register.
Sub-Funds which follow a specific Investment Strategy (as explained in detail in Appendix 1, Part B) are
managed in accordance with the SFDR, and which have to disclose specific information in accordance
with the Taxonomy Regulation are mentioned in Appendix 10.
Sub-Fund Investments in other Funds
If a Sub-Fund’s specific Asset Class Principles in combination with a Sub-Fund’s individual Investment
Restrictions provide for investments in other funds, the following does apply:
– Equity funds in which investments are made may either be broadly diversified equity funds or funds
specialising in particular countries, regions, or sectors. Any UCITS or UCI is an equity fund if its risk
profile typically correlates with that of one or more equity markets.
– Bond funds in which investments are made may either be broadly diversified bond funds or funds
specialising in particular countries, regions, or sectors, or oriented towards specific maturities or
currencies. Any UCITS or UCI is a bond fund if its risk profile typically correlates with that of one or
more bond markets.
– Alternative funds in which investments are made typically correlate with alternative investment
markets and/or alternative investment strategies whereas the alternative fund’s risk profile typically
does not or only low correlate with those of standard asset classes because of the use of derivatives
and the use of appropriate strategies. Alternative funds include investment funds, but are not limited
to, which can in particular pursue so-called "equity long / short strategies", "event-driven strategies"
and "alternative volatility strategies".
– Money-market funds in which investments are made may either be broadly diversified money-market
funds or money-market funds focused on specific groups of issuers or oriented towards specific
maturities or currencies. Any UCITS or UCI is a money-market fund as defined above if its risk profile
correlates with that of one or more money markets.
In so far as a Sub-Fund’s specific Asset Class Principles in combination with a Sub-Fund’s individual
Investment Restrictions contain no provisions to the contrary, in principle shares shall preferably be
acquired in funds that are managed, directly or indirectly, by the Management Company itself or by any
other company with which the Management Company is linked by a substantial direct or indirect
participation. Nevertheless, each Sub-Fund is generally allowed to invest a substantial proportion of its
assets in UCITS and/or UCI from other companies besides the Management Company.
Passive Violation of Limits
Exceeding or falling below limitations contained in the Sub-Fund’s specific Asset Class Principles in
combination with a Sub-Fund’s individual Investment Restrictions, is permitted if this occurs through
changes in the value of assets held in the Sub-Fund, through the exercise of subscription or option rights
and/or through change in the value of the Sub-Fund as a whole, in connection with the issue or
redemption of share certificates and/or due to changes to the list of excluded issuers analysed by data
providers based on the exclusion criteria applicable for a specific investment strategy (so-called “passive
violation of limits”). In such cases, the Investment Manager will seek to re-adhere to those limits within an
appropriate time frame.
Use of Techniques and Instruments
The Management Company may use techniques and instruments in relation to the Sub-Funds for the
purpose of efficient portfolio management (including for hedging purposes) (in accordance with the
“General Investment Principles”).
Under no circumstances may the Sub-Funds deviate from their stated investment objectives when using
such techniques and instruments.
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Possible Effects of the Use of Derivatives on the Risk Profile of the Sub-Fund
All Sub-Funds may use derivatives – such as futures, options, and swaps – for hedging purposes. This
may lead to correspondingly lower opportunities and risks in the general Sub-Fund profile. Hedging
can be used in particular to reflect the different currency-hedged Share Classes and thus to mark the
profile of the respective Share Class.
The Sub-Funds may also employ derivatives in a speculative sense in order to increase returns in
pursuing the investment objective, in particular, to represent the general Sub-Funds’ profiles and to
increase the level of investment above the level of investment of a fund that is fully invested in
securities. In reflecting the general Sub-Funds’ profiles through derivatives, the general Sub-Funds’
profiles will be implemented through the replacement of direct investments in securities, for example,
by investments in derivatives or also, in shaping the general Sub-Funds’ profiles, specific components
of the Sub-Funds’ investment objectives and principles may be derivative based, for example
reflecting currency positions through investments in derivatives, which normally will not have a
substantial effect on the general Sub-Funds’ profiles. In particular, if a Sub-Fund’s investment
objective states that, with the objective of achieving additional returns, the Investment Managers may
also assume separate foreign currency risks with regard to certain currencies and/or separate risks
with regard to equities, bonds and/or commodity futures indices and/or precious metals indices and/or
commodity indices these components of the investment objectives and principles are predominantly
derivative based.
If the Sub-Funds employ derivatives to increase the level of investment (use of derivatives for
investment purposes), they do so in order to achieve a medium to long-term risk profile that offers
potentially much greater market risk than that of a fund with a similar profile that does not invest in
derivatives.
Sub-Funds’ Investment Managers always follow a risk-controlled approach in the use of derivatives.
Sub-Funds’ Ability to exceed or fall below Specified Investment Limits
All Sub-Funds have the ability to exceed or fall below specified limits by acquiring or selling
corresponding assets if it is simultaneously ensured, through the use of techniques and instruments, that
the respective market risk potential as a whole adheres to these limits, unless otherwise stated in the
respective Sub-Fund’s individual Investment Restrictions.
For this purpose, the techniques and instruments are considered with the delta-weighted value of the
respective underlyings in the manner prescribed. Market-contrary techniques and instruments are
considered to reduce risk even when their underlyings and the assets of the Sub-Funds are not precisely
matched.
For the case that techniques and instruments are exclusively used for the purpose of the management
and/or hedging of a Sub-Fund’s Duration, certain government bond forwards and government bond
futures (using e.g., US Treasuries, gilts, Bundesanleihen as underlying) are excluded from the respective
exposure calculation as following:
– For the calculation of minimum exposure limits, long government bond forwards and long
government bond futures shall be included into, and short government bond forwards and short
government bond futures shall be excluded from the respective exposure calculation.
– For the calculation of maximum exposure limits, long government bond forwards and long
government bond futures shall be excluded from, and short government bond forwards and short
government bond futures shall be included into the respective exposure calculation.
Liquidity
Should the specific Asset Class Principles of a Sub-Fund in combination with the individual Investment
Restrictions of a Sub-Fund provide that the purpose of Deposits, money-market instruments and/or
money-market funds is to ensure the necessary liquidity of the Sub-Fund (liquidity management), these
instruments are not used for purposes of implementing the strategic orientation of the Sub-Fund. In this
case, their purpose is in particular to fulfil the obligations of the Sub-Fund (e.g., for payment of the
Subscription Price or to service redemptions of Shares) and to provide collateral or margin in the
framework of the use of techniques and instruments. Any collateral or margin provided are not included
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in any specific liquidity limit in regard to investments in Deposits, money-market instruments and/or
money-market funds provided by the Sub-Fund’s specific Asset Class Principles in combination with a Sub-
Fund’s individual Investment Restrictions.
Use of a specific Investment Strategy
As explained under Appendix 1, Part A (General Investment Principles) a Sub-Fund’s Investment Manager
may select securities based on fundamental and/or quantitative analysis (including, but not limited to,
new statistical techniques such as machine learning, natural language processing, and/or artificial
intelligence (“AI”) as described under Appendix 1, Part A). In this process, individual securities are
analysed, assessed, and selected in accordance with different investment processes and/or different
specific Investment Strategies.
In addition, a Sub-Fund may either
(i) promote environmental and social characteristics (referred to as “E/S characteristics”) or
(ii) does have sustainable investment as its objective (referred to as “Sustainable Investment”).
In both cases, Sub-Fund assets will be managed by the Investment Manager (i) in accordance with the
E/S characteristics’ scope, details, requirements, and applicable exclusion criteria, or (ii) in accordance
with the Sustainable Investment’s scope, details, requirements, and applicable exclusion criteria.
For all processes and/or additional specific Investment Strategies applied, however, it remains the case
that the Investment Manager solely is responsible for the final decisions made in the context to analyse,
to assess and to select individual securities.
The scope, the details, and the relevant requirements (including, but not limited to the applicable
exclusion criteria) of both, a Sub-Fund which promotes E/S characteristics and a Sub-Fund which has
Sustainable Investment as its objective are described in a Sub-Fund’s individual pre-contractual
template which is attached to this Prospectus.
In addition, a Sub-Fund’s individual pre-contractual template details the content of the disclosures
required under the SFDR, including any taxonomy-related information needed for sub-funds pursuant
to Article 8 and Article 9 SFDR.
Insofar as the use of derivatives is concerned, Appendix 1, Part A (“General Investment Principles”) No. 6
(“Use of Techniques and Instruments) fully applies. This includes transactions with derivatives for efficient
portfolio management (including hedging) and/or investment purposes.
If a Sub-Fund promotes E/S characteristics, then this circumstance is referred to in the Sub-Fund’s
individual Investment Restrictions by stating that “Sub-Fund assets are invested in accordance with E/S
characteristics (including certain exclusion criteria)”.
If a Sub-Fund has a Sustainable Investment as its objective, then this circumstance is referred to in the
Sub-Fund’s individual Investment Restrictions by stating that “Sub-Fund has Sustainable Investment
(including certain exclusion criteria) as its objective”.
If a Sub-Fund is managed in reference to a Benchmark, such Benchmark is generallynot consistent with
the environmental or social characteristics promoted by the Sub-Fund or aligned with a Sub-Fund which
has Sustainable Investment as its objective, unless specified in the Sub-Fund’s individual pre-contractual
template. For such case a Sub-Fund’s individual pre-contractual template explains to what extent the
Benchmark is consistent with the environmental or social characteristics promoted by the Sub-Fund or is
aligned with a Sub-Fund which has sustainable investment as objective.
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1. Equity Funds
The principles set out in the “General Part” are supplemented by the following principles and limits
which exclusively apply to all Equity Sub-Funds unless otherwise stated in an Equity Sub-Fund’s
individual Investment Restrictions:
- A Sub-Fund’s Investment Manager follows, unless otherwise stated in a Sub-Fund’s investment objective (or in the
investment restriction), always an active management approach (as mentioned in Appendix 1, Part A, No. 19).
- Min. 70% of Sub-Fund assets are invested in Equities as described in the investment objective.
- Less than 30% of Sub-Fund assets may be invested in Equities other than described in the investment objective.
- Max. 15% of Sub-Fund assets may be invested in convertible Debt Securities, thereof max. 10% of Sub-Fund assets may be
invested in contingent convertible bonds.
- Max. 25% of Sub Fund assets may be invested in Money Market Instruments and/or held in time deposits and/or (up to 20%
of Sub-Fund assets) in deposits at sight and/or (up to 10% of Sub-Fund assets) in money market funds for liquidity
management.
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI.
- Where a country and/or region is referred to in the investment objective (or in the investment restriction), a Sub-Fund will (or
will not) make investments which have exposure or connection to such country and/or region. Such investments include
Equities of companies listed on a Regulated Market or incorporated, with a registered office or principal place of business,
or that generate a material share of sales or profits in such country and/or region, as well as companies under common
management or control of, or have substantial direct or indirect participation in, the foregoing companies.
- A Benchmark is always used for a Sub-Fund’s Performance Measures if not otherwise referred to in the Sub-Fund’s
individual investment restrictions. A Benchmark may be used also for a Sub-Fund’s Portfolio Composition, where such case is
explicitly referred to in the Sub-Fund’s individual investment restrictions. In both cases the Investment Manager’s aim is to
outperform the Benchmark. A Sub-Fund’s Benchmark (and in the case that such Benchmark is explicitly used for a Sub-
Fund’s Portfolio Composition), and the Investment Manager’s Degree of Freedom to deviate from the Benchmark and the
expected overlap between the Sub-Fund`s invested securities and the constituents of its Benchmark are referred to, unless
not applicable, in a Sub-Fund’s individual Investment Restrictions. (Please refer to Appendix 1, Part A, No. 19)
Allianz All China Equity
Investment Objective
Long-term capital growth by investing in onshore and offshore Equity Markets of the PRC, Hong Kong, and Macau in accordance
with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be invested into the China A-Shares market
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI China All Shares Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Asian Small Cap Equity
Investment Objective
Long-term capital growth by investing in Asian Equity Markets excluding Japan, with a focus on small-sized companies.
Investment Restrictions
- Small-sized companies means companies whose market capitalization is a maximum of 1.3 times the market capitalization
of the largest security in the MSCI AC Asia Excl. Japan Small Cap.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Max. 15% of Sub-Fund assets may be invested in convertible Debt Securities and/or (up to 10% of Sub-Fund assets) in
contingent convertible bonds, thereof max. 10% of Sub-Fund assets may be High Yield Investments Type 1
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI AC Asia Excl. Japan Small Cap Total Return Net. Degree of Freedom: significant. Expected Overlap: minor
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Allianz Best Styles Euroland Equity
Investment Objective
Long-term capital growth by investing in developed Eurozone Equity Markets. The Investment Manager may engage in foreign
currency overlay and thus assume separate foreign currency risks with regard to currencies of OECD member states, even if the
Sub-Fund does not include any assets denominated in these respective currencies.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI EMU Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Best Styles Europe Equity
Investment Objective
Long-term capital growth by investing in European Equity Markets. The Investment Manager may engage in foreign currency
overlay and thus assume separate foreign currency risks with regard to currencies of OECD member states, even if the Sub-Fund
does not include any assets denominated in these respective currencies.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI Europe Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Best Styles Europe Equity SRI
Investment Objective
Long-term capital growth by investing in European Equity Markets in accordance with E/S characteristics. The Investment
Manager may engage in foreign currency overlay and thus assume separate foreign currency risks with regard to currencies of
OECD member states, even if the Sub-Fund does not include any assets denominated in these respective currencies.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI Europe Ext. SRI 5% Issuer Capped Total Return Net. Degree of Freedom: material. Expected Overlap:
major
Allianz Best Styles Global AC Equity
Investment Objective
Long-term capital growth by investing in global Equity Markets.
Investment Restrictions
- Max. 40% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund assets may not be invested in Equities of companies of the tobacco sector
- Hong Kong Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: material. Expected Overlap: major
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Allianz Best Styles Global Equity
Investment Objective
Long-term capital growth by investing in global Equity Markets.
Investment Restrictions
- Max. 5% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI World Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Best Styles Global Equity SRI
Investment Objective
Long-term capital growth by investing in global Equity Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI World Ext. SRI 5% Issuer Capped Total Return Net. Degree of Freedom: material. Expected Overlap:
major
Allianz Best Styles Pacific Equity
Investment Objective
Long-term capital growth by investing in Pacific Equity Markets which are Australia, PRC, Japan, New Zealand, Singapore and
Hong Kong. The Investment Manager may engage in foreign currency overlay and thus assume separate foreign currency risks
with regard to currencies of OECD member states, even if the Sub-Fund does not include any assets denominated in these
respective currencies.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Pacific Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Best Styles US Equity
Investment Objective
Long-term capital growth by investing in US Equity Markets in accordance with E/S characteristics. The Investment Manager may
engage in foreign currency overlay and thus assume separate foreign currency risks with regard to currencies of OECD member
states, even if the Sub-Fund does not include any assets denominated in these respective currencies.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P 500 Total Return Net. Degree of Freedom: material. Expected Overlap: major
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Allianz China A Opportunities
Investment Objective
Long-term capital growth by investing in China A-Shares Equity Markets of the PRC with a focus on large capitalization
companies in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Large market capitalization companies mean companies whose market capitalization is at least RMB 30 billion at the time
of acquisition
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Max. 20% of Sub-Fund assets may be invested in Equities of PRC Equity Markets other than China A-Shares market (e.g.,
China B-Shares)
- Max. 10% of Sub-Fund assets may be invested in Equities outside PRC Equity Markets (e.g., China H-Shares)
- Sub-Fund assets may not be invested in convertible Debt Securities including contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested in closed-end funds listed on the Shanghai Stock Exchange or Shenzhen
Stock Exchange
- Hong Kong Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI China A Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz China A-Shares
Investment Objective
Long-term capital growth by investing in China A-Shares Equity Markets of the PRC in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Max. 20% of Sub-Fund asset may be invested in Equities of PRC markets other than China A-Shares market (e.g., China B-
Shares and China H-Shares)
- Max. 10% of Sub-Fund assets may be invested in Equities outside PRC
- Sub-Fund assets may not be invested in convertible Debt Securities including contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested in closed end fundslisted on the Shanghai Stock Exchange or Shenzhen Stock
Exchange.
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI China A Onshore Total Return Net. Degree of Freedom: material. Expected Overlap: major
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Allianz China Future Technologies
Investment Objective
Long-term capital growth by investing in Equity Markets of the PRC (onshore and offshore), Hong Kong and Macau with a focus
on companies with an engagement in the development of future technologies.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max. 100% of Sub-Fund assets may be invested into the China A-Shares market
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Companies with an engagement in the development of future technologies are companies which offer products, processes
or services that provide, or benefit from, advances and improvements in future technologies which may include, but are not
limited to, artificial intelligence, commmunications technology, smart transportation, e-commerce, automation, biotech,
green technology, semiconductors, software and financial technology.
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art 2 Sec. 8 GITA
- Benchmark: MSCI China All Shares Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz China Healthy Living
Investment Objective
Long-term capital growth by investing in Equity Markets of the PRC (onshore and offshore), Hong Kong and Macau with a focus
on companies with an engagement in the area of healthcare and a healthy lifestyle.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max. 100% of Sub-Fund assets may be invested in the China A-Shares market
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Companies with an engagement in the areas of healthcare and a healthy lifestyle are companies offering products or
solutions that (i) develop medical treatments (including, but not limited to, clinical research, medical devices, hospital
services, medicine, to help lessen the symptoms and effects of a disease), (ii) prevent illness (e.g., positive diet, improved
environment and lifestyle changes to help reduce the risk of disease), (iii) prolong life / lengthen life span and/or (iv) ensure
healthy lives and promote well-being for all ages.
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art 2 Sec. 8 GITA
- Benchmark: MSCI China All Shares Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz China Equity
Investment Objective
Long-term capital growth by investing in the Equity Markets of the PRC, Hong Kong and Macau in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 50% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI China 10/40 Total Return Net. Degree of Freedom: material. Expected Overlap: major
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Allianz China Thematica
Investment Objective
Long-term capital growth by investing in Equity Markets of the PRC (onshore and offshore), Hong Kong and Macau with a focus
on companies whose business benefits or will benefit from growth opportunities of the PRC in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be invested into the China A-Shares market
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI China All Shares Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz Clean Planet
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies with an engagement in a cleaner
environment in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in companies with an engagement in a cleaner environment. Companies
engaging in a cleaner environment are companies which offer products and/or services with active positive contribution to
the improvement of challenges related to three key dimensions of a clean environment which include the core themes (i)
clean land, (ii) energy transition, and (iii) clean water as targeted by the SDGs No. 2, 3, 6, 7, 9, 12, 13, 14 and 15.
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities, thereof max. 10% of Sub-Fund assets may be
invested in contingent convertible bonds.
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz Climate Transition
Investment Objective
Long-term capital growth by investing in European Equity Markets with a focus on companies with an engagement in a transition
into a low-carbon economy in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Companies which engage in the transition into a low-carbon economy are companies which offer products or solutions with
active positive contribution to improvement of the supply, efficiency, or quality of a low-carbon economy
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Europe Total Return Net. Degree of Freedom: material. Expected Overlap: major
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Allianz Cyber Security
Investment Objective
Long-term capital growth by investing in the global Equity Markets with a focus on companies whose business will benefit from
or is currently related to cyber security in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Cyber security means companies which have exposure and/or connection to practices defending computers, servers, mobile
devices, electronic systems, networks and data against malicious attacks. It also includes the security of information
technologies and electronic information. Cyber security includes everything from computer security and disaster recovery to
end user training.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art.2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Information Technology Total Return Net. Degree of Freedom: significant. Expected
Overlap: major
Allianz Emerging Asia Equity
Investment Objective
Long-term capital growth by investing in Equities of Asian Emerging Markets (excluding Japan, Hong Kong and Singapore)
and/or of countries which are constituents of the MSCI Emerging Frontier Markets Asia.
Investment Restrictions
- Sub-Fund assets may be invested in Asian Emerging Markets or in countries which are constituents of the MSCI Emerging
Frontier Markets Asia
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Emerging Frontier Markets Asia Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Emerging Markets Equity
Investment Objective
Long-term capital growth by investing in emerging Equity Markets. The Investment Manager may engage in foreign currency overlay
and thus assume separate foreign currency risks with regard to currencies of OECD member states, even if the Sub-Fund does not
include any assets denominated in these respective currencies.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Emerging Markets or in countries which are constituents of the MSCI Emerging
Markets
- Max. 20% of Sub Fund assets may be held in Deposits and/or invested in Money Market Instruments and/or (up to 10% of Sub-Fund
assets) in money market funds
- Max. 20% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: major
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Allianz Emerging Markets Equity Opportunities
Investment Objective
Long-term capital growth by investing in emerging Equity Markets.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in at least five Emerging Markets and/ or in at least five countries which are
constituents of the MSCI Emerging Markets Daily Total Return Net
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Emerging Markets Equity SRI
Investment Objective
Long-term capital growth by investing in Equities of global Emerging Markets in accordance with E/S characteristics. The
Investment Manager may engage in foreign currency overlay and thus assume separate foreign currency risks with regard to
currencies of OECD member states, even if the Sub-Fund does not include any assets denominated in these respective currencies.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Emerging Markets or in countries which are constituents of the MSCI Emerging
Markets Ext. SRI 5% Issuer Capped.
- Max. 20% of Sub-Fund assets may be held in Money Market Instruments and/or Deposits and/or (up to 10% of Sub-Fund
assets) in money market funds
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction applies
- Benchmark: MSCI Emerging Markets Ext. SRI 5% Issuer Capped Total Return Net. Degree of Freedom: material. Expected
Overlap: minor
Allianz Euroland Equity Growth
Investment Objective
Long-term capital growth by investing in the Equity Markets of the Eurozone with a focus on growth stocks in accordance with
E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- The Sub-Fund is PEA (Plan d’Epargne en Actions) eligible in France
- Min. 75% of Sub-Fund assets are permanently physically invested in Equities as described in the investment objective
- Max. 25% of Sub-Fund assets may be invested in Equities other than described in the investment objective
- Max. 20% of Sub-Fund assets may be invested in Equities of companies whose registered offices are in countries
participating in the Exchange Rate Mechanism II
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P Eurozone Large Mid Cap Growth Total Return Net. Degree of Freedom: material. Expected Overlap: minor
117
- Allianz Global Investors Fund -
Allianz Europe Equity Growth
Investment Objective
Long-term capital growth by investing in European Equity Markets with a focus on growth stocks in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P Europe Large Mid Cap Growth Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Europe Equity Growth Select
Investment Objective
Long-term capital growth by investing in European Equity Markets with a focus on growth stocks of large market capitalization
companies in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria
- Large market capitalization companies mean companies whose market capitalization is at least EUR 5 billion as
determined at the time of acquisition
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P Europe Large Cap Growth Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Europe Equity powered by Artificial Intelligence
Investment Objective
Long-term capital growth by investing in European Equity Markets. The Investment Manager may engage in foreign currency
overlay and thus assume separate foreign currency risks regarding currencies of OECD member states, even if the Sub-Fund does
not include any assets denominated in these respective currencies.
Investment Restrictions
- Investment Manager’s discretionary decisions are supported using AI according to Appendix 1, Part A (“General Investment Principles”)
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Europe Total Return Net. Degree of Freedom: material. Expected Overlap: minor
Allianz Europe Equity SRI
Investment Objective
Long-term capital growth by investing in European Equity Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Investments in the meaning of Appendix 1 Part A No. 2 first indent are not permitted
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Europe Total Return Net. Degree of Freedom: material. Expected Overlap: major
118
- Allianz Global Investors Fund -
Allianz Europe Equity Value
Investment Objective
Long-term capital growth by investing in European Equity Markets with a focus on value stocks in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P Europe Large Mid Cap Value Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Europe Mid Cap Equity
Investment Objective
Long-term capital growth by investing in developed European Equity Markets, excluding Turkey and Russia, with a focus on
midsized companies in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Midsized companies mean companies whose market capitalization is a maximum of 1.3 times the market capitalization of
the largest security in the MSCI Europe Mid Cap
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub Fund assets may be held in Money Market Instruments and/or Deposits and/or (up to 10% of Sub-Fund
assets) in money market funds
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Europe Mid Cap Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Europe Small and Micro Cap Equity
Investment Objective
Long-term capital growth by investing in European Equity Markets with a focus on micro to small cap companies in accordance
with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- The Sub-Fund is PEA-PME (Plan d’Epargne en Actions destiné au financement des PME et ETI)
- Min. 90% of Sub-Fund assets are invested in Equities in accordance with the investment objective and which fulfill the
requirements of PEA-PME
- Micro to small cap companies means companies whose market capitalization is a maximum of 1.3 times the market
capitalization of the largest security in the MSCI Europe Small Cap Index
- Max. 10% of Sub-Fund assets may be invested in Equities other than described in the investment objective
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities, and/or in contingent convertible bonds
- Max. 10% of Sub Fund assets may be held directly in Money Market Instruments and/or Deposits and/or in money market
funds for liquidity management
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: 70% MSCI Europe Small Cap ex-UK Total Return Net + 30% MSCI Europe Micro Cap ex-UK Total Return Net.
Degree of Freedom: significant. Expected Overlap: major
119
- Allianz Global Investors Fund -
Allianz Europe Small Cap Equity
Investment Objective
Long-term capital growth by investing in European Equity Markets with a focus on small-sized companies in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Small-sized companies means companies whose market capitalization is a maximum of 1.3 times the market capitalization
of the largest security in the MSCI Europe Small Cap
- Max. 25% of Sub-Fund assets may be invested in Emerging Markets
- Equities, convertible Debt Securities and/or money market instruments of one and the same issuer may be acquired up to
5% of the Sub-Fund assets
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Europe Small Cap Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz European Equity Dividend
Investment Objective
Long-term capital growth by investing in companies of European Equity Markets that are expected to achieve permanent
dividend returns in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub Fund assets may be held directly in Money Market Instruments and/or Deposits and/or (up to 10% of Sub-
Fund assets) in money market funds for liquidity management
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Europe Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Food Security
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies with an engagement in the area of
food security in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in companies with an engagement in the area of food security. Companies which
engage in food security are companies which offer products and/or services that improve food management practices
across the entire supply chain with the purpose of improving sustainability of the agricultural practices, natural resource
efficiency, and affordability and quality of food as targeted by SDGs No. 2, 3, 6, 13, 14 and 15.
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities, and/or in contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
120
- Allianz Global Investors Fund -
Allianz GEM Equity High Dividend
Investment Objective
Long-term capital growth by investing in global emerging Equity Markets with a focus on Equities which will result in a portfolio
of investments with a potential dividend yield above the market average when the portfolio is considered as a whole
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Emerging Markets or in countries which are constituents of the MSCI Emerging
Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz German Equity
Investment Objective
Long-term capital growth by investing in German Equity Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- The Sub-Fund is PEA (Plan d’Epargne en Actions) eligible in France
- Min. 75% of Sub-Fund assets are permanently physically invested in Equities as described in the investment objective
- Max. 25% of Sub-Fund assets may be invested in Equities other than described in the investment objective
- Max. 25% of Sub-Fund assets may be invested in Emerging Markets
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: DAX UCITS Capped. Degree of Freedom: material. Expected Overlap: minor
Allianz German Small and Micro Cap
Investment Objective
Long-term capital growth by investing in German Equity Markets with a focus on micro to small cap companies.
Investment Restrictions
- The Sub-Fund is PEA (Plan d’Epargne en Actions) eligible in France
- Min. 75% of Sub-Fund assets are permanently physically invested in Equities as described in the investment objective.
- Micro to small cap companies means companies whose market capitalisation is a maximum of one time the market
capitalisation of the largest security (in terms of market capitalisation) in the SDAX.
- Max. 25% of Sub-Fund assets may be invested in Equities other than described in the investment objective
- Max. 25% of Sub-Fund assets may be invested in Emerging Markets
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: SDAX Total Return Gross. Degree of Freedom: material. Expected Overlap: minor
121
- Allianz Global Investors Fund -
Allianz Global Artificial Intelligence
Investment Objective
Long-term capital growth by investing in the global Equity Markets with a focus on the evolution of artificial intelligence in
accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Taiwan Restriction applies
- Benchmark: 50% MSCI AC World (ACWI) Total Return Net + 50% MSCI World Information Technology Total Return Net.
Degree of Freedom: significant. Expected Overlap: major
Allianz Global Diversified Dividend
Investment Objective
Long-term capital growth by investing in global Equity Markets in accordance with E/S characteristics, with a focus on Equities which
will result in a portfolio of investments with a potential dividend yield above the market average when the portfolio is considered as a
whole.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets.
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI World High Dividend Yield Net Return EUR Index. Degree of Freedom: material. Expected Overlap: major
Allianz Global Dividend
Investment Objective
Long-term capital growth by investing in companies of global Equity Markets that are expected to achieve sustainable dividend
payments.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: material. Expected Overlap: major
122
- Allianz Global Investors Fund -
Allianz Global Emerging Markets Equity Dividend
Investment Objective
Long-term capital growth by investing in companies of emerging Equity Markets that are expected to achieve sustainable
dividend payments.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Emerging Markets or in countries which are constituents of the MSCI Emerging
Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Global Equity Growth
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on growth stocks in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Global Equity Insights
Investment Objective
Long-term capital growth by investing in global Equity Markets to achieve a concentrated equity portfolio with a focus on stock
selection in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 49% of Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub Fund assets may be held in Money Market Instruments and/or Deposits and/or (up to 10% of Sub-Fund assets) in
money market funds
- Max. 20% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
123
- Allianz Global Investors Fund -
Allianz Global Equity powered by Artificial Intelligence
Investment Objective
Long-term capital growth by investing in global Equity Markets. The Investment Manager may engage in foreign currency
overlay and thus assume separate foreign currency risks regarding currencies of OECD member states, even if the Sub-Fund does
not include any assets denominated in these respective currencies.
Investment Restrictions
- Investment Manager’s discretionary decisions are supported using AI according to Appendix 1, Part A (“General Investment
Principles”)
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI World Total Return Net. Degree of Freedom: material. Expected Overlap: minor
Allianz Global Equity Unconstrained
Investment Objective
Long-term capital growth by investing in global Equity Markets to achieve a concentrated equity portfolio with a focus on stock
selection in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Equities as described in the investment objective, thereof min. 51% of Sub-Fund
assets are invested directly in Equities as described in the investment objective
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 15% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Global Hi-Tech Growth
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on the information technology sector or on an
industry which forms part of this sector in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Information technology sector means companies that have, or will, develop products, processes or services that will provide,
or will benefit significantly from advances and improvements in the information technology sector which includes, but is not
limited to, software & related services, including primarily development of software in various fields such as the internet,
applications, systems, databases management and/or home entertainment; consulting and services, as well as data
processing and outsourced services; technology hardware & equipment, including manufacturers and distributors of
communications equipment, computers & peripherals, electronic equipment and related instruments; interactive media &
services, internet, internet infrastructure and services; and semiconductors & semiconductor equipment manufacturers.
- Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI World Information Technology Total Return Net. Degree of Freedom: material. Expected Overlap: major
124
- Allianz Global Investors Fund -
Allianz Global Metals and Mining
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on natural resources. Natural resources may
comprise of nonferrous metals, iron and other ores, steel, coal, precious metals, diamonds or industrial salts and minerals.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max 10% of Sub-Fund Assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI ACWI Metals & Mining 30% Buffer 10/40. Degree of Freedom: material. Expected Overlap: major
Allianz Global Small Cap Equity
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on small-sized companies.
Investment Restrictions
- Small-sized companies means companies whose market capitalisation is a maximum of 1.3 times the market capitalization
of the largest security in terms of market capitalization in the MSCI World Small Cap. Under normal market situations the
Investment Manager expects to maintain a weighted-average market capitalization of the portfolio of the Sub-Fund
between 50% and 200% of the weighted-average market capitalization of the securities in the MSCI World Small Cap.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets, limited to max. 10% of Sub-Fund assets for each single
Emerging Markets country
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Max. 15% of Sub-Fund assets may be invested in convertible Debt Securities and/or (up to 10% of Sub-Fund assets) in
contingent convertible bonds thereof max. 10% may be invested in High Yield Investments Type I
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI World Small Cap Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Global Sustainability
Investment Objective
Long-term capital growth by investing in global Equity Markets of developed countries in accordance with E/S characteristics.
The Investment Manager may engage in foreign currency overlay and thus assume separate foreign currency risks with regard to
currencies of OECD member states, even if the Sub-Fund does not include any assets denominated in these respective currencies.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: DOW JONES Sustainability World Total Return Net. Degree of Freedom: material. Expected Overlap: minor
125
- Allianz Global Investors Fund -
Allianz Global Water
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies with an engagement in the area of
water resource management in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in companies with an engagement in the area of water resource management.
Companies which engage in the area of water resource management are companies which offer products and/or services
that create positive environmental and social outcomes along water scarcity and quality issues and helps to improve the
sustainability of global water resources, as targeted by the SDGs No. 2, 3, 6, 11 and 13.
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz High Dividend Asia Pacific Equity
Investment Objective
Long-term capital growth by investing in a portfolio of Asia Pacific (excluding Japan) Equity Market securities, with a potential
dividend yield above the market average in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 80% of Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares and/or China B-Shares markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC Asia Pacific Excl. Japan Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Hong Kong Equity
Investment Objective
Long-term capital growth by investing in Hong Kong Equity Markets.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: FTSE MPF Hong Kong Index Total Return Net. Degree of Freedom: material. Expected Overlap: minor
126
- Allianz Global Investors Fund -
Allianz India Equity
Investment Objective
Long-term capital growth by investing in Equity Markets of the Indian Subcontinent, including India, Pakistan, Sri Lanka and
Bangladesh.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Equities as described in the investment objective, thereof max. 30% of Sub-Fund
assets may be invested in Equity Markets of Pakistan, Sri Lanka and Bangladesh
- Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Sub-Fund acts as a registered FPI
- Benchmark: MSCI India Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Japan Equity
Investment Objective
Long-term capital growth by investing in Japanese Equity Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: TOPIX Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Japan Smaller Companies Equity
Investment Objective
Long-term capital growth by investing in Japanese Equity Markets with a focus on mid and small-sized companies.
Investment Restrictions
- Mid and small-sized companies mean companies whose market capitalization is a maximum of 2.0 times the market
capitalization of the largest security in the MSCI Japan Small Cap Index.
- Max 10% of Sub-Fund assets may be invested in Emerging Markets.
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art.2 Sec. 8 GITA
- Benchmark: MSCI Japan Small Cap Total Return Net. Degree of Freedom: material. Expected Overlap: major
127
- Allianz Global Investors Fund -
Allianz Little Dragons
Investment Objective
Long-term capital growth by investing in Asian Equity Markets, excluding Japan, with a focus on small-sized and mid-sized
companies.
Investment Restrictions
- Small-sized and mid-sized companies means companies whose market capitalization is a maximum of 1.3 times of the
market capitalization of the largest security in terms of market capitalisationin the MSCI AC Asia Excl. Japan Mid Cap.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC Asia Excl. Japan Mid Cap Total Return Net. Degree of Freedom: material. Expected Overlap: minor
Allianz Pet and Animal Wellbeing
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on the evolution and development of pet and animal
wellbeing in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: minor
Allianz Positive Change
Investment Objective
Long-term capital growth by investing in global Equity Markets in accordance with E/S characteristics with a focus on companies
with an engagement in one or more United Nations’ SDGs, and hence create positive outcomes for environment and society.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in companies with an engagement in one or more United Nations’ SDGs.
Companies engaging in one or more SDGs and hence create positive outcomes for environment and society are companies
which offer products and/or services across the themes of Food Security, Healthcare, Energy Transition, Water, Circular
Economy and Social Inclusion as targeted by the SDGs No. 1 to No. 17.
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
128
- Allianz Global Investors Fund -
Allianz Premium Champions
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies that provide premium products
and/or services, including those that have a strong competitive position, and/or a strong brand portfolio.
Investment Restrictions
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz SDG Global Equity
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies that contribute to one or more United
Nations' SDGs, and hence create positive outcomes for environment and society.
Investment Restrictions
- Sub-Fund has Sustainable Investment (including certain exclusion criteria) as its objective. Sub-Fund’s pre-contractual
template describes all relevant information about the Sustainable Investment’s scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Equities issued by companies which offer products and/or services that
contribute to one or more of the SDGs No. 1 to No. 17.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets.
- Max. 10% of Sub-Fund assets may be invested in REITs.
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds.
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- VAG Investment Restriction: applies
- Benchmark: MSCI World Net Total Return. Degree of Freedom: material. Expected Overlap: minor
Allianz Smart Energy
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies with an engagement in the area of
transition of energy usage in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in companies with an engagement in transition of energy usage. Companies
which engage in the transition of energy usage are companies which offer products and/or services with active positive
contribution to the shift away from fossil fuels, enhancing resilience of the sustainable energy infrastructure, creating
renewable sources of energy generation, energy storage systems and improving efficacy and access to energy
consumption, as targeted by the SDGs No. 7, 9, 11, 12, and 13.
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
129
- Allianz Global Investors Fund -
Allianz Social Conviction Equity
Investment Objective
Long-term capital growth by investing in the Equity Markets of the Eurozone with a focus on companies that have a superior
social profile in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Companies with a superior social profile are either companies (i) that provide products and/or services that have a positive
social contribution (which includes, among other things, health and the welfare of society) and/or (ii) companies that are
deemed to exhibit a superior social profile by the investment manager’s discretionary assessment by taking into
consideration both qualitative and quantitative social indicators.
- The Sub-Fund is PEA (Plan d’Epargne en Actions) eligible in France
- Min. 75% of Sub-Fund assets are permanently physically invested in Equities as described in the investment objective
- Max. 25% of Sub-Fund assets may be invested in Equities other than described in the investment objective
- VAG Investment resticition applies.
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI EMU Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Sustainable Health Evolution
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on companies with an engagement in the area of
health innovation and promotion in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in companies with an engagement in the area of health innovation. Companies
which engage in the area of health innovation and promotion are companies offering products and/or services that enable
a healthy and sustainable lifestyle through (i) preventing illness (fitness, nutrition and lifestyle changes to help reduce the
risk of disease), (ii) prescribing treatment (medicine, therapy, surgery etc. to help lessen the symptoms and effects of a
disease) and (iii) prolonging life (technology, tools, research, science etc. to lengthen life span) as targed by the SDG’s No. 2,
3, 6, 11 and 12.
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds.
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
130
- Allianz Global Investors Fund -
Allianz Systematic Enhanced US Equity SRI
Investment Objective
Long-term capital growth by investing in US Equity Markets in accordance with E/S characteristics. The Investment Manager may
engage in foreign currency overlay and thus assume separate foreign currency risks with regard to currencies of OECD member
states, even if the Sub-Fund does not include any assets denominated in these respective currencies.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI USA ESG Screened Index. Degree of Freedom: limited (the Investment Manager defines constraints
against the Benchmark to achieve a low tracking error and similar return pattern (e.g., constraints on active weight of single
stock/sectors). Our deviation from the investment universe, weightings and risk characteristics of the Benchmark is likely to
be limited in our own discretion.). Expected Overlap: major
Allianz Thematica
Investment Objective
Long-term capital growth by investing in global Equity Markets with a focus on theme and stock selection in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in China A-Shares market
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC World (ACWI) Total Return Net. Degree of Freedom: significant. Expected Overlap: major
Allianz Total Return Asian Equity
Investment Objective
Long-term capital growth and income by investing in the Equity Markets of the Republic of Korea, Taiwan, Thailand, Hong Kong,
Malaysia, Indonesia, the Phillippines, Singapore and/or the PRC in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Max. 30% of Sub-Fund assets may be held in Money Market Instruments and/or Deposits and/or (up to 10% of Sub-Fund
assets) in money market funds
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: MSCI AC Asia Excl. Japan Total Return Net. Degree of Freedom: material. Expected Overlap: major
131
- Allianz Global Investors Fund -
Allianz US Equity Fund
Investment Objective
Long-term capital growth by investing in companies of US Equity Markets with a minimum market capitalisation of USD 500
million.
Investment Restrictions
- Max. 30% Sub-Fund assets may be invested in Emerging Markets
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P 500 Total Return. Degree of Freedom: material. Expected Overlap: major
Allianz US Equity Plus
Investment Objective
Long-term capital growth and income by investing in US Equity Markets.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub Fund assets may be held in Deposits and/or invested in Money Market Instruments and/or (up to 10% of
Sub-Fund assets) in money market funds
- Max. 20% non-USD Currency Exposure
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: none
Allianz US Equity powered by Artificial Intelligence
Investment Objective
Long-term capital growth by investing in US Equity Markets. The Investment Manager may engage in foreign currency overlay
and thus assume separate foreign currency risks regarding currencies of OECD member states, even if the Sub-Fund does not
include any assets denominated in these respective currencies.
Investment Restrictions
- Investment Manager’s discretionary decisions are supported using AI according to Appendix 1, Part A (“General Investment
Principles”)
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: S&P 500 Total Return Net. Degree of Freedom: material. Expected Overlap: minor
132
- Allianz Global Investors Fund -
Allianz US Large Cap Value
Investment Objective
Long-term capital growth by investing in the US Equity Markets with a focus on value stocks in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Value stock means Equity whose current share price is trading - for whatever reason - below its intrinsic value.
- Min. 70% of Sub-Fund assets are invested in large cap companies whose market capitalization is at least the same as the
smallest component in the Russell 1000 Value Index.
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% non-USD Currency Exposure
- Max. 20% of Sub-Fund assets may be invested in REITs
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies, however at least 70% of Sub-Fund assets are invested in Equity Participation
according to Art. 2 Sec. 8 GITA
- Benchmark: Russell 1000 Value Total Return Net. Degree of Freedom: material. Expected Overlap: major
133
- Allianz Global Investors Fund -
2. Bond Funds
The principles set out in the “General Part” are supplemented by the following principles and limits
which exclusively apply to all Bond Sub-Funds unless otherwise stated in a Bond Sub-Fund’s individual
Investment Restrictions:
- A Sub-Fund’s Investment Manager follows, unless otherwise stated in a Sub-Fund’s investment objective (or in the
investment restriction), always an active management approach (as mentioned in Appendix 1, Part A, No. 19).
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective.
- Less than 30% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective.
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS.
- Max. 10% of Sub-Fund assets may be invested in contingent convertible bonds.
- Max. 10% of Sub-Fund assets may be invested in preference shares.
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI.
- Max. 100% of Sub-Fund assets may be invested in Money Market Instruments and/or held in time deposits and/or (up to
20% of Sub-Fund assets) in deposits at sight and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary
basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the
investment manager considers it in the best interest of the Sub-Fund.
- Where a country, region and/or market is referred to in the investment objective (or in the investment restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region and/or markets. Such
investments include Debt Securities that are issued or guaranteed by governments, municipalities, agencies, supra-
nationals, central, regional, or local authority and companies of (including those that generate a predominant share of their
sales or their profits in) such country, region and/or market as well as companies that are under common management or
control of or have substantial direct or indirect participation in the foregoing companies.
- Sub-Fund assets may be invested in Equities and comparable securities or rights in the exercise of subscription, conversion
and option rights on investments such as convertible bonds, contingent convertible bonds and bonds with warrants, but they
must be sold within twelve months from the date of acquisition. Up to 5% of Sub-Fund assets as described in the
aforementioned meaning may be invested longer than twelve months if the investment manager considers it in the best
interest of the Sub-Fund.
- A Benchmark is always used for a Sub-Fund’s Performance Measures if not otherwise referred to in the Sub-Fund’s
individual investment restrictions. A Benchmark may be used also for a Sub-Fund’s Portfolio Composition, where such case is
explicitly referred to in the Sub-Fund’s individual investment restrictions. In both cases the Investment Manager’s aim is to
outperform the Benchmark. A Sub-Fund’s Benchmark (and in the case that such Benchmark is explicitly used for a Sub-
Fund’s Portfolio Composition), and the Investment Manager’s Degree of Freedom to deviate from the Benchmark and the
expected overlap between the Sub-Fund`s invested securities and the constituents of its Benchmark are referred to, unless
not applicable, in a Sub-Fund’s individual Investment Restrictions. (Please refer to Appendix 1, Part A, No. 19)
Allianz Advanced Fixed Income Euro
Investment Objective
Long-term capital growth above the long-term return of the government Bond Markets issued within the Eurozone in Euro (EUR)
terms by investing in global Bond Markets with Euro exposure in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Sub-Fund assets may be invested in options and/or future-contracts on equity indices for both, efficient portfolio
management and hedging purposes. Sub-Fund assets must not at any time own a net synthetic long position on equity
indices
- Max. 20% non-EUR Currency Exposure
- Duration: between 1 and 10 years
- Benchmark: BLOOMBERG Euro Aggregate 1-10 Year Total Return. Degree of Freedom: material. Expected Overlap: major
134
- Allianz Global Investors Fund -
Allianz Advanced Fixed Income Global
Investment Objective
Long-term capital growth above the return of the global sovereign Bond Markets by investing in global Bond Markets in
accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Min. 40% of Sub-Fund assets are invested in Debt Securities which are issued or guaranteed by governments, municipalities,
agencies, supra-nationals, central, regional or local authorities
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Sub-Fund assets may be invested in options and/or future-contracts on equity indices for both, efficient portfolio
management and hedging purposes. Sub-Fund assets must not at any time own a net synthetic long position on equity
indices
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between 3 and 9 years
- Benchmark: J.P. MORGAN Government Bond (GBI) 1-10 Year. Degree of Freedom: material. Expected Overlap: minor
Allianz Advanced Fixed Income Global Aggregate
Investment Objective
Long-term capital growth by investing in global corporate and government Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Sub-Fund assets may be invested in options and/or future-contracts on equity indices for both, efficient portfolio
management and hedging purposes. Sub-Fund assets must not at any time own a net synthetic long position on equity
indices
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between 3 and 9 years.
- VAG Investment Restriction applies
- Benchmark: BLOOMBERG Global Aggregate 500 Excl. CNY Total Return. Degree of Freedom: material. Expected Overlap:
major
Allianz Advanced Fixed Income Short Duration
Investment Objective
Long-term capital growth above the average long-term return of the short duration European Bond Markets by investing in
global Bond Markets with Euro exposure in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 25% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Sub-Fund assets may be invested in options and/or future-contracts on equity indices for both, efficient portfolio
management and hedging purposes. Sub-Fund assets must not at any time own a net synthetic long position on equity
indices
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 4 years
- VAG Investment Restriction applies
- Benchmark: BLOOMBERG Euro Aggregate 1-3 Year Total Return. Degree of Freedom: material. Expected Overlap: minor
135
- Allianz Global Investors Fund -
Allianz American Income
Investment Objective
Long term capital growth and income by investing in Debt Securities of American Bond Markets with a focus on the US Bond
Markets.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities from the US.
- Max. 60% of Sub-Fund assets may be invested in High-Yield Investment Type 2
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be invested in convertible Debt Securities
- Max. 20% of Sub-Fund assets may be invested in ABS/MBS with Investment Grade
- Max. 20% non-USD Currency Exposure
- Duration: between 3 and 9 years
- Hong Kong Restriction applies
- Taiwan restriction applies, except for the respective high-yield limit
- Benchmark: none
Allianz China Strategic Bond
Investment Objective
Long term capital growth and income by investing in the PRC, Hong Kong, Taiwan and Macau Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max. 100% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 100% of Sub-Fund assets may be invested in the PRC Bond Markets, including so called urban investment bonds
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Hong Kong Restriction applies
- Duration: between zero and 10 years
- Benchmark: J.P. MORGAN Asia Credit China Index. Degree of Freedom: significant. Expected Overlap: minor
Allianz Convertible Bond
Investment Objective
Long term capital growth by investing in convertible Debt Securities of European Bond Markets in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 60% of Sub-Fund assets are invested in convertible Debt Securities in accordance with the investment objective
- Max. 40% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective
- Sub-Fund assets may be invested in High-Yield Investments Type 1, however, Sub-Fund assets may be invested in Debt
Securities that are only rated CC (Standard & Poor’s) or lower (including max. 10% of defaulted securities)
- Max. 40% of Sub-Fund assets may be held in Deposits and be invested in Money Market Instruments and/or (up to 10% of
Sub-Fund assets) in money market funds
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be invested in Equities and comparable securities or rights in the exercise of subscription, conversion
and option rights on investments such as convertible Debt Securities and/or contingent convertible bonds.
- Benchmark: Refinitiv Europe Focus CB (EUR). Degree of Freedom: material. Expected Overlap: major
136
- Allianz Global Investors Fund -
Allianz Credit Opportunities
Investment Objective
Long term capital growth by investing in global Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets (excluding ABS/MBS) may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested in Equities. Included in this limit are Equities and comparable securities or
rights in the exercise of subscription, conversion and option rights on investments such as convertible bonds, contingent
convertible bonds; and bonds with warrants.
- Max. 10% non-EUR Currency Exposure
- Duration: between minus 1 and 2 years
- VAG Investment Restriction applies
- The Investment Manager focuses on the following types of strategies:
Credit Long / Short strategies
The long / short credit segment encompasses a broad diversity of credit strategies mainly implemented in the corporate
Bond Market, via bonds, derivatives and cash. One common investment strategy is to benefit from price discrepancies
between the securities of one or more issuers within the same sector or market segment. Strategies may vary in respect of
credit-rating requirements, regional exposure and some may also effort to take advantage of event driven opportunities
within the corporate Bond Market.
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
Allianz Credit Opportunities Plus
Investment Objective
Superior risk adjusted returns by investing in global Bond Markets
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets (excluding ABS/MBS) may be invested in High-Yield Investments Type 1
- Max. 10% of Sub-Fund assets may be invested in Equities. Included in this limit are Equities and comparable securities or
rights in the exercise of subscription, conversion and option rights on investments such as convertible bonds, contingent
convertible bonds and bonds with warrants.
- Max. 10% non-EUR Currency Exposure
- Duration: between minus 3 and 6 years
- The Investment Manager focuses on the following types of strategies:
Credit Long / Short strategies
The long / short credit segment encompasses a broad diversity of credit strategies mainly implemented in the corporate
Bond Market, via bonds, derivatives and cash. One common investment strategy is to benefit from price discrepancies
between the securities of one or more issuers within the same sector or market segment. Strategies may vary in respect of
credit-rating requirements, regional exposure and some may also effort to take advantage of event driven opportunities
within the corporate Bond Market.
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
Allianz Dynamic Asian High Yield Bond
Investment Objective
Long-term capital growth and income by investing in high yield rated Debt Securities of Asian Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested in High-Yield Investments Type 1 in accordance with the investment objective,
however, within this limit max. 10% of Sub-Fund assets may be invested in Debt Securities with a rating of CC (Standard &
Poor’s) or lower (including defaulted securities)
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities
- Max. 20% RMB Currency Exposure
- Max. 30% non-USD Currency Exposure
- Max. 20% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between zero and 10 years
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Benchmark: J.P. MORGAN JACI Non-Investment Grade Custom Index. Degree of Freedom: material. Expected Overlap:
major
137
- Allianz Global Investors Fund -
Allianz Emerging Markets Select Bond
Investment Objective
Superior risks adjusted returns through a complete market cycle by investing in emerging Bond Markets.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities of Emerging Markets or of countries which are constituents of
the J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified or the J.P. MORGAN Corporate Emerging Market Bond
or the J.P. MORGAN Government Bond – Emerging Markets (GBI-EM) Global
- Sub-Fund assets may be invested in High-Yield Investments Type 1, however, Sub-Fund assets may be invested in Debt
Securities that are only rated CC (Standard & Poor’s) or lower (including max. 10% of defaulted securities)
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between minus 4 and 8 years
- Hong Kong Restriction applies
- Sub-Fund acts as a registered FPI
- Benchmark: J.P. MORGAN Emerging Markets Blended (JEMB) Equal Weighted Total Return. Degree of Freedom: material.
Expected Overlap: major
Allianz Emerging Markets Short Duration Bond
Investment Objective
Long-term capital growth and income by investing in short duration Debt Securities of emerging Bond Markets denominated in
USD.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities with a rating of B- (Standard & Poor’s) or better of Emerging
Markets or of countries which are constituents of the J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified or the
J.P. MORGAN Corporate Emerging Market Bond and which are denominated in USD
- Sub-Fund assets may be invested in High-Yield Investments Type 2
- Sub-Fund assets may not be invested in ABS and/or MBS
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Max. 10% of Sub-Fund assets may be invested in preference shares issued by corporates of an Emerging Market country or
of countries which are constituents of the J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified or the J.P.
MORGAN Corporate Emerging Market Bond or the J.P. MORGAN Government Bond – Emerging Markets (GBI-EM) Global
- Duration: between 1 and 3 years
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- Benchmark: SECURED OVERNIGHT FINANCING RATE (SOFR). Degree of Freedom: significant. Expected Overlap: not
applicable
Allianz Emerging Markets Sovereign Bond
Investment Objective
Long term capital growth by investing in global emerging Bond Markets
Investment Restrictions
- Min. 70% of the Sub-Fund assets are invested in Debt Securities in accordance with the investment objective or in Debt
Securities issued by countries that are constituents of the J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified.
- Max. 30% of the Sub-Fund assets may be invested in corporate Debt Securities. Excluded from this limit are quasi-sovereigns
that are owned more than 50% or guaranteed by the national government of an Emerging Market Country or of a country
which is a constituent of the J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified.
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Sub-Fund assets may be invested in High-Yield Investments Type 1, however, Sub-Fund assets may be invested in Debt
Securities that are only rated CC (Standard& Poor’s) or lower (including max. 10% of defaulted securities)
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities
- Max. 20% non-USD Currency Exposure
- Duration: between 1 and 10 Years
- Benchmark: J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified. Degree of Freedom: material. Expected
Overlap: major
138
- Allianz Global Investors Fund -
Allianz Emerging Markets SRI Bond
Investment Objective
Long term capital growth by investing in sovereign and quasi-sovereign Debt Securities of global Emerging Markets in
accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Debt Securities in accordance with the investment objective or which are issued
by countries that are constituents of the J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified. Quasi-
sovereign Debt Securities are Debt Securities that are owned more than 50% or guaranteed by the national government of
an Emerging Market Country or of a country which is a constituent of the J.P. MORGAN ESG Emerging Market Bond (EMBI)
Global Diversified.
- Max. 30% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective.
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 20% non-USD Currency Exposure
- Duration: between 1 and 10 Years
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- Benchmark: J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified Total Return. Degree of Freedom:
material. Expected Overlap: major
Allianz Emerging Markets SRI Corporate Bond
Investment Objective
Long term capital growth by investing in corporate Debt Securities of global Emerging Markets in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Debt Securities in accordance with the investment objective and/or of corporate
issuers with a registered office in a country which is a constituent of the J.P. MORGAN ESG Corporate Emerging Market
Bond (CEMBI) Broad Diversified
- Max. 30% of Sub-Fund assets may be invested in Debt Securities of global Bonds Markets
- Max. 15% of Sub-Fund assets may be invested in Debt Securities of the PRC Bond Markets
- Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 20% non-USD Currency Exposure
- Duration: between 1 and 10 years
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- Benchmark: J.P. MORGAN ESG Corporate Emerging Markets Bond (CEMBI) Broad Diversified Total Return. Degree of
Freedom: material. Expected Overlap: major
139
- Allianz Global Investors Fund -
Allianz Enhanced Short Term Euro
Investment Objective
Long-term capital growth above the average return of the Euro money markets by investing in global Bond Markets with Euro
exposure in accordance with E/S characteristics. With the objective of achieving additional returns, the Investment Manager may
also assume separate risks related to bonds and money market instruments and may engage in foreign currency overlay and
thus may also assume separate currency risks, even if the Sub-Fund does not include any assets denominated in these respective
currencies.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be held in Deposits and may be invested in Debt Securities and/or money market instruments. The
residual term of each Debt Security must not exceed 2.5 years
- Max. 65% of Sub-Fund assets may be invested in Debt Securities (excluding money market instruments) with a rating of
BBB+ (Standard & Poor’s and Fitch) or Baa1 (Moody’s) or better
- Sub-Fund assets may not be invested in High-Yield Investments Type 1
- Sub-Fund assets may not be invested in ABS and/or MBS
- Max. 10% non-EUR Currency Exposure
- Duration: up to 1 year
- VAG Investment Restriction applies
- The Investment Manager focuses on the following types of strategies:
Derivative overlay strategies
Parts of Sub-Funds assets are typically allocated to a derivative overlay strategy which aims to generate additional returns
above traditional long only fixed income portfolios. The derivatives overlay strategy consists predominantly of medium to
long-term positions in exchange traded liquid interest rate and bond futures and, infrequently, on well risk-controlled
positions in currency forwards.
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
Allianz Euro Bond
Investment Objective
Long-term capital growth above the long-term average return in Euro terms by investing in Debt Securities with Euro exposure of
global Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 20% non-EUR Currency Exposure
- Duration: between 3 and 9 years
- Benchmark: BLOOMBERG Euro Aggregate Total Return. Degree of Freedom: material. Expected Overlap: major
Allianz Euro Bond Short Term 1-3 Plus
Investment Objective
Long-term capital growth above the medium-term average return in Euro terms by investing in Debt Securities with Euro
exposure of global Bonds Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 90% of Sub-Fund assets are invested in Debt Securities with Investment Grade rating and/or (up to 10% of Sub-Fund
assets) in Target Funds which are primarily invested in Debt Securities with Investment Grade rating.
- Min. 70% of Sub-Fund assets are invested in Debt Securities of OECD and/or EU member states
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in Debt Securities with a rating between BB+ (inclusive) and BB- (inclusive)
(Standard & Poor’s). If two different ratings exist, the lower rating determines whether a Debt Security is included in the
limits set out before; in case of three or more different ratings, the lower of the two best ratings shall be used.
- Max. 10% non-EUR Currency Exposure
- Duration: between minus 2 and 4 years
- Benchmark: J.P. MORGAN EMU Bond 1-3 Year. Degree of Freedom: material. Expected Overlap: minor
140
- Allianz Global Investors Fund -
Allianz Euro Credit SRI
Investment Objective
Long-term capital growth by investing in Investment Grade rated Debt Securities of OECD or EU Bond Markets denominated in
EUR in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Debt Securities with Investment Grade
- Min. 70% of Sub-Fund assets are invested in Debt Securities of OECD and/or EU member states
- Max. 30% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% non-EUR Currency Exposure
- Max. 10% of Sub-Fund assets may be invested in Debt Securities with a rating between BB+ (inclusive) and BB- (inclusive)
(Standard & Poor’s). If two different ratings exist, the lower rating determines whether a Debt Security is included in the
limits set out before; in case of three or more different ratings, the lower of the two best ratings shall be used
- Duration: between zero and 8 years
- Benchmark: ICE BOFAML Euro Corporate Index (ICE Indices incorporate transaction costs into their calculation). Degree of
Freedom: material. Expected Overlap: major
Allianz Euro Government Bond
Investment Objective
Long-term capital growth by investing in government Debt Securities of the Eurozone Bond Markets in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Debt Securities in accordance with the investment objective
- Max. 10% of Sub-Fund assets may be invested in European Emerging Markets
- Sub-Fund assets may not be invested in preference shares
- Sub-Fund assets may not be invested in High-Yield Investment Type 1
- Benchmark: IBOXX EUR Sovereigns Eurozone Total Return. Degree of Freedom: material. Expected Overlap: major
Allianz Euro High Yield Bond
Investment Objective
Long-term capital growth by investing in high yield rated Debt Securities denominated in EUR in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in High-Yield Investments Type 2
- Max. 15% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% non-EUR Currency Exposure
- Sub-Fund assets may not be invested in ABS and/or MBS
- Duration: between 1 and 9 years
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Benchmark: ICE BOFAML Euro High Yield BB-B Constrained (ICE Indices incorporate transaction costs into their
calculation). Degree of Freedom: material. Expected Overlap: major
141
- Allianz Global Investors Fund -
Allianz Euro High Yield Defensive
Investment Objective
Long-term capital growth by investing Debt Securities of European Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are either invested in Debt Securities in accordance with the investment objective and/or which are or will
be constituents of the ICE BOFAML Euro Non-Financial High Yield BB-B but which are not allocated to the financial sector in
accordance with the ICE BOFAML index sector classification methodology (Level 2)
- Min. 70% of Sub-Fund assets are invested in High-Yield Investments Type 2
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- The aggregate holdings in Debt Securities, Deposits, Equities, and Money Market Instruments of a single issuer must not
exceed 10% of Sub-Fund assets. Companies belonging to the same group, as defined in accordance with Directive
83/349/ECC or in accordance with recognized international accounting rules, shall be deemed to be as a single issuer in the
aforementioned meaning.
- Sub-Fund assets may not be invested in ABS and/or MBS
- Sub-Fund assets may not be invested in UCITS and/or UCI
- Max. 10% non-EUR Currency Exposure
- Sub-Fund assets may be invested in options and/or future-contracts on global equity indices for both, efficient portfolio
management and hedging purposes. Sub-Fund assets must not at any time own a synthetic net long position on any equity indices
- Duration: between 1 and 9 years
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- Benchmark: ICE BOFAML Euro Non-Financial High Yield BB-B Constrained (ICE Indices incorporate transaction costs into
their calculation). Degree of Freedom: material. Expected Overlap: major
Allianz Euro Inflation-linked Bond
Investment Objective
Long term capital growth by investing in Debt Securities of OECD or EU Bond Markets with a focus on inflation-linked bonds in
accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Debt Securities of OECD and/or EU Bond Markets in accordance with the
investment objective, thereof min. 51% of Sub-Fund assets are invested in inflation-linked Debt Securities which are
denominated in EUR.
- Sub-Fund assets may not be invested in High-Yield Investment Type 1
- Max. 10% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 20 years
- VAG Investment Restriction applies
- Benchmark: BLOOMBERG Euro Government Inflation-Linked Bond Total Return. Degree of Freedom: material. Expected
Overlap: major
142
- Allianz Global Investors Fund -
Allianz European Bond RC
Investment Objective
Long term capital growth by investing in the European Bond Markets. The investment policy is geared towards generating
appropriate annualised returns above the markets based on European government and corporate bonds while taking into
account the opportunities and risks on the European Bond Markets including derivatives.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub Fund assets (excluding ABS/MBS) may be invested in High Yield investments Type 2
- Sub Fund assets may be invested in future-contracts and in option-contracts on global equity indices (equity index futures/
equity index options) for both, efficient portfolio management and hedging purposes. Sub-Fund assets must not at any time
own a net long position in any equity index futures and/or in any equity index options
- Max. 30% non-EUR Currency Exposure
- Max. 5% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between minus 2 and 5 year
- VAG Investment Restriction applies
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
Allianz Flexi Asia Bond
Investment Objective
Long-term capital growth and income by investing in Debt Securities of Asian Bond Markets denominated in EUR, USD, GBP, JPY,
AUD, NZD or any Asian currency in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Max. 60% of Sub-Fund assets may be invested in High-Yield Investments Type 1, however, within this limit max. 10% of Sub-
Fund assets may be invested in Debt Securities with a rating of CC (Standard & Poor’s) or lower (including defaulted
securities)
- Max. 10% of Sub-Fund assets may be invested in the PRC Bond Markets
- Max 35% may be invested in Debt Securities issued or guaranteed by a single sovereign issuer that is rated below
investment grade (i.e., Philippines)
- Max. 35% RMB Currency Exposure
- Max. 20% non-EUR, non-USD, non-GBP, non-JPY, non-AUD, non-NZD or any non-Asian Currency Exposure
- Duration: between zero and 10 years
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Benchmark: J.P. MORGAN JACI Composite Total Return. Degree of Freedom: material. Expected Overlap: major
143
- Allianz Global Investors Fund -
Allianz Floating Rate Notes Plus
Investment Objective
Long-term capital growth above the average return of European money markets in Euro terms by investing in global Bond
Markets with a focus on floating-rate notes with Euro exposure in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are invested in Debt Securities with Investment Grade rating in accordance with the investment objective
- Min. 70% of Sub-Fund assets are invested in Debt Securities of an OECD and/or EU member state
- Min. 51% of Sub-Fund assets are invested in floating-rate notes and/or Debt Securities with a residual term which must not
exceed three months
- Max. 10% of Sub-Fund assets may be invested in Debt Securities with two or more different ratings, one of which at the time
of acquisition is a rating of at least BBB- (Standard & Poor’s and Fitch) or of at least Baa3 (Moody’s) or the equivalent by
another Rating Agency or, if unrated, as determined by the Investment Manager to be of comparable quality and the
remaining ratings of at least BB- (Standard & Poor’s and Fitch) or of at least Ba3 (Moody’s) or the equivalent by another
Rating Agency or, if unrated, as determined by the Investment Manager to be of comparable quality
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may not be invested in ABS and/or MBS
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 18 months
- VAG Investment Restriction applies
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
Allianz Global Aggregate Bond
Investment Objective
Long-term capital growth by investing in global corporate and government Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in ABS and/or MBS. The underlying assets of the ABS and/or MBS may
include loans, leases or receivables (such as credit card debt and whole business in the case of ABS and commercial and
residential mortgages originating from a regulated and authorised financial institution in the case of MBS)
- Max. 20% of Sub-Fund assets may be invested in the PRC Bond Markets
- Benchmark: BLOOMBERG Global Aggregate Total Return. Degree of Freedom: material. Expected Overlap: major
Allianz Global Credit SRI
Investment Objective
Long-term capital growth by investing in global Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested in Debt Securities with Investment Grade
- Max. 30% of Sub-Fund assets may be invested in High Yield Investments Type 1
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Benchmark: BLOOMBERG Global Aggregate Credit Total Return. Degree of Freedom: material. Expected Overlap: major
144
- Allianz Global Investors Fund -
Allianz Global Floating Rate Notes Plus
Investment Objective
The Sub-Fund aims to capture income from a global universe of floating-rate notes. The Sub-Fund seeks potential for long-term
capital growth in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 51% of Sub-Fund assets are invested in global floating-rate notes in accordance with the investment objective
- Max. 49% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective
- Max. 30% of Sub-Fund Assets may be invested in High Yield Investments Type I
- Max. 25% of Sub-Fund assets may be invested in ABS and/or MBS. The underlying assets of the ABS and/or MBS may
include loans, leases, or receivables (such as credit card debt and whole business in the case of ABS and commercial and
residential mortgages originating from a regulated and authorised financial institution in the case of MBS).
- Max. 25% of Sub-Fund assets may be invested in Emerging Markets
- Max. 5% of Sub-Fund assets may be invested in Debt Securities which do not have a rating by one or more Rating Agencies.
- Sub-Fund assets may be invested in derivatives for both, efficient portfolio management and hedging purposes. The gross
exposure (long positions plus short positions) resulting from the use of derivatives (excluding the use of FX Forward
Transactions) may be max. 100% of the Sub-Fund's Net Asset Value (NAV).
- Duration: between 0 and 1.0 years
- Hong Kong Restriction applies
- Benchmark: SECURED OVERNIGHT FINANCING RATE (SOFR). Degree of Freedom: significant. Expected Overlap: not
applicable
Allianz Global Government Bond
Investment Objective
Long-term capital growth by investing in global government Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in ABS and/or MBS. The underlying assets of the ABS and/or MBS may
include loans, leases or receivables (such as credit card debt and whole business in the case of ABS and commercial and
residential mortgages originating from a regulated and authorised financial institution in the case of MBS).
- Max. 20% of Sub-Fund assets may be invested in the PRC Bond Markets
- Benchmark: FTSE World Government Bond (WGBI) Total Return. Degree of Freedom: material. Expected Overlap: major
Allianz Global High Yield
Investment Objective
Long-term capital growth by investing in high yield rated Debt Securities of global Bond Markets in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested in High-Yield investments Type 1, however, within this limit Sub-Fund assets may
be invested in Debt Securities that are only rated CC (Standard & Poor`s) or lower (including max. 10% of defaulted
securities)
- Sub-Fund assets may be invested in future-contracts on global equity indices (equity index futures) for both, efficient
portfolio management and hedging purposes. Sub-Fund assets must not at any time own a long position in any equity index
futures
- Max. 10% non-USD Currency Exposure
- Hong Kong Restriction applies
- Benchmark: ICE BOFAML Global High Yield Constrained (hedged) (ICE Indices incorporate transaction costs into their
calculation). Degree of Freedom: material. Expected Overlap: major
145
- Allianz Global Investors Fund -
Allianz Global Multi-Asset Credit
Investment Objective
Long-term returns in excess of SECURED OVERNIGHT FINANCING RATE (SOFR) by investing in global Bond Markets in
accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested in Debt Securities in accordance with the investment objective
- Min. 25% of Sub-Fund assets are invested in Debt Securities with Investment Grade in accordance with the investment
objective
- Max. 60% of Sub-Fund assets may be invested in High Yield Investments Type 1, however, within this limit (i) max. 10% of
Sub-Fund assets may be invested in Debt Securities with a rating of CCC+ (Standard & Poor’s) or lower (including defaulted
securities) and (ii) max. 10% of Sub-Fund assets may be invested in unrated Debt Securities with the consequence that a
rating is to be determined by the Investment Manager to be of comparable quality. The highest available rating at
acquisition day is decisive for the assessment of the possible acquisition of a Debt Security
- Max. 40% of Sub-Fund assets may be invested in ABS and/or MBS. The underlying assets of the ABS and/or MBS may
include loans, leases or receivables (such as credit card debt and whole business in the case of ABS and commercial and
residential mortgages originating from a regulated and authorised financial institution in the case of MBS).
- Sub-Fund assets may be invested in future-contracts on global equity indices (equity index futures) for both, efficient
portfolio management and hedging purposes. Sub-Fund assets must not at any time own a long position in any equity index
futures
- Max. 10% non-USD Currency Exposure
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Benchmark: SECURED OVERNIGHT FINANCING RATE (SOFR). Degree of Freedom: significant. Expected Overlap: not
applicable
Allianz Global Opportunistic Bond
Investment Objective
Long-term capital growth and income by investing in global Bond Markets. As part of the investment process, the Investment
Manager applies an opportunistic approach, which provides in particular that a spectrum of macro and credit opportunities are
accessed.
Investment Restrictions
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in the PRC Bond Markets
- Sub-Fund assets may be invested in options and/or future-contracts on global equity indices for both, efficient portfolio
management and hedging purposes. Sub-Fund assets must not at any time own a synthetic net long position on any equity
indices
- Duration: between 0 and 9 years
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Benchmark: SECURED OVERNIGHT FINANCING RATE (SOFR). Degree of Freedom: significant. Expected Overlap: not
applicable
146
- Allianz Global Investors Fund -
Allianz Green Bond
Investment Objective
Long-term capital growth by investing in Investment Grade rated Green Bonds of the global Bond Markets denominated in
currencies of OECD countries.
Investment Restrictions
- Sub-Fund has Sustainable Investment (including certain exclusion criteria) as its objective. Sub-Fund’s pre-contractual
template describes all relevant information about the Sustainable Investment’s scope, details, and requirements and
applied exclusion criteria.
- Min. 85% of Sub-Fund assets are invested in Green Bonds in accordance with the investment objective
- Min. 80% of Sub-Fund assets are invested in Debt Securities with Investment Grade
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 25% of Sub-Fund assets may be held in Money Market Instruments and/or Deposits and/or (up to 10% of Sub-Fund
assets) in money market funds on a temporary basis for liquidity management
- Max. 10% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 13 years
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Benchmark: ICE BOFAML Green Bond (hedged into EUR) (ICE Indices incorporate transaction costs into their calculation).
Degree of Freedom: material. Expected Overlap: major
Allianz Green Transition Bond
Investment Objective
Long-term capital growth by investing in Debt Securities of the global Bond Markets with a focus on issuers (companies,
sovereign and quasi-sovereign issuers) providing positive contribution to sustainable and environmental-friendly solutions and
transition into a low-carbon economy in accordance with E/S characteristicsthe.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 80% of Sub-Fund assets are invested in Debt Securities in accordance with the investment objective.
- Max. 40% of Sub-Fund assets may be invested in Emerging Markets or in countries which are constituents of the J.P.
MORGAN ESG Emerging Market Bond (EMBI) Global Diversified
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between zero and 10 years
- Benchmark: 1/3 BLOOMBERG MSCI Global Green Bond Total Return (hedged into USD) + 1/3 BLOOMBERG MSCI Global
Corporate Sustainability Total Return (hedged into USD) + 1/3 J.P. MORGAN ESG Emerging Market Bond (EMBI) Global
Diversified. Degree of Freedom: material. Expected Overlap: minor
Allianz HKD Income
Investment Objective
Long-term income by investing in Debt Securities denominated in Hong Kong Dollar.
Investment Restrictions
- Min. 70% of Sub-Fund assets are denominated in Hong Kong Dollar
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 30% of Sub-Fund assets may be denominated in RMB and/or other currencies
- Sub-Fund assets may not be invested in ABS and/or MBS
- Duration: below 10 years
- Hong Kong Restriction applies
- Benchmark: none
147
- Allianz Global Investors Fund -
Allianz Renminbi Fixed Income
Investment Objective
Long-term capital growth by investing in Bond Markets of the PRC, denominated in CNY.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets are invested in Debt Securities, Money Market Instruments and/or may be held in Deposits
- Min. 70% of Sub-Fund assets are invested in accordance with the investment objective
- Max. 100% of Sub-Fund assets may be invested in the PRC Bond Markets, including so called urban investment bonds
- Max. 69% of Sub-Fund assets may be invested via FII Program
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Duration: below 10 years
- Hong Kong Restriction applies
- Benchmark: J.P. MORGAN Government Bond - Emerging Markets (GBI-EM) Broad China 1-10 Year Total Return. Degree of
Freedom: significant. Expected Overlap: minor
Allianz SDG Euro Credit
Investment Objective
Long term capital growth by investing in Debt Securities with Investment Grade denominated in Euro of Eurozone or OECD Bond
with a focus on companies with an engagement in one or more United Nations’ SDGs and/ or on securities supporting climate-
related or social projects, and hence create positive outcomes for environment and society.
Investment Restrictions
- Sub-Fund has Sustainable Investment (including certain exclusion criteria) as its objective. Sub-Fund’s pre-contractual
template describes all relevant information about the Sustainable Investment’s scope, details, and requirements and
applied exclusion criteria.
- Min. 85% of Sub–Fund assets are invested in Debt Securities issued by companies with an engagement in one or more SDGs
and/or issued by companies supporting climate-related or social projects and/or in Green Bonds, Social Bonds, Sustainable
Bonds and Sustainability-Linked bonds. Companies in the aforesaid meaning are companies which offer products and/or
services across the themes of affordable healthcare, education, energy transition, food security, financial inclusion, water,
and waste management as targeted by the SDGs No. 1 to No. 17.
- Min. 70% of Sub-Fund assets are invested in Debt Securities with Investment Grade rating
- Min. 70% of Sub-Fund assets are invested in Debt Securities of OECD and/or EU Member States
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Max. 10% Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in Debt Securities that at the time of acquisition are not rated by a rating
agency
- Max. 10%of Sub-Fund assets (excluding ABS/MBS) may be invested in High Yield Investments Type 2
- Max. 10% non-EUR Currency Exposure
- Duration: between 1 and 8 years
- Taiwan Restriction applies
- VAG Investment Restriction applies
- Benchmark: BLOOMBERG Euro Aggregate Corporate Total Return. Degree of Freedom: material. Expected Overlap: major
148
- Allianz Global Investors Fund -
Allianz Selective Global High Income
Investment Objective
Long-term capital growth and income by investing in global Bond Markets in accordance with E/S characteristics. The Sub-Fund
tries to offer close to high yield returns with an expected volatility between investment grade and high yield.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Min.70% of Sub-Fund assets are invested in Debt Securities with a rating of BB- (Standard & Poor’s) or higher
- Max. 30% of Sub-Fund assets may be invested in Debt Securities with a rating of B+ or lower (Standard & Poor’s), however,
Debt Securities with a rating of CCC+ (Standard & Poor’s) or lower (including defaulted securities) may not be acquired. The
highest available rating at acquisition day is decisive for the assessment of the possible acquisition of a Debt Security
- Sub-Fund assets may be invested in future-contracts on global equity indices (equity index futures) for both, efficient
portfolio management and hedging purposes. Sub-Fund assets must not at any time own a long position in any equity index
futures
- Max. 10% non-USD Currency Exposure
- Hong Kong Restriction applies
- VAG Investment Restriction applies
- Benchmark: ICE BOFAML BB-B Global High Yield Index (hedged) (ICE Indices incorporate transaction costs into their
calculation). Degree of Freedom: material. Expected Overlap: major
Allianz SGD Income
Investment Objective
Long-term capital growth and income in SGD terms by investing in Debt Securities of global Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investment Type 1
- Max. 40% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: between 0 and 10 years
- Max. 30% non-SGD Currency Exposure
- Hong Kong Restriction applies
- Benchmark: none
Allianz Short Duration Global Bond SRI
Investment Objective
Long-term growth by investing in global Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are invested in Debt Securities with Investment Grade
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Duration: between zero and 3 years
- Benchmark: FTSE 3-Month Treasury Bill Total Return. Degree of Freedom: significant. Expected Overlap: minor
149
- Allianz Global Investors Fund -
Allianz Treasury Short Term Plus Euro
Investment Objective
Long-term capital growth above the average-term return in Euro (EUR) terms by investing in Debt Securities with Euro Exposure
of Eurozone Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 51% of Sub-Fund assets are invested in Debt Securities of the Eurozone Bond Markets
- Min. 51% of Sub-Fund assets are denominated in EUR
- Max.49% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective
- Max. 10% of Sub-Fund assets (excluding ABS/MBS) may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested in ABS/MBS with Investment Grade
- Max. 10% Non-EUR Currency Exposure
- Duration: up to 1 year
- VAG Investment Restriction applies
- Benchmark: EURIBOR 3-Month. Degree of Freedom: significant. Expected Overlap: not applicable
Allianz UK Government Bond
Investment Objective
Long term capital growth by investing in UK government Bond Markets. The investment policy is geared towards generating
appropriate annualised returns above the markets based on UK government bonds by taking into account the opportunities and
risks of a strategy in long and short positions in the global government Bond Markets.
Investment Restrictions
- Max. 20% of Sub-Fund assets may be invested in Debt Securities (either denominated in Sterling or hedged back to Sterling)
other than described in the investment objective with a credit rating similiar or better than that of the United Kingdom
government
- Sub-Fund assets may not be invested in High-Yield bonds
- Sub-Fund assets may not be invested in preference shares
- VAG Investment Restriction applies
- Benchmark: FTSE Actuaries UK Conventional Gilts All Stocks Index Midday Total Return GBP. Degree of Freedom: material.
Expected Overlap: major
Allianz US High Yield
Investment Objective
Long-term capital growth and income by investing in high yield rated corporate bonds of US Bond Markets.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in corporate bonds from the US
- Min. 70% of Sub-Fund assets are invested in High-Yield Investments Type 1, however, within this limit Sub-Fund assets may
be invested in Debt Securities that are only rated CC (Standard & Poor`s) or lower (including max. 10% of defaulted
securities)
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% non-USD Currency Exposure
- Duration: between zero and 9 years
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Benchmark: none
150
- Allianz Global Investors Fund -
Allianz US Investment Grade Credit
Investment Objective
Long-term capital growth and income by investing in investment grade rated corporate Debt Securities of US Bond Markets
denominated in USD in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 80% of Sub-Fund assets are invested in Debt Securities with Investment Grade
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of the Sub-Fund assets may be invested in the PRC Bond Market
- Max. 20% of Sub-Fund assets may be invested in US government Debt Securities (US treasury securities)
- Duration: between minus 2 and 2 years from the duration of the benchmark
- Hong Kong Restriction applies
- Taiwan Restriction applies
- VAG Investment Restriction applies
- Benchmark: Bloomberg US Corporate Total Return. Degree of Freedom: material. Expected Oberlap: major
Allianz US Short Duration High Income Bond
Investment Objective
Long-term income and lower volatility by investing in short duration high yield rated corporate Debt Securities of US Bond
Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in corporate bonds from the US
- Min. 70% of Sub-Fund assets are invested in High-Yield Investments Type 1
- Max. 20% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% non-USD Currency Exposure
- Duration: between zero and 3 years
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Benchmark: none
151
- Allianz Global Investors Fund -
3. Multi Asset Funds
The principles set out in the “General Part” are supplemented by the following principles and limits
which exclusively apply to all Multi Asset Sub-Funds unless otherwise stated in a Multi Asset Sub-Fund’s
individual Investment Restrictions:
- A Sub-Fund’s Investment Manager follows, unless otherwise stated in a Sub-Fund’s investment objective (or in the
investment restriction), always an active management approach (as mentioned in Appendix 1, Part A, No. 19).
- Min. 70% of Sub-Fund assets are invested in Equities and/or Debt Securities and/or other asset classes in accordance with
the investment objective.
- Less than 30% of Sub-Fund assets may be invested in Equities and/or Debt Securities and/or other asset classes other than
described in the investment objective.
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS.
- Max. 10% of Sub-Fund assets may be invested in contingent convertible bonds.
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI.
- Max. 100% of Sub-Fund assets may be invested in Money Market Instruments and/or held in time deposits and/or (up to
20% of Sub-Fund assets) in deposits at sight and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary
basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the
investment manager considers it in the best interest of the Sub-Fund.
- Where a country, region and/or market is referred to in the investment objective (or in the investment restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region and/or markets. Such
investments include Debt Securities that are issued or guaranteed by governments, municipalities, agencies, supra-
nationals, central, regional or local authority and companies of (including those that generate a predominant share of their
sales or their profits in) such country, region and/or market as well as companies that are under common management or
control of or have substantial direct or indirect participation in the foregoing companies.
- Where a country, region and/or market is referred to in the investment objective (or in the investment restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region and/or markets. Such
investments include Equities of companies listed on a Regulated Market or incorporated, with a registered office or principal
place of business, or that generate a predominant share of sales or profits in such country, region, or market, as well as
companies under common management or control of, or have substantial direct or indirect participation in, the foregoing
companies.
- The allocation of the Sub-Fund’s investments across asset classes may vary substantially from time to time. The Sub-Fund’s
investments in each asset class are based upon the Investment Managers’ assessment of economic conditions and market
factors, including equity price levels, interest rate levels and their anticipated direction.
- A Benchmark is always used for a Sub-Fund’s Performance Measures if not otherwise referred to in the Sub-Fund’s
individual investment restrictions. A Benchmark may be used also for a Sub-Fund’s Portfolio Composition, where such case is
explicitly referred to in the Sub-Fund’s individual investment restrictions. In both cases the Investment Manager’s aim is to
outperform the Benchmark. A Sub-Fund’s Benchmark (and in the case that such Benchmark is explicitly used for a Sub-
Fund’s Portfolio Composition), and the Investment Manager’s Degree of Freedom to deviate from the Benchmark and the
expected overlap between the Sub-Fund`s invested securities and the constituents of its Benchmark are referred to, unless
not applicable, in a Sub-Fund’s individual Investment Restrictions. (Please refer to Appendix 1, Part A, No. 19)
Allianz Asia Pacific Income
Investment Objective
Long-term capital growth and income by investing in Asia-Pacific Equity and Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested directly in accordance with the investment objective
- Max. 70% of Sub-Fund assets may be invested in Equities in accordance with the investment objective
- Max. 70% of Sub-Fund assets may be invested in Debt Securities in accordance with the investment objective
- Max. 30% of Sub-Fund assets may be invested in High Yield Investments Type 1
- Max. 10% of Sub-Fund assets may be invested into PRC (Equity and/or Bond Markets)
- Duration: below 10 years
- Hong Kong Restriction applies
- Taiwan Restriction applies,
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 2) applies
- Benchmark: none
152
- Allianz Global Investors Fund -
Allianz Asian Multi Income Plus
Investment Objective
Long-term capital growth and income by investing in Asia Pacific Equity and Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested directly in accordance with the investment objective
- Max. 85% of Sub-Fund assets may be invested in Equities and Equities which are business trusts according to “Business
Trusts Act 2004” of the Republic of Singapore in accordance with the investment objective
- Max. 85% of Sub-Fund assets may be invested in Debt Securities in accordance with the investment objective
- Max. 85% Sub-Fund assets may be held in Deposits and/or invested directly in Money Market Instruments and/or (up to
10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose
and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund
- Max. 60% of Sub-Fund assets may be invested in High Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Max. 10% of Sub-Fund assets may be invested into the China B-Shares market
- Max. 30% of Sub-Fund assets may be held in Deposits and be invested in Money Market Instruments and (up to 10% of Sub-
Fund assets) in money market funds
- Duration: below 10 years
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 1) applies
- Benchmark: none
Allianz Best Ideas 2025
Investment Objective
Long-term capital growth by investing in a broad range of global asset classes. The investment decisions are based on a
fundamental management approach. The portfolio will consist of two components – the core portfolio and the opportunistic
portfolio. Via the core portfolio it is intended to generate stable returns over the market cycle. The opportunistic portfolio is
designed to capture shorter term investment opportunities and will be more actively managed than the core portfolio. The
turnover will be higher than in the core portfolio allocation of capital between the two components of the portfolios depending
on market circumstances and consequently will fluctuate over time. With the objective of achieving additional returns, the
Investment Manager may also assume separate foreign currency risks, even if the Sub-Fund does not include any assets
denominated in these respective currencies.
Liquidation date: Planned for seven years from Sub-Fund's launch date
Distribution date: Starting on the next Dealing Date following the Maturity Date
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be invested in High-Yield Investments Type 2
- Sub-Fund assets may be invested in UCITS and/or UCI on an unlimited basis
- Sub-Fund assets may be invested in securities referring to
1. Equities
2. Debt Securities
3. UCITS and/or UCI
4. Indices (including bond, equity (including assets of companies operating in the private equity sector), hedge funds
indices and indices on commodity futures, precious metal or commodities as well as indices that refer to companies
active in the area of private equity); securities referring to indices other than financial indices are only to be acquired if
they are geared towards a 1:1 replication of the underlying index/indices
5. Commodities
6. Commodity forward and/or future contracts
7. Currencies
8. Currency forward and/or future contracts
9. Real estate property funds and/or
10. Baskets of the aforementioned underlying assets.
- Securities referring to an underlying asset as defined in No. 5 to 8 may only be acquired if they are geared towards a 1:1
replication of the respective underlying asset. This applies accordingly to securities as defined in No. 10, insofar as they have
underlying assets as defined in in No. 5 to 8. Securities with an underlying asset as defined in No. 5 to 9 may not provide for
any mandatory physical delivery or grant the issuer the right to make physical delivery of the relevant underlying asset. This
applies accordingly to securities as defined in No. 10, insofar as they have underlying assets as defined in No. 5 to 9.
- Max. 10% of Sub-Fund assets may be invested into China A-Shares market
- Max. 10% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: not restricted
153
- Allianz Global Investors Fund -
- Max. 100% Sub-Fund assets may be held in Deposits and be invested in in money market instruments and (up to 100% of Sub-Fund
assets) may be invested in Money Market Funds on a temporary basis for liquidity management and/or defensive purpose and/or
any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
Allianz Better World Defensive
Investment Objective
Long-term capital growth by investing in global Equity and Bond Markets with a focus on companies with an engagement in one
or more United Nations’ SDGs and/ or on companies supporting climate-related or social projects, and hence create positive
outcomes for environment and society.
Investment Restrictions
- Sub-Fund has Sustainable Investment (including certain exclusion criteria) as its objective. Sub-Fund’s pre-contractual
template describes all relevant information about the Sustainable Investment’s scope, details, and requirements and
applied exclusion criteria.
- Min. 90% of Sub–Fund assets are invested in Equities and/or in Debt Securities issued by companies with an engagement in
one or more SDGs and/or issued by companies supporting climate-related or social projects and/or in Green Bonds, Social
Bonds, Sustainable Bonds and Sustainability-Linked bonds. Companies engaging in one more SDGs are companies which
offer products and/or services as targeted by the SDGs No. 1 to No. 17.
- Max. 60% of Sub-Fund assets may be invested in Equities
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested in Money Market Instruments and/or in money market funds and/or may be
held in Deposits for liquidity management.
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- Duration on NAV level: between minus 2 and 10 years
- VAG Investment Restriction applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
Allianz Better World Dynamic
Investment Objective
Long-term capital growth by investing in global Equity and Bond Markets with a focus on companies with an engagement in one
or more United Nations’ SDGs and/ or on companies supporting climate-related or social projects, and hence create positive
outcomes for environment and society.
Investment Restrictions
- Sub-Fund has Sustainable Investment (including certain exclusion criteria) as its objective. Sub-Fund’s pre-contractual
template describes all relevant information about the Sustainable Investment’s scope, details, and requirements and
applied exclusion criteria.
- Min. 90% of Sub–Fund assets are invested in Equities and/or in Debt Securities issued by companies with an engagement in
one or more SDGs and/or issued by companies supporting climate-related or social projects and/or in Green Bonds, Social
Bonds, Sustainable Bonds and Sustainability-Linked bonds. Companies engaging in one more SDGs are companies which
offer products and/or services as targeted by the SDGs No. 1 to No. 17.
- Min. 40% of Sub-Fund assets are and max. 100% of Sub-Fund assets may be invested in Equities
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested in Money Market Instruments and/or in money market funds and/or may be
held in Deposits for liquidity management.
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- Duration on NAV level: between minus 2 and 10 years
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
154
- Allianz Global Investors Fund -
Allianz Better World Moderate
Investment Objective
Long-term capital growth by investing in global Equity and Bond Markets with a focus on companies with an engagement in one
or more United Nations’ SDGs and/ or on companies supporting climate-related or social projects, and hence create positive
outcomes for environment and society.
Investment Restrictions
- Sub-Fund has Sustainable Investment (including certain exclusion criteria) as its objective. Sub-Fund’s pre-contractual
template describes all relevant information about the Sustainable Investment’s scope, details, and requirements and
applied exclusion criteria.
- Min. 90% of Sub–Fund assets are invested in Equities and/or in Debt Securities issued by companies with an engagement in
one or more SDGs and/or issued by companies supporting climate-related or social projects and/or in Green Bonds, Social
Bonds, Sustainable Bonds and Sustainability-Linked bonds. Companies engaging in one more SDGs are companies which
offer products and/or services as targeted by the SDGs No. 1 to No. 17.
- Min. 20% of Sub-Fund assets are and max. 80% of Sub-Fund assets may be invested in Equities
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% of Sub-Fund assets may be invested in convertible Debt Securities and/or in contingent convertible bonds
- Max. 10% of Sub-Fund assets may be invested in Money Market Instruments and/or in money market funds and/or may be
held in Deposits for liquidity management.
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- Duration on NAV level: between minus 2 and 10 years
- VAG Investment Restriction applies
- GITA Restriction (Alternative 2) applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
Allianz Capital Plus
Investment Objective
Long-term capital growth by investing in European Equity and Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 20% of Sub-Fund assets are and max. 40% of Sub-Fund assets may be invested in Equities in accordance with the
investment objective
- Max. 80% of Sub-Fund assets may be invested in Debt Securities in accordance with the investment objective
- Max. 80% Sub-Fund assets may be held in Deposits or invested in Money Market Instruments and (up to 10% of Sub-Fund
assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other
exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.
- Max. 30% of Sub-Fund assets may be invested in Debt Securities issued by corporates
- Max. 5% of Sub-Fund assets may be invested in Equities other than described in the investment objective
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Max. 10% non-EUR Currency Exposure in Debt Securities
- Taiwan Restriction applies
- GITA Restriction (Alternative 2) applies
- Benchmark: 70% BLOOMBERG Euro Aggregate 1-10 Year Total Return + 30% MSCI Europe Total Return Net. Degree of
Freedom: material. Expected Overlap: major
155
- Allianz Global Investors Fund -
Allianz Capital Plus Global
Investment Objective
Long-term capital growth by investing in Global Equity and Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Min. 25% of Sub-Fund assets are and max. 40% of Sub-Fund assets may be invested in Equities in accordance with the
investment objective
- Max. 75% of Sub-Fund assets may be invested in Debt Securities in accordance with the investment objective
- Max. 75% of Sub-Fund assets may be held in Deposits or invested in Money Market Instruments and (up to 10% of Sub-Fund
assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other
exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Max. 10% of Sub-Fund assets may be invested in the China A-Shares market
- Hong Kong Restriction applies
- Taiwan Restriction applies
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 2) applies
- Benchmark: 70% BLOOMBERG Global Aggregate 500 Excl. CNY Total Return + 30% MSCI AC World (ACWI) Total Return
Net. Degree of Freedom: material. Expected Overlap: major
Allianz Dynamic Multi Asset Strategy SRI 15
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity, Bond and Money Markets
in order to achieve over the medium-term a performance comparable to a balanced portfolio within a volatility range of 3% to
7% in accordance with E/S characteristics.
The assessment of the volatility of the capital markets by the Investment Manager is an important factor in this process, with the
aim of typically not falling below or exceeding a volatility of the Share price within a range of 3% to 7% on a medium to long-term
average, similar to a portfolio consisting of 85% global Bond Markets (hedged to EUR) and 15% global Equity Markets.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 35% of Sub-Fund assets may be invested in Equities. However, max. 50% of Sub-Fund assets may be invested directly /
physically in Equities and comparable securites (e.g., equity certificates, Equity Funds).
- Max. 25% of Sub-Fund assets may be invested in Emerging Markets
- Max. 15% of Sub-Fund assets may be invested in High-Yield Investments which carry a rating between BB+ and CCC-
(Standard & Poors). If two different ratings exist, the lower rating determines whether a Debt Security is included in the
limits set out before; in case of three or more different ratings, the lower of the two best ratings shall be used.
- Max. 30% of Sub-Fund assets may be invested in UCITS and/or UCI
- Max. 10% of Sub-Fund assets may be invested in ABS and/or MBS
- Hong Kong Restriction applies
- Duration on NAV level: between minus 2 and 10 years
- Switzerland Restriction applies
- VAG Investment Restriction applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
156
- Allianz Global Investors Fund -
Allianz Dynamic Multi Asset Strategy SRI 30
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity, Bond and Money Markets
in order to achieve over the medium-term a performance comparable to a balanced portfolio within a volatility range of 4% to
10% in accordance with E/S characteristics.
The assessment of the volatility of the capital markets by the Investment Manager is an important factor in this process, with the
aim of typically not falling below or exceeding a volatility of the Share price within a range of 4% to 10% on a medium to long-
term average, similar to a portfolio consisting of 70% global Bond Markets (hedged to EUR) and 30% global Equity Markets.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 55% of Sub-Fund assets may be invested in Equities
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in UCITS and/or UCI
- Max. 10% of Sub-Fund assets may be invested in securities referring to commodities and/or in commodity forwards and/or
in commodity future-contracts as well as in techniques and instruments referring to commodity indices.
- Max. 20% of Sub-Fund assets may be invested in REITs.
- Hong Kong Restriction applies
- Duration on NAV level: between minus 2 and 10 years
- GITA Restriction (Alternative 2) applies
- VAG Investment Restriction applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
Allianz Dynamic Multi Asset Strategy SRI 50
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity, Bond and Money Markets
in order to achieve over the medium-term a performance comparable to a balanced portfolio within a volatility range of 6% to
12% in accordance with E/S characteristics.
The assessment of the volatility of the capital markets by the Investment Manager is an important factor in this process, with the
aim of typically not falling below or exceeding a volatility of the Share price within a range of 6% to 12% on a medium to long-
term average, similar to a portfolio consisting of 50% global Bond Markets (hedged to EUR) and 50% global Equity Markets.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in UCITS and/or UCI
- Hong Kong Restriction applies
- Duration NAV level: between minus 2 and 10 years
- GITA Restriction (Alternative 2) applies
- VAG Investment Restriction applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
157
- Allianz Global Investors Fund -
Allianz Dynamic Multi Asset Strategy SRI 75
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity, Bond and Money Markets
in order to achieve over the medium-term a performance comparable to a balanced portfolio within a volatility range of 10% to
16% in accordance with E/S characteristics.
The assessment of the volatility of the capital markets by the Investment Manager is an important factor in this process, with the
aim of typically not falling below or exceeding a volatility of the Share price within a range of 10% to 16% on a medium to long-
term average, similar to a portfolio consisting of 25% global Bond Markets (hedged to EUR) and 75% global Equity Markets.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in UCITS and/or UCI
- Hong Kong Restriction applies
- Duration on NAV level: between minus 2 and 10 years
- GITA Restriction (Alternative 1) applies
- VAG Investment Restriction applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
Allianz Emerging Markets Multi Asset Income
Investment Objective
Long term capital growth and income by investing in Equities and/or Debt Securities of global Emerging Markets and/or Money
Market Instruments of global (emerging and/or developed) markets.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Emerging Markets Countries and/or in South Korea, Taiwan, Poland, Hungary,
Greece, Croatia, Qatar, Saudi Arabia, Kuwait, United Arab Emirates, Chile, Panama, and Uruguay
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI, thereof max. 10% of Sub-Fund assets may be invested in
UCITS and/or UCI which are ETFs and max. 5% of Sub-Fund asset may be invested in UCITS and/or UCI which are not ETFs
- Duration: between minus 2 and 10 years
- Hong Kong Restriction applies
- Benchmark: none
Allianz Euro Balanced
Investment Objective
Long-term capital growth by investing in Eurozone Equity Markets and Eurozone Government Bond Markets in accordance with
E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 30% of Sub-Fund assets are invested in Debt Securities in accordance with the investment objective
- Min. 30% of Sub-Fund assets are invested in Equities in accordance with the investment objective
- Max. 30% of Sub-Fund assets may be invested in REITs
- Sub-Fund assets may not be invested in High-Yield Investments Type 1
- Max. 10% of Sub-Fund assets may be invested in Emerging Markets
- Max. 70% Sub-Fund assets may be held in Deposits and/or invested directly in Money Market Instruments and/or (up to
10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose
and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.
- GITA Restriction (Alternative 2) applies
- Benchmark: 50% IBOXX EUR Sovereigns Eurozone Total Return + 50% MSCI EMU Total Return Net. Degree of Freedom:
material. Expected Overlap: major
158
- Allianz Global Investors Fund -
Allianz Europe Income and Growth
Investment Objective
Long term capital growth and income by investing in European corporate Debt Securities and Equities.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Min. 70% of Sub-Fund assets are invested directly in accordance with the investment objective
- Max. 80% of Sub-Fund assets may be invested in Debt Securities in accordance with the investment objective
- Max. 80% of Sub-Fund assets may be invested in Equities in accordance with the investment objective
- Max. 70% of Sub-Fund assets may be invested in convertible Debt Securities in accordance with the investment objective
- Max. 70% of Sub-Fund assets may be invested in High-Yield Investments Type 1 in accordance with the investment objective
- Max. 25% of Sub-Fund assets may be held in Deposits and/or may be invested in Money-Market Instruments and/or (up to
10% of Sub-Fund assets) in money market funds
- Hong Kong Restriction applies
- GITA Restriction (Alternative 2) applies
- Benchmark: none
Allianz Global Allocation Opportunities
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity Markets, Debt Securities,
Target Funds, and/or Money Market Instruments in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Equities and/or in Debt Securities and/or in Money Market Instruments.
- Min. 15% of Sub-Fund assets are physically invested in Debt Securities
- Max. 50% of Sub-Fund assets may be held directly in time deposits and/or (up to 20% of Sub-Fund assets) in deposits at
sight and/or invested in Money Market instruments.
- Max. 40% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are Target Fund investments if the
respective acquired Target Funds are deemed to be “Emerging Market Funds” according to the Morningstar classification.
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 20% of Sub-Fund assets may be invested into the China A-Shares marketGITA Restriction (Alternative 2) applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
Allianz Global Capital Plus
Investment Objective
Long-term capital growth by investing in Global Equity and Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may be invested in Emerging Markets
- Min. 25% of Sub-Fund assets are and max. 40% of Sub-Fund assets may be invested in Equities in accordance with the
investment objective
- Max. 75% of Sub-Fund assets may be invested in Debt Securities in accordance with the investment objective
- Max. 75% of Sub-Fund assets may be held in Deposits or invested in Money Market Instruments and (up to 10% of Sub-Fund
assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other
exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS with Investment Grade
- Max. 15% of Sub-Fund assets may be invested in the PRC Bond Markets
- Max. 10% of Sub-Fund assets may be invested in the China A-Shares market
- Max. 10% of non-EUR Currency Exposure as far as Debt Securities are concerned
- Sub-Fund acts as a registered FPI
- Benchmark: 70% BLOOMBERG Global Aggregate 500 Excl. CNY Total Return + 30% MSCI AC World (ACWI) Total Return
Net. Degree of Freedom: material. Expected Overlap: major
159
- Allianz Global Investors Fund -
Allianz Global Dynamic Multi Asset Income
Investment Objective
Long term capital growth and income by investing in a broad range of asset classes, with a focus on global Equity, Bond and
Money Markets which offer attractive yields and/or sustainable dividend payments.
Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Equities and/or in Debt Securities and/or in UCITS/UCI in accordance with the
investment objective
- Sub-Fund assets may be completely invested in UCITS/UCI
- Max. 40% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired target funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Max. 100% Sub-Fund assets may be held in Deposits and/or invested directly in Money Market Instruments and/or in money
market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional
circumstances, and if the investment manager considers it in the best interest of the Sub-Fund
- Duration: between minus 5 and 15 years
- Hong Kong Restriction applies
- Benchmark: none
Allianz Global Income
Investment Objective
Long term income and capital growth by investing in a broad range of asset classes, in particular in global Equity and global
Bond Markets.
Investment Restrictions
- Max. 70% of Sub-Fund assets may be invested in Equities
- Max. 30% of Sub-Fund assets may be invested in High-Yield investments Type 1 (Debt Securities which qualify as convertible
Debt Securities will not be accounted to this 30%-limit irrespective of their rating), however Sub-Fund assets may be invested
in Debt Securities that are only rated CC (Standard & Poor's) or lower (including max. 10% of defaulted securities)
- Max. 20% of Sub-Fund assets may be invested in Debt Securities which qualify as convertible Debt Securities irrespective of their rating
- Sub-Fund assets may be invested in Emerging Markets
- Max. 25% of Sub-Fund assets may be held in Deposits and/ or may be invested directly in Money-Market instruments
and/or (up to 10% of Sub-Fund assets) in money market funds
- Max. 20% of Sub-Fund assets may be invested into the China A-Shares market and/or into the China B-Shares market
and/or PRC Bond Markets
- Max. 20% non-USD Currency Exposure
- Hong Kong Restrictions applies
- Taiwan Restriction applies
- GITA Restriction (Alternative 2) applies
- Benchmark: none
Allianz Global Intelligent Cities Income
Investment Objective
Long-term income and capital growth by investing in global Equity and Bond Markets with a focus on companies whose business
will benefit from or is currently related to evolution of intelligent cities and connected communities in accordance with E/S
characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1 (Debt Securities which qualify as convertible
Debt Securities will not be accounted to this 20%-limit irrespective of their rating), however Sub-Fund assets may be invested
in Debt Securities that are only rated CC (Standard & Poor’s) or lower (including max. 10% of defaulted securities)
- Max. 35% of Sub-Fund assets may be invested in Debt Securities which qualify as convertible Debt Securities
- Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested into the China A-Shares market
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- Taiwan Restriction applies, however the investment in High Yield Investments Type 1 shall not exceed 20% of Sub-Fund
assets
- GITA Restriction (Alternative 2) applies
- Benchmark: 70% MSCI AC World (ACWI) Total Return Net + 30% ICE BOFAML US Corporate & High Yield Index (ICE Indices
incorporate transaction costs into their calculation). Degree of Freedom: significant. Expected Overlap: major
160
- Allianz Global Investors Fund -
Allianz Global Multi Asset Sustainability Balanced
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity, Bond and Money Markets
in order to achieve over the medium-term a performance comparable to a balanced portfolio consisting of 50% global Equity
Markets and 50% global Bond Markets in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are Target Fund investments if the
respective acquired Target Funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 10% of Sub-Fund assets may be invested into China A-Shares market
- Max. 10% of Sub-Fund assets may be invested in the PRC Bond Markets
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI, thereof max. 10% of Sub-Fund assets may be invested in
UCITS and/or UCI which are ETFs and max. 5% of Sub-Fund asset may be invested in UCITS and/or UCI which are not ETFs
- Duration: between minus 2 and 10 years
- Hong Kong Restriction applies
- Sub-Fund acts as a registered FPI
- GITA Restriction (Alternative 2) applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
Allianz Income and Growth
Investment Objective
Long term capital growth and income by investing in corporate Debt Securities and Equities of US and/or Canadian Equity and
Bond Markets.
Investment Restrictions
- Max. 70% of Sub-Fund assets may be invested in Equities in accordance with the investment objective
- Max. 70% of Sub-Fund assets may be invested in convertible Debt Securities in accordance with the investment objective
- Max. 70% of Sub-Fund assets may be invested in High-Yield Investments Type 1, however Sub-Fund assets may be invested
in Debt Securities that are only rated CC (Standard & Poor’s) or lower (including max. 10% of defaulted securities)
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 25% of Sub-Fund assets may be held in Deposits and/or may be invested directly in Money-Market Instruments and/or
(up to 10% of Sub-Fund assets) in money market funds
- Max. 20% non-USD Currency Exposure
- Hong Kong Restriction applies
- Taiwan Restriction applies, except for the respective high-yield limit
- GITA Restriction (Alternative 2) applies
- Benchmark: none
161
- Allianz Global Investors Fund -
Allianz Oriental Income
Investment Objective
Long-term capital growth by investing in Asia-Pacific Equity and Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Min. 40% of Sub–Fund assets are invested in Equities in accordance with the investment objective
- Min. 50% of Sub-Fund assets are invested in Equities
- Max. 50% of Sub-Fund assets may be invested in Debt Securities
- Max. 50% Sub-Fund assets may be held in Deposits and/or invested directly in Money Market Instruments and/or (up to
10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose
and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund
- Max. 30% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund assets may not be invested in High-Yield Investments Type 1
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- Taiwan Restriction applies, except for the respective equity limit
- Sub-Fund acts as a registered FPI
- VAG Investment Restriction applies
- GITA Restriction (Alternative 1) applies
- Benchmark: MSCI AC Asia Pacific Total Return Net. Degree of Freedom: significant. Expected Overlap: minor
Allianz Select Income and Growth
Investment Objective
Long term capital growth and income by investing in corporate Debt Securities and Equities of US and/or Canadian Equity and
Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in Debt Securities, however max. 70% of Sub-Fund assets may be invested in convertible
Debt Securities
- Max. 70% of Sub-Fund assets may be invested in Equities in accordance with the investment objective
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1, however Sub-Fund assets may be invested
in Debt Securities that are only rated CC (Standard & Poor’s) or lower (including max. 10% of defaulted securities)
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- GITA Restriction (Alternative 2) applies
- Hong Kong Restriction applies
- Malaysian Investment Restriction applies
- Benchmark: none
Allianz Strategy Select 30
Investment Objective
Long term capital growth by investing in global Equity, European Bond and Money Markets in order to achieve over the medium-
term a performance comparable to a balanced portfolio within a volatility range of 2% - 8%. The assessment of the volatility of
the capital markets by the Investment Manager is an important factor in this process, with the aim of typically not falling below
or exceeding a volatility of the Share price within a range of 2% - 8% on a medium to long-term average, similar to a portfolio
consisting of 30% global Equity Markets and 70% medium-term Euro Bond Markets. In times of high volatility / low volatility the
Equity Market-oriented portion will be reduced / will be increased.
Investment Restrictions
- Sub-Fund assets may not be invested in High Yield Investments Type 1
- Max. 4% of Sub-Fund assets may be invested in Emerging Markets
- Max. 5% non-Euro Currency Exposure for non-equity Sub-Fund assets
- Duration: between zero and 9 years
- The Investment Manager focuses on the following derivative strategy:
The Investment Manager gains exposure to the global Equity Markets and the European Bond Markets by investing in
Futures-Contracts.
- Benchmark: none
162
- Allianz Global Investors Fund -
Allianz Strategy Select 50
Investment Objective
Long term capital growth by investing in global Equity, European Bond and Money Markets in order to achieve over the medium-
term a performance comparable to a balanced portfolio within a volatility range of 5% - 11%. The assessment of the volatility of
the capital markets by the Investment Manager is an important factor in this process, with the aim of typically not falling below
or exceeding a volatility of the Share price within a range of 5% - 11% on a medium to long-term average, similar to a portfolio
consisting of 50% global Equity Markets and 50% medium-term Euro Bond Markets. In times of high volatility / low volatility the
Equity Market-oriented portion will be reduced / will be increased.
Investment Restrictions
- Sub-Fund assets may not be invested in High Yield Investments Type 1
- Max. 4% of Sub-Fund assets may be invested in Emerging Markets
- Max. 5% non-Euro Currency Exposure for non-equity Sub-Fund assets
- Duration: between zero and 9 years
- The Investment Manager focuses on the following derivative strategy:
The Investment Manager gains exposure to the global Equity Markets and the European Bond Markets by investing in
Futures-Contracts.
- Benchmark: none
Allianz Strategy Select 75
Investment Objective
Long term capital growth by investing in global Equity, European Bond and Money Markets in order to achieve over the medium-
term a performance comparable to a balanced portfolio within a volatility range of 8% - 16%. The assessment of the volatility of
the capital markets by the Investment Manager is an important factor in this process, with the aim of typically not falling below
or exceeding a volatility of the Share price within a range of 8% - 16% on a medium to long-term average, similar to a portfolio
consisting of 75% global Equity Markets and 25% medium-term Euro Bond Markets. In times of high volatility / low volatility the
Equity Market-oriented portion will be reduced / will be increased.
Investment Restrictions
- Sub-Fund assets may not be invested in High Yield Investments Type 1
- Max. 4% of Sub-Fund assets may be invested in Emerging Markets
- Max. 5% non-Euro Currency Exposure for non-equity Sub-Fund assets
- Duration: between zero and 9 years
- The Investment Manager focuses on the following derivative strategy:
The Investment Manager gains exposure to the global Equity Markets and the European Bond Markets by investing in
Futures-Contracts.
- Benchmark: none
Allianz Strategy4Life Europe 40
Investment Objective
Long term capital growth by investing in European Equity, European Bond and Money Markets in order to achieve over the
medium-term a performance comparable to a balanced portfolio within a volatility range of 3% - 9%. The assessment of the
volatility of the capital markets by the Investment Manager is an important factor in this process, with the aim of typically not
falling below or exceeding a volatility of the Share price within a range of 3% - 9% on a medium to long-term average, similar to a
portfolio consisting of 40% European Equity Markets and 60% medium-term Euro Bond Markets in accordance with E/S
characteristics. In times of high volatility / low volatility the Equity Market-oriented portion will be reduced / will be increased.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets may not be invested in High Yield Investments Type 1
- Max. 4% of Sub-Fund assets may be invested in Emerging Markets
- Max. 5% non-Euro Currency Exposure for non-equity Sub-Fund assets
- Duration: between zero and 9 years
- The Investment Manager focuses on the following derivative strategy:
The Investment Manager gains exposure to the European Equity Markets and the European Bond Markets by investing in
Futures-Contracts.
- Benchmark: none
163
- Allianz Global Investors Fund -
Allianz Sustainable Multi Asset 75
Investment Objective
Long term capital growth by investing in a broad range of asset classes, with a focus on global Equity, Bond, and Money Markets
in order to achieve over the medium-term a performance comparable to a balanced portfolio within a volatility range of 10% to
16% in accordance with E/S characteristics. The assessment of the volatility of the capital markets by the Investment Manager is
an important factor in this process, with the aim of typically not falling below or exceeding a volatility of the share price within a
range of 10% to 16% on a medium to long-term average, similar to a portfolio consisting of 75% global Equity Markets and 25%
Euro denominated Bond Markets.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 30% of Sub-Fund assets may be invested in Emerging Markets
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in UCITS and/or UCI
- Duration on NAV level: between minus 2 and 10 years
- VAG Investment Restriction applies
- GITA Restriction (Alternative 2) applies
- A Sub-Fund’s Investment Manager uses total return swaps to generate positive or negative exposure to the respective asset
classes (further information are disclosed in Appendix 7)
- Benchmark: none
IndexManagement Balance
Investment Objective
Long-term capital growth by investing in the global Bond, Equity and Money Markets predominantly via investment funds, ETFs,
index funds and index futures. Overall, the goal is to achieve over the long-term a performance comparable to a balanced
portfolio consisting of 40% global Equity Markets and 60% global Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in UCITS and/or UCI on an unlimited basis
- Max. 60% of Sub-Fund assets may be invested in Equity Funds and Equities
- Sub-Fund assets may be invested in Emerging Markets including target funds which are deemed to be “Emerging Market
Funds” according to the Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1 including target fund investments which are deemed to
be “High Yield Funds” according to the Morningstar classification
- Max. 100% Sub-Fund assets may be held in Deposits and/or may be invested in money market instruments and/or (up to
100% of Sub-Fund assets) may be invested in money market funds on a temporary basis for liquidity management and/or
defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best
interest of the Sub-Fund.
- Duration: not restricted
- Benchmark: 20% MSCI Europe Total Return Net + 16% MSCI World Excl. Europe Total Return Net + 15% BLOOMBERG Euro
Aggregate Corporate Total Return + 15% BLOOMBERG Euro Aggregate Treasury Total Return + 15 % BLOOMBERG US
Corporate Investment Grade Total Return (hedged into EUR) + 15% BLOOMBERG US Treasury Total Return (hedged into
EUR) + 4% MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: minor
IndexManagement Chance
Investment Objective
Long-term capital growth by investing in the global Bond, Equity and Money Markets predominantly via investment funds, ETFs,
index funds and index futures. Overall, the goal is to achieve over the long-term a performance comparable to a balanced
portfolio consisting of 80% global Equity Markets and 20% global Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in UCITS and/or UCI on an unlimited basis
- Max. 70% of Sub-Fund assets are invested in Bond Funds and Debt Securities
- Min. 30% of Sub-Fund assets are invested in Equity Funds and Equities
- Sub-Fund assets may be invested in Emerging Markets including target funds which are deemed to be “Emerging Market
Funds” according to the Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1 including target fund investments which are deemed to
be “High Yield Funds” according to the Morningstar classification
- Max. 70% Sub-Fund assets may be held in Deposits and/or may be invested in in money market instruments and/or (up to
70% of Sub-Fund assets) may be invested in Money Market Funds on a temporary basis for liquidity management and/or
defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best
interest of the Sub-Fund.
- Duration: not restricted
164
- Allianz Global Investors Fund -
- GITA Restriction (Alternative 2) applies
- Benchmark: 40% MSCI Europe Total Return Net + 32% MSCI World Excl. Europe Total Return Net + 8% MSCI Emerging
Markets Total Return Net + 5% BLOOMBERG Euro Aggregate Corporate Total Return + 5% BLOOMBERG Euro Aggregate
Treasury Total Return + 5% BLOOMBERG US Corporate Investment Grade Total Return (hedged into EUR) + 5%
BLOOMBERG US Treasury Total Return (hedged into EUR). Degree of Freedom: material. Expected Overlap: minor
IndexManagement Substanz
Investment Objective
Long-term capital growth by investing in the global Bond, Equity and Money Markets predominantly via investment funds, ETFs,
index funds and index futures. Overall, the goal is to achieve over the long-term a performance comparable to a balanced
portfolio consisting of 20% global Equity Markets and 80% global Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in UCITS and/or UCI on an unlimited basis
- Max. 30% of Sub-Fund assets may be invested in Equity Funds and Equities
- Sub-Fund assets may be invested in Emerging Markets including target funds which are deemed to be “Emerging Market
Funds” according to the Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1 including target fund investments which are deemed to
be “High Yield Funds” according to the Morningstar classification
- Max. 100% Sub-Fund assets may be held in Deposits and/or may be invested in in money market instruments and/or (up to
100% of Sub-Fund assets) may be invested in Money Market Funds on a temporary basis for liquidity management and/or
defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best
interest of the Sub-Fund.
- Duration: not restricted
- Benchmark: 20% BLOOMBERG Euro Aggregate Corporate Total Return + 20% BLOOMBERG Euro Aggregate Treasury
Total Return + 20% BLOOMBERG US Corporate Investment Grade Total Return (hedged into EUR) + 20% BLOOMBERG US
Treasury Total Return (hedged into EUR) + 10% MSCI Europe Total Return Net + 8% MSCI World Excl. Europe Total Return
Net + 2% MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: minor
IndexManagement Wachstum
Investment Objective
Long-term capital growth by investing in the global Bond, Equity and Money Markets predominantly via investment funds, ETFs,
index funds and index futures. Overall, the goal is to achieve over the long-term a performance comparable to a balanced
portfolio consisting of 60% global Equity Markets and 40% global Bond Markets.
Investment Restrictions
- Sub-Fund assets may be invested in UCITS and/or UCI on an unlimited basis
- Max. 90% of Sub-Fund assets may be invested in Equity Funds and Equities
- Max. 75% of Sub-Fund assets are invested in Bond Funds and Debt Securities
- Sub-Fund assets may be invested in Emerging Markets including target funds which are deemed to be “Emerging Market
Funds” according to the Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1 including target fund investments which are deemed to
be “High Yield Funds” according to the Morningstar classification
- Max. 75% Sub-Fund assets may be held in Deposits and/or may be invested in in money market instruments and/or (up to
75% of Sub-Fund assets) may be invested in Money Market Funds on a temporary basis for liquidity management and/or
defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best
interest of the Sub-Fund.
- Duration: not restricted
- GITA Restriction (Alternative 2) applies
- Benchmark: 30% MSCI Europe Total Return Net + 24% MSCI World Excl. Europe Total Return Net + 10% BLOOMBERG Euro
Aggregate Corporate Total Return + 10% BLOOMBERG Euro Aggregate Treasury Total Return + 10% BLOOMBERG US
Corporate Investment Grade Total Return (hedged into EUR) + 10% BLOOMBERG US Treasury Total Return (hedged into
EUR) + 6% MSCI Emerging Markets Total Return Net. Degree of Freedom: material. Expected Overlap: minor
165
- Allianz Global Investors Fund -
4. Funds of Funds
The principles set out in the “General Part” are supplemented by the following principles and limits
which exclusively apply to all Fund of Funds Sub-Funds unless otherwise stated in a Fund of Funds’
individual Investment Restrictions:
- A Sub-Fund’s Investment Manager follows, unless otherwise stated in a Sub-Fund’s investment objective (or in the
investment restriction), always an active management approach (as mentioned in Appendix 1, Part A, No. 19).
- Min. 70% of Sub-Fund assets are invested in UCITS and/or UCI in accordance with the investment objective.
- Less than 30% of Sub-Fund assets may be invested in UCITS and/or UCI other than described in the investment objective.
- Less than 30% of Sub-Fund assets may be invested in Equities and/or Debt Securities in accordance with the investment
objective and/or other than described in the investment objective.
- Less than 30% of Sub-Fund assets may be invested in Money Market Instruments, and/or held in time deposits and/or (up to
20% of Sub-Fund assets) in deposits at sight and/or in money market funds for liquidity management.
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS.
- Max. 10% of Sub-Fund assets may be invested in contingent convertible bonds.
- Where a country, region and/or market is referred to in the investment objective (or in the investment restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region and/or markets. Such
investments include Debt Securities that are issued or guaranteed by governments, municipalities, agencies, supra-
nationals, central, regional, or local authority and companies of (including those that generate a predominant share of their
sales or their profits in) such country, region and/or market as well as companies that are under common management or
control of or have substantial direct or indirect participation in the foregoing companies.
- Where a country, region and/or market is referred to in the investment objective (or in the investment restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region, and/or markets. Such
investments include Equities of companies listed on a Regulated Market or incorporated, with a registered office or principal
place of business, or that generate a predominant share of sales or profits in such country, region, or market, as well as
companies under common management or control of, or have substantial direct or indirect participation in, the foregoing
companies.
- A Benchmark is always used for a Sub-Fund’s Performance Measures if not otherwise referred to in the Sub-Fund’s
individual investment restrictions. A Benchmark may be used also for a Sub-Fund’s Portfolio Composition, where such case is
explicitly referred to in the Sub-Fund’s individual investment restrictions. In both cases the Investment Manager’s aim is to
outperform the Benchmark. A Sub-Fund’s Benchmark (and in the case that such Benchmark is explicitly used for a Sub-
Fund’s Portfolio Composition), and the Investment Manager’s Degree of Freedom to deviate from the Benchmark and the
expected overlap between the Sub-Fund`s invested securities and the constituents of its Benchmark are referred to, unless
not applicable, in a Sub-Fund’s individual Investment Restrictions. (Please refer to Appendix 1, Part A, No. 19)
Allianz ActiveInvest Balanced
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular in the global Bond-, Equity-,
alternative- and Money Markets in accordance with E/S characteristics. The Sub-Fund achieves its investment objective by
investing in investment funds (including internal SFDR Target Funds) with different regional focuses from a global investment
universe. Overall, the goal is to achieve over the medium-term a performance comparable to a balanced portfolio consisting of
global Equity Markets and Euro Bond Markets. The assessment of the volatility of the capital markets by the Investment
Manager is an important factor in this process, with the aim of typically not falling below or exceeding a volatility of the Share
price within a range of 6% to 12% on a medium to long-term average.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 35% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired Target Funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 25% of Sub-Fund assets may be invested in High-Yield Investments Type 1. Included in this limit are target fund
investments if the respective acquired Target Funds are deemed to be “High Yield Funds” according to the Morningstar
classification
- Max. 100% Sub-Fund assets may be invested in Money Market Funds and (up to 30% of Sub-Fund assets) may be held in
Deposits and be invested in in money market instruments on a temporary basis for liquidity management and/or defensive
purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the
Sub-Fund.
- Duration: between minus 2 and 10 years
- Benchmark: none
166
- Allianz Global Investors Fund -
Allianz ActiveInvest Defensive
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular in the global Bond-, Equity-,
alternative- and Money Markets in accordance with E/S characteristics. The Sub-Fund achieves its investment objective by
investing in investment funds (including internal SFDR Target Funds) with different regional focuses from a global investment
universe. Overall, the goal is to achieve over the medium-term a performance comparable to a defensive portfolio consisting of
global Equity Markets and Euro Bond Markets. The assessment of the volatility of the capital markets by the Investment
Manager is an important factor in this process, with the aim of typically not falling below or exceeding a volatility of the Share
price within a range of 3% to 9% on a medium to long-term average.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 25% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired Target Funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 20% of Sub-Fund assets may be invested in High-Yield Investments Type 1. Included in this limit are target fund
investments if the respective acquired Target Funds are deemed to be “High Yield Funds” according to the Morningstar
classification
- Max. 100% Sub-Fund assets may be invested in Money Market Funds and (up to 30% of Sub-Fund assets) may be held in
Deposits and be invested in in money market instruments on a temporary basis for liquidity management and/or defensive
purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the
Sub-Fund.
- Duration: between minus 2 and 10 years
- Benchmark: none
Allianz ActiveInvest Dynamic
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular in the global Bond-, Equity-,
alternative- and Money Markets in accordance with E/S characteristics. The Sub-Fund achieves its investment objective by
investing in investment funds (including internal SFDR Target Funds) with different regional focuses from a global investment
universe. Overall, the goal is to achieve over the medium-term a performance comparable to a dynamic portfolio consisting of
global Equity Markets and Euro Bond Markets. The assessment of the volatility of the capital markets by the Investment
Manager is an important factor in this process, with the aim of typically not falling below or exceeding a volatility of the Share
price within a range of 10% to 18% on a medium to long-term average.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Max. 50% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired Target Funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1. Included in this limit are target fund
investments if the respective acquired Target Funds are deemed to be “High Yield Funds” according to the Morningstar
classification
- Max. 100% Sub-Fund assets may be invested in Money Market Funds and (up to 30% of Sub-Fund assets) may be held in
Deposits and be invested in in money market instruments on a temporary basis for liquidity management and/or defensive
purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the
Sub-Fund.
- Duration: between minus 2 and 10 years
- Benchmark: none
167
- Allianz Global Investors Fund -
Allianz Alternative Investment Strategies
Investment Objective
Long-term capital growth by investing in global alternative investment strategies or alternative assets. The Sub-Fund will seek to
achieve the investment objective primarily by investing in investment funds.
Investment Restrictions
- Min. 55% of Sub-Fund assets are invested in UCITS and/or UCI in accordance with the investment objective
- Max. 45% of Sub-Fund assets may be invested in UCITS and/or UCI other than described in the investment objective.
- Max. 45% of Sub-Fund assets may be invested in Equities and/or Debt Securities in accordance with the investment
objective and/or other than described in the investment objective.
- Max. 45% Sub-Fund assets may be invested in Money Market Funds and may be held in Deposits and be invested in in
money market instruments for liquidity management and/or defensive purpose and/or any other exceptional
circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.
- Sub-Fund assets may be invested in Emerging Markets and/or in target funds which are deemed to be “Emerging Market
Funds” according to the Morningstar classification
- Sub-Fund assets may be invested in invested in High-Yield Investments Type 1, including target fund investments if the
respective acquired target funds are deemed to be “High Yield Funds” according to the Morningstar classification
- The Investment Manager focuses on the following types of strategies:
Equity Long / Short strategies
Strategies involving both long and short exposure to the Equity Market in an effort to take advantage of the relative /
different price development of single stocks. The strategy universe is very broad, containing quantitative and fundamental
strategies that either focus on a specific market or sector, or are widely diversified across different sectors. Both top-down
and bottom-up approaches may be employed.
Credit Long / Short strategies
The long / short credit segment encompasses a broad diversity of credit strategies mainly implemented in the corporate
Bond Market, via bonds, derivatives and cash. One common investment strategy is to benefit from price discrepancies
between the securities of one or more issuers within the same sector or market segment. Strategies may vary in respect of
credit-rating requirements, regional exposure and some may also effort to take advantage of event driven opportunities
within the corporate Bond Market.
Event-Driven investment strategies
An event-driven investment strategy capitalizes on the opportunities inherent in specific corporate events. Such events
include merger or acquisitions and special company situations.
An event driven investment strategy intends to benefit from inefficiencies in the market prices of companies which are
subject to a specific corporate event. Such event can be merger activities, takeovers, tender offers and other corporate
activities or any other special situation which can be broadly defined as any specific corporate event (also known as a
“catalyst”) that would have a direct impact to the securities issued by a specific company. For example, corporate spin-offs,
share class exchanges and security issuances.
Alternative volatility strategies
An alternative volatility driven investment strategy invests in derivative financial instruments whose value is dependent on
price fluctuations (volatility) typically on the Equity Market. As such variance swaps might be employed that rise in value, if
the realized volatility (more precisely: the variance) is lower than the volatility implied in the swap agreement. The success
of the investment strategy does not depend on the direction of the market trend but on the actual development of volatility
relative to the implied one.
An option-based investment strategy is a particular form of a volatility strategy. It utilizes equity option spreads, typically buying
and selling put options and call options including, without any limitation, on global equity indices, global equity index futures,
global Equity Market related volatility indices, global Equity Market related volatility futures, and exchange traded funds. The
objective of the option spreads is to create option based “profit zones” that upon expiration of the options will lead to a positive
return for the strategy if the level of the underlying index (or other instrument) ends up within such profit zone.
Global Macro strategies
A global macro strategy features the broadest opportunity set of all liquid alternatives. They typically invest in a broad
global universe of asset classes, such as equities, bonds (especially government bonds), currencies and commodities, with
the primary aim of taking advantage of changes and trends on the global financial markets. As these strategies normally
operate in liquid markets, exposure can be adjusted quickly and flexibly to market conditions.
Multi Strategy/ Multi-Asset/ Allocation strategies
These funds implement both directional and non-directional sub-strategies and have a largely unconstrained mandate to
invest in a range of asset classes / sub-asset classes. As a result, these funds may have statistically significant betas to
multiple asset classes / sub-asset classes (e.g., debt, equity, currencies and derivatives) but this may change over time.
Alternative assets
Alternative assets are investment which aim to have a low correlation to equities or bonds. Typical alternative asset classes
are real estate, commodities or private equity.
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
168
- Allianz Global Investors Fund -
Allianz Coupon Select Plus VI
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular in the global Bond-, Equity-,
alternative- and Money Markets. The Sub-Fund achieves its investment objective by investing in internal investment funds with
different regional focuses from a global investment universe.
Investment Restrictions
- Max. 60% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired target funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1. Included in this limit are target fund
investments if the respective acquired target funds are deemed to be “High Yield Funds” according to the Morningstar
classification
- Max. 100% Sub-Fund assets may be invested in Money Market Funds and (up to 30% of Sub-Fund assets) may be held in Deposits
and be invested in in money market instruments on a temporary basis for liquidity management and/or defensive purpose and/or
any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.
- Duration: between minus 2 and 10 years
- Benchmark: none
Allianz Green Future
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular in the global Bond-, global
Equity-, and global Money Markets in accordance with E/S characteristics. The Sub-Fund achieves its investment objective by
investing in internal SFDR Target Funds.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in internal SFDR Target Funds in accordance with the Investment Objective
- Sub-Fund assets may not be invested in UCITS / UCI other than described in the investment objective
- Max. 47,5% of Sub-Fund assets may be invested in Equity. Included in this limit are Target Fund investments if the respective
acquired target funds are deemed to be “Equity Funds” according to the Morningstar classification
- Max. 40% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired Target Funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1. Included in this limit are target fund
investments if the respective acquired Target Funds are deemed to be “High Yield Funds” according to the Morningstar
classification
- Max. 50% Sub-Fund assets may be invested in Money Market Funds and, up to 30% of Sub-Fund assets, may be held in Deposits
and be invested in in money market instruments on a temporary basis for liquidity management and/or defensive purpose
and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.
- Duration: between minus 2 and 10 years
- Benchmark: none
169
- Allianz Global Investors Fund -
Allianz Selection Alternative
Investment Objective
Long term capital growth by investing in global alternative investment strategy funds and/or alternative asset funds.
Investment Restrictions
- Sub-Fund assets may be invested in target funds which are deemed to be “Emerging Market Funds” according to the
Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1 including target fund investments if the respective
acquired target funds are deemed to be “High Yield Funds” according to the Morningstar classification
- Sub-Fund assets may not be invested in Equities and/or ABS/MBS
- The Investment Manager focuses on the following types of strategies:
Equity Long / Short strategies
Strategies involving both long and short exposure to the Equity Market in an effort to take advantage of the relative /
different price development of single stocks. The strategy universe is very broad, containing quantitative and fundamental
strategies that either focus on a specific market or sector, or are widely diversified across different sectors. Both top-down
and bottom-up approaches may be employed.
Credit Long / Short strategies
The long / short credit segment encompasses a broad diversity of credit strategies mainly implemented in the corporate
Bond Market, via bonds, derivatives and cash. One common investment strategy is to benefit from price discrepancies
between the securities of one or more issuers within the same sector or market segment. Strategies may vary in respect of
credit-rating requirements, regional exposure and some may also effort to take advantage of event driven opportunities
within the corporate Bond Market.
Event-Driven investment strategies
An event-driven investment strategy capitalizes on the opportunities inherent in specific corporate events Such events
include merger or acquisitions and special company situations. An event driven investment strategy intends to benefit from
inefficiencies in the market prices of companies which are subject to a specific corporate event. Such event can be merger
activities, takeovers, tender offers and other corporate activities or any other special situation which can be broadly defined
as any specific corporate event (also known as a “catalyst”) that would have a direct impact to the securities issued by a
specific company. For example, corporate spin-offs, share class exchanges and security issuances.
Alternative volatility strategies
An alternative volatility driven investment strategy invests in derivative financial instruments whose value is dependent on
price fluctuations (volatility) typically on the Equity Earket. As such variance swaps might be employed that rise in value, if
the realized volatility (more precisely: the variance) is lower than the volatility implied in the swap agreement. The success
of the investment strategy does not depend on the direction of the market trend but on the actual development of volatility
relative to the implied one.
An option-based investment strategy is a particular form of a volatility strategy. It utilizes equity option spreads, typically
buying and selling put options and call options including, without any limitation, on global equity indices, global equity
index futures, global Equity Market related volatility indices, global Equity Market related volatility futures, and exchange
traded funds. The objective of the option spreads is to create option based “profit zones” that upon expiration of the options
will lead to a positive return for the strategy if the level of the underlying index (or other instrument) ends up within such
profit zone.
Global Macro strategies
A global macro strategy features the broadest opportunity set of all liquid alternatives. They typically invest in a broad
global universe of asset classes, such as equities, bonds (especially government bonds), currencies and commodities, with
the primary aim of taking advantage of changes and trends on the global financial markets. As these strategies normally
operate in liquid markets, exposure can be adjusted quickly and flexibly to market conditions.
Multi-Asset Allocation strategies
Those strategies implement sub-strategies both directional and non-directional and have a largely unconstrained mandate
making it possible to invest in a range of asset categories / sub-categories assets. As a result, those strategies may show
high betas in relation to several asset categories / sub-asset categories (e.g., Debt Securities, stocks, currencies, and
derivatives), but this can evolve over time.
Alternative assets
Alternative assets are investment which aim to have a low correlation to equities or bonds. Typical alternative asset classes
are real estate, commodities or private equity.
- Benchmark: none
170
- Allianz Global Investors Fund -
Allianz Selection Fixed Income
Investment Objective
Long term capital growth by investing in global Bond- and Money Market funds in accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Target Funds in accordance with the investment objective
- Sub-Fund assets may be invested in Target Funds which are deemed to be “Emerging Market Funds” according to the
Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1 included in Target Funds investments if the respective
acquired Target Funds are deemed to be “High Yield Funds” according to the Morningstar classification.
- Max. 30% Sub-Fund assets may be invested Money Market Funds and/or may be held in time deposits and/or (up to 20% of
Sub-Fund assets) in deposits at sight and/or be invested in in Money Market Instruments for liquidity management.
- Sub-Fund assets may not be invested in ABS and/or MBS
- Benchmark: none
Allianz Selection Small and Mid Cap Equity
Investment Objective
Long term capital growth by investing in European Equity Markets funds with a focus on smaller and midsized companies in
accordance with E/S characteristics.
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 90% of Sub-Fund assets are invested in UCITS and/or UCI thereof at least 70% of Sub-Fund assets are invested in UCITS
and/or UCI in accordance with the investment objective.
- Max. 30% of Sub-fund assets may be invested in Money Market Funds for liquidity management.
- Sub-Fund assets may be invested in Emerging Markets. Included are Target Funds which are deemed to be “Emerging
Market Funds” according to the Morningstar classification
- Sub-Fund assets may be invested in High-Yield Investments Type 1. Included are Target Funds which are deemed to be
“High Yield Funds” according to the Morningstar classification
- Max. 10% of Sub-Fund assets may be invested in Equities or Debt Securities which can qualify as Social Economy Assets
- Max. 10% of Sub-Fund assets may be invested in ABS and/or MBS
- Max. 10% of Sub-Fund assets may be held in Deposits and/or may be invested in Money Market Instruments.
- VAG Investment Restriction applies
- Benchmark: none
171
- Allianz Global Investors Fund -
Allianz Trend and Brands
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular in the global Bond-, Equity-,
alternative- and Money Markets. The Sub-Fund achieves its investment objective by investing in investment funds with different
regional focuses from a global investment universe. Overall, the goal is to achieve over the medium-term a performance
comparable to a balanced portfolio consisting of global Equity Markets and global Bond Markets. While at fund launch the goal
is to achieve over the medium-term a performance comparable to a balanced portfolio consisting predominantly of Bond and/ or
Money Markets, over a time of approximately 30 months after fund launch the goal will be gradually shifted to achieve over the
medium-term a performance comparable to a balanced portfolio consisting predominantly of Equity and/ or alternative
Markets. In selecting Equity Funds a focus will be put on thematic or sector Equity Funds.
Investment Restrictions
- Max. 60% of Sub-Fund assets may be invested in Emerging Markets. Included in this limit are target fund investments if the
respective acquired target funds are deemed to be “Emerging Market Funds” according to the Morningstar classification
- Max. 30% of Sub-Fund assets may be invested in High-Yield Investments Type 1. Included in this limit are target fund
investments if the respective acquired target funds are deemed to be “High Yield Funds” according to the Morningstar
classification.
- Min. 10% of Sub-Fund assets may be invested in Equity Funds.
- Max. 100% Sub-Fund assets may be invested in Money Market Funds and (up to 30% of Sub-Fund assets) may be held in
Deposits and be invested in in money market instruments on a temporary basis for liquidity management and/or defensive
purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the
Sub-Fund.
- Duration on NAV level: between minus 2 and 10 years
- Benchmark: none
172
- Allianz Global Investors Fund -
5. Target Maturity Funds
The principles set out in the “General Part” are supplemented by the following principles and limits
which exclusively apply to all Target Maturity Sub-Funds unless otherwise stated in a Target Maturity
Sub-Fund’s individual Investment Restrictions:
- A Sub-Fund’s Investment Manager follows, unless otherwise stated in a Sub-Fund’s investment objective (or in the
investment restriction), always an active management approach (as mentioned in Appendix 1, Part A, No. 19).
- Target Maturity Funds have been created for a limited period (the “Maturity Date”) and will be automatically put into
liquidation at the date mentioned in their investment objective (the “Liquidation Date”). For such Sub-Funds, the date on
which distributions to Shareholders will begin (the “Distribution Date”) is also mentioned in the relevant Sub-Fund’s
investment objective.
- Other Target Maturity Funds have a rolling target maturity date which is mentioned in the relevant Sub-Fund’s investment
objective.
- For Target Maturity Funds which have been created for a limited period, the portfolio structure is built over time by the Sub-
Fund’s investment manager and regarded as final (within a period of max six months after the Sub-Fund’s launch date)
when those assets which the Sub-Fund’s investment manager believes are necessary to achieve the Sub-Fund's investment
objective have been acquired (the "Starting Allocation"). In building the Sub-Fund’s portfolio, the Sub-Fund’s investment
manager intends to acquire primarily Debt Securities whose maturity or call date is generally compatible with the Sub-
Fund's Maturity Date and intends to hold such Debt Securities – after the Starting Allocation has been regarded as final -
until the Sub-Fund’s Maturity Date. Such Sub-Fund is permitted to exceed certain investment restrictions after the Starting
Allocation has been established if such breach occurs through changes in the value of the assets held in the Sub-Fund. In
these cases, the Sub-Fund’s investment manager is not obliged to actively seek to comply with the relevant investment
restrictions if, in the investment manager’s opinion, this would alter the portfolio structure that was established through the
Starting Allocation. If more shares of the Sub-Fund are issued than redeemed, additional assets may be acquired to
maintain the proportions of the Starting Allocation. If after acquisition, an asset loses its rating that existed at the time of
acquisition or is being downgraded (even from Investment Grade to High-Yield Investments Type 1) such asset may remain
in the Sub-Fund. This could result in the Sub-Fund exceeding certain investment restrictions. The provisions set out in this
bullet point do not apply to a Target Maturity Sub-Fund’s individual Investment Restrictions resulting from the application
of a specific Investment Strategy as mentioned in Appendix 1, Part B (Potential use of a specific Investment Strategy).
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective.
- Less than 30% of Sub-Fund assets may be invested in Debt Securities other than described in the investment objective.
- Max. 100% of Sub-Fund assets may be invested in Money Market Instruments and/or held in time deposits and/or (up to
20% of Sub-Fund assets) in deposits at sight and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary
basis for liquidity management and/or or defensive purpose and/or any other exceptional circumstances, and/or if the
investment manager otherwise considers it in the best interest of the Sub-Fund.
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS.
- Max. 10% of Sub-Fund assets may be invested in contingent convertible bonds.
- Max. 10% of Sub-Fund assets may be invested in preference shares.
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI.
- Where a country, region and/or market is referred to in the investment objective (or in the investment restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region and/or markets. Such
investments include Debt Securities that are issued or guaranteed by governments, municipalities, agencies, supra-
nationals, central, regional, or local authority and companies of (including those that generate a predominant share of their
sales or their profits in) such country, region, and/or market as well as companies that are under common management or
control of or have substantial direct or indirect participation in the foregoing companies.
- Sub-Fund assets may be invested in Equities and comparable securities or rights in the exercise of subscription, conversion
and option rights on investments such as convertible bonds, contingent convertible bonds and bonds with warrants, but
they must be sold within twelve months from the date of acquisition. Up to 5% of Sub-Fund assets as described in the
aforementioned meaning may be invested longer than twelve months if the investment manager considers it in the best
interest of the Sub-Fund.
- A Benchmark is always used for a Sub-Fund’s Performance Measures if not otherwise referred to in the Sub-Fund’s
individual investment restrictions. A Benchmark may be used also for a Sub-Fund’s Portfolio Composition, where such case is
explicitly referred to in the Sub-Fund’s individual investment restrictions. In both cases the Investment Manager’s aim is to
outperform the Benchmark. A Sub-Fund’s Benchmark (and in the case that such Benchmark is explicitly used for a Sub-
Fund’s Portfolio Composition), and the Investment Manager’s Degree of Freedom to deviate from the Benchmark and the
expected overlap between the Sub-Fund`s invested securities and the constituents of its Benchmark are referred to, unless
not applicable, in a Sub-Fund’s individual Investment Restrictions. (Please refer to Appendix 1, Part A, No. 19)
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Allianz Target Maturity Euro Bond I
Investment Objective
Market-oriented return by investing in Debt Securities of global Bond Markets (Euro denominated) in accordance with E/S
characteristics.
Maturity Date: 17 May 2026
Liquidation Date: 17 May 2026
Distribution Date: Starting on the next Dealing Date following the Maturity Date.
Sub-Fund’s launch date: 17 May 2023
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 1 until the Starting Allocation has been
established
- Max. 30% of Sub-Fund assets are invested in Emerging Markets until the Starting Allocation has been established
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 6 years
- Benchmark (only used to measure the performance of Sub-Fund’s E/S characteristics against those of the Benchmark): ICE
BOFAML Euro Corporate (ICE Indices incorporate transaction costs into their calculation). Degree of Freedom: significant.
Overlap: minor
Allianz Target Maturity Euro Bond II
Investment Objective
Market-oriented return by investing in Debt Securities of global Bond Markets (Euro denominated) in accordance with E/S
characteristics.
Maturity Date: 29 October 2027
Liquidation Date: 29 October 2027
Distribution Date: Starting on the next Dealing Date following the Maturity Date.
Sub-Fund’s launch date: 4 September 2023
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 1 until the Starting Allocation has been
established
- Max. 30% of Sub-Fund assets are invested in Emerging Markets until the Starting Allocation has been established
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 6 years
- Benchmark (only used to measure the performance of Sub-Fund’s E/S characteristics against those of the Benchmark): ICE
BOFAML Euro Corporate (ICE Indices incorporate transaction costs into their calculation). Degree of Freedom: significant.
Overlap: minor
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Allianz Target Maturity Euro Bond III
Investment Objective
Market-oriented return by investing in Debt Securities of global Bond Markets (Euro denominated) in accordance with E/S
characteristics.
Maturity Date: 28 April 2028
Liquidation Date: 28 April 2028
Distribution Date: Starting on the next Dealing Date following the Maturity Date.
Sub-Fund’s launch date: 12 February 2024
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective.
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 1 until the Starting Allocation has been
established.
- Max. 30% of Sub-Fund assets are invested in Emerging Markets until the Starting Allocation has been established.
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 6 years
- Benchmark (only used to measure the performance of Sub-Fund’s E/S characteristics against those of the Benchmark): ICE
BOFAML Euro Corporate (ICE Indices incorporate transaction costs into their calculation).
- Degree of Freedom: significant. Overlap: minor
Allianz Target Maturity Euro Bond IV
Investment Objective
Market-oriented return by investing in Debt Securities of global Bond Markets (Euro denominated) in accordance with E/S
characteristics.
Maturity Date: 1 October 2026
Liquidation Date: 1 October 2026
Distribution Date: Starting on the next Dealing Date following the Maturity Date.
Sub-Fund’s launch date: 1 July 2024
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 1 until the Starting Allocation has been
established
- Max. 30% of Sub-Fund assets are invested in Emerging Markets until the Starting Allocation has been established
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 6 years
- Benchmark (only used to measure the performance of Sub-Fund’s E/S characteristics against those of the Benchmark): ICE
BOFAML Euro Corporate (ICE Indices incorporate transaction costs into their calculation). Degree of Freedom: significant.
Overlap: minor
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- Allianz Global Investors Fund -
Allianz Target Maturity Euro Bond V
Investment Objective
Market-oriented return by investing in Debt Securities of global Bond Markets (Euro denominated) in accordance with E/S
characteristics.
Maturity Date: 26 October 2028
Liquidation Date: 26 October 2028
Distribution Date: Starting on the next Dealing Date following the Maturity Date
Sub-Fund’s launch date: 5 September 2024
Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Sub-Fund assets are primarily invested in Debt Securities as described in the investment objective
- Max. 40% of Sub-Fund assets may be invested in High-Yield Investments Type 1 until the Starting Allocation has been
established
- Max. 30% of Sub-Fund assets are invested in Emerging Markets until the Starting Allocation has been established
- Max. 10% non-EUR Currency Exposure
- Duration: between zero and 6 years
- Benchmark (only used to measure the performance of Sub-Fund’s E/S characteristics against those of the Benchmark): ICE
BOFAML Euro Corporate (ICE Indices incorporate transaction costs into their calculation). Degree of Freedom: significant.
Overlap: minor
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6. Alternative Funds
The principles set out in the “General Part” are supplemented by the following principles and limits
which exclusively apply to all Alternative Sub-Funds unless otherwise stated in an Alternative Sub-
Fund’s individual Investment Restrictions:
- A Sub-Fund’s Investment Manager follows, unless otherwise stated in a Sub-Fund’s investment objective (or in the
investment restriction), always an active management approach (as mentioned in Appendix 1, Part A, No. 19).
- The key feature of an Alternative Fund is to follow and to participate in a specific investment strategy (the “Strategy”) which
may be implemented by using a derivate structure. Information about the current state of the Strategy can be obtained on
the website www.allianzglobalinvestors.com.
- Implementation of the Strategy
a) In some Alternative Funds the Strategy is implemented by using a derivative structure, in particular swaps, on a cash
component and the positive or negative performance resulting from the Strategy’s investment in securities according to
the Strategy’s Description (the “Transfer of the Strategy’s performance”). The Investment Manager exchanges a regular
variable payment from the Sub-Fund against a participation in the performance of the Strategy. The Strategy’s
performance may also be negative, which would then result in an additional payment from the Sub-Fund to the
respective counterparty of the derivative structure. The overall derivative structure will be implemented with at least one
counterparty. Such counterparty must comply with the general requirements of the Investment Manager for
counterparty selection. Through regular and ad hoc resets of the derivative structure it will be ensured that the maximum
counterparty risk of the selected counterparty will not exceed 10% of the Sub-Fund’s assets. The counterparty assumes
no discretion over the composition or management of the Strategy. The Strategy will be fully implemented within one
month after Sub-Fund’s launch. Prior to full implementation of the Strategy, investor’s participation in the Strategy’s
performance may be limited or completely excluded.
b) In other Alternative Funds the Strategy is implemented directly in the Sub-Fund’s portfolio by the Investment Manager
by using all eligible instruments as described in the General Investment Principles which includes the use of derivatives
(including, but not limited to investment purposes) in order to achieve the Sub-Fund’s investment objective (“Direct
Implementation of Strategy”).
- Min. 70% of Sub-Fund assets are invested in Debt Securities and/or Equities and/or other asset classes in accordance with
the investment objective
- Less than 30% of Sub-Fund assets may be invested in Debt Securities and/or Equities and/or other asset classes other than
described in the investment objective
- Max. 100% of Sub-Fund assets may be invested in Money Market Instruments and/or held in time deposits and/or (up to
20% of Sub-Fund assets) in deposits at sight and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary
basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and/or if the
investment manager otherwise considers it in the best interest of the Sub-Fund.
- Max. 20% of Sub-Fund assets may be invested in ABS and/or MBS.
- Max. 10% of Sub-Fund assets may be invested in contingent convertible bonds.
- Max. 10% of Sub-Fund assets may be invested in UCITS and/or UCI.
- Where a country, region and/or market is referred to in the Investment Objective (or in the Investment Restriction), a Sub-
Fund will (or will not) make investments which have exposure or connection to such country, region and/or markets. Such
investments include Debt Securities that are issued or guaranteed by governments, municipalities, agencies, supra-
nationals, central, regional, or local authority and companies of (including those that generate a predominant share of their
sales or their profits in) such country, region and/or market as well as companies that are under common management or
control of or have substantial direct or indirect participation in the foregoing companies.
- A Benchmark is always used for a Sub-Fund’s Performance Measures if not otherwise referred to in the Sub-Fund’s
individual investment restrictions. A Benchmark may be used also for a Sub-Fund’s Portfolio Composition, where such case is
explicitly referred to in the Sub-Fund’s individual investment restrictions. In both cases the Investment Manager’s aim is to
outperform the Benchmark. A Sub-Fund’s Benchmark (and in the case that such Benchmark is explicitly used for a Sub-
Fund’s Portfolio Composition), and the Investment Manager’s Degree of Freedom to deviate from the Benchmark and the
expected overlap between the Sub-Fund`s invested securities and the constituents of its Benchmark are referred to, unless
not applicable, in a Sub-Fund’s individual Investment Restrictions. (Please refer to Appendix 1, Part A, No. 19)
Allianz Dynamic Allocation Plus Equity
Investment Objective
The investment policy aims at long-term capital growth by investing in a broad range of asset classes, taking advantage of the
risk and return opportunities of both, the global Equity Markets and a Multi Asset Long / Short approach in accordance with E/S
characteristics.
Investment Restrictions
1) Description of the Investment Manager’s strategy
The Sub-Fund realizes a long global equity exposure by investing in a portfolio of various asset classes including, but not
limited to, global Equities and short-term global government bonds.
Using all or a portion of the underlying portfolio as collateral, the Sub-Fund utilizes a proprietary model, the Multi Asset
Long/Short approach, to allocate assets to different asset classes (e.g., Equities, REITs, commodities, sovereign bonds,
covered bonds, inflation-linked bonds, high yield bonds, Emerging Markets bonds, various currencies) by investing in certain
assets (“Long Positions”), while selling certain assets (“Short Positions”), together the “Multi Asset Long/Short Approach”.
The Multi Asset Long/Short Approach only considers such asset classes for which the respective exposure can be generated
by acquiring assets or using techniques and instruments which are deemed to be sufficiently liquid, in order to target at daily
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liquidity of the Sub-Fund. The Investment Manager may also assume separate currency positions, corresponding
derivatives, and foreign currencies, even if the Sub-Fund does not include any assets denominated in these respective
currencies. The Multi Asset Long/Short Approach aims to generate a leveraged risk exposure using derivatives in
comparison to a portfolio which would allocate each asset class by the acquisition of assets without the use of derivatives.
2) Implementation of the Multi Asset Long/Short approach as described under letter b) of the Sub-Fund’s General asset class
principles
The Multi Asset Long/Short Approach (“Strategy”) is implemented by the Investment Manager which has full discretion as to
how to generate positive (Long Positions) as well as negative exposure (Short positions) of the respective asset classes. The
Strategy's gross exposure (long positions plus short positions) can be up to 5 times the Sub-Fund's Net Asset Value (NAV).
Such Exposure - Long Positions and/or Short Positions - can be generated by either acquiring or selling assets by using
derivatives. Such derivatives may include, but are not limited to the use of futures, forward contracts, options, and swaps
such as equity swap and total return swaps. If total return swaps are used, the respective counterparty assumes no
discretion over the respective underlying of the total return swap. Further information is disclosed in Appendix 7. The
Investment Manager may use total return swaps to generate positive or negative exposure to the respective asset classes.
By using total return swaps, the Investment Manager exchanges a regular variable payment from the Sub-Fund against a
participation in the positive or negative performance of the respective asset classes. This performance may also be
negative, which would then result in an additional payment from the Sub-Fund to the respective counterparty of the total
return swap. The counterparty has to comply with the general requirements of the Investment Manager for counterparty
selection, including the Investment Manager’s best execution criteria, and must not be a related party to the Investment
Manager. The counterparty assumes no discretion over the composition or management of the respective asset classes.
3) Investment Restrictions
- Sub-Fund assets are invested in accordance with E/S characteristics (including certain exclusion criteria). Sub-Fund’s pre-
contractual template describes all relevant information about the E/S characteristics’ scope, details, and requirements and
applied exclusion criteria.
- Min. 70% of Sub-Fund assets are invested in Debt Securities and/or in Equities and/or in other asset classes in accordance
with the Sub-Fund’s investment objective by using a gross calculation exposure approach (long exposure plus short
exposure)
- Max. 30% of Sub-Fund assets may be invested in Money Market Instruments and/or held in time deposits and/or (up to 20%
of Sub-Fund assets) in deposits at sight and/or (up to 10% of Sub-Fund assets) in money market funds for liquidity
management.
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets (excluding ABS/MBS) may be invested in High-Yield Investments Type 2
- Max. 10% of Sub-Fund assets may be invested into the China A-Shares market
- Sub-Fund assets may be invested in securities referring to
1. Equities
2. Debt Securities
3. UCITS and/or UCI
4. indices (including bond, equity (including assets of companies operating in the private equity sector), hedge funds indices
and indices that refer to companies active in private equity); securities referring to indices other than financial indices are
only to be acquired if they are geared towards a 1:1 replication of the underlying index/indices
5. currencies
6. currency forward and/or future contracts
7. real estate property funds
8. baskets of the aforementioned underlying assets and/or
9. commodities.
- Securities referring to an underlying asset as defined in No. 5 to 7 may only be acquired and/or if they are geared towards a
1:1 replication of the respective underlying asset. This applies accordingly to securities as defined in No. 8, insofar as they
have underlying assets as defined in No. 5 to 7. Securities with an underlying asset as defined in No. 5 to 7 may not provide
for any mandatory physical delivery or grant the issuer the right to make physical delivery of the relevant underlying asset.
This applies accordingly to securities as defined in No. 8, insofar as they have underlying assets as defined in No. 5 to 7.
- Duration: not restricted
- GITA Restriction (Alternative 1) applies
- Benchmark: MSCI World Total Return Net. Degree of Freedom: material. Expected Overlap: major
Allianz Dynamic Commodities
Investment Objective
Long-term capital growth and income by investing in a broad range of asset classes, in particular the global Bond-, global Equity,
and global Commodity Markets by considering the opportunities and risks of the Dynamic Commodities Strategy.
Investment Restrictions
1) Description of the Dynamic Commodities Strategy (the “Strategy”)
The Strategy will be managed by AllianzGI (the “Strategy Manager”). The Strategy will focus on exchange traded
certificates (“ETC”) which replicate the exposure to single commodities. The ETC complement the investment into broadly
diversified financial indices, in the meaning of Article 9 of the Grand-ducal regulation of 8 February 2008, on the
commodities market. Only such ETC will be used which comply with Article 2 of the Grand-ducal regulation of 8 February
2008. The target weight of each single commodity is the sum of the commodity weight within the index and the weight of
the same commodity within the ETC.
The Sub-Fund’s Investment Manager (who also acts as the Strategy’s manager) invests in standard commodity market
indices and ETC to provide exposure to single commodities (each a “Commodity” and together “Commodities”) each of
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which can be categorized into one of the four commodity sectors Energy, Industrial Metals, Precious Metals and Emission
Rights (the “Commodity Sectors”).
The Strategy is based on a mix of a fundamental analysis and quantitative signals.
The Strategy tries to capture market trends and best performing Commodities over time based on analysis of historical
performance of the Commodities and computes signals and factors to adjust the Commodity exposure, for example to the
state of the business cycle inventories, supply and demand or curve structure.
The maximum weight of each Commodity within the Strategy is limited to 20% of the Strategy notwithstanding the
possibility of one Commodity exceeding 20% of the Strategy up to 35% of the Strategy. If two or several Commodities within
a Commodity Sector are highly correlated, the cumulative weight of these Commodities should not exceed the limits as
defined in the previous sentence.
The maximum weights of each single Commodity Sector are limited to:
- Energy: 60%
- Industrial Metals: 50%
- Precious Metals: 40%
- Emission Rights: 20%
The overall diversified (net-long) exposure to the Strategy will be in a bandwidth of 0% to max. 150% of the value of Sub-
Fund assets.
The reallocation of the Strategy is performed frequently on a weekly basis. In case of extreme market conditions
discretionary intra-week adjustments to the allocation process of the Strategy can be performed.
2) Implementation of the Strategy (“Transfer of Strategy’s performance” as described under letter a) of asset class description)
3) Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may not be invested in ABS and/or MBS
- Max. 10% of Sub-Fund assets may be invested in High-Yield Investments Type 2
- Duration: below 36 months
- VAG Investment Restriction applies
- Benchmark: BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward).
Degree of Freedom: material. Expected Overlap: minor
Allianz Multi Asset Long / Short
Investment Objective
The investment policy aims to generate long term capital growth through investments in a broad range of asset classes. The Sub-
Fund seeks to generate superior risk adjusted returns throughout a market cycle. The investment policy is geared towards
generating appropriate annualized returns while taking into account the opportunities and risks of a Long / Short multi asset
strategy.
Investment Restrictions
1) Description of the Investment Manager’s strategy
The Investment Manager allocates the Sub-Fund assets to different asset classes (e.g., Equities, REITs, commodities, sovereign
bonds, covered bonds, inflation-linked bonds, high yield bonds, Emerging Markets bonds, various currencies) by investing in
certain assets (“Long Positions”), while selling certain assets (“Short Positions”), together the “Multi Asset Long/Short
Approach”. The Multi Asset Long/Short Approach only considers such asset classes for which the respective exposure can be
generated by acquiring assets or using techniques and instruments which are deemed to be sufficiently liquid, in order to target
at daily liquidity of the Sub-Fund. The Investment Manager may also assume separate currency positions, corresponding
derivatives, and foreign currencies, even if the Sub-Fund does not include any assets denominated in these respective
currencies. The Multi Asset Long/Short Approach aims to generate a leveraged risk exposure through the use of derivatives in
comparison to a portfolio which would allocate each asset class by the acquisition of assets without the use of derivatives.
2) Implementation of the Strategy (“Direct Implementation of Strategy” as described under letter b) of asset class description)
The Investment Manager has full discretion as to how to generate positive (Long Positions) as well as negative exposure
(Short positions) of the respective asset classes. The Strategy's gross exposure (long positions plus short positions) can be up
to 5 times the Sub-Fund's Net Asset Value (NAV). Such Exposure - Long Positions and/or Short Positions - can be generated
by either acquiring or selling assets or by using derivatives. Such derivatives may include, but is not limited to, the use of
futures, forward contracts, options, and swaps such as total return swaps and, credit default swaps. If total return swaps are
used the respective counterparty assumes no discretion over the respective underlying of the total return swap. Further
information is disclosed in Appendix 7. The Investment Manager may use total return swaps to generate positive or
negative exposure to the respective asset classes. By using total return swaps, the Investment Manager exchanges a
regular variable payment from the Sub-Fund against a participation in the positive or negative performance of the
respective asset classes. This performance may also be negative, which would then result in an additional payment from the
Sub-Fund to the respective counterparty of the total return swap. The counterparty has to comply with the general
requirements of the Investment Manager for counterparty selection, including the best execution criteria of the Investment
Manager, and is not a related party to the Investment Manager. The counterparty assumes no discretion over the
composition or management of the respective asset classes.
3) Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities and/or Equities and/or other asset classes in accordance with
the Sub-Fund’s investment objective by using a gross calculation exposure approach (long exposure plus short exposure)
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets (excluding ABS/MBS) may be invested in High-Yield Investments Type 2
- Sub-Fund assets may be invested in securities referring to
1. Equities
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- Allianz Global Investors Fund -
2. Debt Securities
3. UCITS and/or UCI
4. indices (including bond, equity (including assets of companies operating in the private equity sector), hedge funds indices
and indices on commodity futures, precious metal or commodities as well as indices that refer to companies active in the
area of private equity); securities referring to indices other than financial indices are only to be acquired if they are
geared towards a 1:1 replication of the underlying index/indices
5. commodities
6. commodity forward and/or future contracts
7. currencies
8. currency forward and/or future contracts
9. real estate property funds and/or
10. baskets of the aforementioned underlying assets.
- Securities referring to an underlying asset as defined in No. 5 to 8 may only be acquired if they are geared towards a 1:1
replication of the respective underlying asset. This applies accordingly to securities as defined in No. 10, insofar as they have
underlying assets as defined in No. 5 to 8. Securities with an underlying asset as defined in No. 5 to 9 may not provide for
any mandatory physical delivery or grant the issuer the right to make physical delivery of the relevant underlying asset. This
applies accordingly to securities as defined in No. 10, insofar as they have underlying assets as defined in No. 5 to 9.
- Up to 40% of the Sub-Fund assets may be invested in securities referring to commodities and/or commodity forwards and/or
commodity futures as well as in techniques and instruments referring to commodity indices. Taking the overall framework of
a Multi Asset Long / Short Approach into consideration the 40% are allowed to be Long Positions and/or Short Positions
such the net market exposure of the aforementioned assets is expected to be in a maximum range of +40% and- 40% of the
Net Asset Value of the Sub-Fund.
- Duration: not restricted
- VAG Investment Restriction applies
- Benchmark: SECURED OVERNIGHT FINANCING RATE (SOFR). Degree of Freedom: significant. Expected Overlap: not
applicable
Allianz Multi Asset Risk Premia
Investment Objective
The investment policy aims to generate long term capital growth by capturing various market risk premia such as carry (a carry
strategy goes long assets that offer a high current income and short those with low current income), momentum (a momentum
strategy goes long assets with a relatively positive past performance and short the ones with a relatively negative past
performance), and value (a value strategy goes long the cheaply valued assets and short the expensive) assets across major
asset classes (Equity, Debt Securities, currencies, and commodities).
Investment Restrictions
1) Description of the Investment Manager’s strategy
The portfolio management team aims to provide investors with a core solution to access a diversified set of alternative risk
premia, through levered long and short exposures in a wide range of asset classes. The investment strategy seeks to achieve
attractive risk-adjusted returns and can increase overall portfolio diversification through low correlation to traditional asset
classes.
2) Implementation of the Strategy (“Direct Implementation of Strategy” as described under letter b) of asset class description)
The Investment Manager has full discretion as to how to generate positive (Long Positions) as well as negative exposure
(Short positions) of the respective asset classes. The Strategy's gross exposure (long positions plus short positions) can be up
to 18 times the Sub-Fund's Net Asset Value (NAV). Such Exposure - Long Positions and/or Short Positions - can be generated
by either acquiring or selling assets or by using derivatives. Such derivatives may include, but is not limited to, the use of
futures, forward contracts, options, and swaps such as total return swaps, and credit default swaps. If total return swaps are
used the respective counterparty assumes no discretion over the respective underlying of the total return swap. Further
information is disclosed in Appendix 7. The Investment Manager may use total return swaps to generate positive or
negative exposure to the respective asset classes. By using total return swaps, the Investment Manager exchanges a
regular variable payment from the Sub-Fund against a participation in the positive or negative performance of the
respective asset classes. This performance may also be negative, which would then result in an additional payment from the
Sub-Fund to the respective counterparty of the total return swap. The counterparty has to comply with the general
requirements of the Investment Manager for counterparty selection, including the best execution criteria of the Investment
Manager, and is not a related party to the Investment Manager. The counterparty assumes no discretion over the
composition or management of the respective asset classes.
3) Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities and/or Equities and/or other asset classes in accordance with
the Sub-Fund’s investment objective by using a gross calculation exposure approach (long exposure plus short exposure)
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be invested in High-Yield Investments Type 1
- Sub-Fund assets may be invested in securities referring to
1. Equities
2. Debt Securities
3. UCITS and/or UCI
4. indices (including bond, equity (including assets of companies operating in the private equity sector), hedge funds indices
and indices on commodity futures, precious metal or commodities as well as indices that refer to companies active in the
area of private equity); securities referring to indices other than financial indices are only to be acquired if they are
geared towards a 1:1 replication of the underlying index/indices
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- Allianz Global Investors Fund -
5. Commodities
6. commodity forward and/or future contracts
7. currencies
8. currency forward and/or future contracts
9. real estate property funds and/or
10. baskets of the aforementioned underlying assets.
- Securities referring to an underlying asset as defined in No. 5 to 8 may only be acquired if they are geared towards a 1:1
replication of the respective underlying asset. This applies accordingly to securities as defined in No. 10, insofar as they have
underlying assets as defined in in No. 5 to 8. Securities with an underlying asset as defined in No. 5 to 9 may not provide for
any mandatory physical delivery or grant the issuer the right to make physical delivery of the relevant underlying asset. This
applies accordingly to securities as defined in No. 10, insofar as they have underlying assets as defined in No. 5 to 9.
- Up to 40% of the Sub-Fund assets may be invested in securities referring to commodities and/or commodity forwards and/or
commodity futures as well as in techniques and instruments referring to commodity indices. Taking the overall framework of
a Long / Short Approach into consideration the 40% are allowed to be Long Positions and/or Short Positions such the net
market exposure of the aforementioned assets is expected to be in a maximum range of +40% and- 40% of the Net Asset
Value of the Sub-Fund.
- Duration: not restricted
- Benchmark: SECURED OVERNIGHT FINANCING RATE (SOFR). Degree of Freedom: significant. Expected Overlap: not
applicable
Allianz Strategic Bond
Investment Objective
Long term capital growth by investing in global Bond Markets. The investment policy is geared towards generating appropriate
annualised returns above the markets based on global government and corporate bonds by taking into account the
opportunities and risks of a strategy in long and short positions in the global Bond Markets.
Investment Restrictions
1) Description of the Investment Manager’s Strategy
The Sub-Fund invests in the following asset classes: Interest Rates, Currencies, Inflation and Credit. Within these areas, the
Sub-Fund will be wholly unconstrained in terms of product and region.
A. Rates
This strategy assesses the drivers of interest rates and their direction along the curve. The Sub-Fund would make use of a
range of instruments, including but not limited to, cash bonds, bond futures, interest rate swaps, bond future options, interest
rate futures, and options on interest rate futures in implementing positions here.
B. Credit
The Sub-Fund's credit strategy assesses the outlook for risky assets, credit spreads and volatility. The Sub-Fund may build
positions using instruments such as cash bonds and credit default swaps, to take positions at the individual issuer or at the
index level.
C. Inflation
Inflation strategies are used to generate outperformance from taking a view on inflation. This involves using derivatives
such as inflation-swaps or through investing in inflation-linked bonds.
D. Currencies
FX markets can reflect macroeconomic factors which are sometimes not reflected in Bond Markets. The Sub-Fund will trade
currencies via spot and forward FX strategies, as well as taking positions on FX options and volatility strategies.
2) Implementation of the Strategy (“Direct Implementation of Strategy” as described under letter b) of asset class description)
The Sub-Fund uses the overall framework of a Long / Short Approach. The Investment Manager has full discretion as to how
to generate positive (Long Positions) as well as negative exposure (Short positions) of the respective asset classes. The
Strategy's gross exposure (long positions plus short positions) is allowed to be up to 10 times the Sub-Fund's Net Asset Value
(NAV). Sub-Fund assets are invested in derivatives (i) to hedge a currency exposure and/or to take an investment position
using a derivative as a substitute for taking a position in the underlying asset where Sub-Fund's Investment Manager
believes that a derivative exposure to the underlying asset represents better value than direct (physical) exposure (ii) to
tailor the Sub-Fund’s interest rate exposure to the Investment Manager’s discretionary outlook for interest rates (iii) to tailor
the Sub-Fund’s inflation rate exposure to the Investment Manager's discretionary outlook for inflation rates (iv) to tailor the
Sub-Fund’s credit risk exposure to the Investment Manager's discretionary outlook for credit spreads and defaults (v) to gain
an exposure to the composition and performance of a particular index. Sub-Fund's Investment Manager may invest using
an unconstrained approach to allocate up to 100% of Sub-Fund assets to Debt Securities including global sovereign bonds
which includes agencies and municipalities, global credit including high yield and global foreign exchange currencies.
Investments in either derivatives or Debt Securities may be made anywhere in the world including developed markets and
non-developed markets or emerging market countries.
Sub-Fund's Investment Manager may primarily construct its portfolio using derivatives in order to express investment views.
This means that the leverage of the Sub-Fund will on average be very high over the investment cycle. Sub-Fund's Investment
Manager will make extensive use of derivatives for investment purposes and for efficient portfolio management (including
for hedging).
3) Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities in accordance with the Sub-Fund’s investment objective by
using a gross calculation exposure approach (long exposure plus short exposure)
- Sub-Fund assets are primarily invested in Debt Securities (including derivatives) as described in the investment objective
- Sub-Fund assets may be invested in Emerging Markets
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- Allianz Global Investors Fund -
- Sub-Fund assets may be invested in Equities and comparable securities or rights in the exercise of subscription, conversion
and option rights on investments such as convertible bonds, contingent convertible bonds and bonds with warrants, but
they must be sold within twelve months from the date of acquisition. Up to 5% of Sub-Fund assets as described in the
aforementioned meaning may be invested longer than twelve months if the investment manager considers it in the best
interest of the Sub-Fund.
- Max. 50% of Sub-Fund assets (excluding ABS/MBS) may be invested in High-Yield Investments Type 1
- Max. 30% of Sub-Fund assets may be invested in the PRC Bond Markets
- Sub-Fund acts as a registered FPI
- Benchmark: BLOOMBERG Global Aggregate Total Return (hedged into USD). Degree of Freedom: significant. Expected
Overlap: major
Allianz Unconstrained Multi Asset Strategy
Investment Objective
The Sub-Fund seeks to generate superior risk adjusted returns throughout a market cycle. The investment policy is geared
towards generating appropriate annualized returns through investments in a broad range of asset classes.
Investment Restrictions
1) Description of the Investment Manager’s strategy
Sub-Fund’s investment manager allocates the Sub-Fund assets to different asset classes (e.g., Equities, REITs, commodities,
sovereign bonds, covered bonds, inflation-linked bonds, high yield bonds, Emerging Markets bonds, various currencies). The
investment manager may also invest in certain assets (“Long Positions”), while selling certain assets (“Short Positions”). The
strategy of the Sub-Fund only considers such asset classes for which the respective exposure can be generated by acquiring
assets or using techniques and instruments which are deemed to be sufficiently liquid, in order to target at daily liquidity of
the Sub-Fund. The investment manager may also assume separate currency positions, corresponding derivatives and
foreign currencies, even if the Sub-Fund does not include any assets denominated in these respective currencies. The
strategy of the Sub-Fund aims to generate a leveraged risk exposure through the use of derivatives in comparison to a
portfolio which would allocate each asset class by the acquisition of assets without the use of derivatives.
2) Implementation of the Strategy (“Direct Implementation of Strategy” as described under letter b) of asset class description)
The Investment Manager has full discretion as to how to generate positive (Long Positions) as well as negative exposure
(Short positions) of the respective asset classes. The Strategy's gross exposure (long positions plus short positions) can be up
to 7 times the Sub-Fund's Net Asset Value (NAV). The Investment Manager may use different forms of techniques and
instruments implementing the Sub-Fund’s strategy. When using total return swaps, the Investment Manager exchanges a
regular variable payment from the Sub-Fund against a participation in the performance of the respective asset classes. This
performance may also be negative, which would then result in an additional payment from the Sub-Fund to the respective
counterparty of the total return swap. The counterparty has to comply with the general requirements of the investment
manager for counterparty selection, including the best execution criteria of the Investment Manager, and is not a related
party to the Investment Manager. The counterparty assumes no discretion over the composition or management of the
respective asset classes. Further information with regard to Total Return Swaps is disclosed in Appendix 7.
3) Investment Restrictions
- Min. 70% of Sub-Fund assets are invested in Debt Securities and/or Equities and/or other asset classes in accordance with
the Sub-Fund’s investment objective by using a gross calculation exposure approach (long exposure plus short exposure)
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets may be invested in High-Yield Investments Type 2
- Sub-Fund assets may be invested in securities referring to
1. Equities
2. Debt Securities
3. UCITS and/or UCI
4. Indices (including bond, equity (including assets of companies operating in the private equity sector), hedge funds
indices and indices on commodity futures, precious metal, or commodities as well as indices that refer to companies
active in private equity); securities referring to indices other than financial indices are only to be acquired if they are
geared towards a 1:1 replication of the underlying index/indices
5. Commodities
6. Commodity forward and/or future contracts
7. Currencies
8. Currency forward and/or future contracts
9. Real estate property funds and/or
10. Baskets of the aforementioned underlying assets.
- Securities referring to an underlying asset as defined in No. 5 to 8 may only be acquired if they are geared towards a 1:1
replication of the respective underlying asset. This applies accordingly to securities as defined in No. 10, insofar as they have
underlying assets as defined in in No. 5 to 8. Securities with an underlying asset as defined in No. 5 to 9 may not provide for
any mandatory physical delivery or grant the issuer the right to make physical delivery of the relevant underlying asset. This
applies accordingly to securities as defined in No. 10, insofar as they have underlying assets as defined in No. 5 to 9.
- Max 40% of Sub-Fund assets may be invested in securities referring to commodities and/or commodity forwards and/or
commodity futures as well as in techniques and instruments referring to commodity indices.
- Max. 30% of Sub-Fund assets may be invested into China A-Shares market
- Max. 10% of Sub-Fund assets may be invested in the PRC Bond Markets
- Duration: not restricted
- VAG Investment Restriction applies
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
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- Allianz Global Investors Fund -
Allianz Volatility Strategy Fund
Investment Objective
Long-term capital growth by exploiting return opportunities in the volatility space based on the volatility risk premium through
investments in a broad range of asset classes. In addition, the Sub-Fund will use volatility related derivatives including, but not
limited to, variance swaps, options and volatility swaps related to different asset classes. The Sub-Fund’s core strategy uses
variance swaps on Equity Markets of the US and Europe as underlying.
Investment Restrictions
1) Description of the Volatility Strategy (the “Strategy”)
Sub-Fund’s portfolio management may use different variance swaps, generally capped, running in parallel for the purpose
of harvesting volatility premium. These swaps may differ in terms of swap period, underlying security, and strike variance. A
variance swap results in a financial settlement between the parties at the end of the swap period. The value of a variance
swap does not depend 1:1 on the absolute performance of the underlying to which it refers; instead, it depends in particular
on the change in the annualised realised variance of the respective underlying in the respective swap period. For this
reason, the value of a variance swap may even rise when the value of its underlying is dropping, or it may fall when the
value of its underlying security is rising. The success of the portfolio management’s investment strategy therefore depends
particularly on the extent to which, within the quantitative approach, the change in the annualised realised variance of the
respective underlying can be accurately forecast for a corresponding swap period. In addition, the Sub-Fund’s portfolio
management may use additional instruments and techniques to a limited extent which include, but are not limited to
options/futures on equity indices, and/or other volatility based derivatives, for efficient portfolio management.
2) Implementation of the Strategy (“Direct Implementation of Strategy” as described under letter b) of asset class description)
3) Investment Restrictions
- Sub-Fund assets may be invested in Emerging Markets
- Sub-Fund assets are invested in investment grade rated Debt Securities of OECD, EEA and/or EU member states
- Up to 10% of Sub-Fund assets may be invested in UCITS and/or UCI which are Money-market funds, and which invest in
Money Market instruments with Investment Grade
- Sub-Fund assets are invested in volatility related derivatives, including but not limited to variance swaps, on global Equity
Markets
- Duration: between 0 and 24 months
- VAG Investment Restriction applies
- Benchmark: EURO SHORT-TERM RATE (€STR). Degree of Freedom: significant. Expected Overlap: not applicable
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Appendix 2
Fees and Expenses
Part A
The following notes apply to all Sub-Funds:
- The column “Share Class” includes all Shares within all respective Share Classes. Indications are
made within this column when exceptions apply.
- The Management Company has discretion to levy lower fees and expenses.
- The Conversion Fee refers to a conversion into the mentioned Share Class of a Sub-Fund.
- Share Classes C/CT may include a separate distribution component for additional services of the
Distributor(s).
- Share Classes B/BT will not be subject to a Sales Charge but will be subject to the CDSC (if
applicable) and an additional servicing charge which will result in a higher All-in-Fee to be calculated
and accrued daily by reference to the Net Asset Value per Share of such Shares and paid monthly to
the Management Company or such other party as the Management Company may appoint from
time to time.
- A CDSC will be deducted on any Shares redeemed within three years of purchase, as follows:
- First year 3.00%
- Second year 2.00%
- Third year 1.00%
- Thereafter 0%
The applicable rate of CDSC is determined by reference to the total length of time during which the
Shares being redeemed. Shares will be redeemed on a first in, first out (“FIFO”) basis, so that the
Share Classes B/BT first being redeemed are those Shares of the Sub-Fund which have been held for
the longest period. The amount of CDSC is calculated by multiplying the relevant percentage rate as
determined above by the lower of a) the Net Asset Value per Share of the Shares being redeemed on
the relevant Dealing Day or b) the cost paid for the original issue of Shares being redeemed or for the
B/BT Shares of another Sub-Fund from which those Shares were switched, in either case calculated in
the relevant dealing currency of the Shares being redeemed.
- For Share Classes X/XT an All-in-Fee will be applied unless another fee, which may include a
performance-related component, is agreed based on a special individual agreement between the
Management Company and the respective investor.
- Details of the modalities of Placement Fees, Redemption Fees, Disinvestment Fees and/or Exit Fees as
well as specific minimum subscription amounts per Sub-Fund and/or Share Class are set out in
Appendix 6
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz ActiveInvest A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Balanced C/CT – – – – – – – 2.50 % 0.05 %
I/IT – – – – – – – 0.80 % 0.01 %
N/NT – – – – – – – 0.70 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.80 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.90 % 0.05 %
W/WT – – – – – – – 0.70 % 0.01 %
X/XT – – – – – – – 0.60 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
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- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz ActiveInvest A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Defensive C/CT – – – – – – – 2.50 % 0.05 %
I/IT – – – – – – – 0.80 % 0.01 %
N/NT – – – – – – – 0.70 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.80 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.90 % 0.05 %
W/WT – – – – – – – 0.70 % 0.01 %
X/XT – – – – – – – 0.60 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz ActiveInvest A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Dynamic C/CT – – – – – – – 2.50 % 0.05 %
I/IT – – – – – – – 0.80 % 0.01 %
N/NT – – – – – – – 0.70 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.80 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.90 % 0.05 %
W/WT – – – – – – – 0.70 % 0.01 %
X/XT – – – – – – – 0.60 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Advanced Fixed A/AT 3.00 % – 3.00 % – – – – 1.50 % 0.05 %
Income Euro C/CT 3.00 % – 3.00 % – – – – 2.25 % 0.05 %
F/FT – – – – – – – 0.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.46 % 0.01 %
N/NT – – – – – – – 1.05 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.05 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.31 % 0.01 %
X/XT – – – – – – – 1.05 % 0.01 %
Y/YT – – – – – – – 0.46 % 0.05 %
Allianz Advanced Fixed A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Income Global C/CT 5.00 % – 5.00 % – – – – 1.95 % 0.05 %
F/FT – – – – – – – 0.40 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
N/NT – – – – – – – 1.10 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.15 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.10 % 0.05 %
W/WT – – – – – – – 1.10 % 0.01 %
X/XT – – – – – – – 1.10 % 0.01 %
Y/YT – – – – – – – 1.10 % 0.05 %
Allianz Advanced Fixed A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Income Global C/CT 5.00 % – 5.00 % – – – – 1.95 % 0.05 %
Aggregate F/FT – – – – – – – 0.40 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
N/NT – – – – – – – 1.10 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.10 % 0.05 %
W/WT – – – – – – – 1.10 % 0.01 %
X/XT – – – – – – – 1.10 % 0.01 %
Y/YT – – – – – – – 1.10 % 0.05 %
Allianz Advanced Fixed A/AT 5.00 % – 5.00 % – – – – 0.75 % 0.05 %
Income Short Duration C/CT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.60 % 0.01 %
N/NT – – – – – – – 0.60 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.60 % 0.05 %
R/RT – – – – – – – 0.60 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 0.71 % 0.05 %
W/WT – – – – – – – 0.36 % 0.01 %
X/XT – – – – – – – 0.60 % 0.01 %
Y/YT – – – – – – – 0.60 % 0.05 %
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- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz All China Equity A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.28 % 0.01 %
N/NT – – – – – – – 1.28 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.28 % 0.05 %
R/RT – – – – – – – 1.40 % 0.05 %
S/ST 2.00 % – 2.00 % – – – – 1.28 % 0.05 %
W/WT – – – – – – – 1.00 % 0.01 %
X/XT – – – – – – – 1.28 % 0.01 %
Y/YT – – – – – – – 1.12 % 0.05 %
Allianz Alternative A/AT 5.00 % – 5.00 % – – – – 1.55 % 0.05 %
Investment Strategies C/CT 5.00 % – 5.00 % – – – – 2.30 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.69 % 0.01 %
I3/IT3 2.00 % – 2.00 % – – – – 0.99 % 0.01 %
N/NT – – – – – – – 0.79 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.69 % 0.05 %
P3/PT3 2.00 % – 2.00 % – – – – 0.99 % 0.05 %
R/RT – – – – – – – 1.05 % 0.05 %
R3/RT3 – – – – – – – 1.05 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.05 % 0.05 %
W/WT – – – – – – – 0.79 % 0.01 %
X/XT – – – – – – – 0.69 % 0.01 %
Y/YT – – – – – – – 0.69 % 0.05 %
Allianz American Income A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.75 % 0.01 %
N/NT – – – – – – – 1.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.75 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
X/XT – – – – – – – 1.00 % 0.01 %
Y/YT – – – – – – – 0.75 % 0.05 %
Allianz Asia Pacific A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Income C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.89 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Asian Multi A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Income Plus B/BT – – 5.00 % – – – 3.00 % 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.89 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.89 % 0.05 %
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Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Asian Small Cap A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
F/FT – – – – – – – 1.75 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.75 % 0.01 %
IT (USD) 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
N/NT – – – – – – – 1.75 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.75 % 0.05 %
R/RT – – – – – – – 1.75 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.75 % 0.05 %
W/WT – – – – – – – 1.75 % 0.01 %
W3/WT3 – – – – – – – 2.05 % 0.01 %
WT3 (USD) – – – – – – – 1.95 % 0.01 %
X/XT – – – – – – – 1.75 % 0.01 %
Y/YT – – – – – – – 1.20 % 0.05 %
Allianz Best Ideas 2025 A/AT 4.00 % 2.00 % 4.00 % – – 2.00 % – 1.50 % 0.05 %
C/CT 4.00 % 2.00 % 4.00 % – – 2.00 % – 2.25 % 0.05 %
I/IT 2.00 % 2.00 % 2.00 % – – 2.00 % – 1.00 % 0.01 %
N/NT – 2.00 % – – – 2.00 % – 1.00 % 0.05 %
P/PT 2.00 % 2.00 % 2.00 % – – 2.00 % – 1.00 % 0.05 %
R/RT – 2.00 % – – – 2.00 % – 1.00 % 0.05 %
S/ST 7.00 % 2.00 % 7.00 % – – 2.00 % – 1.00 % 0.05 %
W/WT – 2.00 % – – – 2.00 % – 0.80 % 0.01 %
X/XT – 2.00 % – – – 2.00 % – 0.70 % 0.01 %
Allianz Best Styles A/AT 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
Euroland Equity C/CT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
N/NT – – – – – – – 1.08 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.08 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.28 % 0.05 %
W/WT – – – – – – – 1.08 % 0.01 %
X/XT – – – – – – – 1.08 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05 %
Allianz Best Styles A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Europe Equity C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
I2/IT2 2.00 % – 2.00 % – – – – 1.29 % 0.01 %
N/NT – – – – – – – 1.20 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.43 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
X/XT – – – – – – – 1.20 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05 %
Allianz Best Styles A/AT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
Europe Equity SRI C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.00 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
187
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Best Styles Global A/AT 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
AC Equity C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.70 % 0.05 %
P2/PT2 2.00 % – 2.00 % – – – – 0.38 % 0.05 %
R/RT – – – – – – – 0.80 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
X/XT – – – – – – – 1.20 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05 %
Allianz Best Styles Global A/AT 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
E/ET 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
F/FT – – – – – – – 1.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
N/NT – – – – – – – 1.20 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
W8 (USD) – – – – – – – 0.29 % 0.01 %
X/XT – – – – – – – 0.20 % 0.01 %
Y/YT – – – – – – – 1.20 % 0.05 %
Allianz Best Styles Global A/AT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
Equity SRI C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
E/ET – – – – – – – 1.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Best Styles Pacific A/AT 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
I2/IT2 2.00 % – 2.00 % – – – – 1.41 % 0.01 %
I4/IT4 2.00 % – 2.00 % – – – – 0.76 % 0.01 %
N/NT – – – – – – – 1.40 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.70 % 0.05 %
R/RT – – – – – – – 0.80 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.40 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
X/XT – – – – – – – 1.20 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05 %
Allianz Best Styles US A/AT 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
F/FT – – – – – – – 1.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
I2/IT2 2.00 % – 2.00 % – – – – 1.21 % 0.01 %
I4/IT4 2.00 % – 2.00 % – – – – 0.86 % 0.01 %
N/NT – – – – – – – 1.08 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.08 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
X/XT – – – – – – – 1.08 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05 %
188
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Better World A/AT 5.00 % – 5.00 % – – – – 1.40 % 0.05 %
Defensive C/CT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C6/CT6 2.50 % 2.50 % 2.50 % – – 2.50 % – 1.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.89 % 0.01 %
I2/IT2 2.00 % – 2.00 % – – – – 0.88 % 0.01 %
N/NT – – – – – – – 0.71 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.89 % 0.05 %
R/RT – – – – – – – 0.95 % 0.05 %
S/ST – – – – – – – 0.95 % 0.05 %
W/WT – – – – – – – 0.71 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.71 % 0.01 %
X/XT – – – – – – – 0.62 % 0.01 %
Y/YT – – – – – – – 0.66 % 0.05 %
Allianz Better World A/AT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
Dynamic C/CT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
C6/CT6 2.00 % 3.00 % 2.00 % – – 3.00 % – 2.35 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.12 % 0.01 %
I2/IT2 2.00 % – 2.00 % – – – – 0.98 % 0.01 %
N/NT – – – – – – – 0.92 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.12 % 0.05 %
R/RT – – – – – – – 1.18 % 0.05 %
S/ST – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.85 % 0.01 %
W6/WT6 – 3.00 % – – – 3.00 % – 0.85 % 0.01 %
X/XT – – – – – – – 0.76 % 0.01 %
Y/YT – – – – – – – 0.82 % 0.05 %
Allianz Better World A/AT 5.00 % – 5.00 % – – – – 1.90 % 0.05 %
Moderate C/CT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
C6/CT6 2.50 % 2.50 % 2.50 % – – 2.50 % – 2.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.04 % 0.01 %
I2/IT2 2.00 % – 2.00 % – – – – 0.92 % 0.01 %
N/NT – – – – – – – 0.86 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.04 % 0.05 %
R/RT – – – – – – – 1.10 % 0.05 %
S/ST – – – – – – – 1.20 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.80 % 0.01 %
X/XT – – – – – – – 0.72 % 0.01 %
Y/YT – – – – – – – 0.78 % 0.05 %
Allianz Capital Plus A/AT 3.00 % – 3.00 % – – – – 1.15 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 1.70 % 0.05 %
I/IT – – – – – – – 0.64 % 0.01 %
N/NT – – – – – – – 0.64 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.64 % 0.05 %
R/RT – – – – – – – 0.70 % 0.05 %
S/ST – – – – – – – 0.64 % 0.05 %
W/WT – – – – – – – 0.46 % 0.01 %
X/XT – – – – – – – 0.64 % 0.01 %
Y/YT – – – – – – – 0.64 % 0.05 %
189
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Capital Plus A/AT 5.00 % – 5.00 % – – – – 1.40 % 0.05 %
Global C/CT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.89 % 0.01 %
N/NT – – – – – – – 0.71 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.89 % 0.05 %
R/RT – – – – – – – 0.95 % 0.05 %
S/ST – – – – – – – 0.95 % 0.05 %
W/WT – – – – – – – 0.71 % 0.01 %
X/XT – – – – – – – 0.62 % 0.01 %
Y/YT – – – – – – – 0.66 % 0.05 %
Allianz China A A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Opportunities I/IT 2.00 % – 2.00 % – – – – 1.40 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
R/RT – – – – – – – 1.68 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Allianz China A-Shares A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.40 % 0.01 %
N/NT – – – – – – – 1.85 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
R/RT – – – – – – – 1.68 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 2.00 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Y/YT 2.00 % – 2.00 % – – – – 1.40 % 0.05 %
Allianz China Equity A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
AT (SGD) 5.00 % – 5.00 % – – – – 1.85 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT – – – – – – – 1.28 % 0.01 %
N/NT – – – – – – – 0.93 % 0.05 %
P/PT – – – – – – – 1.28 % 0.05 %
P2/PT2 – – – – – – – 0.93 % 0.05 %
R/RT – – – – – – – 1.80 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 2.19 % 0.05 %
W/WT – – – – – – – 0.93 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Y/YT – – – – – – – 1.28 % 0.05 %
Allianz China Future A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Technologies I/IT 2.00 % – 2.00 % – – – – 1.40 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
R/RT – – – – – – – 1.68 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Allianz China Healthy A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Living I/IT 2.00 % – 2.00 % – – – – 1.40 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
R/RT – – – – – – – 1.68 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
190
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz China Strategic A/AT 3.00 % – 3.00 % – – – – 0.65 % 0.05 %
Bond C/CT 3.00 % – 3.00 % – – – – 0.85 % 0.05 %
I/IT – – – – – – – 0.51 % 0.01 %
N/NT – – – – – – – 0.54 % 0.05 %
P/PT – – – – – – – 0.51 % 0.05 %
R/RT – – – – – – – 0.55 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 0.64 % 0.05 %
W/WT – – – – – – – 0.54 % 0.01 %
X/XT – – – – – – – 0.54 % 0.01 %
Y/YT – – – – – – – 0.51 % 0.05 %
Allianz China Thematica A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.40 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
R/RT – – – – – – – 1.68 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Allianz Clean Planet A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
Allianz Climate A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
Transition C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 1.38 % 0.05 %
Allianz Convertible Bond A/AT 3.00 % – 3.00 % – – – – 1.35 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 2.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.79 % 0.01 %
N/NT – – – – – – – 1.06 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.79 % 0.05 %
R/RT – – – – – – – 1.10 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.26 % 0.05 %
W/WT – – – – – – – 0.55 % 0.01 %
X/XT – – – – – – – 1.06 % 0.01 %
Y/YT – – – – – – – 0.79 % 0.05 %
Allianz Coupon Select A/AT – 2.50 % – – – 2.50 % – 1.65 % 0.05 %
Plus VI C/CT – 2.50 % – – – 2.50 % – 2.40 % 0.05 %
I/IT – 2.50 % – – – 2.50 % – 1.10 % 0.01 %
N/NT – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
P/PT – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
R/RT – 2.50 % – – – 2.50 % – 1.30 % 0.05 %
S/ST – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
W/WT – 2.50 % – – – 2.50 % – 1.10 % 0.01 %
X/XT – 2.50 % – – – 2.50 % – 1.00 % 0.01 %
Y/YT – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
191
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Credit A/AT 2.50 % – 2.50 % – – – – 1.69 % 0.05 %
Opportunities C/CT 3.00 % – 3.00 % – – – – 2.44 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.15 % 0.01 %
N/NT – – – – – – – 1.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
R/RT – – – – – – – 1.32 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 1.15 % 0.05 %
Allianz Credit A/AT 2.50 % – 2.50 % – – – – 2.00 % 0.05 %
Opportunities Plus C/CT 3.00 % – 3.00 % – – – – 2.75 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.70 % 0.01 %
N/NT – – – – – – – 1.70 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.70 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
W/WT – – – – – – – 1.70 % 0.01 %
X/XT – – – – – – – 1.70 % 0.01 %
Y/YT – – – – – – – 1.70 % 0.05 %
Allianz Cyber Security A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 3.35 % 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
Allianz Dynamic A/AT 5.00 % – 5.00 % – – – – 1.75 % 0.05 %
Allocation Plus Equity C/CT 5.00 % – 5.00 % – – – – 3.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.99 % 0.01 %
I3/IT3 2.00 % – 2.00 % – – – – 1.69 % 0.01 %
N/NT – – – – – – – 1.75 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.99 % 0.05 %
P3/PT3 2.00 % – 2.00 % – – – – 1.69 % 0.05 %
R/RT – – – – – – – 1.05 % 0.05 %
R3/RT3 – – – – – – – 1.75 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.75 % 0.05 %
W/WT – – – – – – – 0.99 % 0.01 %
X/XT – – – – – – – 1.75 % 0.01 %
Y/YT – – – – – – – 0.99 % 0.05 %
Allianz Dynamic Asian A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
High Yield Bond B/BT – – 5.00 % – – – 3.00 % 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.82 % 0.01 %
N/NT – – – – – – – 1.60 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.82 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
R/RT – – – – – – – 1.40 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.60 % 0.05 %
W/WT – – – – – – – 0.57 % 0.01 %
X/XT – – – – – – – 1.60 % 0.01 %
Y/YT – – – – – – – 0.82 % 0.05 %
Allianz Dynamic A/AT 5.00 % – 5.00 % – – – – 1.55 % 0.05 %
Commodities C/CT 5.00 % – 5.00 % – – – – 2.31 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.83 % 0.01 %
N/NT – – – – – – – 1.24 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.24 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.47 % 0.05 %
W/WT – – – – – – – 1.24 % 0.01 %
X/XT – – – – – – – 1.24 % 0.01 %
Y/YT – – – – – – – 0.83 % 0.05 %
192
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Dynamic Multi A/AT 3.00 % – 3.00 % – – – – 1.45 % 0.05 %
Asset Strategy SRI 15 C/CT 3.00 % – 3.00 % – – – – 2.00 % 0.05 %
C3/CT3 3.00 % – 3.00 % 3.00 % – – – 1.45 % 0.05 %
C6/CT6 0.50 % 2.50 % 0.50 % – – 2.50 % – 2.00 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.74 % 0.01 %
N/NT – – – – – – – 1.45 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.45 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.45 % 0.05 %
W/WT – – – – – – – 0.52 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.52 % 0.01 %
X/XT – – – – – – – 1.45 % 0.01 %
Y/YT – – – – – – – 0.74 % 0.05 %
Allianz Dynamic Multi A/AT 4.00 % – 4.00 % – – – – 1.55% 0.05 %
Asset Strategy SRI 30 C/CT 4.00 % – 4.00 % – – – – 2.10 % 0.05 %
C3/CT3 4.00 % – 4.00 % 3.00 % – – – 1.55 % 0.05 %
C6/CT6 1.50 % 2.50 % 1.50 % – – 2.50 % – 2.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.77 % 0.01 %
N/NT – – – – – – – 1.55 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.55 % 0.05 %
R/RT – – – – – – – 1.55 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.55 % 0.05 %
W/WT – – – – – – – 0.53 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.53 % 0.01 %
X/XT – – – – – – – 1.55 % 0.01 %
Y/YT – – – – – – – 0.77 % 0.05 %
Allianz Dynamic Multi A/AT 4.00 % – 4.00 % – – – – 1.65 % 0.05 %
Asset Strategy SRI 50 C/CT 4.00 % – 4.00 % – – – – 2.20 % 0.05 %
C3/CT3 4.00 % – 4.00 % 3.00 % – – – 1.65 % 0.05 %
C6/CT6 1.50 % 2.50 % 1.50 % – – 2.50 % – 2.20 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.79 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
R/RT – – – – – – – 1.35 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 0.55 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.55 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.79 % 0.05 %
Allianz Dynamic Multi A/AT 5.00 % – 5.00 % – – – – 1.85 % 0.05 %
Asset Strategy SRI 75 C/CT 5.00 % – 5.00 % – – – – 2.40 % 0.05 %
C3/CT3 5.00 % – 5.00 % 3.00 % – – – 1.85 % 0.05 %
C6/CT6 2.00 % 3.00 % 2.00 % – – 3.00 % – 2.40 % 0.05 %
F/FT – – – – – – – 0.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.87 % 0.01 %
N/NT – – – – – – – 1.70 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.70 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.70 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
W6/WT6 – 3.00 % – – – 3.00 % – 0.60 % 0.01 %
X/XT – – – – – – – 1.70 % 0.01 %
Y/YT – – – – – – – 0.87 % 0.05 %
Allianz Emerging Asia A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
I/IT – – – – – – – 1.28 % 0.01 %
N/NT – – – – – – – 1.85 % 0.05 %
P/PT – – – – – – – 1.85 % 0.05 %
R/RT – – – – – – – 2.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 2.19 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Y/YT – – – – – – – 1.28 % 0.05 %
193
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 1.90 % 0.05 %
Markets Equity C/CT 5.00 % – 5.00 % – – – – 2.65 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
N/NT – – – – – – – 2.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 2.00 % 0.05 %
R/RT – – – – – – – 1.50 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 2.00 % 0.05 %
W/WT – – – – – – – 0.82 % 0.01 %
X/XT – – – – – – – 2.00 % 0.01 %
Y/YT – – – – – – – 1.10 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 2.50 % 0.05 %
Markets Equity C/CT 5.00 % – 5.00 % – – – – 2.75 % 0.05 %
Opportunities F/FT – – – – – – – 1.75 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.15 % 0.01 %
N/NT – – – – – – – 1.75 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
R/RT – – – – – – – 1.65 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.75 % 0.05 %
W/WT – – – – – – – 0.85 % 0.01 %
X/XT – – – – – – – 1.75 % 0.01 %
Y/YT – – – – – – – 1.15 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 2.20 % 0.05 %
Markets Equity SRI C/CT 5.00 % – 5.00 % – – – – 2.65 % 0.05 %
E/ET – – – – – – – 1.95 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.40 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 2.00 % 0.05 %
R/RT – – – – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.12 % 0.01 %
X/XT – – – – – – – 1.12 % 0.01 %
Y/YT – – – – – – – 1.12 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
Markets Multi Asset C/CT 5.00 % – 5.00 % – – – – 2.75 % 0.05 %
Income I/IT 2.00 % – 2.00 % – – – – 1.19 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.19 % 0.05 %
R/RT – – – – – – – 1.25 % 0.05 %
W/WT – – – – – – – 0.89 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
Markets Select Bond B/BT – – 5.00 % – – – 3.00 % 3.00 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.75 % 0.05 %
I/IT – – – – – – – 1.45 % 0.01 %
N/NT – – – – – – – 1.45 % 0.05 %
P/PT – – – – – – – 1.45 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.45 % 0.01 %
X/XT – – – – – – – 1.45 % 0.01 %
Y/YT – – – – – – – 1.45 % 0.05 %
194
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 0.99 % 0.05 %
Markets Short Duration C/CT 5.00 % – 5.00 % – – – – 1.39 % 0.05 %
Bond I/IT – – – – – – – 0.55 % 0.01 %
I2 (H2-EUR) – – – – – – – 0.45 % 0.01 %
N/NT – – – – – – – 1.45 % 0.05 %
P/PT – – – – – – – 0.55 % 0.05 %
P2 (H2-EUR) – – – – – – – 0.45 % 0.05 %
R/RT – – – – – – – 0.80 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.45 % 0.01 %
W (H2-EUR) – – – – – – – 0.40 % 0.01 %
X/XT – – – – – – – 1.45 % 0.01 %
Y/YT – – – – – – – 0.55 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 1.70 % 0.05 %
Markets Sovereign Bond C/CT 5.00 % – 5.00 % – – – – 3.20 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.07 % 0.01 %
N/NT – – – – – – – 0.82 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.07 % 0.05 %
R/RT – – – – – – – 1.08 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.08 % 0.05 %
W/WT – – – – – – – 0.82 % 0.01 %
X/XT – – – – – – – 0.69 % 0.01 %
Y/YT – – – – – – – 0.74 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 1.70 % 0.05 %
Markets SRI Bond C/CT 5.00 % – 5.00 % – – – – 3.20 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.07 % 0.01 %
N/NT – – – – – – – 0.82 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.07 % 0.05 %
R/RT – – – – – – – 1.08 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.08 % 0.05 %
W/WT – – – – – – – 0.82 % 0.01 %
X/XT – – – – – – – 0.69 % 0.01 %
Y/YT – – – – – – – 0.74 % 0.05 %
Allianz Emerging A/AT 5.00 % – 5.00 % – – – – 1.75 % 0.05 %
Markets SRI Corporate C/CT 5.00 % – 5.00 % – – – – 3.25 % 0.05 %
Bond I/IT 2.00 % – 2.00 % – – – – 1.07 % 0.01 %
N/NT – – – – – – – 0.82 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.07 % 0.05 %
R/RT – – – – – – – 1.13 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.13 % 0.05 %
W/WT – – – – – – – 0.82 % 0.01 %
X/XT – – – – – – – 0.69 % 0.01 %
Y/YT – – – – – – – 0.74 % 0.05 %
Allianz Enhanced Short A/AT – – – – – – – 0.45 % 0.05 %
Term Euro C/CT – – – – – – – 0.50 % 0.05 %
I/IT – – – – – – – 0.23 % 0.01 %
N/NT – – – – – – – 0.42 % 0.05 %
P/PT – – – – – – – 0.42 % 0.05 %
R/RT – – – – – – – 0.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.45 % 0.05 %
W/WT – – – – – – – 0.42 % 0.01 %
X/XT – – – – – – – 0.42 % 0.01 %
Y/YT – – – – – – – 0.23 % 0.05 %
195
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Euro Balanced A/AT 5.00 % – 5.00 % – – – – 1.59 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 1.59 % 0.05 %
I/IT – – – – – – – 0.95 % 0.01 %
I2/IT2 – – – – – – – 1.35 % 0.01 %
I4/IT4 – – – – – – – 0.60 % 0.01 %
N/NT – – – – – – – 0.71 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
R/RT – – – – – – – 0.99 % 0.05 %
S/ST – – – – – – – 0.99 % 0.05 %
W/WT – – – – – – – 0.71 % 0.01 %
X/XT – – – – – – – 0.59 % 0.01 %
Y/YT – – – – – – – 0.64 % 0.05 %
Allianz Euro Bond A/AT 5.00 % – 5.00 % – – – – 1.34 % 0.05 %
AQ (EUR) 5.00 % – 5.00 % – – – – 1.69 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 1.44 % 0.05 %
F/FT – – – – – – – 0.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.75 % 0.01 %
N/NT – – – – – – – 1.05 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.05 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.26 % 0.05 %
W/WT – – – – – – – 1.05 % 0.01 %
X/XT – – – – – – – 1.05 % 0.01 %
Y/YT – – – – – – – 0.75 % 0.05 %
Allianz Euro Bond Short A/AT 5.00 % – 5.00 % – – – – 1.15 % 0.05 %
Term 1-3 Plus C/CT 5.00 % – 5.00 % – – – – 1.90 % 0.05 %
F/FT – – – – – – – 0.45 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.71 % 0.01 %
N/NT – – – – – – – 0.71 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.71 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.75 % 0.05 %
W/WT – – – – – – – 0.71 % 0.01 %
X/XT – – – – – – – 0.61 % 0.01 %
Y/YT – – – – – – – 0.71 % 0.05 %
Allianz Euro Credit SRI A/AT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.75 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.00 % 0.01 %
N/NT – – – – – – – 1.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.00 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 0.42 % 0.01 %
X/XT – – – – – – – 1.00 % 0.01 %
Y/YT – – – – – – – 1.00 % 0.05 %
Allianz Euro Government A/AT 5.00 % – 5.00 % – – – – 0.85 % 0.05 %
Bond C/CT 5.00 % – 5.00 % – – – – 0.85 % 0.05 %
I/IT – – – – – – – 0.56 % 0.01 %
I2/IT2 – – – – – – – 0.80 % 0.01 %
I4/IT4 – – – – – – – 0.40 % 0.01 %
N/NT – – – – – – – 0.46 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.56 % 0.05 %
R/RT – – – – – – – 0.60 % 0.05 %
S/ST – – – – – – – 0.60 % 0.05 %
W/WT – – – – – – – 0.46 % 0.01 %
X/XT – – – – – – – 0.41 % 0.01 %
Y/YT – – – – – – – 0.43 % 0.05 %
196
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Euro High Yield A/AT 3.00 % – 3.00 % – – – – 1.35 % 0.05 %
Bond C/CT 3.00 % – 3.00 % – – – – 2.10 % 0.05 %
F/FT – – – – – – – 1.06 % 0.01 %
I/IT – – – – – – – 0.79 % 0.01 %
N/NT – – – – – – – 1.06 % 0.05 %
P/PT – – – – – – – 0.79 % 0.05 %
R/RT – – – – – – – 1.10 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 1.26 % 0.05 %
W/WT – – – – – – – 0.49 % 0.01 %
X/XT – – – – – – – 1.06 % 0.01 %
Y/YT – – – – – – – 0.79 % 0.05 %
Allianz Euro High Yield A/AT 5.00 % – 5.00 % – – – – 1.35 % 0.05 %
Defensive C/CT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
I/IT – – – – – – – 0.79 % 0.01 %
N/NT – – – – – – – 1.06 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.06 % 0.05 %
R/RT – – – – – – – 1.15 % 0.05 %
W/WT – – – – – – – 1.06 % 0.01 %
X/XT – – – – – – – 1.06 % 0.01 %
Y/YT – – – – – – – 0.79 % 0.05 %
Allianz Euro Inflation- A/AT 5.00 % – 5.00 % – – – – 1.40 % 0.05 %
linked Bond C/CT 5.00 % – 5.00 % – – – – 2.15 % 0.05 %
F/FT – – – – – – – 0.99 % 0.01 %
I/IT 5.00 % – 5.00 % – – – – 0.99 % 0.01 %
N/NT – – – – – – – 0.99 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.99 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 1.20 % 0.05 %
W/WT – – – – – – – 0.41 % 0.01 %
X/XT – – – – – – – 0.99 % 0.01 %
Y/YT – – – – – – – 0.99 % 0.05 %
Allianz Euroland Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Growth C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
F/FT – – – – – – – 1.38 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Europe Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Growth C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
P2 (EUR) 2.00 % – 2.00 % – – – – 0.65 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
197
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Europe Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Growth Select C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Europe Equity A/AT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
powered by Artificial C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Intelligence E/ET – – – – – – – 1.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Europe Equity SRI A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 1.38 % 0.05 %
Allianz Europe Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Value C/CT 6.00 % – 6.00 % – – – – 2.40 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.75 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.75 % 0.05 %
R/RT – – – – – – – 1.75 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.75 % 0.05 %
W/WT – – – – – – – 1.75 % 0.01 %
X/XT – – – – – – – 1.75 % 0.01 %
Y/YT – – – – – – – 0.88 % 0.05 %
Allianz Europe Income A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
and Growth C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.84 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
Allianz Europe Mid Cap A/AT 5.00 % – 5.00 % – – – – 2.50 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.08 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.08 % 0.05 %
198
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Europe Small and A/AT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
Micro Cap Equity C/CT 5.00 % – 5.00 % – – – – 2.85 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.25 % 0.01 %
N/NT – – – – – – – 1.25 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.25 % 0.05 %
R/RT – – – – – – – 1.35 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.95 % 0.05 %
W/WT – – – – – – – 0.95 % 0.01 %
X/XT – – – – – – – 0.95 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Europe Small Cap A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.08 % 0.01 %
N/NT – – – – – – – 1.53 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.08 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.75 % 0.05 %
W/WT – – – – – – – 0.73 % 0.01 %
X/XT – – – – – – – 1.53 % 0.01 %
Y/YT – – – – – – – 1.08 % 0.05 %
Allianz European Bond A/AT 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
RC C/CT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
I/IT 1.00 % – 1.00 % – – – – 0.76 % 0.01 %
N/NT – – – – – – – 0.63 % 0.05 %
P/PT 1.00 % – 1.00 % – – – – 0.76 % 0.05 %
R/RT – – – – – – – 0.80 % 0.05 %
S/ST 2.00 % – 2.00 % – – – – 0.80 % 0.05 %
W/WT – – – – – – – 0.63 % 0.01 %
X/XT – – – – – – – 0.57 % 0.01 %
Y/YT 4.00 % – 4.00 % – – – – 0.61 % 0.05 %
Allianz European Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Dividend B/BT – – 5.00 % – – – 3.00 % 2.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
F/FT – – – – – – – 1.38 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Flexi Asia Bond A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.82 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.82 % 0.05 %
P8/PT8 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.82 % 0.05 %
199
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Floating Rate A/AT 2.00 % – 2.00 % – – – – 0.45 % 0.05 %
Notes Plus *) C/CT – – – – – – – 1.20 % 0.05 %
F/FT – – – – – – – 0.35 % 0.01 %
I/IT – – – – – – – 0.35 % 0.01 %
N/NT – – – – – – – 0.35 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.35 % 0.05 %
R/RT – – – – – – – 0.45 % 0.05 %
S/ST – – – – – – – 0.35 % 0.05 %
W/WT – – – – – – – 0.35 % 0.01 %
X/XT – – – – – – – 1.00 % 0.01 %
Y/YT – – – – – – – 0.35 % 0.05 %
Allianz Food Security A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
Allianz GEM Equity High A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Dividend C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.28 % 0.01 %
N/NT – – – – – – – 1.85 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.85 % 0.05 %
R/RT – – – – – – – 2.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.85 % 0.05 %
W/WT – – – – – – – 1.85 % 0.01 %
X/XT – – – – – – – 1.85 % 0.01 %
Y/YT – – – – – – – 1.28 % 0.05 %
Allianz German Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
F/FT – – – – – – – 0.45 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz German Small A/AT 5.00 % – 5.00 % – – – – 3.60 % 0.05 %
and Micro Cap C/CT 5.00 % – 5.00 % – – – – 4.35 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 2.75 % 0.01 %
N/NT – – – – – – – 2.45 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 2.75 % 0.05 %
R/RT – – – – – – – 2.85 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 2.85 % 0.05 %
W/WT – – – – – – – 2.45 % 0.01 %
X/XT – – – – – – – 2.30 % 0.01 %
Y/YT – – – – – – – 2.36 % 0.05 %
Allianz Global Aggregate A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Bond C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 1.10 % 0.01 %
X/XT – – – – – – – 1.10 % 0.01 %
Y/YT – – – – – – – 0.57 % 0.05 %
Allianz Global Allocation A/AT 5.00 % – 5.00 % – – – – 1.85 % 0.05 %
Opportunities C/CT 5.00 % – 5.00 % – – – – 2.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.15 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
200
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Global Artificial A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Intelligence B/BT – – 5.00 % – – – 3.00 % 3.05 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Global Capital A/AT – 2.50 % – – – 2.50 % – 1.65 % 0.05 %
Plus C/CT – 2.50 % – – – 2.50 % – 2.40 % 0.05 %
I/IT – 2.50 % – – – 2.50 % – 1.10 % 0.01 %
N/NT – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
P/PT – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
R/RT – 2.50 % – – – 2.50 % – 1.30 % 0.05 %
S/ST – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
W/WT – 2.50 % – – – 2.50 % – 1.10 % 0.01 %
X/XT – 2.50 % – – – 2.50 % – 1.00 % 0.01 %
Y/YT – 2.50 % – – – 2.50 % – 1.10 % 0.05 %
Allianz Global Credit SRI A/AT 3.00 % – 3.00 % – – – – 1.15 % 0.05 %
B/BT – – 3.00 % – – – 3.00 % 2.15 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 1.90 % 0.05 %
E/ET – – – – – – – 0.85 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.75 % 0.01 %
N/NT – – – – – – – 0.75 % 0.05 %
P/PT – – – – – – – 0.75 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
W/WT – – – – – – – 0.75 % 0.01 %
X/XT – – – – – – – 0.65 % 0.01 %
Y/YT – – – – – – – 0.75 % 0.05 %
Allianz Global Diversified A/AT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
Dividend C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
E/ET – – – – – – – 1.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Global Dividend A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
F/FT – – – – – – – 1.50 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Global Dynamic A/AT 5.00 % – 5.00 % – – – – 1.45 % 0.05 %
Multi Asset Income C/CT 5.00 % – 5.00 % – – – – 2.20 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.79 % 0.01 %
N/NT – – – – – – – 0.55 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.79 % 0.05 %
R/RT – – – – – – – 0.85 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.85 % 0.05 %
W/WT – – – – – – – 0.55 % 0.01 %
X/XT – – – – – – – 0.43 % 0.01 %
Y/YT – – – – – – – 0.79 % 0.05 %
201
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Global Emerging A/AT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Markets Equity Dividend C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
I/IT – – – – – – – 1.28 % 0.01 %
N/NT – – – – – – – 1.28 % 0.05 %
P/PT – – – – – – – 1.28 % 0.05 %
R/RT – – – – – – – 1.38 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.28 % 0.01 %
X/XT – – – – – – – 1.28 % 0.01 %
Y/YT – – – – – – – 1.28 % 0.05 %
Allianz Global Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Growth B/BT – – 5.00 % – – – 3.00 % 2.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
P/PT – – – – – – – 0.95 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 0.95 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Global Equity A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Insights B/BT – – 5.00 % – – – 3.00 % 3.05 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Global Equity A/AT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
powered by Artificial C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Intelligence E/ET – – – – – – – 1.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz Global Equity A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Unconstrained B/BT – – 5.00 % – – – 3.00 % 3.05 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.73 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Global Floating A/AT 5.00 % – 5.00 % – – – – 0.90 % 0.05 %
Rate Notes Plus C/CT 5.00 % – 5.00 % – – – – 1.65 % 0.05 %
C2/CT2/C3/CT3 – – 1.00 % 1.00 % – – – 0.90 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.60 % 0.01 %
N/NT – – – – – – – 0.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.60 % 0.05 %
R/RT – – – – – – – 0.65 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.65 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
X/XT – – – – – – – 0.45 % 0.05 %
Y/YT – – – – – – – 0.41 % 0.05 %
202
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Global A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Government Bond C/CT 5.00 % – 5.00 % – – – – 1.95 % 0.05 %
F/FT – – – – – – – 0.25 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 1.10 % 0.01 %
X/XT – – – – – – – 1.10 % 0.01 %
Y/YT – – – – – – – 0.55 % 0.05 %
Allianz Global High Yield A/AT 3.00 % – 3.00 % – – – – 1.45 % 0.05 %
B/BT – – 3.00 % – – – 3.00 % 2.45 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 2.20 % 0.05 %
C2/CT2/C3/CT3 – – 1.00 % 1.00 % – – – 1.45 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
N/NT – – – – – – – 1.10 % 0.05 %
P/PT – – – – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
W/WT – – – – – – – 1.10 % 0.01 %
X/XT – – – – – – – 0.90 % 0.01 %
Y/YT – – – – – – – 1.10 % 0.05 %
Allianz Global Hi-Tech A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Growth C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
F/FT – – – – – – – 0.53 % 0.01 %
I/IT – – – – – – – 1.53 % 0.01 %
N/NT – – – – – – – 1.53 % 0.05 %
P/PT – – – – – – – 1.53 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.84 % 0.05 %
W/WT – – – – – – – 1.53 % 0.01 %
X/XT – – – – – – – 1.53 % 0.01 %
Y/YT – – – – – – – 1.53 % 0.05 %
Allianz Global Income A/AT 5.00 % – 5.00 % – – – – 1.90 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.90 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.40 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.14 % 0.01 %
N/NT – – – – – – – 0.86 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.14 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
S/ST – – – – – – – 1.20 % 0.05 %
W/WT – – – – – – – 0.86 % 0.01 %
X/XT – – – – – – – 0.72 % 0.01 %
Y/YT – – – – – – – 0.78 % 0.05 %
Allianz Global Intelligent A/AT 5.00 % – 5.00 % – – – – 1.90 % 0.05 %
Cities Income C/CT – – – – – – – 1.90 % 0.05 %
C6/CT6 – 2.50 % – – – 2.50 % – 1.90 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.90 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.14 % 0.01 %
P/PT – – – – – – – 1.14 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
W/WT – – – – – – – 0.86 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.86 % 0.01 %
X/XT – – – – – – – 0.44 % 0.01 %
Allianz Global Metals A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
and Mining B/BT – – 5.00 % – – – 3.00 % 2.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
F/FT – – – – – – – 0.45 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 1.38 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
203
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Global Multi- A/AT 3.00 % – 3.00 % – – – – 1.30 % 0.05 %
Asset Credit B/BT – – 3.00 % – – – 3.00 % 2.30 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 2.05 % 0.05 %
F/FT – – – – – – – 0.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.90 % 0.01 %
N/NT – – – – – – – 0.90 % 0.05 %
P/PT – – – – – – – 0.90 % 0.05 %
R/RT – – – – – – – 1.05 % 0.05 %
W/WT – – – – – – – 0.90 % 0.01 %
X/XT – – – – – – – 0.70 % 0.01 %
Y/YT – – – – – – – 0.90 % 0.05 %
Allianz Global Multi A/AT 5.00 % – 5.00 % – – – – 1.65 % 0.05 %
Asset Sustainability C/CT 5.00 % – 5.00 % – – – – 2.40 % 0.05 %
Balanced F/FT – – – – – – – 0.25 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.89 % 0.01 %
N/NT – – – – – – – 0.61 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.89 % 0.05 %
R/RT – – – – – – – 0.95 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.95 % 0.05 %
W/WT – – – – – – – 0.61 % 0.01 %
X/XT – – – – – – – 0.47 % 0.01 %
Y/YT – – – – – – – 0.89 % 0.05 %
Allianz Global A/AT 3.00 % – 3.00 % – – – – 1.14 % 0.05 %
Opportunistic Bond B/BT – – 5.00 % – – – 3.00 % 2.14 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 1.54 % 0.05 %
C2/CT2/C3/CT3 – – 2.00 % 2.00 % – – – 1.14 % 0.05 %
F/FT – – – – – – – 0.14 % 0.01 %
I/IT – – – – – – – 0.63 % 0.01 %
N/NT – – – – – – – 0.44 % 0.05 %
P/PT – – – – – – – 0.63 % 0.05 %
R/RT – – – – – – – 0.67 % 0.05 %
W/WT – – – – – – – 0.44 % 0.01 %
X/XT – – – – – – – 0.63 % 0.01 %
Y/YT – – – – – – – 0.63 % 0.05 %
Allianz Global Small Cap A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.08 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.08 % 0.05 %
PT2 (GBP) – – – – – – – 0.80 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.08 % 0.05 %
Allianz Global A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Sustainability B/BT – – 5.00 % – – – 3.00 % 2.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
F/FT – – – – – – – 1.38 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.43 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.38 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 1.38 % 0.05 %
204
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Global Water A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 1.38 % 0.05 %
Allianz Green Bond A/AT 5.00 % – 5.00 % – – – – 1.09 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.09 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 1.84 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.60 % 0.01 %
N/NT – – – – – – – 0.42 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.60 % 0.05 %
P2/PT2 – – – – – – – 0.60 % 0.05 %
R/RT – – – – – – – 0.87 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.64 % 0.05 %
W/WT – – – – – – – 0.42 % 0.01 %
X/XT – – – – – – – 0.33 % 0.01 %
Y/YT – – – – – – – 0.60 % 0.05 %
Allianz Green Future A/AT 4.00 % – 4.00 % – – – – 1.50 % 0.05 %
C/CT – 2.50 % – – – 2.50 % – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.00 % 0.01 %
N/NT – – – – – – – 1.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.00 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
W6/WT6 – 2.50 % – – – 2.50 % – 0.80 % 0.01 %
X/XT – – – – – – – 0.70 % 0.01 %
Allianz Green Transition A/AT 5.00 % – 5.00 % – – – – 1.29 % 0.05 %
Bond C/CT 5.00 % – 5.00 % – – – – 1.99 % 0.05 %
F/FT – – – – – – – 1.00 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.80 % 0.01 %
N/NT – – – – – – – 0.62 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.80 % 0.05 %
R/RT – – – – – – – 0.84 % 0.05 %
S/ST – – – – – – – 0.84 % 0.05 %
W/WT – – – – – – – 0.62 % 0.01 %
X/XT – – – – – – – 0.53 % 0.01 %
Y/YT – – – – – – – 0.57 % 0.05 %
Allianz High Dividend A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Asia Pacific Equity C/CT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
I/IT – – – – – – – 0.90 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT – – – – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.50 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.70 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 0.90 % 0.05 %
Allianz HKD Income A/AT 5.00 % – 5.00 % – – – – 1.00 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 1.75 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.57 % 0.01 %
N/NT – – – – – – – 0.85 % 0.05 %
P/PT – – – – – – – 0.85 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 0.65 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 6.00 % – 6.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 0.85 % 0.01 %
X/XT – – – – – – – 0.85 % 0.01 %
Y/YT – – – – – – – 0.57 % 0.05 %
205
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Hong Kong A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Equity AT (SGD) 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT – – – – – – – 1.08 % 0.01 %
N/NT – – – – – – – 1.53 % 0.05 %
P/PT – – – – – – – 1.53 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.84 % 0.05 %
W/WT – – – – – – – 1.53 % 0.01 %
X/XT – – – – – – – 1.53 % 0.01 %
Y/YT – – – – – – – 1.08 % 0.05 %
Allianz Income and A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
Growth B/BT – – 5.00 % – – – 3.00 % 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
C3/CT3 5.00 % – 5.00 % 3.00 % – – – 1.50 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.84 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 0.97 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
Allianz India Equity A/AT 5.00 % – 5.00 % – – – – 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
I/IT – – – – – – – 1.28 % 0.01 %
N/NT – – – – – – – 2.00 % 0.05 %
P/PT – – – – – – – 2.00 % 0.05 %
R/RT – – – – – – – 2.40 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 2.00 % 0.05 %
W/WT – – – – – – – 2.00 % 0.01 %
X/XT – – – – – – – 2.00 % 0.01 %
Y/YT – – – – – – – 1.28 % 0.05 %
Allianz Japan Equity A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
F/FT – – – – – – – 0.45 % 0.01 %
I/IT – – – – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Japan Smaller A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
Companies Equity C/CT 5.00 % – 5.00 % – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
N/NT – – – – – – – 1.03 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
S/ST – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 0.85 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
206
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Little Dragons A/AT 5.00 % – 5.00 % – – – – 2.50 % 0.05 %
A(USD)/AT(USD) 5.00 % – 5.00 % – – – – 3.25 % 0.05 %
A2 (EUR) 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 3.00 % 0.05 %
I/IT – – – – – – – 2.00 % 0.01 %
N/NT – – – – – – – 2.00 % 0.05 %
P/PT – – – – – – – 2.00 % 0.05 %
R/RT – – – – – – – 2.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 2.38 % 0.05 %
W/WT – – – – – – – 2.00 % 0.01 %
X/XT – – – – – – – 2.00 % 0.01 %
Y/YT – – – – – – – 2.00 % 0.05 %
Allianz Multi Asset Long / A/AT 5.00 % – 5.00 % – – – – 1.75 % 0.05 %
Short C/CT 5.00 % – 5.00 % – – – – 3.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.99 % 0.01 %
I3/IT3 2.00 % – 2.00 % – – – – 1.69 % 0.01 %
N/NT – – – – – – – 1.75 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.99 % 0.05 %
P3/PT3 2.00 % – 2.00 % – – – – 1.69 % 0.05 %
R/RT – – – – – – – 1.05 % 0.05 %
R3/RT3 – – – – – – – 1.75 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.75 % 0.05 %
W/WT – – – – – – – 0.99 % 0.01 %
X/XT – – – – – – – 1.75 % 0.01 %
Y/YT – – – – – – – 0.99 % 0.05 %
Allianz Multi Asset Risk A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Premia C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.49 % 0.01 %
I3/IT3 2.00 % – 2.00 % – – – – 1.24 % 0.01 %
N/NT – – – – – – – 1.49 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.49 % 0.05 %
P3/PT3 2.00 % – 2.00 % – – – – 1.24 % 0.05 %
R/RT – – – – – – – 0.55 % 0.05 %
R3/RT3 – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 1.09 % 0.01 %
X/XT – – – – – – – 1.09 % 0.01 %
Y/YT – – – – – – – 0.85 % 0.05 %
Allianz Oriental Income A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT – – – – – – – 0.95 % 0.01 %
N/NT – – – – – – – 1.38 % 0.05 %
P/PT – – – – – – – 0.95 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 1.38 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.95 % 0.05 %
Allianz Pet and Animal A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
Wellbeing B/BT – – 5.00 % – – – 3.00 % 3.35% 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 1.38 % 0.05 %
207
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Positive Change A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
C6/CT6 – 3.00 % – – – 3.00 % – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
W6/WT6 – 3.00 % – – – 3.00 % – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
Allianz Premium A/AT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
Champions C/CT 5.00 % – 5.00 % – – – – 3.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.25 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.25 % 0.05 %
R/RT – – – – – – – 1.35 % 0.05 %
W/WT – – – – – – – 0.95 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.86 % 0.05 %
Allianz Renminbi Fixed A/AT 3.00 % – 3.00 % – – – – 0.99 % 0.05 %
Income C/CT 3.00 % – 3.00 % – – – – 1.19 % 0.05 %
I/IT – – – – – – – 0.55 % 0.01 %
N/NT – – – – – – – 0.78 % 0.05 %
P/PT – – – – – – – 0.55 % 0.05 %
R/RT – – – – – – – 0.80 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 0.93 % 0.05 %
W/WT – – – – – – – 0.78 % 0.01 %
X/XT – – – – – – – 0.78 % 0.01 %
Y/YT – – – – – – – 0.55 % 0.05 %
Allianz SDG Euro Credit A/AT 3.00 % – 3.00 % – – – – 1.44 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 2.19 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.60 % 0.01 %
N/NT – – – – – – – 1.05 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.05 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 1.27 % 0.05 %
W/WT – – – – – – – 1.05 % 0.01 %
X/XT – – – – – – – 1.05 % 0.01 %
Y/YT – – – – – – – 0.60 % 0.05 %
Allianz SDG Global A/AT 5.00 % – 5.00 % – – – – 1.90 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.15 % 0.01 %
N/NT – – – – – – – 0.89 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
R/RT – – – – – – – 1.25 % 0.05 %
S/ST – – – – – – – 1.25 % 0.05 %
W/WT – – – – – – – 0.89 % 0.01 %
X/XT – – – – – – – 0.76 % 0.01 %
Allianz Select Income A/AT 5.00 % – 5.00 % – – – – 1.50 % 0.05 %
and Growth B/BT – – 5.00 % – – – 3.00 % 2.50 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 1.15 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.84 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 0.97 % 0.05%
R/RT – – – – – – – 1.20 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.38 % 0.05 %
W/WT – – – – – – – 1.15 % 0.01 %
X/XT – – – – – – – 1.15 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
208
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Selection A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Alternative C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Selection Fixed A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Income C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Selection Small A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
and Mid Cap Equity C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
F/FT – – – – – – – 2.05 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Selective Global A/AT 3.00 % – 3.00 % – – – – 1.45 % 0.05 %
High Income C/CT 3.00 % – 3.00 % – – – – 2.20 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.10 % 0.01 %
N/NT – – – – – – – 1.10 % 0.05 %
P/PT – – – – – – – 1.10 % 0.05 %
R/RT – – – – – – – 1.20 % 0.05 %
W/WT – – – – – – – 1.10 % 0.01 %
X/XT – – – – – – – 0.90 % 0.01 %
Y/YT – – – – – – – 1.10 % 0.05 %
Allianz SGD Income A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
C/CT – 2.00 % – 2.00 % – 2.00 % – 1.20 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.77 % 0.01 %
N/NT – – – – – – – 0.62 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.77 % 0.05 %
R/RT – – – – – – – 0.83 % 0.05 %
S/ST – – – – – – – 1.20 % 0.05 %
W/WT – – – – – – – 0.62 % 0.01 %
X/XT – – – – – – – 0.39 % 0.01 %
Y/YT – – – – – – – 0.77 % 0.05 %
Allianz Short Duration A/AT 3.00 % – 3.00 % – – – – 1.20 % 0.05 %
Global Bond SRI C/CT 3.00 % – 3.00 % – – – – 1.95 % 0.05 %
I/IT – – – – – – – 0.50 % 0.01 %
N/NT – – – – – – – 1.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.60 % 0.05 %
R/RT – – – – – – – 1.10 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 0.40 % 0.01 %
X/XT – – – – – – – 1.00 % 0.01 %
Y/YT – – – – – – – 0.50 % 0.05 %
209
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Smart Energy A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 3.35 % 0.05 %
C/CT – – – – – – – 3.10 % 0.05 %
C6/CT6 – 3.00 % – – – 3.00 % – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
W6/WT6 – 3.00 % – – – 3.00 % – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
Allianz Social Conviction A/AT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
Equity C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.25 % 0.01 %
N/NT – – – – – – – 0.95 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.25 % 0.05 %
R/RT – – – – – – – 1.35 % 0.05 %
W/WT – – – – – – – 0.95 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.86 % 0.05 %
Allianz Strategic Bond A/AT 3.00 % – 3.00 % – – – – 1.30 % 0.05 %
C/CT 3.00 % – 3.00 % – – – – 2.05 % 0.05 %
F/FT – – – – – – – 0.20 % 0.01 %
I/IT 2.00 % – 2.00 % – – – – 0.90 % 0.01 %
N/NT – – – – – – – 0.90 % 0.05 %
P/PT – – – – – – – 0.90 % 0.05 %
R/RT – – – – – – – 1.05 % 0.05 %
W/WT – – – – – – – 0.90 % 0.01 %
X/XT – – – – – – – 0.70 % 0.01 %
Y/YT – – – – – – – 0.90 % 0.05 %
Allianz Strategy Select A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
30 C/CT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
I/IT – – – – – – – 1.60 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.60 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
X/XT – – – – – – – 0.30 % 0.01 %
Y/YT – – – – – – – 1.60 % 0.05 %
Allianz Strategy Select A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
50 C/CT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
I/IT – – – – – – – 1.60 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.60 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
X/XT – – – – – – – 0.30 % 0.01 %
Y/YT – – – – – – – 1.60 % 0.05 %
Allianz Strategy Select A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
75 C/CT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
I/IT – – – – – – – 1.60 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.60 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
X/XT – – – – – – – 0.30 % 0.01 %
Y/YT – – – – – – – 1.60 % 0.05 %
210
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Strategy4Life A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
Europe 40 C/CT 5.00 % – 5.00 % – – – – 2.00 % 0.05 %
I/IT – – – – – – – 1.60 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.60 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
X/XT – – – – – – – 0.30 % 0.01 %
Y/YT – – – – – – – 1.60 % 0.05 %
Allianz Sustainable A/AT 5.00 % – 5.00 % – – – – 2.35 % 0.05 %
Health Evolution C/CT – – – – – – – 3.10 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
P/PT – – – – – – – 1.38 % 0.05 %
R/RT – – – – – – – 1.48 % 0.05 %
W/WT – – – – – – – 1.03 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 0.92 % 0.05 %
Allianz Sustainable Multi A/AT 5.00 % – 5.00 % – – – – 1.85 % 0.05 %
Asset 75 C/CT 5.00 % – 5.00 % – – – – 2.40 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.87 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.70 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
W/WT – – – – – – – 0.60 % 0.01 %
Allianz Systematic A/AT 5.00 % – 5.00 % – – – – 1.30 % 0.05 %
Enhanced US Equity SRI C/CT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
N/NT – – – – – – – 1.08 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.08 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
X/XT – – – – – – – 1.08 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05%
Allianz Target Maturity A/AT 5.00 % – 5.00 % – 2.00 % – – 1.05 % 0.05 %
Euro Bond I C/CT 5.00 % – 5.00 % – 2.00 % – – 1.75 % 0.05 %
I/IT 2.00 % – 2.00 % – 2.00 % – – 0.68 % 0.01 %
N/NT – – – – 2.00 % – – 0.55 % 0.05 %
P/PT 2.00 % – 2.00 % – 2.00 % – – 0.68 % 0.05 %
R/RT – – – – 2.00 % – – 0.72 % 0.05 %
S/ST – – – – 2.00 % – – 0.72 % 0.05 %
W/WT – – – – 2.00 % – – 0.55 % 0.01 %
X/XT – – – – 2.00 % – – 0.48 % 0.01 %
Allianz Target Maturity A/AT 2.00 % – 2.00 % – 2.00 % – – 0.85 % 0.05 %
Euro Bond II A2/AT2 – 2.00 % – – 2.00 % 2.00 % – 0.85 % 0.05 %
C/CT 2.00 % – 2.00 % – 2.00 % – – 1.20 % 0.05 %
C6/CT6 – 2.00 % – – 2.00 % 2.00 % – 1.20 % 0.05 %
I/IT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.01 %
N/NT – – – – 2.00 % – – 0.32 % 0.05 %
P/PT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.05 %
R/RT – – – – 2.00 % – – 0.50 % 0.05 %
S/ST – – – – 2.00 % – – 0.50 % 0.05 %
W/WT – – – – 2.00 % – – 0.32 % 0.01 %
W6/WT6 – 2.00 % – – 2.00 % 2.00 % – 0.32 % 0.01 %
X/XT – – – – 2.00 % – – 0.28 % 0.01 %
211
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Target Maturity A/AT 2.00 % – 2.00 % – 2.00 % – – 0.85 % 0.05 %
Euro Bond III A2/AT2 – 2.00 % – – 2.00 % 2.00 % – 0.85 % 0.05 %
C/CT – – – – 2.00 % – – 1.25 % 0.05 %
C6/CT6 – 2.00 % – – 2.00 % 2.00 % – 1.25 % 0.05 %
I/IT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.01 %
N/NT – – – – 2.00 % – – 0.32 % 0.05 %
P/PT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.05 %
R/RT – – – – 2.00 % – – 0.50 % 0.05 %
S/ST – – – – 2.00 % – – 0.50 % 0.05 %
W/WT – – – – 2.00 % – – 0.35 % 0.01 %
W6/WT6 – 2.00 % – – 2.00 % 2.00 % – 0.35 % 0.01 %
X/XT – – – – 2.00 % – – 0.28 % 0.01 %
Allianz Target Maturity A/AT 2.00 % – 2.00 % – 2.00 % – – 0.85 % 0.05 %
Euro Bond IV A2/AT2 – 2.00 % – – 2.00 % 2.00 % – 0.85 % 0.05 %
C/CT – – – – 2.00 % – – 1.25 % 0.05 %
C6/CT6 – 2.00 % – – 2.00 % 2.00 % – 1.25 % 0.05 %
I/IT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.01 %
N/NT – – – – 2.00 % – – 0.32 % 0.05 %
P/PT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.05 %
R/RT – – – – 2.00 % – – 0.50 % 0.05 %
S/ST – – – – 2.00 % – – 0.50 % 0.05%
W/WT – – – – 2.00 % – – 0.35 % 0.01 %
W6/WT6 – 2.00 % – – 2.00 % 2.00 % – 0.35 % 0.01 %
X/XT – – – – 2.00 % – – 0.28 % 0.01 %
Allianz Target Maturity A/AT 2.00 % – 2.00 % – 2.00 % – – 0.85 % 0.05 %
Euro Bond V A2/AT2 – 2.00 % – – 2.00 % 2.00 % – 0.85 % 0.05 %
C/CT – – – – 2.00 % – – 1.35 % 0.05 %
C6/CT6 – 2.00 % – – 2.00 % 2.00 % – 1.35 % 0.05 %
I/IT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.01 %
N/NT – – – – 2.00 % – – 0.32 % 0.05 %
P/PT 2.00 % – 2.00 % – 2.00 % – – 0.46 % 0.05 %
R/RT – – – – 2.00 % – – 0.50 % 0.05 %
S/ST – – – – 2.00 % – – 0.50 % 0.05 %
W/WT – – – – 2.00 % – – 0.35 % 0.01 %
W6/WT6 – 2.00 % – – 2.00 % 2.00 % – 0.35 % 0.01 %
X/XT – – – – 2.00 % – – 0.28 % 0.01 %
Allianz Thematica A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 3.05 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
C2/CT2/C3/CT3 – – 2.00 % 2.00 % – – – 2.05 % 0.05 %
E/ET – – – – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz Total Return A/AT 5.00 % – 5.00 % – – – – 2.05 % 0.05 %
Asian Equity C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT – – – – – – – 1.53 % 0.01 %
N/NT – – – – – – – 1.53 % 0.05 %
P/PT – – – – – – – 1.08 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 1.26 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.84 % 0.05 %
W/WT – – – – – – – 1.53 % 0.01 %
X/XT – – – – – – – 1.53 % 0.01 %
Y/YT – – – – – – – 1.53 % 0.05 %
212
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz Treasury Short A/AT 2.00 % – 2.00 % – – – – 1.15 % 0.05 %
Term Plus Euro C/CT 2.00 % – 2.00 % – – – – 1.40 % 0.05 %
I/IT 1.00 % – 1.00 % – – – – 0.41 % 0.01 %
N/NT – – – – – – – 0.84 % 0.05 %
P/PT 1.00 % – 1.00 % – – – – 0.84 % 0.05 %
R/RT – – – – – – – 0.90 % 0.05 %
S/ST 4.00 % – 4.00 % – – – – 1.01 % 0.05 %
W/WT – – – – – – – 0.84 % 0.01 %
X/XT – – – – – – – 0.84 % 0.01 %
Y/YT – – – – – – – 0.41 % 0.05 %
Allianz Trend and Brands A/AT 4.00 % – 4.00 % – – – – 1.50 % 0.05 %
C/CT – 3.50 % – – – 3.50 % – 2.25 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.00 % 0.01 %
N/NT – – – – – – – 1.00 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.00 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.00 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
W6/WT6 – 3.50 % – – – 3.50 % – 0.80 % 0.01 %
X/XT – – – – – – – 0.70 % 0.01 %
Allianz UK Government A/AT 3.00 % – 3.00 % – – – – 0.90 % 0.05 %
Bond I/IT 2.00 % – 2.00 % – – – – 0.60 % 0.01 %
P/PT – – – – – – – 0.60 % 0.05 %
R/RT – – – – – – – 0.60 % 0.05 %
W/WT – – – – – – – 0.50 % 0.01 %
Allianz Unconstrained A/AT 4.00 % – 4.00 % – – – – 1.50 % 0.05 %
Multi Asset Strategy A13/AT13 – – – – – – – 0.45 % 0.05 %
C/CT 4.00 % – 4.00 % – – – – 1.75 % 0.05 %
D/DT – – – – – – – 0.45 % 0.05 %
F/FT – – – – – – – 1.50 % 0.01 %
I/IT – – – – – – – 1.50 % 0.01 %
I2/IT2 – – – – – – – 0.89 % 0.01 %
I4 (EUR) – – – – – – – 0.58 % 0.01 %
P/PT – – – – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.60 % 0.05 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
Allianz US Equity Fund A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.55 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.38 % 0.01 %
N/NT – – – – – – – 0.65 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.95 % 0.05 %
P2/PT2 – – – – – – – 0.65 % 0.05 %
R/RT – – – – – – – 1.45 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.65 % 0.05 %
W/WT – – – – – – – 0.65 % 0.01 %
X/XT – – – – – – – 1.38 % 0.01 %
Y/YT – – – – – – – 1.38 % 0.05 %
Allianz US Equity Plus A/AT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.80 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.30 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.50 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.10 % 0.01 %
Y/YT – – – – – – – 1.50 % 0.05 %
213
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
Allianz US Equity A/AT 5.00 % – 5.00 % – – – – 1.60 % 0.05 %
powered by Artificial C/CT 5.00 % – 5.00 % – – – – 2.25 % 0.05 %
Intelligence E/ET – – – – – – – 1.60 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.20 % 0.01 %
P/PT 2.00 % – 2.00 % – – – – 1.20 % 0.05 %
R/RT – – – – – – – 1.30 % 0.05 %
W/WT – – – – – – – 0.80 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.80 % 0.05 %
Allianz US High Yield A/AT 5.00 % – 5.00 % – – – – 1.39 % 0.05 %
B/BT – – 5.00 % – – – 3.00 % 2.39 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.39 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.75 % 0.01 %
N/NT – – – – – – – 1.02 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.75 % 0.05 %
P8/PT8/P9/PT9 2.00 % – 2.00 % – – – – 0.87 % 0.05 %
R/RT – – – – – – – 1.10 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.23 % 0.05 %
W/WT – – – – – – – 0.55 % 0.01 %
X/XT – – – – – – – 1.02 % 0.01 %
Y/YT – – – – – – – 0.75 % 0.05 %
Allianz US Investment A/AT 5.00 % – 5.00 % – – – – 1.10 % 0.05 %
Grade Credit B/BT – – 5.00 % – – – 3.00 % 2.10 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 1.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.71 % 0.01 %
N/NT – – – – – – – 0.56 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.71 % 0.05 %
R/RT – – – – – – – 0.75 % 0.05 %
S/ST – – – – – – – 0.75 % 0.05 %
W/WT – – – – – – – 0.56 % 0.01 %
X/XT – – – – – – – 0.49 % 0.01 %
Y/YT – – – – – – – 0.52 % 0.05 %
Allianz US Large Cap A/AT 5.00 % – 5.00 % – – – – 2.10 % 0.05 %
Value B/BT – – 5.00 % – – – 3.00 % 3.10 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.80 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 1.25 % 0.01 %
N/NT – – – – – – – 0.95 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.25 % 0.05 %
R/RT – – – – – – – 1.35 % 0.05 %
S/ST – – – – – – – 1.35 % 0.05 %
W/WT – – – – – – – 0.95 % 0.01 %
X/XT – – – – – – – 0.80 % 0.01 %
Y/YT – – – – – – – 0.86 % 0.05 %
Allianz US Short Duration A/AT 5.00 % – 5.00 % – – – – 1.29 % 0.05 %
High Income Bond B/BT – – 5.00 % – – – 3.00 % 2.29 % 0.05 %
C/CT 5.00 % – 5.00 % – – – – 2.75 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.70 % 0.01 %
N/NT – – – – – – – 1.45 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 1.45 % 0.05 %
R/RT – – – – – – – 1.70 % 0.05 %
S/ST 5.00 % – 5.00 % – – – – 1.45 % 0.05 %
W/WT – – – – – – – 1.45 % 0.01 %
X/XT – – – – – – – 1.45 % 0.01 %
Y/YT – – – – – – – 0.70 % 0.05 %
Allianz Volatility Strategy A/AT 6.00 % – 6.00 % – – – – 2.30 % 0.05 %
Fund C/CT 3.00 % – 3.00 % – – – – 2.80 % 0.05 %
I/IT – – – – – – – 1.00 % 0.01 %
N/NT – – – – – – – 1.50 % 0.05 %
P/PT – – – – – – – 1.00 % 0.05 %
P2/PT2 3.00 % – 3.00 % – – – – 1.50 % 0.05 %
R/RT – – – – – – – 2.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 1.50 % 0.05 %
W/WT – – – – – – – 1.50 % 0.01 %
X/XT – – – – – – – 1.50 % 0.01 %
Y/YT – – – – – – – 1.00 % 0.05 %
214
- Allianz Global Investors Fund -
Disinvestment
Sales Charge
Abonnement
Redemption
Share Class
Conversion
Placement
All-in-Fee
Sub-Fund Name
Exit Fee
Taxe d’
CDSC
(p.a.)
(p.a.)
Fee
Fee
Fee
Fee
IndexManagement A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Balance C/CT 5.00 % – 5.00 % – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 0.69 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.85 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.85 % 0.05 %
W/WT – – – – – – – 0.68 % 0.01 %
X/XT – – – – – – – 0.50 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
IndexManagement A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Chance C/CT 5.00 % – 5.00 % – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 0.69 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.85 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.85 % 0.05 %
W/WT – – – – – – – 0.68 % 0.01 %
X/XT – – – – – – – 0.50 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
IndexManagement A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Substanz C/CT 5.00 % – 5.00 % – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 0.69 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.85 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.85 % 0.05 %
W/WT – – – – – – – 0.68 % 0.01 %
X/XT – – – – – – – 0.50 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
IndexManagement A/AT 5.00 % – 5.00 % – – – – 1.20 % 0.05 %
Wachstum C/CT 5.00 % – 5.00 % – – – – 1.65 % 0.05 %
I/IT 2.00 % – 2.00 % – – – – 0.84 % 0.01 %
N/NT – – – – – – – 0.69 % 0.05 %
P/PT 2.00 % – 2.00 % – – – – 0.85 % 0.05 %
R/RT – – – – – – – 1.00 % 0.05 %
S/ST 7.00 % – 7.00 % – – – – 0.85 % 0.05 %
W/WT – – – – – – – 0.68 % 0.01 %
X/XT – – – – – – – 0.50 % 0.01 %
Y/YT – – – – – – – 0.84 % 0.05 %
*) For this Sub-Fund, the Company will reduce its share of the All-in Fee for part of the Sub-Fund which is invested in UCITS or UCI
which are directly or indirectly managed by the Management Company or by another company with which the Management
Company is linked by common management or control, or by a substantial direct or indirect participation by the respective actual
calculated fixed management fee of the UCITS or UCI acquired. However, a decrease does not occur with respect to such linked
UCITS or UCI as far as a reimbursement of this actually calculated fixed management fee is made in favor of this Sub-Fund.
215
- Allianz Global Investors Fund -
Part B
Performance Fee
The following notes apply only to Sub-Funds that may charge a Performance Fee:
- The respective benchmark for the Performance Fee as well as the calculation method are mentioned
for every Sub-Fund.
- Only Share Classes with a name affix in which the second digit is either 3, 4 or 5 may incur a
performance fee.
- In case a Share Class is hedged against a certain currency, the respective benchmark is also hedged
in the respective currency.
Sub-Funds that may charge a Performance Fee, Respective Benchmark and Calculation Method
Sub-Fund Name Benchmark Method
Allianz Advanced Fixed BLOOMBERG Euro Aggregate 1-10 Year Total Return A
Income Euro
Allianz Advanced Fixed J.P. MORGAN Government Bond (GBI) 1-10 Year A
Income Global
Allianz Advanced Fixed BLOOMBERG Global Aggregate 500 Excl. CNY Total Return A
Income Global
Aggregate
Allianz Advanced Fixed BLOOMBERG Euro-Aggregate: 1-3 Year Total Return A
Income Short Duration
Allianz All China Equity MSCI China All Shares Total Return Net A
Allianz Alternative EURO SHORT-TERM RATE (€STR) B
Investment Strategies
Allianz Asian Small Cap MSCI AC Asia Excl.-Japan Small Cap Total Return Net A
Equity
Allianz Best Styles MSCI EMU Total Return Net A
Euroland Equity
Allianz Best Styles MSCI Europe Total Return Net A
Europe Equity
Allianz Best Styles MSCI Europe Ext.SRI 5% Issuer Capped Total Return Net A
Europe Equity SRI
Allianz Best Styles MSCI AC World (ACWI) Total Return Net A
Global AC Equity
Allianz Best Styles MSCI World Total Return Net A
Global Equity
Allianz Best Styles MSCI World Ext.SRI 5% Issuer Capped Total Return Net A
Global Equity SRI
Allianz Best Styles US S&P 500 Total Return Net A
Equity
Allianz Capital Plus 70% BLOOMBERG Euro Aggregate 1-10 Year Total Return + 30% MSCI Europe Total A
Return Net
Allianz Capital Plus 70% BLOOMBERG Global Aggregate 500 Excl. CNY Total Return + 30% MSCI AC World A
Global (ACWI) Total Return Net
Allianz China A MSCI China A Total Return Net A
Opportunities
Allianz China A-Shares MSCI China A Onshore Total Return Net A
Allianz China Equity MSCI China 10/40 Total Return Net A
Allianz China Thematica MSCI China All Shares Total Return Net A
Allianz Clean Planet MSCI AC World (ACWI) Total Return Net A
Allianz Climate MSCI Europe Total Return Net A
Transition
Allianz Convertible Bond Refinitiv Europe Focus CB (EUR) A
Allianz Credit EURO SHORT-TERM RATE (€STR) p.a. B
Opportunities
Allianz Credit EURO SHORT-TERM RATE (€STR) p.a. B
Opportunities Plus
Allianz Cyber Security MSCI AC World (ACWI) Information Technology Total Return Net A
216
- Allianz Global Investors Fund -
Sub-Fund Name Benchmark Method
Allianz Dynamic MSCI World Total Return Net A
Allocation Plus Equity
Allianz Dynamic Asian J.P. MORGAN JACI Non-Investment Grade Custom Index A
High Yield Bond
Allianz Emerging Asia MSCI Emerging Frontier Markets Asia Total Return Net A
Equity
Allianz Emerging MSCI Emerging Markets Total Return Net A
Markets Equity
Allianz Emerging MSCI Emerging Markets Total Return Net A
Markets Equity
Opportunities
Allianz Emerging MSCI Emerging Markets Ext. SRI 5% Issuer Capped Total Return Net A
Markets Equity SRI
Allianz Emerging J.P. MORGAN Emerging Markets Blended (JEMB) Equal Weighted Total Return A
Markets Select Bond
Allianz Emerging SECURED OVERNIGHT FINANCING RATE (SOFR) B
Markets Short Duration
Bond
Allianz Emerging J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified A
Markets Sovereign Bond
Allianz Emerging J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified Total Return A
Markets SRI Bond
Allianz Emerging J.P. MORGAN ESG Corporate Emerging Market Bond (CEMBI) Broad Diversified Total A
Markets SRI Corporate Return
Bond
Allianz Enhanced Short EURO SHORT-TERM RATE (€STR) B
Term Euro
Allianz Euro Balanced 50% IBOXX EUR Sovereigns Eurozone Total Return + 50% MSCI EMU Total Return Net A
Allianz Euro Bond BLOOMBERG Euro-Aggregate Total Return A
Allianz Euro Bond Short J.P. MORGAN EMU Bond 1-3 Year A
Term 1-3 Plus
Allianz Euro Credit SRI ICE BOFAML Euro Corporate Index (ICE Indices incorporate transaction costs into their A
calculation)
Allianz Euro Government IBOXX EUR Sovereigns Eurozone Total Return A
Bond
Allianz Euro High Yield ICE BOFAML Euro High Yield BB-B Constrained (ICE Indices incorporate transaction A
Bond costs into their calculation)
Allianz Euro High Yield ICE BOFAML Euro Non-Financial High Yield BB-B Constrained (ICE Indices incorporate A
Defensive transaction costs into their calculation)
Allianz Euro Inflation- BLOOMBERG Euro Government Inflation-Linked Bond Total Return A
linked Bond
Allianz Europe Equity S&P Europe Large Mid Cap Growth Total Return Net A
Growth
Allianz Europe Equity S&P Europe Large Cap Growth Total Return Net A
Growth Select
Allianz Europe Equity MSCI Europe Total Return Net A
powered by Artificial
Intelligence
Allianz Europe Equity SRI MSCI Europe Total Return Net A
Allianz Europe Equity S&P Europe Large Mid Cap Value Total Return Net A
Value
Allianz Europe Mid Cap MSCI Europe Mid Cap Total Return Net A
Equity
Allianz Europe Small MSCI Europe Small Cap Total Return Net A
Cap Equity
Allianz Flexi Asia Bond J.P. MORGAN JACI Composite Total Return A
Allianz Floating Rate EURO SHORT-TERM RATE (€STR) B
Notes Plus
Allianz Food Security MSCI AC World (ACWI) Total Return Net A
Allianz German Equity DAX UCITS Capped A
Allianz German Small SDAX Total Return Gross A
and Micro Cap
Allianz Global BLOOMBERG Global Aggregate Total Return A
Aggregate Bond
217
- Allianz Global Investors Fund -
Sub-Fund Name Benchmark Method
Allianz Global MSCI World High Dividend Yield Net Return EUR Index A
Diversified Dividend
Allianz Global Equity MSCI World Total Return Net A
powered by Artificial
Intelligence
Allianz Global Equity MSCI AC World (ACWI) Total Return Net A
Unconstrained
Allianz Global Floating SECURED OVERNIGHT FINANCING RATE (SOFR) B
Rate Notes Plus
Allianz Global FTSE World Government Bond (WGBI) Total Return A
Government Bond
Allianz Global High Yield ICE BOFAML Global High Yield Constrained (hedged) (ICE Indices incorporate A
transaction costs into their calculation)
Allianz Global Intelligent 70% MSCI AC World (ACWI) Total Return Net + 30% ICE BOFAML US Corporate & High A
Cities Income Yield Index (ICE Indices incorporate transaction costs into their calculation)
Allianz Global Metals MSCI ACWI Metals & Mining 30% Buffer 10/40 A
and Mining
Allianz Global Multi- SECURED OVERNIGHT FINANCING RATE (SOFR) B
Asset Credit
Allianz Global Secured Overnight Financing Rate (SOFR) B
Opportunistic Bond
Allianz Global Small Cap MSCI World Small Cap Total Return Net A
Equity
Allianz Global DOW JONES Sustainability World Total Return Net A
Sustainability
Allianz Global Water MSCI AC World (ACWI) Total Return Net A
Allianz Green Bond ICE BOFAML Green Bond (hedged into EUR) (ICE Indices incorporate transaction costs A
into their calculation)
Allianz Hong Kong FTSE MPF Hong Kong Index Total Return Net A
Equity
Allianz India Equity MSCI India Total Return Net A
Allianz Japan Equity TOPIX Total Return Net A
Allianz Little Dragons MSCI AC Asia Excl. Japan Mid Cap Total Return Net A
Allianz Multi Asset Long SECURED OVERNIGHT FINANCING RATE (SOFR) B
/ Short
Allianz Multi Asset Risk SECURED OVERNIGHT FINANCING RATE (SOFR) B
Premia
Allianz Oriental Income MSCI AC Asia Pacific Total Return Net A
Allianz Pet and Animal MSCI AC World (ACWI) Total Return Net A
Wellbeing
Allianz Positive Change MSCI AC World (ACWI) Total Return Net A
Allianz Premium MSCI AC World (ACWI) Total Return Net A
Champions
Allianz SDG Euro Credit BLOOMBERG Euro Aggregate Corporate Total Return A
Allianz SDG Global MSCI World Net Total Return A
Equity
Allianz Selective Global ICE BOFAML BB-B Global High Yield Index (hedged) (ICE Indices incorporate B
High Income transaction costs into their calculation)
Allianz Smart Energy MSCI AC World (ACWI) Total Return Net A
Allianz Strategic Bond BLOOMBERG Global Aggregate Total Return (hedged into USD) A
Allianz Sustainable MSCI AC World (ACWI) Total Return Net A
Health Evolution
Allianz Systematic MSCI USA ESG Screened Index A
Enhanced US Equity SRI
Allianz Thematica MSCI AC World (ACWI) Total Return Net A
Allianz Total Return MSCI AC Asia Excl. Japan Total Return Net A
Asian Equity
Allianz Treasury Short EURIBOR 3-Month B
Term Plus Euro
Allianz Unconstrained EURO SHORT-TERM RATE (€STR) B
Multi Asset Strategy
218
- Allianz Global Investors Fund -
Sub-Fund Name Benchmark Method
Allianz US Equity Fund S&P 500 Total Return A
Allianz US Equity S&P 500 Total Return Net A
powered by Artificial
Intelligence
Allianz US Investment Bloomberg US Corporate Total Return A
Grade Credit
Allianz US Large Cap Russell 1000 Value Total Return Net A
Value
Allianz Volatility EURO SHORT-TERM RATE (€STR) B
Strategy Fund
General Participation Rates applicable to all Sub-Funds that may charge a Performance Fee unless
otherwise stated below
The Management Company has discretion to levy a lower Performance Fee at its own discretion.
A/AT 13 14 15
30% 30% 30%
D/DT 13 14 15
- - -
R/RT 13 14 15
Share Class 30% 30% 30%
/ Name Affix I/IT 13 14 15 73 75
Participation 30% 30% 30% 30% 30%
Rate P/PT 13 14 15 23 24 25 33 35 43 45 53 55 63 65 73 75
30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
W/WT 13 14 15 23 25 33 35 43 45 53 55 63 65 93 95
30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
Y/YT 13 14 15
30% 30% 30%
Sub-Fund-Specific Participation Rates on an Individual Basis
The Management Company has discretion to levy a lower Performance Fee at its own discretion.
A/AT 13 14 15
20% 20% 20%
D/DT 13 14 15
Allianz Asian - - -
Small Cap R/RT 13 14 15
Equity 20% 20% 20%
I/IT 13 14 15 73 75
Share Class /
20% 20% 20% 20% 20%
Name Affix
P/PT 13 14 15 23 24 25 33 35 43 45 53 55 63 65 73 75
Participation 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 30% 30%
Rate W/WT 13 14 15 23 25 33 35 43 45 53 55 63 65 93 95
20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 30% 30% 20% 20%
Y/YT 13 14 15
30% 30% 30%
A/AT 13 14 15
25% 25% 25%
D/DT 13 14 15
Allianz Multi - - -
Asset Long / R/RT 13 14 15
Short 25% 25% 25%
I/IT 13 14 15 73 75
Share Class /
25% 25% 25% 25% 25%
Name Affix
P/PT 13 14 15 23 24 25 33 35 43 45 53 55 63 65 73 75
Participation 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 30% 30%
Rate W/WT 13 14 15 23 25 33 35 43 45 53 55 63 65 93 95
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 30% 30% 25% 25%
Y/YT 13 14 15
30% 30% 30%
219
- Allianz Global Investors Fund -
A/AT 13 14 15
25% 25% 25%
D/DT 13 14 15
Allianz
25% 25% 25%
Unconstrained
R/RT 13 14 15
Multi Asset
25% 25% 25%
Strategy
I/IT 13 14 15 73 75
Share Class / 25% 25% 25% 25% 25%
Name Affix P/PT 13 14 15 23 24 25 33 35 43 45 53 55 63 65 73 75
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 30% 30%
Participation
W/WT 13 14 15 23 25 33 35 43 45 53 55 63 65 93 95
Rate
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 30% 30% 25% 25%
Y/YT 13 14 15
30% 30% 30%
220
- Allianz Global Investors Fund -
Appendix 3
Sub-Fund Specific Characteristics
The following notes apply to all Sub-Funds:
- The column “Dealing Day / Valuation Day” refers to each day on which banks and exchanges in the
countries and/or cities indicated are open for business. In case that a specific day indicated is not a
day on which banks and exchanges in such countries and/or cities are open for business the next day
on which banks and exchanges in such countries and/or cities are open for business shall be
considered.
- Dealing Applications received by the respective account keeping entities, the Distributors, the Paying
Agents or at the Registrar Agent at the time indicated on any Dealing Day will be dealt with at the
applicable Dealing Price determined (but not yet published) on such Dealing Day. Dealing
Applications received after this time will be dealt with at the applicable Dealing Price on the next
Dealing Day. Different deadlines for receipt of Dealing Applications may be applicable to individual
Sub-Funds. Indications are made within the column “Trading Deadline” when exceptions apply.
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz ActiveInvest EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Balanced Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz ActiveInvest EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Defensive Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz ActiveInvest EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Dynamic Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz Advanced Fixed EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Income Euro
Allianz Advanced Fixed EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Income Global
Allianz Advanced Fixed EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Income Global
Aggregate
Allianz Advanced Fixed EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Income Short Duration
Allianz All China Equity USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Kong / PRC (including
Stock Connect
Northbound Trading
Days)
221
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Alternative EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Investment Strategies Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the third
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the third Dealing Day following
the Dealing Day.
Allianz American Income USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
States
Allianz Asia Pacific USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Income Kong / Singapore
Allianz Asian Multi USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Income Plus Kong / Singapore
Allianz Asian Small Cap USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Equity Kong
Allianz Best Ideas 2025 EUR Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Kingdom / United States
Allianz Best Styles EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Euroland Equity
Allianz Best Styles EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Europe Equity
Allianz Best Styles EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Europe Equity SRI
Allianz Best Styles EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Global AC Equity / United States
Allianz Best Styles EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Global Equity / United States
Allianz Best Styles USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Global Equity SRI / United States
Allianz Best Styles EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day preceding –
Pacific Equity / Japan a Dealing Day. Subscription and redemption
applications received by 11.00 a.m. CET or CEST on
any Dealing Day preceding a Dealing Day are settled
at the Subscription or Redemption Price of the next
Dealing Day. Subscription and redemption
applications received after that time are settled at the
Subscription or Redemption Price of the second
Dealing Day following the Dealing Day.
Allianz Best Styles US USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Equity / United States
Allianz Better World EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Defensive / United Kingdom /
United States
Allianz Better World EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Dynamic / United Kingdom /
United States
Allianz Better World EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Moderate / United Kingdom /
United States
Allianz Capital Plus EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Allianz Capital Plus EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Global / United States
Allianz China A USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Opportunities Kong / PRC (including
Stock Connect
Northbound Trading
Days)
Allianz China A-Shares USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Kong / PRC (including
Stock Connect
Northbound Trading
Days)
222
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz China Equity USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Kong
Allianz China Future USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day YES
Technologies Kong / PRC (including
Stock Connect
Northbound Trading
Days)
Allianz China Healthy USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day YES
Living Kong / PRC (including
Stock Connect
Northbound Trading
Days)
Allianz China Strategic USD Luxembourg / Singapore 11.00 a.m. CET or CEST on any Dealing Day. –
Bond
Allianz China Thematica USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
/ Hong Kong / PRC
(including Stock Connect
Northbound Trading
Days
Allianz Clean Planet USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
/ United States
Allianz Climate EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
Transition
Allianz Convertible Bond EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
United Kingdom
Allianz Coupon Select EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Plus VI / Italy Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz Credit EUR Luxembourg / France / 2.00 p.m. CET or CEST on any Dealing Day two –
Opportunities United Kingdom Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz Credit EUR Luxembourg / France / 2.00 p.m. CET or CEST on any Dealing Day two –
Opportunities Plus United Kingdom Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz Cyber Security USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
States
Allianz Dynamic USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Allocation Plus Equity / United States
Allianz Dynamic Asian USD Luxembourg / Singapore 11.00 a.m. CET or CEST on any Dealing Day. –
High Yield Bond
223
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Dynamic USD Luxembourg /Austria / 11.00 a.m. CET or CEST on any Dealing Day two –
Commodities United Kingdom / Dealing Day in advance of a Dealing Day.
Germany / United States Subscription and redemption applications received by
(major exchanges in the 11.00 a.m. CET or CEST on any Dealing Day are
United States on which settled at the Subscription or Redemption Price of the
derivatives on the major second Dealing Day following the Dealing Day.
Commodity Indexes or Subscription and redemption applications received
their sub-indices or after that time are settled at the Subscription or
commodity-related ETCs Redemption Price of the Dealing Day after the second
are traded) Dealing Day following the Dealing Day.
Allianz Dynamic Multi EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Asset Strategy SRI 15 / United States
Allianz Dynamic Multi EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Asset Strategy SRI 30 / United States
Allianz Dynamic Multi EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Asset Strategy SRI 50 / United States
Allianz Dynamic Multi EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Asset Strategy SRI 75 / United States
Allianz Emerging Asia USD Luxembourg / Hong - 5.00 p.m. Hong Kong Time for applications for YES
Equity Kong subscription or redemptions received by the
Singapore registrar and/or transfer agent as
appointed by Singapore Representative and Hong
Kong Representative on any Dealing Day.
- 10.00 a.m. CET or CEST for applications for
subscription or redemptions received by other
account keeping entities, the Distributors, the Paying
Agent or at the Registrar Agent on any Dealing Day.
Allianz Emerging USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day preceding –
Markets Equity / Hong Kong / United a Dealing Day. Subscription and redemption
States applications received by 11.00 a.m. CET or CEST on
any Dealing Day preceding a Dealing Day are settled
at the Subscription or Redemption Price of the next
Dealing Day. Subscription and redemption
applications received after that time are settled at the
Subscription or Redemption Price of the second
Dealing Day following the Dealing Day.
Allianz Emerging EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Markets Equity / Hong Kong / United
Opportunities States
Allianz Emerging USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day preceding –
Markets Equity SRI / Hong Kong / United a Dealing Day. Subscription and redemption
States applications received by 11.00 a.m. CET or CEST on
any Dealing Day preceding a Dealing Day are settled
at the Subscription or Redemption Price of the next
Dealing Day. Subscription and redemption
applications received after that time are settled at the
Subscription or Redemption Price of the second
Dealing Day following the Dealing Day.
Allianz Emerging USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Markets Multi Asset Kong / United States
Income
Allianz Emerging USD Luxembourg / United 7.00 a.m. CET or CEST on any Dealing Day. –
Markets Select Bond Kingdom / United States
Allianz Emerging USD Luxembourg / United 7.00 a.m. CET or CEST on any Dealing Day. –
Markets Short Duration Kingdom / United States
Bond
Allianz Emerging USD Luxembourg / United 7.00 a.m. CET or CEST on any Dealing Day. –
Markets Sovereign Bond Kingdom / United States
Allianz Emerging USD Luxembourg / United 7.00 a.m. CET or CEST on any Dealing Day. –
Markets SRI Bond Kingdom / United States
Allianz Emerging USD Luxembourg / United 7.00 a.m. CET or CEST on any Dealing Day. –
Markets SRI Corporate Kingdom / United States
Bond
Allianz Enhanced Short EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Term Euro
Allianz Euro Balanced EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
224
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Euro Bond EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
Italy
Allianz Euro Bond Short EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
Term 1-3 Plus Italy
Allianz Euro Credit SRI EUR Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Kingdom
Allianz Euro Government EUR Luxembourg / 11.00 a.m. CET or CEST on any Dealing Day. –
Bond Netherlands
Allianz Euro High Yield EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
Bond United Kingdom
Allianz Euro High Yield EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
Defensive United Kingdom
Allianz Euro Inflation- EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
linked Bond
Allianz Euroland Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Growth
Allianz Europe Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Growth
Allianz Europe Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Growth Select
Allianz Europe Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
powered by Artificial
Intelligence
Allianz Europe Equity EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
SRI
Allianz Europe Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Value
Allianz Europe Income EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
and Growth Germany / United
Kingdom
Allianz Europe Mid Cap EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Equity
Allianz Europe Small EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
and Micro Cap Equity
Allianz Europe Small EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Cap Equity
Allianz European Bond EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
RC
Allianz European Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Dividend / United Kingdom
Allianz Flexi Asia Bond USD Luxembourg / Singapore 11.00 a.m. CET or CEST on any Dealing Day. –
Allianz Floating Rate EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
Notes Plus
Allianz Food Security USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Kingdom / United States
Allianz GEM Equity High EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Dividend / Hong Kong / United
States
Allianz German Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Allianz German Small EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day five –
and Micro Cap Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
11.00 a.m. CET or CEST on any Dealing Day are
settled at the Subscription or Redemption Price of the
fifth Dealing Day following the Dealing Day.
Subscription and redemption applications received
after that time are settled at the Subscription or
Redemption Price of the Dealing Day after the fifth
Dealing Day following the Dealing Day.
Allianz Global USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Aggregate Bond Kingdom / United States
Allianz Global Artificial USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Intelligence States
225
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Global EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Allocation Opportunities / United Kingdom /
United States
Allianz Global Capital EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Plus / United States
Allianz Global Credit SRI USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Kingdom / United States
Allianz Global EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Diversified Dividend / United States
Allianz Global Dividend EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
/ United Kingdom /
United States
Allianz Global Dynamic USD Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two YES
Multi Asset Income / Hong Kong / United Dealing Days in advance of a Dealing Day.
States Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz Global Emerging USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Markets Equity Dividend / Hong Kong / United
States
Allianz Global Equity USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Growth / United States
Allianz Global Equity USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Insights States
Allianz Global Equity USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
powered by Artificial / United States
Intelligence
Allianz Global Equity EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Unconstrained / United States
Allianz Global Floating USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Rate Notes Plus Kingdom / United States
Allianz Global USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Government Bond Kingdom / United States
Allianz Global High Yield USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Kingdom / United States
Allianz Global Hi-Tech USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Growth / United States
Allianz Global Income USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
States
Allianz Global Intelligent USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Cities Income States
Allianz Global Metals EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
and Mining
Allianz Global Multi- USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Asset Credit Kingdom / United States
Allianz Global Multi USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Asset Sustainability / Hong Kong / Japan /
Balanced United States
Allianz Global USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Opportunistic Bond Kingdom / United States
Allianz Global Small Cap USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Equity Kingdom / United States
Allianz Global EUR Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Sustainability Kingdom
Allianz Global Water USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
/ United States
Allianz Green Bond EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
United Kingdom
226
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Green Future EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz Green Transition USD Luxembourg / France / 7.00 a.m. CET or CEST on any Dealing Day. –
Bond United Kingdom
Allianz High Dividend USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Asia Pacific Equity Kong
Allianz HKD Income HKD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. –
Kong / United States
Allianz Hong Kong HKD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Equity Kong
Allianz Income and USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Growth States
Allianz India Equity USD Luxembourg / India 11.00 a.m. CET or CEST on any Dealing Day. YES
Allianz Japan Equity USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
/ Japan
Allianz Japan Smaller EUR Luxembourg / Japan 11.00 a.m. CET or CEST on any Dealing Day. YES
Companies Equity
Allianz Little Dragons USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. YES
Kong
Allianz Multi Asset Long USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
/ Short / United States
Allianz Multi Asset Risk USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Premia / United States
Allianz Oriental Income USD Luxembourg 11.00 a.m. CET or CEST on any Dealing Day. YES
Allianz Pet and Animal USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Wellbeing / United States
Allianz Positive Change USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Kingdom / United States
Allianz Premium EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Champions / United States
Allianz Renminbi Fixed RMB Luxembourg / PRC / 11.00 a.m. CET or CEST on any Dealing Day. –
Income Singapore
Allianz SDG Euro Credit EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
Allianz SDG Global EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day –
Equity / United States
Allianz Select Income USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
and Growth States
Allianz Selection EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
Alternative
Allianz Selection Fixed EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
Income
Allianz Selection Small EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
and Mid Cap Equity
Allianz Selective Global USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
High Income Kingdom / United States
Allianz SGD Income SGD Luxembourg / Singapore 11.00 a.m. CET or CEST on any Dealing Day. –
Allianz Short Duration USD Luxembourg / Hong 11.00 a.m. CET or CEST on any Dealing Day. –
Global Bond SRI Kong / United Kingdom /
United States
Allianz Smart Energy USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Allianz Social Conviction EUR Luxembourg / France 11.00 a.m. CET or CEST on any Dealing Day. –
Equity
Allianz Strategic Bond USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Kingdom
227
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Strategy Select EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
30 / United States
Allianz Strategy Select EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
50 / United States
Allianz Strategy Select EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
75 / United States
Allianz Strategy4Life EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day –
Europe 40 / United States
Allianz Sustainable USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
Health Evolution / United States
Allianz Sustainable Multi EUR Luxembourg / Germany 6.00 p.m. CET or CEST on any Dealing Day preceding –
Asset 75 / United States a Dealing Day. Subscription and redemption
applications received by 6.00 p.m. CET or CEST on any
Dealing Day preceding a Dealing Day are settled at
the Subscription or Redemption Price of the next
Dealing Day. Subscription and redemption
applications received after that time are settled at the
Subscription or Redemption Price of the second
Dealing Day following the Dealing Day.
Allianz Systematic USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Enhanced US Equity SRI / United States
Allianz Target Maturity EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
Euro Bond I United Kingdom - Subscription applications received by 11.00 a.m.
CET or CEST on any Dealing Day are settled at the
Subscription Price of this Dealing Day. Subscription
applications received after that time are settled at
the Subscription Price of the first Dealing Day
following the Dealing Day.
- Redemption applications received by 11.00 a.m. CET
or CEST on any Dealing Day are settled at the
Redemption Price of the second Dealing Day
following the Dealing Day. Redemption applications
received after that time are settled at the
Redemption Price of the third Dealing Day following
the Dealing Day.
Allianz Target Maturity EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day. –
Euro Bond II United Kingdom - Subscription applications received by 11.00 a.m.
CET or CEST on any Dealing Day are settled at the
Subscription Price of this Dealing Day. Subscription
applications received after that time are settled at
the Subscription Price of the first Dealing Day
following the Dealing Day.
- Redemption applications received by 11.00 a.m. CET
or CEST on any Dealing Day are settled at the
Redemption Price of the second Dealing Day
following the Dealing Day. Redemption applications
received after that time are settled at the
Redemption Price of the third Dealing Day following
the Dealing Day.
Allianz Target Maturity EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day –
Euro Bond III United Kingdom - Subscription applications received by 11.00 a.m.
CET or CEST on any Dealing Day are settled at the
Subscription Price of this Dealing Day. Subscription
applications received after that time are settled at
the Subscription Price of the first Dealing Day
following the Dealing Day.
- Redemption applications received by 11.00 a.m. CET
or CEST on any Dealing Day are settled at the
Redemption Price of the second Dealing Day
following the Dealing Day. Redemption applications
received after that time are settled at the
Redemption Price of the third Dealing Day following
the Dealing Day.
228
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Target Maturity EUR Luxembourg / France / 11.00 a.m. CET or CEST on any Dealing Day –
Euro Bond IV United Kingdom - Subscription applications received by 11.00 a.m. CET
or CEST on any Dealing Day are settled at the
Subscription Price of this Dealing Day. Subscription
applications received after that time are settled at
the Subscription Price of the first Dealing Day
following the Dealing Day.
- Redemption applications received by 11.00 a.m. CET
or CEST on any Dealing Day are settled at the
Redemption Price of the second Dealing Day
following the Dealing Day. Redemption applications
received after that time are settled at the
Redemption Price of the third Dealing Day following
the Dealing Day.
Allianz Target Maturity EUR Luxembourg / France/ 11.00 a.m. CET or CEST on any Dealing Day –
Euro Bond V United Kingdom - Subscription applications received by 11.00 a.m.
CET or CEST on any Dealing Day are settled at the
Subscription Price of this Dealing Day. Subscription
applications received after that time are settled at
the Subscription Price of the first Dealing Day
following the Dealing Day.
- Redemption applications received by 11.00 a.m. CET
or CEST on any Dealing Day are settled at the
Redemption Price of the second Dealing Day
following the Dealing Day. Redemption applications
received after that time are settled at the
Redemption Price of the third Dealing Day following
the Dealing Day.
Allianz Thematica USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. YES
/ United States
Allianz Total Return USD Luxembourg 11.00 a.m. CET or CEST on any Dealing Day. YES
Asian Equity
Allianz Treasury Short EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
Term Plus Euro
Allianz Trend and EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Brands Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
Allianz UK Government GBP Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Bond Kingdom
Allianz Unconstrained EUR Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Multi Asset Strategy Kingdom / United States
Allianz US Equity Fund USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
States
Allianz US Equity Plus USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
States
Allianz US Equity USD Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day. –
powered by Artificial / United States
Intelligence
Allianz US High Yield USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
States
Allianz US Investment USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Grade Credit States
Allianz US Large Cap USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. YES
Value States
Allianz US Short USD Luxembourg / United 11.00 a.m. CET or CEST on any Dealing Day. –
Duration High Income States
Bond
229
- Allianz Global Investors Fund -
Fair
Base Dealing Day / Value
Sub-Fund Name Trading Deadline
Currency Valuation Day Pricing
Model
Allianz Volatility EUR Luxembourg / Germany 11.00 a.m. CET or CEST on any Dealing Day preceding –
Strategy Fund a Dealing Day. Subscription and redemption
applications received by 11.00 a.m. CET or CEST on
any Dealing Day preceding a Dealing Day are settled
at the Subscription or Redemption Price of the next
Dealing Day. Subscription and redemption
applications received after that time are settled at the
Subscription or Redemption Price of the second
Dealing Day following the Dealing Day.
IndexManagement EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Balance Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
IndexManagement EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Chance Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
IndexManagement EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Substanz Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
IndexManagement EUR Luxembourg / Germany 2.00 p.m. CET or CEST on any Dealing Day two –
Wachstum Dealing Days in advance of a Dealing Day.
Subscription and redemption applications received by
2.00 p.m. CET or CEST on any Dealing Day are settled
at the Subscription or Redemption Price of the second
Dealing Day following the Dealing Day. Subscription
and redemption applications received after that time
are settled at the Subscription or Redemption Price of
the Dealing Day after the second Dealing Day
following the Dealing Day.
230
- Allianz Global Investors Fund -
Appendix 4
Risk Management Process
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz ActiveInvest Commitment Approach – –
Balanced
Allianz ActiveInvest Commitment Approach – –
Defensive
Allianz ActiveInvest Commitment Approach – –
Dynamic
Allianz Advanced Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Fixed Income Euro composition of the BLOOMBERG Euro
Aggregate 1-10 Year.
Allianz Advanced Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Fixed Income Global composition of the J.P. MORGAN Government
Bond (GBI) Global 1-10 Year.
Allianz Advanced Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Fixed Income Global composition of the BLOOMBERG Global
Aggregate Aggregate 500 Excl. CNY.
Allianz Advanced Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Fixed Income Short composition of 75% BLOOMBERG Euro
Duration Aggregate 1-3 Year + 25% ICE BOFAML Euro
High Yield BB-B.
Allianz All China Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Equity composition of the MSCI China All Shares.
Allianz Alternative Commitment Approach – –
Investment Strategies
Allianz American Commitment Approach – –
Income
Allianz Asia Pacific Commitment Approach – –
Income
Allianz Asian Multi Commitment Approach – –
Income Plus
Allianz Asian Small Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Cap Equity composition of the MSCI AC Asia Excl. Japan
Small Cap.
Allianz Best Ideas Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
2025 composition of 70% MSCI AC World (ACWI) +
30% BLOOMBERG Global Aggregate.
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Euroland Equity composition of the MSCI EMU.
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Europe Equity composition of the MSCI Europe.
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Europe Equity SRI composition of the MSCI Europe Ext. SRI 5%
Issuer Capped.
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Global AC Equity composition of the MSCI AC World (ACWI).
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Global Equity composition of the MSCI World.
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Global Equity SRI composition of the MSCI World Ext. SRI 5%
Issuer Capped.
Allianz Best Styles Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Pacific Equity composition of the MSCI Pacific.
Allianz Best Styles US Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Equity composition of the S&P 500.
Allianz Better World Commitment Approach – –
Defensive
Allianz Better World Commitment Approach – –
Dynamic
231
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz Better World Commitment Approach – –
Moderate
Allianz Capital Plus Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
composition of 70% BLOOMBERG Euro
Aggregate 1-10 Year + 30% MSCI Europe.
Allianz Capital Plus Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Global composition of 70% BLOOMBERG Global
Aggregate 500 Excl. CNY + 30% MSCI AC
World (ACWI).
Allianz China A Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Opportunities composition of the MSCI China A.
Allianz China A-Shares Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
composition of the MSCI China A Onshore.
Allianz China Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
composition of the MSCI China 10/40.
Allianz China Future Commitment Approach – –
Technologies
Allianz China Healthy Commitment Approach – –
Living
Allianz China Strategic Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Bond composition of the J.P. MORGAN Asia Credit
China.
Allianz China Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Thematica composition of the MSCI China All Shares.
Allianz Clean Planet Commitment Approach – –
Allianz Climate Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Transition composition of the MSCI Europe.
Allianz Convertible Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Bond composition of the Refinitiv Europe Focus CB.
Allianz Coupon Select Commitment Approach – –
Plus VI
Allianz Credit Commitment Approach – –
Opportunities
Allianz Credit Absolute Value-at-Risk 0-5 –
Opportunities Plus
Allianz Cyber Security Commitment Approach – –
Allianz Dynamic Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
Allocation Plus Equity composition of the MSCI World.
Allianz Dynamic Asian Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
High Yield Bond composition of the J.P. MORGAN JACI Non-
Investment Grade Custom.
Allianz Dynamic Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
Commodities composition of the BLOOMBERG Commodity
Excl. Agriculture Excl. Livestock Capped.
Allianz Dynamic Multi Commitment Approach – –
Asset Strategy SRI 15
Allianz Dynamic Multi Commitment Approach – –
Asset Strategy SRI 30
Allianz Dynamic Multi Commitment Approach – –
Asset Strategy SRI 50
Allianz Dynamic Multi Commitment Approach – –
Asset Strategy SRI 75
Allianz Emerging Asia Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Equity composition of the MSCI Emerging Frontier
Markets Asia.
Allianz Emerging Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Markets Equity composition of the MSCI Emerging Markets.
Allianz Emerging Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Markets Equity composition of the MSCI Emerging Markets.
Opportunities
Allianz Emerging Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Markets Equity SRI composition of the MSCI Emerging Markets
Ext. SRI 5% Issuer Capped.
232
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz Emerging Absolute Value-at-Risk 0-2 –
Markets Multi Asset
Income
Allianz Emerging Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
Markets Select Bond composition of the J.P. MORGAN Emerging
Markets Equal Weight.
Allianz Emerging Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
Markets Short composition of the J.P. MORGAN Corporate
Duration Bond Emerging Markets Bond Broad Diversified.
Allianz Emerging Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Markets Sovereign composition of the J.P. MORGAN Emerging
Bond Market Bond (EMBI) Global Diversified.
Allianz Emerging Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Markets SRI Bond composition of the J.P. MORGAN ESG
Emerging Market Bond (EMBI) Global
Diversified.
Allianz Emerging Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Markets SRI Corporate composition of the J.P. MORGAN ESG
Bond Corporate Emerging Markets Bond (CEMBI)
Broad Diversified.
Allianz Enhanced Absolute Value-at-Risk 0-2 –
Short Term Euro
Allianz Euro Balanced Relative Value-at-Risk 0-2 The reference portfolio is the 50% IBOXX EUR
Eurozone + 50% MSCI EMU.
Allianz Euro Bond Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
composition of the BLOOMBERG Euro
Aggregate.
Allianz Euro Bond Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Short Term 1-3 Plus composition of 50% J.P. MORGAN EMU 1-3
Year + 50% BLOOMBERG Euro Corporate.
Allianz Euro Credit SRI Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
composition of the ICE BOFAML Euro
Corporate Index.
Allianz Euro Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Government Bond composition of the IBOXX EUR Eurozone.
Allianz Euro High Yield Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Bond composition of the ICE BOFAML Euro High
Yield BB-B.
Allianz Euro High Yield Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Defensive composition of the ICE BOFAML Euro Non-
Financial High Yield BB-B.
Allianz Euro Inflation- Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
linked Bond composition of the BLOOMBERG Euro
Government Inflation Linked Bond.
Allianz Euroland Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Equity Growth composition of the S&P Eurozone Large Mid
Cap Growth.
Allianz Europe Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Growth composition of the S&P Europe Large Mid
Cap Growth.
Allianz Europe Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Growth Select composition of the S&P Europe Large Cap
Growth.
Allianz Europe Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
powered by Artificial composition of the MSCI Europe.
Intelligence
Allianz Europe Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
SRI composition of the MSCI Europe.
Allianz Europe Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Value composition of the S&P Europe Large Mid
Cap Value.
Allianz Europe Income Absolute Value-at-Risk 0-2 –
and Growth
Allianz Europe Mid Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Cap Equity composition of the MSCI Europe Mid Cap.
233
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz Europe Small Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
and Micro Cap Equity composition of 70% MSCI Europe Small Cap +
30% MSCI Europe Micro Cap.
Allianz Europe Small Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Cap Equity composition of the MSCI Europe Small Cap.
Allianz European Bond Absolute Value-at-Risk 0-5 –
RC
Allianz European Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Equity Dividend composition of the MSCI Europe.
Allianz Flexi Asia Bond Commitment Approach – –
Allianz Floating Rate Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Notes Plus composition of 60% J.P. MORGAN EMU 1-3
Year + 40% BLOOMBERG EUR Floating Rate
Note.
Allianz Food Security Commitment Approach – –
Allianz GEM Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
High Dividend composition of the MSCI Emerging Markets.
Allianz German Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
composition of the DAX UCITS Capped.
Allianz German Small Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
and Micro Cap composition of the SDAX.
Allianz Global Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Aggregate Bond composition of the BLOOMBERG Global
Aggregate.
Allianz Global Commitment Approach – –
Allocation
Opportunities
Allianz Global Artificial Commitment Approach – –
Intelligence
Allianz Global Capital Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Plus composition of
70% BLOOMBERG Global Aggregate 500
Excl. CNY + 30% MSCI AC World (ACWI).
Allianz Global Credit Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
SRI composition of the BLOOMBERG Global
Aggregate Credit.
Allianz Global Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Diversified Dividend composition of the MSCI World High Dividend
Yield.
Allianz Global Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Dividend composition of the MSCI AC World (ACWI).
Allianz Global Commitment Approach – –
Dynamic Multi Asset
Income
Allianz Global Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Emerging Markets composition of the MSCI Emerging Markets.
Equity Dividend
Allianz Global Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Growth composition of the MSCI AC World (ACWI).
Allianz Global Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Insights composition of the MSCI AC World (ACWI).
Allianz Global Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
powered by Artificial composition of the MSCI World.
Intelligence
Allianz Global Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Unconstrained composition of the MSCI AC World (ACWI).
Allianz Global Floating Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Rate Notes Plus composition of 50% ICE BOFAML Global
Floating Rate High Yield + 25% BLOOMBERG
EUR Floating Rate Notes + 25% BLOOMBERG
US Floating Rate Notes.
Allianz Global Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Government Bond composition of the FTSE World Government
Bond (WGBI).
234
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz Global High Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Yield composition of the ICE BOFAML Global High
Yield Constrained.
Allianz Global Hi-Tech Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Growth composition of the MSCI World Information
Technology.
Allianz Global Income Commitment Approach – –
Allianz Global Commitment Approach – –
Intelligent Cities
Income
Allianz Global Metals Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
and Mining composition of the MSCI ACWI Metals &
Mining 30% Buffer 10/40.
Allianz Global Multi- Absolute Value-at-Risk 0-2 –
Asset Credit
Allianz Global Multi Absolute Value-at-Risk 0-2 –
Asset Sustainability
Balanced
Allianz Global Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
Opportunistic Bond composition of the BLOOMBERG Global
Aggregate Bond.
Allianz Global Small Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Cap Equity composition of the MSCI World Small Cap.
Allianz Global Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Sustainability composition of the DOW JONES Sustainability
World.
Allianz Global Water Commitment Approach – –
Allianz Green Bond Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
composition of the ICE BOFAMLGreen Bond.
Allianz Green Future Commitment Approach – –
Allianz Green Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Transition Bond composition of 1/3 BLOOMBERG MSCI
Global Green Bond + 1/3 BLOOMBERG MSCI
Global Corporate Sustainability + 1/3 J.P.
MORGAN ESG Emerging Market Bond (EMBI)
Global Diversified.
Allianz High Dividend Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Asia Pacific Equity composition of the MSCI AC Asia Pacific Excl.
Japan.
Allianz HKD Income Commitment Approach – –
Allianz Hong Kong Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Equity composition of the FTSE MPF Hong Kong.
Allianz Income and Commitment Approach – –
Growth
Allianz India Equity Commitment Approach – –
Allianz Japan Equity Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
composition of the TOPIX.
Allianz Japan Smaller Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
Companies Equity composition of the MSCI Japan Small Cap.
Allianz Little Dragons Commitment Approach – –
Allianz Multi Asset Absolute Value-at-Risk 0-5 –
Long / Short
235
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz Multi Asset Risk Absolute Value-at-Risk 5-18 –
Premia The effective level of
leverage may be higher
than the expected level of
leverage from time to time
due to investment in
money market derivatives
or related instruments,
calendar spreads, portfolio
risk hedges with option
strategies or fixed income
relative value exposures
like butterfly strategies.
Allianz Oriental Commitment Approach – –
Income
Allianz Pet and Animal Commitment Approach – –
Wellbeing
Allianz Positive Commitment Approach – –
Change
Allianz Premium Commitment Approach – –
Champions
Allianz Renminbi Fixed Commitment Approach – –
Income
Allianz SDG Euro Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Credit composition of the BLOOMBERG Euro
Aggregate Corporate.
Allianz SDG Global Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Equity composition of the MSCI World.
Allianz Select Income Commitment Approach – –
and Growth
Allianz Selection Commitment Approach – –
Alternative
Allianz Selection Fixed Commitment Approach – –
Income
Allianz Selection Small Commitment Approach – –
and Mid Cap Equity
Allianz Selective Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Global High Income composition of the ICE BofA BB-B Global High
Yield.
Allianz SGD Income Absolute Value-at-Risk 0-2 –
Allianz Short Duration Commitment Approach – –
Global Bond SRI
Allianz Smart Energy Commitment Approach – –
Allianz Social Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Conviction Equity composition of the MSCI EMU.
Allianz Strategic Bond Absolute Value-at-Risk 0-10 –
The effective level of
leverage may be higher
than the expected level of
leverage from time to time,
primarily due to the
acquisition of money
market futures.
Allianz Strategy Select Commitment Approach – –
30
Allianz Strategy Select Commitment Approach – –
50
Allianz Strategy Select Commitment Approach – –
75
Allianz Strategy4Life Commitment Approach – –
Europe 40
Allianz Sustainable Commitment Approach – –
Health Evolution
236
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
Allianz Sustainable Commitment Approach – –
Multi Asset 75
Allianz Systematic Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Enhanced US Equity composition of the MSCI USA ESG Screened.
SRI
Allianz Target Commitment Approach – –
Maturity Euro Bond I
Allianz Target Commitment Approach – –
Maturity Euro Bond II
Allianz Target Commitment Approach – –
Maturity Euro Bond III
Allianz Target Commitment Approach – –
Maturity Euro Bond IV
Allianz Target Commitment Approach – –
Maturity Euro Bond V
Allianz Thematica Commitment Approach – –
Allianz Total Return Commitment Approach – –
Asian Equity
Allianz Treasury Short Absolute Value-at-Risk 0-5 –
Term Plus Euro
Allianz Trend and Commitment Approach – –
Brands
Allianz UK Relative Value-at-Risk 0-5 The reference portfolio corresponds to the
Government Bond composition of the FTSE Actuaries UK
Conventional Gilts All Stocks.
Allianz Unconstrained Absolute Value-at-Risk 0-7 –
Multi Asset Strategy
Allianz US Equity Fund Relative Value-at-Risk 0-0.5 The reference portfolio corresponds to the
composition of the S&P 500.
Allianz US Equity Plus Commitment Approach – –
Allianz US Equity Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
powered by Artificial composition of the S&P 500.
Intelligence
Allianz US High Yield Commitment Approach – –
Allianz US Investment Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Grade Credit composition of the Bloomberg US Corporate.
Allianz US Large Cap Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Value composition of the Russell 1000 Value.
Allianz US Short Commitment Approach – –
Duration High Income
Bond
Allianz Volatility Absolute Value-at-Risk 0-2 –
Strategy Fund
IndexManagement Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Balance composition of 20% MSCI World + 16% MSCI
Europe + 15% BLOOMBERG Euro Aggregate
Corporate + 15% BLOOMBERG Euro
Aggregate Treasury + 15 % BLOOMBERG US
Corporate + 15% BLOOMBERG US Treasury +
4% MSCI Emerging Markets.
IndexManagement Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Chance composition of 40% MSCI World + 32% MSCI
Europe + 8% MSCI Emerging Markets + 5%
BLOOMBERG Euro Aggregate Corporate +
5% BLOOMBERG Euro Aggregate Treasury +
5 % BLOOMBERG US Corporate + 5%
BLOOMBERG US Treasury.
237
- Allianz Global Investors Fund -
Expected Level of
Leverage in terms of gross
Sub-Fund Name Approach derivative exposure of a Reference Portfolio
Sub-Fund’s Net Asset
Value
IndexManagement Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Substanz composition of 20% BLOOMBERG Euro
Aggregate Corporate + 20% BLOOMBERG
Euro Aggregate Treasury + 20% BLOOMBERG
US Corporate + 20% BLOOMBERG US
Treasury + 10% MSCI World + 8% MSCI
Europe + 2% MSCI Emerging Markets.
IndexManagement Relative Value-at-Risk 0-2 The reference portfolio corresponds to the
Wachstum composition of
30% MSCI World + 24% MSCI Europe + 10%
BLOOMBERG Euro Aggregate Corporate +
10% BLOOMBERG Euro Aggregate Treasury +
10% BLOOMBERG US Corporate + 10%
BLOOMBERG US Treasury + 6% MSCI
Emerging Markets.
238
- Allianz Global Investors Fund -
Appendix 5
Investment Manager / SubǦǦInvestment Manager /
Investment Advisor
The following notes apply to all Sub-Funds:
- Investment management may be performed by the Management Company or may be delegated to a
specific Investment Manager. The full name of the Investment Manager is listed under Definitions. If
the Investment Manager has delegated his duties to one or more sub-investment manager(s)
indications are made within the column “Investment Manager/SubǦInvestment Manager”. The
appointment of sub-investment manager(s) shall ensure an appropriate coverage of all Sub-Fund’s
assets during all relevant global time zones and/or as far as it concerns the respective regional
market by either the investment manager or the sub-investment manager(s).
- Investment Advisors whose fees are paid out of a Sub-Fund’s assets are disclosed in this Appendix 5.
Investment Manager /
Sub-Fund Name
SubǦǦInvestment Manager, Investment Advisor
Allianz ActiveInvest AllianzGI
Balanced
Allianz ActiveInvest AllianzGI
Defensive
Allianz ActiveInvest AllianzGI
Dynamic
Allianz Advanced Fixed AllianzGI
Income Euro
Allianz Advanced Fixed AllianzGI
Income Global
Allianz Advanced Fixed AllianzGI
Income Global
Aggregate
Allianz Advanced Fixed AllianzGI
Income Short Duration
Allianz All China Equity AllianzGI AP
Allianz Alternative AllianzGI
Investment Strategies
Allianz American Income Voya IM
Allianz Asia Pacific co-managed by AllianzGI AP and AllianzGI Singapore
Income
Allianz Asian Multi AllianzGI AP
Income Plus AllianzGI AP acting in its function as the Sub-Fund’s lead investment manager has partially delegated
the investment management to AllianzGI Singapore acting as a sub-investment manager.
Allianz Asian Small Cap AllianzGI AP
Equity
Allianz Best Ideas 2025 co-managed by AllianzGI and AllianzGI UK
Allianz Best Styles AllianzGI
Euroland Equity
Allianz Best Styles AllianzGI
Europe Equity
Allianz Best Styles AllianzGI
Europe Equity SRI
Allianz Best Styles AllianzGI
Global AC Equity
Allianz Best Styles AllianzGI
Global Equity
Allianz Best Styles AllianzGI
Global Equity SRI
Allianz Best Styles AllianzGI
Pacific Equity
Allianz Best Styles US AllianzGI
Equity
239
- Allianz Global Investors Fund -
Investment Manager /
Sub-Fund Name
SubǦǦInvestment Manager, Investment Advisor
Allianz Better World co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Defensive
Allianz Better World co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Dynamic
Allianz Better World co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Moderate
Allianz Capital Plus AllianzGI
Allianz Capital Plus AllianzGI
Global
Allianz China A AllianzGI AP
Opportunities
Allianz China A-Shares AllianzGI AP
Allianz China Equity AllianzGI AP
Allianz China Future AllianzGI AP
Technologies
Allianz China Healthy AllianzGI AP
Living
Allianz China Strategic co-managed by AllianzGI AP and AllianzGI Singapore
Bond
Allianz China Thematica AllianzGI AP
Allianz Clean Planet co-managed by AllianzGI and AllianzGI AP
Allianz Climate AllianzGI France Branch
Transition
Allianz Convertible Bond AllianzGI France Branch
Allianz Coupon Select AllianzGI
Plus VI
Allianz Credit AllianzGI France Branch
Opportunities
Allianz Credit AllianzGI France Branch
Opportunities Plus
Allianz Cyber Security Voya IM
Allianz Dynamic co-managed by AllianzGI and AllianzGI UK
Allocation Plus Equity
Allianz Dynamic Asian co-managed by AllianzGI AP and AllianzGI Singapore
High Yield Bond
Allianz Dynamic AllianzGI
Commodities
Allianz Dynamic Multi AllianzGI
Asset Strategy SRI 15
Allianz Dynamic Multi AllianzGI
Asset Strategy SRI 30
Allianz Dynamic Multi AllianzGI
Asset Strategy SRI 50
Allianz Dynamic Multi AllianzGI
Asset Strategy SRI 75
Allianz Emerging Asia AllianzGI AP
Equity
Allianz Emerging AllianzGI
Markets Equity
Allianz Emerging AllianzGI
Markets Equity
Opportunities
Allianz Emerging AllianzGI
Markets Equity SRI
Allianz Emerging co-managed by AllianzGI Japan and AllianzGI Singapore
Markets Multi Asset AllianzGI Japan and AllianzGI Singapore acting in their function as the Sub-Fund’s lead investment
Income managers have partially delegated the investment management to AllianzGI, AllianzGI UK and
AllianzGI AP acting as sub-investment manager. Such delegations include research and selection of
Emerging Market Equities and Emerging Market Bonds
Allianz Emerging co-managed by AllianzGI UK and AllianzGI AP
Markets Select Bond
240
- Allianz Global Investors Fund -
Investment Manager /
Sub-Fund Name
SubǦǦInvestment Manager, Investment Advisor
Allianz Emerging co-managed by AllianzGI UK and AllianzGI AP
Markets Short Duration
Bond
Allianz Emerging co-managed by AllianzGI UK and AllianzGI AP
Markets Sovereign Bond
Allianz Emerging AllianzGI UK
Markets SRI Bond
Allianz Emerging co-managed by AllianzGI UK and AllianzGI AP
Markets SRI Corporate
Bond
Allianz Enhanced Short AllianzGI
Term Euro
Allianz Euro Balanced AllianzGI (incl its Netherlands Branch)
Allianz Euro Bond AllianzGI France Branch
Allianz Euro Bond Short AllianzGI France Branch
Term 1-3 Plus
Allianz Euro Credit SRI co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Allianz Euro Government AllianzGI (incl its Belgium Branch, France Branch and Netherlands Branch)
Bond
Allianz Euro High Yield AllianzGI France Branch
Bond
Allianz Euro High Yield AllianzGI France Branch
Defensive
Allianz Euro Inflation- AllianzGI France Branch
linked Bond
Allianz Euroland Equity AllianzGI
Growth
Allianz Europe Equity co-managed by AllianzGI and AllianzGI UK
Growth
Allianz Europe Equity AllianzGI
Growth Select
Allianz Europe Equity AllianzGI
powered by Artificial
Intelligence
Allianz Europe Equity SRI AllianzGI France Branch
Allianz Europe Equity co-managed by AllianzGI and AllianzGI UK
Value
Allianz Europe Income AllianzGI (incl its France Branch)
and Growth
Allianz Europe Mid Cap AllianzGI
Equity
Allianz Europe Small co-managed by AllianzGI and AllianzGI UK
and Micro Cap Equity
Allianz Europe Small AllianzGI
Cap Equity
Allianz European Bond AllianzGI France Branch
RC
Allianz European Equity co-managed by AllianzGI and AllianzGI UK
Dividend
Allianz Flexi Asia Bond co-managed by AllianzGI AP and AllianzGI Singapore
Allianz Floating Rate AllianzGI France Branch
Notes Plus
Allianz Food Security co-managed by AllianzGI and AllianzGI UK
Allianz GEM Equity High AllianzGI
Dividend
Allianz German Equity AllianzGI
Allianz German Small AllianzGI
and Micro Cap
Allianz Global AllianzGI UK
Aggregate Bond
Allianz Global Allocation co-managed by AllianzGI and AllianzGI UK
Opportunities
241
- Allianz Global Investors Fund -
Investment Manager /
Sub-Fund Name
SubǦǦInvestment Manager, Investment Advisor
Allianz Global Artificial Voya IM
Intelligence
Allianz Global Capital AllianzGI
Plus
Allianz Global Credit SRI co-managed by AllianzGI and AllianzGI UK
Allianz Global AllianzGI
Diversified Dividend
Allianz Global Dividend co-managed by AllianzGI and AllianzGI UK
Allianz Global Dynamic co-managed by AllianzGI, AllianzGI UK and AllianzGI Singapore
Multi Asset Income
Allianz Global Emerging AllianzGI
Markets Equity Dividend
Allianz Global Equity AllianzGI
Growth
Allianz Global Equity Voya IM
Insights
Allianz Global Equity AllianzGI
powered by Artificial
Intelligence
Allianz Global Equity AllianzGI
Unconstrained
Allianz Global Floating co-managed by AllianzGI and AllianzGI UK
Rate Notes Plus
Allianz Global AllianzGI UK
Government Bond
Allianz Global High Yield AllianzGI UK
Allianz Global Hi-Tech AllianzGI UK
Growth
Allianz Global Income Voya IM
Allianz Global Intelligent Voya IM
Cities Income
Allianz Global Metals co-managed by AllianzGI and AllianzGI AP
and Mining
Allianz Global Multi- AllianzGI UK
Asset Credit
Allianz Global Multi co-managed by AllianzGI, AllianzGI UK, AllianzGI AP, AllianzGI Japan and AllianzGI Singapore
Asset Sustainability
Balanced
Allianz Global AllianzGI UK
Opportunistic Bond
Allianz Global Small Cap co-managed by AllianzGI and AllianzGI UK
Equity AllianzGI acting in its function as one of the Sub-Fund’s lead investment managers has partially
delegated the investment management to AllianzGI AP acting as sub-investment manager as far as it
concerns the respective regional Equity market. In addition, AllianzGI AP has partially delegated the
investment management as far as it concerns Japanese Equity markets to AllianzGI Japan acting as a
sub-investment manager.
Allianz Global AllianzGI UK
Sustainability
Allianz Global Water AllianzGI
Allianz Green Bond co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Allianz Green Future AllianzGI
Allianz Green Transition co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Bond
Allianz High Dividend AllianzGI AP
Asia Pacific Equity
Allianz HKD Income AllianzGI AP
Allianz Hong Kong AllianzGI AP
Equity
Allianz Income and Voya IM
Growth
Allianz India Equity co-managed by AllianzGI AP and AllianzGI Singapore
242
- Allianz Global Investors Fund -
Investment Manager /
Sub-Fund Name
SubǦǦInvestment Manager, Investment Advisor
Allianz Japan Equity AllianzGI AP
AllianzGI AP acting in its function as the Sub-Fund’s lead investment manager has delegated the
investment management to AllianzGI Japan acting as sub-investment manager.
Allianz Japan Smaller AllianzGI Japan
Companies Equity
Allianz Little Dragons AllianzGI AP
Allianz Multi Asset Long co-managed by AllianzGI and AllianzGI UK
/ Short
Allianz Multi Asset Risk co-managed by AllianzGI and AllianzGI Japan
Premia
Allianz Oriental Income AllianzGI AP
Allianz Pet and Animal AllianzGI
Wellbeing
Allianz Positive Change AllianzGI UK
Allianz Premium AllianzGI
Champions
Allianz Renminbi Fixed co-managed by AllianzGI AP and AllianzGI Singapore
Income
Allianz SDG Euro Credit co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Allianz SDG Global AllianzGI
Equity
Allianz Select Income Voya IM
and Growth
Allianz Selection AllianzGI France Branch
Alternative
Allianz Selection Fixed AllianzGI France Branch
Income
Allianz Selection Small AllianzGI France Branch
and Mid Cap Equity
Allianz Selective Global AllianzGI UK
High Income
Allianz SGD Income AllianzGI Singapore
Allianz Short Duration co-managed by AllianzGI and AllianzGI UK
Global Bond SRI
Allianz Smart Energy co-managed by AllianzGI and AllianzGI AP
Allianz Social Conviction AllianzGI France Branch
Equity
Allianz Strategic Bond AllianzGI UK
Allianz Strategy Select AllianzGI
30
Allianz Strategy Select AllianzGI
50
Allianz Strategy Select AllianzGI
75
Allianz Strategy4Life AllianzGI
Europe 40
Allianz Sustainable AllianzGI UK
Health Evolution
Allianz Sustainable Multi AllianzGI
Asset 75
Allianz Systematic AllianzGI
Enhanced US Equity SRI
Allianz Target Maturity co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Euro Bond I
Allianz Target Maturity co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Euro Bond II
Allianz Target Maturity co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Euro Bond III
Allianz Target Maturity co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Euro Bond IV
Allianz Target Maturity co-managed by AllianzGI (incl its France Branch) and AllianzGI UK
Euro Bond V
243
- Allianz Global Investors Fund -
Investment Manager /
Sub-Fund Name
SubǦǦInvestment Manager, Investment Advisor
Allianz Thematica AllianzGI
Allianz Total Return AllianzGI AP
Asian Equity
Allianz Treasury Short AllianzGI
Term Plus Euro
Allianz Trend and AllianzGI (incl its Italy Branch)
Brands
Allianz UK Government AllianzGI UK
Bond
Allianz Unconstrained co-managed by AllianzGI and AllianzGI UK
Multi Asset Strategy
Allianz US Equity Fund Voya IM
Allianz US Equity Plus Voya IM
Allianz US Equity AllianzGI
powered by Artificial
Intelligence
Allianz US High Yield Voya IM
Allianz US Investment Voya IM
Grade Credit
Allianz US Large Cap Voya IM
Value
Allianz US Short Voya IM
Duration High Income
Bond
Allianz Volatility co-managed by AllianzGI and AllianzGI UK
Strategy Fund
IndexManagement AllianzGI
Balance
IndexManagement AllianzGI
Chance
IndexManagement AllianzGI
Substanz
IndexManagement AllianzGI
Wachstum
244
- Allianz Global Investors Fund -
Appendix 6
Investor Profile and other Provisions / Restrictions or
Additional Information
The following note applies to all Sub-Funds:
- In terms of risk assessment, the Sub-Funds are assigned to a certain risk class on a scale of 1
(conservative; very low to low expectation of returns) to 7 (very tolerant of risk; highest expectation
of returns) which is published on the website https://regulatory.allianzgi.com and will be provided
in the relevant key information documents.
Allianz ActiveInvest Balanced
Investor Profile
Allianz ActiveInvest Balanced is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz ActiveInvest Balanced is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class type C/CT may only be acquired by Allianz SE, its subsidiaries and their clients. Shares of all other Share Classes
may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of all types of I/IT and W/WT share classes (after deduction
of any Sales Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz ActiveInvest Defensive
Investor Profile
Allianz ActiveInvest Defensive is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 3 years. Allianz ActiveInvest Defensive is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class type C/CT may only be acquired by Allianz SE, its subsidiaries and their clients. Shares of all other Share Classes
may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of all types of I/IT and W/WT share classes (after deduction
of any Sales Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz ActiveInvest Dynamic
Investor Profile
Allianz ActiveInvest Dynamic is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz ActiveInvest Dynamic is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class type C/CT may only be acquired by Allianz SE, its subsidiaries and their clients. Shares of all other Share Classes
may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of all types of I/IT and W/WTshare classes (after deduction
of any Sales Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
245
- Allianz Global Investors Fund -
Allianz Advanced Fixed Income Euro
Investor Profile
Allianz Advanced Fixed Income Euro is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to invest their capital in the Sub-Fund within a period
of 3 years. Allianz Advanced Fixed Income Euro is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class IT8 (EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Classes W14 (EUR) and WT14 may only be acquired by Banca Aletti Italy.
- The minimum subscription amount for the investment in Shares of Share Classes W14 and WT14 (after deduction of any
Sales Charge) is EUR 250 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes C2 and CT2 may only be acquired by investors who are clients of Hellenic Bank or its affiliates.
- The minimum subscription amount for the investment in Shares of the Share Class C2 and CT2 (after deduction of any Sales
Charge) is EUR 1 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Advanced Fixed Income Global
Investor Profile
Allianz Advanced Fixed Income Global is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to invest their capital in the Sub-Fund within a period of 3 years.
Allianz Advanced Fixed Income Global is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Advanced Fixed Income Global Aggregate
Investor Profile
Allianz Advanced Fixed Income Global Aggregate is aimed at investors who pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 3 years. Allianz Advanced Fixed Income Global Aggregate is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
246
- Allianz Global Investors Fund -
Allianz Advanced Fixed Income Short Duration
Investor Profile
Allianz Advanced Fixed Income Short Duration is aimed at investors who prioritise safety and/or pursue the objective of general
capital formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund
within a period of 2 years. Allianz Advanced Fixed Income Short Duration is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class P (EUR) contains the additional name “Euro Reserve Plus WM” which is placed prior to “P (EUR)”.
- The minimum subscription amount for the investment in Shares of the Share Class Euro Reserve Plus WM P (EUR) (after
deduction of any Sales Charge) is EUR 100,000. In certain cases, the Management Company has discretion to permit lower
minimum investments.
- Share Class type A may contain the additional name “Euro Reserve Plus P+G” which is placed prior to the Share Class type.
- Shares of Share Classes R10 and RT10 may only be acquired by investors who are clients of UBS Switzerland AG and its
affiliates or Singular Bank S.A.U. and its affiliates, and who have individual fee arrangements with UBS Switzerland AG and
its affiliates or Singular Bank S.A.U. and its affiliates.
- The minimum subscription amounts for the investment in Shares in Share Classes R10 (EUR) and RT10 (EUR) (after
deduction of any Sales Charge) is EUR 10 million. In certain cases, the Management Company has discretion to permit
lower minimum investments.
Allianz All China Equity
Investor Profile
Allianz All China Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz All China Equity is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Alternative Investment Strategies
Investor Profile
Allianz Alternative Investment Strategies is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Alternative Investment Strategies is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
- The minimum subscription amount for the investment in Shares in Share Classes P3 and PT3 (after deduction of any Sales
Charge) is EUR 3 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz American Income
Investor Profile
Allianz American Income is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz American
Income is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
247
- Allianz Global Investors Fund -
Allianz Asia Pacific Income
Investor Profile
Allianz Asia Pacific Income is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 4 years. Allianz Asia Pacific Income is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Asian Multi Income Plus
Investor Profile
Allianz Asian Multi Income Plus is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Asian Multi Income Plus is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Asian Small Cap Equity
Investor Profile
Allianz Asian Small Cap Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Asian Small Cap Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share classes containing the additional denomination “2” may only be acquired by investors who are either domiciled in or
are permanent residents of an Asian country, Australia or New Zealand.
- The minimum subscription amount for the investment in Shares in Share Classes W7 (USD) and WT7 (USD) (after deduction
of any Sales Charge) is USD 250 million. In certain cases, the Management Company has discretion to permit lower
minimum investments.
- Shares of Share Classes W7 and WT7 may only be acquired by Pension Funds domiciled in Latin America.
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Best Ideas 2025
Investor Profile
Allianz Best Ideas 2025 is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund prior to the maturity date of the Sub-Fund, i.e., not to withdraw their capital before 16 January 2025. Allianz Best Ideas
2025 is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- A placement fee of up to 2.00% of initial NAV at Sub-Fund’s launch date for all types of share classes is levied on the Sub-
Fund and paid out in a single instalment after the end of the subsription period. This Placement Fee is then amortized over a
5-year period of the Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.00% of initial NAV at Sub-Fund’s launch date for all types of share classes will be applied after the end
of the subscription period. The exit fee will remain in the Sub-Fund and is calculated as a fix amount per Share of a Share
Class. The amount will be reduced by 0.40% of the initial NAV at launch date on an annual basis.
- The Management Company intends to limit subscriptions such that the Sub-Fund or selected share classes will be closed for
subscriptions after the end of a subscription period to be determined yet. This closure for subscriptions might not necessarily
rely on market conditions and can be decided on a discretionary basis by the Management Company.
248
- Allianz Global Investors Fund -
Allianz Best Styles Euroland Equity
Investor Profile
Allianz Best Styles Euroland Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Best Styles Euroland Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- Shares of Share Class IT8 (EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
Allianz Best Styles Europe Equity
Investor Profile
Allianz Best Styles Europe Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Best Styles Europe Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I4 (EUR) and IT4 (EUR) may only be acquired by Allianz Nederland Levensverzekering and/or
Allianz Benelux.
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz Best Styles Europe Equity SRI
Investor Profile
Allianz Best Styles Europe Equity SRI is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Best Styles Europe Equity SRI is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I4 (EUR) and IT4 (EUR) may only be acquired by Allianz Nederland Levensverzekering and/or
Allianz Benelux.
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
249
- Allianz Global Investors Fund -
Allianz Best Styles Global AC Equity
Investor Profile
Allianz Best Styles Global AC Equity is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Best Styles Global AC Equity is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- The minimum subscription amounts for the investment in Shares in Share Classes W6 and WT6 (after deduction of any Sales
Charge) are AUD 750 million, CAD 750 million, CHF 1 billion, CZK 15 billion, DKK 5 billion, EUR 500 million, GBP 500 million,
HKD 5 billion, HUF 125 billion, JPY 100 billion, MXN 7,5 billion, NOK 4 billion, NZD 750 million, PLN 2 billion, RMB 5 billion,
SEK 5 billion, SGD 1 billion, TRY 1,25 billion, USD 500 million and ZAR 7,5 million. In certain cases, the Management
Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares in Share Classes P7 and PT7 (after deduction of any Sales
Charge) is EUR 10 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Best Styles Global Equity
Investor Profile
Allianz Best Styles Global Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Best Styles Global Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- Shares of Share Class W8 (USD) may only be acquired by Pension Funds domiciled in Oman.
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class W8 (USD) is USD 150,000,000. In certain
cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz Best Styles Global Equity SRI
Investor Profile
Allianz Best Styles Global Equity SRI is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Best Styles Global Equity SRI is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- Shares of Share Class W8 (USD) may only be acquired by Pension Funds domiciled in Oman.
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class W8 (USD) is USD 150,000,000. In certain
cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
250
- Allianz Global Investors Fund -
Allianz Best Styles Pacific Equity
Investor Profile
Allianz Best Styles Pacific Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Best Styles Pacific Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- The minimum subscription amount for the investment in Shares of the Share Class I4 (EUR) and IT4 (EUR) (after deduction of
any Sales Charge) is EUR 8 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
Allianz Best Styles US Equity
Investor Profile
Allianz Best Styles US Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Best Styles US Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- The minimum subscription amount for the investment in Shares of the Share Class I4 (EUR) and IT4 (EUR) (after deduction of
any Sales Charge) is EUR 5 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- The minimum subscription amount for the investment in Shares of the Share Class P2 (USD) (after deduction of any Sales
Charge) is USD 3 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class CT2 (USD) (after deduction of any Sales
Charge) is USD 10,000. In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Better World Defensive
Investor Profile
Allianz Better World Defensive is aimed at investors who pursue the objective of general capital formation/asset optimisation. It
may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Better
World Defensive is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors
should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.25 % of the initial NAV at
launch date on a semi-annual basis.
- Share Class type C2/CT2 may only be acquired by Allianz SE, its subsidiaries and their clients.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
251
- Allianz Global Investors Fund -
Allianz Better World Dynamic
Investor Profile
Allianz Better World Dynamic is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/ or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital
from the Sub-Fund within a period of 4 years. Allianz Better World Dynamic is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.30% of the initial NAV at
launch date on a semi-annual basis.
- Share Class type C2/CT2 may only be acquired by Allianz SE, its subsidiaries and their clients.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
Allianz Better World Moderate
Investor Profile
Allianz Better World Moderate is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Better World Moderate is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.25 % of the initial NAV at
launch date on a semi-annual basis.
- Share Class type C2/CT2 may only be acquired by Allianz SE, its subsidiaries and their clients.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
Allianz Capital Plus
Investor Profile
Allianz Capital Plus is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not be
suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Capital Plus is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Capital Plus Global
Investor Profile
Allianz Capital Plus Global is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Capital Plus
Global is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class type C2/CT2 may only be acquired by Deutsche Vermögensberatung AG and its Subsidiaries and Generali
Deutschland Lebensversicherung AG.
252
- Allianz Global Investors Fund -
Allianz China A Opportunities
Investor Profile
Allianz China A Opportunities is aimed at investors who pursue the objective of general capital appreciation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz China A Opportunities is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes W7 and WT7 (after deduction of any Sales
Charge) is USD 250 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Classes W7 and WT7 may only be acquired by Pension Funds domiciled in Latin America.
Allianz China A-Shares
Investor Profile
Allianz China A-Shares is aimed at investors who pursue the objective of general capital appreciation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz China A-Shares is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes W4 or WT4 may only be acquired by Deutsche Bank Group
- The minimum subscription amount for the investment in Shares of the Share Class W7 (USD) (after deduction of any Sales
Charge) is USD 200 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes W7 and WT7 may only be acquired by Pension Funds domiciled in Latin America.
- Shares of Share Classes AT2 (H2-EUR) may only be acquired by Allianz France and its subsidiaries.
Allianz China Equity
Investor Profile
Allianz China Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz China Equity is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz China Future Technologies
Investor Profile
Allianz China Future Technologies is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz China Future Technologies is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class PT9 may only be acquired by Credit Suisse or its affiliates.
- The minimum subscription amount for the investment in Shares of the Share Class PT9 (after deduction of any Sales
Charge) is USD 10 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after the
calculation of the Redemption Price.
253
- Allianz Global Investors Fund -
Allianz China Healthy Living
Investor Profile
Allianz China Healthy Living is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz China Healthy Living is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after the
calculation of the Redemption Price.
Allianz China Strategic Bond
Investor Profile
Allianz China Strategic Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation. It
may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz China
Strategic Bond is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should
be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within five Valuation Days after the
calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within five
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
Allianz China Thematica
Investor Profile
Allianz China Thematica is aimed at investors who pursue the objective of general capital appreciation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz China Thematica is aimed at investors with basic knowledge and/or experience
of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance
to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within two Valuation Days after calculation
the Redemption Price, except for Share Class whose Reference Currency is AUD, CZK, DKK, HKD, HUF, JPY, NZD, PLN, RMB,
SGD or ZAR which will be paid out within three Valuation Days after calculation of the Redemption Price.
Allianz Clean Planet
Investor Profile
Allianz Clean Planet is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Clean Planet is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
254
- Allianz Global Investors Fund -
Allianz Climate Transition
Investor Profile
Allianz Climate Transition is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Climate Transition is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Convertible Bond
Investor Profile
Allianz Convertible Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Convertible
Bond is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Coupon Select Plus VI
Investor Profile
Allianz Coupon Select Plus VI is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Coupon Select Plus VI is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- A placement fee of up to 2.50% of initial NAV at Sub-Fund’s launch date for all types of share classes is levied on the Sub-
Fund and paid out in a single instalment after the end of the subsription period. This Placement Fee is then amortized over a
5-year period of the Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
- An exit fee up of up to 2.50% of initial NAV at Sub-Fund’s launch date for all types of share classes will be applied after the
end of the subscription period. The exit fee will remain in the Sub-Fund and is calculated as a fix amount per Share of a
Share Class. The amount will be reduced by 0.25% of the initial NAV at launch date on a semi-annual basis.
- The Management Company intends to limit subscriptions such that the Sub-Fund or selected share classes will be closed for
subscriptions after the end of a subscription period to be determined yet. This closure for subscriptions might not necessarily
rely on market conditions and can be decided on a discretionary basis by the Management Company.
- The investment strategy of the Sub-Fund is similar to the investment strategy followed by other Sub-Funds of the Company.
However, these Sub-Funds may differ from each other on several criteria such as, but not limited to, the initial subscription
period, the launch date, the investment horizon or the applicable pricing. The balanced portfolio is constructed in such a
way to offer attractive risk adjusted returns over the recommended holding period, namely the placement fee amortization
period corresponding to the period during which exit fees are applicable.
- The Management Company has the intention – but is legally not obliged – to liquidate or merge the Sub-Fund into another
UCITS or UCI after 5 to 9 years after the Sub-Fund’s launch date.
Allianz Credit Opportunities
Investor Profile
Allianz Credit Opportunities is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Credit Opportunities is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
255
- Allianz Global Investors Fund -
Allianz Credit Opportunities Plus
Investor Profile
Allianz Credit Opportunities Plus is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Credit Opportunities Plus is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes P24 and PT24 may only be acquired by DekaBank Deutsche Girozentrale (and its affiliates),
Landesbank Baden-Württemberg (and its affiliates) and UniCredit (and its affiliates).
Allianz Cyber Security
Investor Profile
Allianz Cyber Security is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Cyber Security is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Dynamic Allocation Plus Equity
Investor Profile
Allianz Dynamic Allocation Plus Equity is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Dynamic Allocation Plus Equity is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Dynamic Asian High Yield Bond
Investor Profile
Allianz Dynamic Asian High Yield Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 4 years. Allianz Dynamic Asian High Yield Bond is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
- The minimum subscription amount for the investment in Shares in Share Classes P8 and PT8 (after deduction of any Sales
Charge) is EUR 2.4 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
256
- Allianz Global Investors Fund -
Allianz Dynamic Commodities
Investor Profile
Allianz Dynamic Commodities is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Dynamic Commodities is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Dynamic Multi Asset Strategy SRI 15
Investor Profile
Allianz Dynamic Multi Asset Strategy SRI 15 is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years.
Allianz Dynamic Multi Asset Strategy SRI 15 is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.25 % of the initial NAV at
launch date on a semi-annual basis.
- Share Class Type C/CT may contain additional name “Allianz Goal Sports” which is placed prior to the Share Class type.
- Shares of Share Class CT2 (EUR) may only be acquired by Allianz Compañía de Seguros y Reaseguros, S.A. and its
subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class CT2 (EUR) (after deduction of any Sales
Charge) is EUR 75,000. In certain cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class AT2 (H2-CHF) (after deduction of any
Sales Charge) is CHF 75,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
- Share Class types W/WT may contain the additional name “ASAC FAPES” which is placed prior to the Share Class type.
- Shares of Share Classes ASAC FAPES WT7 (EUR) may only be acquired by Allianz France and its subsidiaries.
Allianz Dynamic Multi Asset Strategy SRI 30
Investor Profile
Allianz Dynamic Multi Asset Strategy SRI 30 is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years.
Allianz Dynamic Multi Asset Strategy SRI 30 is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.25 % of the initial NAV at
launch date on a semi-annual basis.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
257
- Allianz Global Investors Fund -
Allianz Dynamic Multi Asset Strategy SRI 50
Investor Profile
Allianz Dynamic Multi Asset Strategy SRI 50 is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 4 years. Allianz Dynamic Multi Asset Strategy SRI 50 is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.25 % of the initial NAV at
launch date on a semi-annual basis.
- Shares of Share Class CT2 (EUR) may only be acquired by Allianz Compañía de Seguros y Reaseguros, S.A. and its
subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class CT2 (EUR) (after deduction of any Sales
Charge) is EUR 75,000. In certain cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class AT2 (H2-CHF) (after deduction of any
Sales Charge) is CHF 75,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- The minimum subscription amount for the investment in Shares of the Share Class P9 (EUR) (after deduction of any Sales
Charge) is EUR 50 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
Allianz Dynamic Multi Asset Strategy SRI 75
Investor Profile
Allianz Dynamic Multi Asset Strategy SRI 75 is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 4 years. Allianz Dynamic Multi Asset Strategy SRI 75 is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.30% of the initial NAV at
launch date on a semi-annual basis.
- Shares of Share Class CT2 (EUR) may only be acquired by Allianz Compañía de Seguros y Reaseguros, S.A. and its
subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class CT2 (EUR) (after deduction of any Sales
Charge) is EUR 75,000. In certain cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class AT2 (H2-CHF) (after deduction of any
Sales Charge) is CHF 75,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- The minimum subscription amount for the investment in Shares of the Share Class P9 (EUR) (after deduction of any Sales
Charge) is EUR 50 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
- Shares of Share Classes I2 (EUR) and IT2 (EUR) may only be acquired by Allianz Lebensversicherungs AG or its subsidiaries.
258
- Allianz Global Investors Fund -
Allianz Emerging Asia Equity
Investor Profile
Allianz Emerging Asia Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Emerging Asia Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Emerging Markets Equity
Investor Profile
Allianz Emerging Markets Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Emerging Markets Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (EUR) and IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a
discretionary investment management agreement with the Management Company.
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
Allianz Emerging Markets Equity Opportunities
Investor Profile
Allianz Emerging Markets Equity Opportunities is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Emerging Markets Equity Opportunities is aimed at investors with
basic knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class WT2 (EUR) (after deduction of any Sales
Charge) is EUR 10 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Emerging Markets Equity SRI
Investor Profile
Allianz Emerging Markets Equity SRI is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Emerging Markets Equity SRI is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (EUR) and IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a
discretionary investment management agreement with the Management Company.
- Shares of Share Class P14 and PT14 may only be acquired with the consent of the Management Company.
- No trail commissions may be paid to any sales partners in relation to Share Classes P14 and PT14.
259
- Allianz Global Investors Fund -
Allianz Emerging Markets Multi Asset Income
Investor Profile
Allianz Emerging Markets Multi Asset Income is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 4 years. Allianz Emerging Markets Multi Asset Income is aimed at investors with
basic knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Emerging Markets Select Bond
Investor Profile
Allianz Emerging Markets Select Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years.
Allianz Emerging Markets Select Bond is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Emerging Markets Short Duration Bond
Investor Profile
Allianz Emerging Markets Short Duration Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years.
Allianz Emerging Markets Short Duration Bond is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class W2 (H2-EUR) (after deduction of any
Sales Charge) is EUR 30 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
Allianz Emerging Markets Sovereign Bond
Investor Profile
Allianz Emerging Markets Sovereign Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years.
Allianz Emerging Markets Sovereign Bond is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (H2-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Classes W91/WT91 may only be acquired by investment vehicles managed by legal entities of Allianz
Global Investors group.
260
- Allianz Global Investors Fund -
Allianz Emerging Markets SRI Bond
Investor Profile
Allianz Emerging Markets SRI Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years.
Allianz Emerging Markets SRI Bond is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Emerging Markets SRI Corporate Bond
Investor Profile
Allianz Emerging Markets SRI Corporate Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years.
Allianz Emerging Markets SRI Corporate Bond is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of Share Class W26 (H2-EUR) is EUR 50 million. In certain
cases, the Management Company has discretion to permit lower minimum investments.
- Shares of Share Classes AT2 (H2-EUR) may only be acquired by Allianz France and its subsidiaries.
Allianz Enhanced Short Term Euro
Investor Profile
Allianz Enhanced Short Term Euro is aimed at investors who pursue the objective of general capital formation/asset optimisation.
It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 1 year. Allianz
Enhanced Short Term Euro is aimed at investors with basic knowledge and/or experience of financial products. Prospective
investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class types A/AT, I/IT, P/PT, R/RT and W/WT may contain the additional name “Euro Basis Plus” which is placed prior
to the Share Class type.
- Share Class types A/AT may contain the additional name “Euro Basis Plus P+G” which is placed prior to the Share Class
type.
- Share Class types A/AT may contain the additional name “CB Kurzfristanlage” which is placed prior to the Share Class type.
- The minimum subscription amount for the investment in Shares of Share Classes CB Kurzfristanlage A/AT (EUR) (after
deduction of any Sales Charge) is EUR 100,000 or equivalent in other currencies. In certain cases, the Management
Company has discretion to permit lower minimum investments.
- Shares of Share Classes CB Kurzfristanlage A/AT (EUR) may only be acquired by Commerzbank AG or its affiliates.
- Share Class types P/PT may contain the additional name “Euro Basis Plus WM” which is placed prior to the Share Class
type.
- Shares of Share Classes P3 and PT3 may only be acquired by DeGroofPetercam.
- The minimum subscription amount for the investment in Shares of Share Classes P3 and PT3 (after deduction of any Sales
Charge) is EUR 50 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Euro Balanced
Investor Profile
Allianz Euro Balanced is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 4 years. Allianz Euro Balanced is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I4 (EUR) and IT4 (EUR) may only be acquired by Allianz Nederland Levensverzekering and/or
Allianz Benelux.
261
- Allianz Global Investors Fund -
Allianz Euro Bond
Investor Profile
Allianz Euro Bond is aimed at investors who prioritise safety and/or pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years.
Allianz Euro Bond is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors
should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes AT2 (EUR) may only be acquired by Allianz France and its subsidiaries
- Shares of Share Classes C2/CT2 (EUR) may only be acquired by Allianz Italy and its subsidiaries
Allianz Euro Bond Short Term 1-3 Plus
Investor Profile
Allianz Euro Bond Short Term 1-3 Plus is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 2 years.
Allianz Euro Bond Short Term 1-3 Plus is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Euro Credit SRI
Investor Profile
Allianz Euro Credit SRI is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not
be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Euro Credit SRI
is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class R2 (EUR) may only be acquired by BNP Paribas for discretionary portfolio management solely.
- The minimum subscription amount for the investment in Shares of Share Class R2 (EUR) is EUR 10 million. In certain cases,
the Management Company has discretion to permit lower minimum investments.
- Shares of Share Classes W7 and WT7 may only be acquired by Union Asset Management Holding AG and its subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class W7 and WT7 (after deduction of any
Sales Charge) is EUR 500 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes W33 (EUR) and WT33 (EUR) may only be acquired by BNP Paribas Fortis and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W33 and WT33 (after deduction of any
Sales Charge) is EUR 100 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz Euro Government Bond
Investor Profile
Allianz Euro Government Bond aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 3 years. Allianz Euro Government Bond is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I4 (EUR) and IT4 (EUR) may only be acquired by Allianz Nederland Levensverzekering and/or
Allianz Benelux.
262
- Allianz Global Investors Fund -
Allianz Euro High Yield Bond
Investor Profile
Allianz Euro High Yield Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation. It
may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Euro
High Yield Bond is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should
be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
Allianz Euro High Yield Defensive
Investor Profile
Allianz Euro High Yield Defensive is aimed at investors who pursue the objective of general capital formation/asset optimisation.
It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Euro
High Yield Defensive is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors
should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Euro Inflation-linked Bond
Investor Profile
Allianz Euro Inflation-linked Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation.
It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Euro
Inflation-linked Bond is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors
should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class IT8 (EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
Allianz Euroland Equity Growth
Investor Profile
Allianz Euroland Equity Growth is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Euroland Equity Growth is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Europe Equity Growth
Investor Profile
Allianz Europe Equity Growth is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Europe Equity Growth is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
263
- Allianz Global Investors Fund -
Allianz Europe Equity Growth Select
Investor Profile
Allianz Europe Equity Growth Select is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Europe Equity Growth Select is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- For the share class W6 (EUR) the Company targets to distribute an amount which will be determined each year individually.
It is envisaged that the net performance of the share class of the previous fiscal year will be fully or partially distributed even
if such distribution would require to distribute unrealized capital gains and/or capital. The amount will in no case exceed the
amount distributable by applying the general distribution policy for Distribution Shares.
- Shares of Share Classes W63 and WT63 may only be acquired by Navigera AB or its affiliates.
- Share Class type A/AT and W/WT may contain the additional name “GAIPARE CROISSANCE EUROPE” which is placed
prior to the Share Class type.
- Shares of Share Class GAIPARE CROISSANCE EUROPE AT and GAIPARE CROISSANCE EUROPE WT may only be acquired
by Allianz France and its subsidiaries.
Allianz Europe Equity powered by Artificial Intelligence
Investor Profile
Allianz Europe Equity powered by Artificial Intelligence is aimed at investors who pursue the objective of general capital
formation/asset optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish
to withdraw their capital from the Sub-Fund within a period of 5 years. Allianz Europe Equity powered by Artificial Intelligence is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Europe Equity SRI
Investor Profile
Allianz Europe Equity SRI is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Europe Equity SRI is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class CT2 (EUR) may only be acquired by Allianz France S.A. and its subsidiaries.
- Shares of Share Classes IT8 (H-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- Shares of Share Classes R2 (EUR) and RT2 (EUR) may only be acquired by BNP Paribas for discretionary portfolio
management solely.
- The minimum subscription amount for the investment in Shares of Share Classes R2 (EUR) and RT2 (EUR) is EUR 10 million.
In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Europe Equity Value
Investor Profile
Allianz Europe Equity Value is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Europe Equity Value is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
264
- Allianz Global Investors Fund -
Allianz Europe Income and Growth
Investor Profile
Allianz Europe Income and Growth is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 4 years. Allianz Europe Income and Growth is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Europe Mid Cap Equity
Investor Profile
Allianz Europe Mid Cap Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Europe Mid Cap Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Europe Small and Micro Cap Equity
Investor Profile
Allianz Europe Small and Micro Cap Equity is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Europe Small and Micro Cap Equity is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class type A/AT may contain the additional name “Allianz Actions Europe PME-ETI” which is placed prior to the Share
Class type.
- Shares of Share Class Allianz Actions Europe PME-ETI AT (EUR) may only be acquired by Allianz France and its subsidiaries.
Allianz Europe Small Cap Equity
Investor Profile
Allianz Europe Small Cap Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Europe Small Cap Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
265
- Allianz Global Investors Fund -
Allianz European Bond RC
Investor Profile
Allianz European Bond RC is aimed at investors who pursue the objective of general capital formation/ asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 2 years. Allianz European Bond RC is aimed at investors with advanced knowledge and/ or
experience of financial products. Prospective investors should be capable of bearing financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes W5 and WT5 may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of the Share Class W5 and WT5 (after deduction of any
Sales Charge) is EUR 500 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz European Equity Dividend
Investor Profile
Allianz European Equity Dividend is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz European Equity Dividend is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class type A may contain the additional name “Aktienzins” which is placed prior to the Share Class type.
- Shares of Share Class W7 (EUR) may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W7 (EUR) (after deduction of any Sales
Charge) is EUR 50 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
- Distributions of Shares of Share Class W7 (EUR) will be made within 4 months after fiscal year end.
- Shares of Share Class W8 may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of Share Classes W8 (after deduction of any Sales Charge)
is EUR 50 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Flexi Asia Bond
Investor Profile
Allianz Flexi Asia Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not
be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Flexi Asia Bond
is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes P8 and PT8 (after deduction of any Sales
Charge) is EUR 2.4 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Floating Rate Notes Plus
Investor Profile
Allianz Floating Rate Notes Plus is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 1 year. Allianz Floating Rate Notes Plus is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within one Valuation Day after the
calculation of the Subscription Price, applicable for all Share Classes denominated in EUR and USD. The Redemption Price
will be paid out within one Valuation Day after calculation the Redemption Price, applicable for all Share Classes
denominated in EUR and USD.
- The Share Class types A, I and P may contain the additional name “VarioZins” which is placed prior to the Share Class type.
- The minimum subscription amount for the investment in Shares of the Share Classes P (EUR) and VarioZins P (EUR) (after
deduction of any Sales Charge) is EUR 1 million. In certain cases, the Management Company has discretion to permit lower
minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class AT2 (EUR) (after deduction of any Sales
Charge) is EUR 950,000. In certain cases, the Management Company has discretion to permit lower minimum investments.
266
- Allianz Global Investors Fund -
- The minimum subscription amount for the investment in Shares of the Share Classes I2 (EUR) and VarioZins I2 (EUR) (after
deduction of any Sales Charge) is EUR 10 million. In certain cases, the Management Company has discretion to permit
lower minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class I3 (EUR) (after deduction of any Sales
Charge) is EUR 1 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of the Share Class VarioZins P (H2-USD) (after deduction of
any Sales Charge) is USD 1 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz Food Security
Investor Profile
Allianz Food Security is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Food Security is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz GEM Equity High Dividend
Investor Profile
Allianz GEM Equity High Dividend is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz GEM Equity High Dividend is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz German Equity
Investor Profile
Allianz German Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or above-
average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund
within a period of 5 years. Allianz German Equity is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz German Small and Micro Cap
Investor Profile
Allianz German Small and Micro Cap is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz German Small and Micro Cap is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
267
- Allianz Global Investors Fund -
Allianz Global Aggregate Bond
Investor Profile
Allianz Global Aggregate Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Global Aggregate Bond is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- With regard to Share Classes where “H4” appears before the Reference Currency the respective benchmark is
BLOOMBERG Global Aggregate Total Return.
Allianz Global Allocation Opportunities
Investor Profile
Allianz Global Allocation Opportunities is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the fund within a short timeframe. Allianz Global Allocation Opportunities is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Artificial Intelligence
Investor Profile
Allianz Global Artificial Intelligence is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Global Artificial Intelligence is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class IT4 (EUR) may only be acquired by Allianz SE and its subsidiaries.
Allianz Global Capital Plus
Investor Profile
Allianz Global Capital Plus is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Global
Capital Plus is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- A placement fee of up to 2.50% of initial NAV at Sub-Fund’s launch date for all types of share classes is levied at the launch
date of Share Classes and paid out in a single instalment within five months of the Share Classes launch date. This
Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management Company has discretion to levy a
lower Placement Fee.
- An exit fee of up to 2.50% of initial NAV at Sub-Fund’s launch date for all types of share classes is levied at the launch of the
single Share Class. The exit fee will remain in the Share Class and is calculated as a fix amount per Share of Share Class.
The amount will be reduced by up to 0.25% of the initial NAV at launch date on a semi-annual basis.
- The Management Company intends to limit subscriptions such that selected share classes will be closed for subscriptions
after the end of a subscription period to be determined yet. This closure for subscriptions might not necessarily rely on
market conditions and can be decided on a discretionary basis by the Management Company.
- The Sub-Fund may only be acquired by Allianz SE, its subsidiaries and their clients.
- The Management Company has the intention – but is legally not obliged – to liquidate or merge the Sub-Fund into another
UCITS or UCI after 5 to 9 years after the Sub-Fund’s launch date.
268
- Allianz Global Investors Fund -
Allianz Global Credit SRI
Investor Profile
Allianz Global Credit SRI is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Global
Credit SRI is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Diversified Dividend
Investor Profile
Allianz Global Diversified Dividend is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Diversified Dividend is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Dividend
Investor Profile
Allianz Global Dividend is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Global Dividend is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Dynamic Multi Asset Income
Investor Profile
Allianz Global Dynamic Multi Asset Income is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years.
Allianz Global Dynamic Multi Asset Income is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Emerging Markets Equity Dividend
Investor Profile
Allianz Global Emerging Markets Equity Dividend is aimed at investors who pursue the objective of general capital
formation/asset optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish
to withdraw their capital from the Sub-Fund within a period of 5 years. Allianz Global Emerging Markets Equity Dividend is aimed
at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of bearing a
financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
269
- Allianz Global Investors Fund -
Allianz Global Equity Growth
Investor Profile
Allianz Global Equity Growth is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Equity Growth is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Equity Insights
Investor Profile
Allianz Global Equity Insights is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Equity Insights is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Equity powered by Artificial Intelligence
Investor Profile
Allianz Global Equity powered by Artificial Intelligence is aimed at investors who pursue the objective of general capital
formation/asset optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish
to withdraw their capital from the Sub-Fund within a period of 5 years. Allianz Global Equity powered by Artificial Intelligence is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Equity Unconstrained
Investor Profile
Allianz Global Equity Unconstrained is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Global Equity Unconstrained is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes C2 and CT2 may only be acquired by investors who are clients of Hellenic Bank or its affiliates.
- The minimum subscription amount for the investment in Shares of the Share Class C2 and CT2 (after deduction of any Sales
Charge) is EUR 1 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
270
- Allianz Global Investors Fund -
Allianz Global Floating Rate Notes Plus
Investor Profile
Allianz Global Floating Rate Notes Plus is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 1 year. Allianz Global Floating Rate Notes Plus is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes A3/AT3 may only be acquired by investors who are clients of UBS Switzerland AG and its affiliates
or Singular Bank S.A.U. and its affiliates.
- Share Class C2/CT2 and C3/CT3 will be closed after the end of the initial offer period.
- A redemption fee of up to 1.00% of Share Class C2’s and C3’s Net Asset Value is levied within the first year after the Share
Class C2’s or C3’s launch date, thereafter no redemption fee will be charged.
- Shares of Share Classes R10/RT10 may only be acquired by investors who are clients of UBS Switzerland AG and its
affiliates or Singular Bank S.A.U. and its affiliates, and who have individual fee arrangements with UBS Switzerland AG and
its affiliates or Singular Bank S.A.U. and its affiliates.
- The minimum subscription amounts for the investment in Shares in Share Classes A3/AT3 (after deduction of any Sales
Charge) is EUR 75,000 or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- The minimum subscription amounts for the investment in Shares in Share Classes R10/RT10 (after deduction of any Sales
Charge) is EUR 100 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Global Government Bond
Investor Profile
Allianz Global Government Bond is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 4 years. Allianz Global Government Bond is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
Allianz Global High Yield
Investor Profile
Allianz Global High Yield is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Global High
Yield is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class C2/CT2 and C3/CT3 will be closed after the end of the initial offer period.
- A redemption fee of up to 1.00% of Share Class C2’s and C3’s Net Asset Value is levied within the first year after the Share
Class C2’s or C3’s launch date; thereafter no redemption fee will be charged.
- The minimum subscription amount for the investment in Shares in Share Classes PT9 (H2-EUR) and PT9 (USD) (after
deduction of any Sales Charge) is respectively EUR 5 million and USD 5 million or equivalent in other currencies. In certain
cases, the Management Company has discretion to permit lower minimum investments.
Allianz Global Hi-Tech Growth
Investor Profile
Allianz Global Hi-Tech Growth is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Hi-Tech Growth is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
271
- Allianz Global Investors Fund -
Allianz Global Income
Investor Profile
Allianz Global Income is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 4 years. Allianz Global Income is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Intelligent Cities Income
Investor Profile
Allianz Global Intelligent Cities Income is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 4 years. Allianz Global Intelligent Cities Income is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.25 % of the initial NAV at
launch date on a semi-annual basis.
Allianz Global Metals and Mining
Investor Profile
Allianz Global Metals and Mining is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Metals and Mining is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Multi-Asset Credit
Investor Profile
Allianz Global Multi-Asset Credit is aimed at investors who pursue the objective of general capital formation/asset optimisation.
It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz
Global Multi-Asset Credit is aimed at investors with basic knowledge and/or experience of financial products. Prospective
investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
272
- Allianz Global Investors Fund -
Allianz Global Multi Asset Sustainability Balanced
Investor Profile
Allianz Global Multi Asset Sustainability Balanced is aimed at investors who pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 4 years. Allianz Global Multi Asset Sustainability Balanced is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Global Opportunistic Bond
Investor Profile
Allianz Global Opportunistic Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation.
It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz
Global Opportunistic Bond is aimed at investors with basic knowledge and/or experience of financial products. Prospective
investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class C2/CT2 and C3/CT3 will be closed after the end of the initial offer period except for reinvestment of
distributions from Distribution Shares of Share Classes C2/CT2 and C3/CT3.
- A redemption fee of up to 2.00% of Share Class C2’s and C3’s Net Asset Value is levied within the first two years after the
Share Class C2’s or C3’s launch date; thereafter no redemption fee will be charged.
Allianz Global Small Cap Equity
Investor Profile
Allianz Global Small Cap Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Small Cap Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class PT2 (GBP) (after deduction of any Sales
Charge) is GBP 3 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Global Sustainability
Investor Profile
Allianz Global Sustainability is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Global Sustainability is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I4 (EUR) and IT4 (EUR) may only be acquired by Allianz Nederland Levensverzekering and/or
Allianz Benelux.
- Shares of Share Class IT8 (EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
273
- Allianz Global Investors Fund -
Allianz Global Water
Investor Profile
Allianz Global Water is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Global Water is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class IT4 (EUR) may only be acquired by Allianz SE and its subsidiaries.
- Shares of Share Classes R10, RT10, W7 and WT7 may only be acquired by investors who are clients of UBS Switzerland AG
and its affiliates or Singular Bank S.A.U. and its affiliates, and who have individual fee arrangements with UBS Switzerland
AG and its affiliates or Singular Bank S.A.U. and its affiliates.
- Shares of Share Classes A3 and AT3 may only be acquired by investors who are clients of UBS Switzerland AG and its
affiliates or Singular Bank S.A.U. and its affiliates.
- Shares of Share Classes A4, AT4, R11, RT11 and W8, WT8 may only be acquired by JP Morgan or its affiliates.
- The minimum subscription amount for the investment in Shares of Share Classes R10, RT10, W7 and WT7 (after deduction
of any Sales Charge) is EUR 500 million or equivalent in other currencies. In certain cases, the Management Company has
discretion to permit lower minimum investments.
- The minimum subscription amount for the investment in Shares of Share Classes A3 and AT3 (after deduction of any Sales
Charge) is EUR 75,000 or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Green Bond
Investor Profile
Allianz Green Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not be
suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Green Bond is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class AT3 (H2-SEK) (after deduction of any
Sales Charge) is SEK 500,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Class IT4 (EUR) may only be acquired by Allianz SE and its subsidiaries.
Allianz Green Future
Investor Profile
Allianz Green Future is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 3 years. Allianz Green Future is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- A placement fee of up to 2.50% of Share Classes C/CT’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C/CT and W6/WT6 and paid out in a single instalment within five months of the Share Classes C/CT’s and
W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.50% of Share Classes C/CT’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C/CT and W6/WT6. The exit fee will remain in the Share Classes C/CT and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C/CT and W6/WT6. The amount will be reduced by up to 0.50% of the initial NAV at
launch date on an annual basis.
- The Management Company intends to limit subscriptions such that selected share classes will be closed for subscriptions
after the end of a subscription period to be determined yet. This closure for subscriptions might not necessarily rely on
market conditions and can be decided on a discretionary basis by the Management Company.
- The Management Company has the intention – but is legally not obliged – to liquidate or merge the Sub-Fund into another
UCITS or UCI after 5 to 9 years after the Sub-Fund’s launch date.
274
- Allianz Global Investors Fund -
Allianz Green Transition Bond
Investor Profile
Allianz Green Transition Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Green Transition Bond is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes W6 and WT6 (after deduction of any Sales
Charge) is EUR 50 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Classes W6 and WT6 may only be acquired by Banca March Group or its affiliates.
Allianz High Dividend Asia Pacific Equity
Investor Profile
Allianz High Dividend Asia Pacific Equity is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz High Dividend Asia Pacific Equity is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz HKD Income
Investor Profile
Allianz HKD Income is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not be
suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 2 years. Allianz HKD Income is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Hong Kong Equity
Investor Profile
Allianz Hong Kong Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Hong Kong Equity is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
275
- Allianz Global Investors Fund -
Allianz Income and Growth
Investor Profile
Allianz Income and Growth is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Income and
Growth is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes P8 and PT8 (after deduction of any Sales
Charge) is EUR 2.4 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Class WT (USD H2-BRL) may only be acquired by a local Brazilian feeder fund administered by XP Inc. or
one of its subsidiaries.
- Share Class WT (USD H2-BRL) having BRL as Hedging Currency aims to provide investors with currency exposure to BRL
without using a hedged Share Class denominated in BRL. The currency of this Share Class is USD as the Base Currency of
the Sub-Fund. BRL currency exposure will be achieved by converting the NAV per Share of the Share Class into BRL using
derivatives (FX derivatives to hedge the currency risk).
- The NAV per Share of such Share Class will remain denominated and will be calculated in USD as the Base Currency of the
Sub-Fund. Due to the additional Derivatives exposure, such NAV is expected to fluctuate in line with the fluctuation of the
exchange rate between BRL and USD. This fluctuation will be reflected in the performance of the Share Class WT (USD H2-
BRL). The performance of a Share Class having BRL as Hedging Currency may therefore differ significantly from the
performance of the other Share Classes of the Sub-Fund. Profit or loss and costs and expenses resulting from this hedging
strategy will only be reflected in the NAV per Share of the Share Class WT (USD H2-BRL).
Allianz India Equity
Investor Profile
Allianz India Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or above-
average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund
within a period of 5 years. Allianz India Equity is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
Allianz Japan Equity
Investor Profile
Allianz Japan Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Japan Equity is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Japan Smaller Companies Equity
Investor Profile
Allianz Japan Smaller Companies Equity is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Japan Smaller Companies Equity is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
276
- Allianz Global Investors Fund -
Allianz Little Dragons
Investor Profile
Allianz Little Dragons is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Little Dragons is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Share Classes containing the additional denomination “2” may not be acquired by investors who are either domiciled in or
permanent residents of an Asian country, Australia or New Zealand. For the purpose of this restriction Afghanistan,
Armenia, Azerbaijan, Bahrain, Cyprus, Egypt, Georgian Republic, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar,
Russia, Saudi Arabia, Syria, Turkey, the United Arab Emirates, West Bank and Gaza as well as Yemen are not considered to
be Asian countries.
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Multi Asset Long / Short
Investor Profile
Allianz Multi Asset Long / Short is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Multi Asset Long / Short is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class I14(H2-JPY) may only be acquired by AllianzGI Japan’s local (Japan domiciled) funds.
- Shares of Share Class WT2 (H2-EUR) may only be acquired by Allianz SE and its subsidiaries.
Allianz Multi Asset Risk Premia
Investor Profile
Allianz Multi Asset Risk Premia is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Multi Asset Risk Premia is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes P3 and PT3 (after deduction of any Sales
Charge) is EUR 3 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Class I14(H2-JPY) may only be acquired by AllianzGI Japan’s local (Japan domiciled) funds.
Allianz Oriental Income
Investor Profile
Allianz Oriental Income is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Oriental Income is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class A2 (EUR) contains the additional name “Ertrag Asien Pazifik” which is placed prior to “A2 (EUR)”.
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
277
- Allianz Global Investors Fund -
Allianz Pet and Animal Wellbeing
Investor Profile
Allianz Pet and Animal Wellbeing is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Pet and Animal Wellbeing is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes P2 and PT2 (after deduction of any Sales
Charge) is USD 3 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz Positive Change
Investor Profile
Allianz Positive Change is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Positive Change is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.30% of the initial NAV at
launch date on a semi-annual basis.
Allianz Premium Champions
Investor Profile
Allianz Premium Champions is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the fund within a period of 5 years. Allianz Premium Champions is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Renminbi Fixed Income
Investor Profile
Allianz Renminbi Fixed Income is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 4 years. Allianz Renminbi Fixed Income is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within five Valuation Days after the
calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within five
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
278
- Allianz Global Investors Fund -
Allianz SDG Euro Credit
Investor Profile
Allianz SDG Euro Credit is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not
be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz SDG Euro Credit
is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class IT8 (EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
Allianz Select Income and Growth
Investor Profile
Allianz Select Income and Growth is aimed at investors who pursue the objective of general capital formation/asset optimisation.
It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Select
Income and Growth is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors
should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes P8 and PT8 (after deduction of any Sales
Charge) is EUR 2.4 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
Allianz SDG Global Equity
Investor Profile
Allianz SDG Global Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz SDG Global Equity is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Selection Alternative
Investor Profile
Allianz Selection Alternative is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Selection Alternative is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
- Share Class types A/AT and R/RT may contain the additional name “Allianz Stratégies Opportunistes” which is placed prior
to the Share Class type.
- Shares of Share Classes Allianz Stratégies Opportunistes AT (EUR), R/RT, and Allianz Stratégies Opportunistes R/RT (EUR)
may only be acquired by Allianz France and its subsidiaries.
279
- Allianz Global Investors Fund -
Allianz Selection Fixed Income
Investor Profile
Allianz Selection Fixed Income is aimed at investors who pursue the objective of general capital formation/asset optimisation. It
may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz
Selection Fixed Income is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors
should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
- Share Class types A/AT and R/RT may contain the additional name “Allianz Stratégies Obligataires” which is placed prior to
the Share Class type.
- Shares of Share Classes Allianz Stratégies Obligataires AT (EUR), R/RT, and Allianz Stratégies Obligataires R/RT (EUR) may
only be acquired by Allianz France and its subsidiaries.
Allianz Selection Small and Mid Cap Equity
Investor Profile
Allianz Selection Small and Mid Cap Equity is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Selection Small and Mid Cap Equity is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
- Share Class type A/AT may contain the additional name “Allianz Stratégies PME-ETI” which is placed prior to the Share
Class type.
- Shares of Share Class Allianz Stratégies PME-ETI AT (EUR) may only be acquired by Allianz France and its subsidiaries.
Allianz Selective Global High Income
Investor Profile
Allianz Selective Global High Income is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years.
Allianz Selective Global High Income is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes PT9 (H2-EUR) and PT9 (USD) (after
deduction of any Sales Charge) is respectively EUR 5 million and USD 5 million or equivalent in other currencies. In certain
cases, the Management Company has discretion to permit lower minimum investments.
Allianz SGD Income
Investor Profile
Allianz SGD Income is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not be
suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz SGD Income is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price, applicable for all Share Classes. The Redemption Price will be paid out within three
Valuation Days after calculation the Redemption Price, applicable for all Share Classes.
- Share Class C/CT will be closed after the end of the initial offer period.
- A redemption fee of up to 2.00% of Share Class C2’s initial Net Asset Value is levied at the launch date of Share Class C2
within the first 2 years after the Share Class C2’s launch date; thereafter no redemption fee will be charged.
- A placement fee of up to 2.00% of Share Class C3’s initial Net Asset Value is levied at the launch of Share Class C3 and paid
out in a single instalment within two months after Share Class C3’s launch date. This Placement Fee is then amortized over a
2-year period of the Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
280
- Allianz Global Investors Fund -
- An exit fee of up to 2.00% of Share Class C3’s initial Net Asset Value is levied at the launch of Share Class C3. The exit fee
will remain in Share Class C3 and is calculated as a fix amount per Share of Share Class C3. The amount will be reduced by
0.50% of Share Class C3’s initial Net Asset Value at Share Class C3’s launch date on a semi-annual basis.
Allianz Short Duration Global Bond SRI
Investor Profile
Allianz Short Duration Global Bond SRI is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 2 years.
Allianz Short Duration Global Bond SRI is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Smart Energy
Investor Profile
Allianz Smart Energy is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz Smart Energy is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- Placement fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch date of
Share Classes C6/CT6 and W6/WT6 and paid out in a single instalment within five months of the Share Classes C6/CT6’s
and W6/WT6’s launch date. This Placement Fee is then amortized over a 5-year period of the Sub-Fund. The Management
Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 3.00% of Share Classes C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch of Share
Classes C6/CT6 and W6/WT6. The exit fee will remain in the Share Classes C6/CT6 and W6/WT6 and is calculated as a fix
amount per Share of Share Classes C6/CT6 and W6/WT6. The amount will be reduced by up to 0.30% of the initial NAV at
launch date on a semi-annual basis.
Allianz Social Conviction Equity
Investor Profile
Allianz Social Conviction Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Social Conviction Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Strategic Bond
Investor Profile
Allianz Strategic Bond is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not
be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Strategic Bond
is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
281
- Allianz Global Investors Fund -
Allianz Strategy Select 30
Investor Profile
Allianz Strategy Select 30 is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years. Allianz Strategy
Select 30 is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of all Share Classes may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of all types of I/IT share classes (after deduction of any Sales
Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Strategy Select 50
Investor Profile
Allianz Strategy Select 50 is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Strategy
Select 50 is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of all Share Classes may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares in the Share Classes IT (EUR) and IT4 (EUR) (after deduction
of any Sales Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
Allianz Strategy Select 75
Investor Profile
Allianz Strategy Select 75 is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may
not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz Strategy
Select 75 is aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be
capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of all Share Classes may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares in the Share Class IT (EUR) (after deduction of any Sales
Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Strategy4Life Europe 40
Investor Profile
Allianz Strategy4Life Europe 40 is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 3 years. Allianz Strategy4Life Europe 40 is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of all Share Classes may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares of all types of I/IT share classes (after deduction of any Sales
Charge) is EUR 25 million. In certain cases, the Management Company has discretion to permit lower minimum investments.
Allianz Sustainable Health Evolution
Investor Profile
Allianz Sustainable Health Evolution is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Sustainable Health Evolution is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
282
- Allianz Global Investors Fund -
Allianz Sustainable Multi Asset 75
Investor Profile
Allianz Sustainable Multi Asset 75 is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. Allianz Sustainable Multi Asset 75 is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Systematic Enhanced US Equity SRI
Investor Profile
Allianz Systematic Enhanced US Equity SRI is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Systematic Enhanced US Equity SRI is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Classes I2 (USD) and IT2 (USD) (after deduction
of any Sales Charge) is USD 5 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes P7, PT7, R7, RT7, W7 and WT7 are reserved for Commerzbank AG or its affiliates.
- The minimum subscription amount for the investment in Shares in Share Classes P7, PT7, R7, RT7, W7 and WT7 (after
deduction of any Sales Charge) is USD 250 million or equivalent in other currencies. In certain cases, the Management
Company has discretion to permit lower minimum investments.
- Shares of Share Classes WT8 may only be acquired by Apothekerversorgung Niedersachsen Einrichtung der
Apothekerkammer Niedersachsen KdöR.
Allianz Target Maturity Euro Bond I
Investor Profile
Allianz Target Maturity Euro Bond I is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund before the maturity date. Allianz Target Maturity Euro Bond I is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class types A/AT, I/IT, P/PT and W/WT may contain the additional name “Allianz Rendite Plus I” which is placed prior
to the Share Class type.
- The Management Company has the right - but is not obliged - to close the Sub-Fund or selected share classes for
subscriptions after Sub-Fund’s launch date. This closure for subscriptions might not necessarily rely on market conditions
and can be decided on a discretionary basis by the Management Company.
- The Company may, for purposes of orderly settlement and equal treatment of the investors, suspend the redemption of
shares two months prior to maturity date (provided if it is not a Dealing Day, the next Dealing Day). The Company will
publish the liquidation proceeds per share at which the investors may cash in their share certificates on final maturity of the
Sub-Fund at the Registrar Agent and the Paying Agents. Unclaimed liquidation proceeds shall be deposited at the Caisse de
Consignation and will be forfeited if not claimed within the statutory period.
- The Management Company has the right - but is not obliged - to stop the carbon intensity KPI in the last two months prior to
the sub-fund’s maturity, as the proceeds of maturing bonds may be re-invested in short-term money market/government
bonds for which no carbon intensity data is/might be available.
- The term of the Sub-Fund is limited to the maturity date; however, the Sub-Fund may be liquidated by resolution of the
Company at any time prior to that date or merged as a subfund being absorbed prior to that date. The Sub-Fund is also
liquidated in the cases listed under Section III.5.
- Subject to any prior liquidation or merger of the Sub-Fund, the Company will begin to sell the Sub-Fund's assets two months
prior to maturity date and sell all assets, collect receivables and settle liabilities by the maturity date.
- The Management Company may charge a Disinvestment Fee of up to 2 % of the Net Asset Value of the Sub-Fund or
selected share classes. The Management Company has discretion to levy a lower Disinvestment Fee.
- The investment strategy of the Sub-Fund is similar to the investment strategy followed by other Sub-Funds of the Company.
However, these Sub-Funds may differ from each other on several criteria such as, but not limited to, the initial subscription
period, the launch date, the investment horizon or the applicable pricing.
283
- Allianz Global Investors Fund -
- For all distributing share classes the Company targets to distribute an amount which will be determined individually.
However, such amount will in no case exceed the amount distributable by applying the general distribution policy for
Distribution Shares.
Allianz Target Maturity Euro Bond II
Investor Profile
Allianz Target Maturity Euro Bond II is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund before the maturity date. Allianz Target Maturity Euro Bond II is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class types A/AT, I/IT, P/PT and W/WT may contain the additional name “Allianz Rendite Plus II” which is placed
prior to the Share Class type.
- A placement fee of up to 2.00% of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the
launch date of Share Classes A2/AT2’s, C6/CT6 and W6/WT6 and paid out in a single instalment within two month of the
Share Classes A2/AT2’s, C6/CT6’s and W6/WT6 `s launch date. This Placement Fee is then amortized over the terms of the
Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.00% of Share Classes A2/AT 2’s, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch
of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s. The exit fee will remain in the Share Classes A2/AT2’s, C6/CT6’s and
W6/WT6’s and is calculated as a fix amount per Share of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s. The amount will
be reduced by up to 0.50% of the initial NAV at launch date on a semi-annual basis.
- The Management Company has the right - but is not obliged - to close the Sub-Fund or selected share classes for
subscriptions after Sub-Fund’s launch date. This closure for subscriptions might not necessarily rely on market conditions
and can be decided on a discretionary basis by the Management Company.
- The Company may, for purposes of orderly settlement and equal treatment of the investors, suspend the redemption of
shares two months prior to maturity date (provided if it is not a Dealing Day, the next Dealing Day). The Company will
publish the liquidation proceeds per share at which the investors may cash in their share certificates on final maturity of the
Sub-Fund at the Registrar Agent and the Paying Agents. Unclaimed liquidation proceeds shall be deposited at the Caisse de
Consignation and will be forfeited if not claimed within the statutory period.
- The Management Company has the right - but is not obliged - to stop the carbon intensity KPI in the last two months prior to
the sub-fund’s maturity, as the proceeds of maturing bonds may be re-invested in short-term money market/government
bonds for which no carbon intensity data is/might be available.
- The term of the Sub-Fund is limited to the maturity date; however, the Sub-Fund may be liquidated by resolution of the
Company at any time prior to that date or merged as a subfund being absorbed prior to that date. The Sub-Fund is also
liquidated in the cases listed under Section III.5.
- Subject to any prior liquidation or merger of the Sub-Fund, the Company will begin to sell the Sub-Fund's assets two months
prior to maturity date and sell all assets, collect receivables and settle liabilities by the maturity date.
- The Management Company may charge a Disinvestment Fee of up to 2 % of the Net Asset Value of the Sub-Fund or
selected share classes. The Management Company has discretion to levy a lower Disinvestment Fee.
- The investment strategy of the Sub-Fund is similar to the investment strategy followed by other Sub-Funds of the Company.
However, these Sub-Funds may differ from each other on several criteria such as, but not limited to, the initial subscription
period, the launch date, the investment horizon or the applicable pricing.
- For all distributing share classes the Company targets to distribute an amount which will be determined individually.
However, such amount will in no case exceed the amount distributable by applying the general distribution policy for
Distribution Shares.
Allianz Target Maturity Euro Bond III
Investor Profile
Allianz Target Maturity Euro Bond III is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund before the maturity date. Allianz Target Maturity Euro Bond III is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- All Share Class types may contain the additional name “Allianz Rendite Plus III” which is placed prior to the Share Class
type.
- Share Class types A/AT may contain the additional letter “P” which is placed after the Share Class type.
- The minimum subscription amount for the investment in Shares of Share Classes A P/AT P (EUR) (after deduction of any
Sales Charge) is EUR 20,000 or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Classes A P/AT P (EUR) may only be acquired by retail clients domiciled in Italy.
- A placement fee of up to 2.00 % of Share Classes A2/AT2's, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the
launch date of Share Classes A2/AT2's, C6/CT6 and W6/WT6 and paid out in a single instalment within two month of the
Share Classes A2/AT2's, C6/CT6’s and W6/WT6 `s launch date. This Placement Fee is then amortized over the terms of the
Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
284
- Allianz Global Investors Fund -
- An exit fee of up to 2.00 % of Share Classes A2/AT2's, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch
of Share Classes A2/AT2's, C6/CT6’s and W6/WT6’s. The exit fee will remain in the Share Classes A2/AT2's, C6/CT6’s and
W6/WT6’s and is calculated as a fix amount per Share of Share Classes A2/AT2's, C6/CT6’s and W6/WT6’s. The amount will
be reduced by up to 0.50% of the initial NAV at launch date on a semi-annual basis.
- The Management Company has the right - but is not obliged - to close the Sub-Fund or selected share classes for
subscriptions after Sub-Fund’s launch date. This closure for subscriptions might not necessarily rely on market conditions
and can be decided on a discretionary basis by the Management Company.
- Share Classes A2/AT2, C6/CT6 and W6/WT6 will be closed for subscriptions after the end of the subscription period. As these share
classes are subject to a Placement Fee an Exit Fee will become effective after the end of the applicable subscription period.
- The Company may, for purposes of orderly settlement and equal treatment of the investors, suspend the redemption of
shares two months prior to Maturity Date (provided if it is not a Dealing Day, the next Dealing Day). The Company will
publish the liquidation proceeds per share at which the investors may cash in their share certificates on final maturity of the
Sub-Fund at the Registrar Agent and the Paying Agents. Unclaimed liquidation proceeds shall be deposited at the Caisse de
Consignation and will be forfeited if not claimed within the statutory period.
- The Management Company has the right - but is not obliged - to stop the carbon intensity KPI in the last two months prior to
the sub-fund’s maturity, as maturing bonds are invested in short-term money market/government bonds for which no
carbon intensity data is / might be available.
- The term of the Sub-Fund is limited to the Maturity Date; however, the Sub-Fund may be liquidated by resolution of the
Company at any time prior to that date or merged as a sub-fund being absorbed prior to that date. The Sub-Fund is also
liquidated in the cases listed under Section III.5.
- Subject to any prior liquidation or merger of the Sub-Fund, the Company will begin to sell the Sub-Fund's assets two months
prior to Maturity Date and sell all assets, collect receivables and settle liabilities by the Maturity Date.
- The Management Company may charge a Disinvestment Fee of up to 2 % of the Net Asset Value of the Sub-Fund or
selected share classes. The Management Company has discretion to levy a lower Disinvestment Fee. The Disinvestment Fee
will not be charged by the Management Company during an applicable subscription period.
- The investment strategy of the Sub-Fund is similar to the investment strategy followed by other Sub-Funds of the Company.
However, these Sub-Funds may differ from each other on several criteria such as, but not limited to, the initial subscription
period, the launch date, the investment horizon or the applicable pricing.
- For all distributing share classes the Company targets to distribute an amount which will be determined individually.
However, such amount will in no case exceed the amount distributable by applying the general distribution policy for
Distribution Shares.
Allianz Target Maturity Euro Bond IV
Investor Profile
Allianz Target Maturity Euro Bond IV is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund before the maturity date. Allianz Target Maturity Euro Bond IV is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class types A/AT, I/IT, P/PT and W/WT may contain the additional name “Allianz Rendite Plus IV” which is placed
prior to the Share Class type.
- Share Class types A/AT may contain the additional letter “P” which is placed after the Share Class type.
- The minimum subscription amount for the investment in Shares of Share Classes A P/AT P (EUR) (after deduction of any
Sales Charge) is EUR 20,000 or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Classes A P/AT P (EUR) may only be acquired by retail clients domiciled in Italy.
- A placement fee of up to 2.00% of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the
launch date of Share Classes A2/AT2’s, C6/CT6 and W6/WT6 and paid out in a single instalment within three months of the
Share Classes A2/AT2’s, C6/CT6’s and W6/WT6 `s launch date. This Placement Fee is then amortized over the terms of the
Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.00% of Share Classes A2/AT 2’s, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch
of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s. The exit fee will remain in the Share Classes A2/AT2’s, C6/CT6’s and
W6/WT6’s and is calculated as a fix amount per Share of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s. The amount will
be reduced by up to 0.50% of the initial NAV at launch date on a semi-annual basis.
- The Management Company has the right - but is not obliged - to close the Sub-Fund or selected share classes for
subscriptions after Sub-Fund’s launch date. This closure for subscriptions might not necessarily rely on market conditions
and can be decided on a discretionary basis by the Management Company.
- Share Classes A2/AT2, C6/CT6 and W6/WT6 will be closed for subscriptions after the end of the subscription period. As
these share classes are subject to a Placement Fee an Exit Fee will become effective after the end of the applicable
subscription period.
- The Company may, for purposes of orderly settlement and equal treatment of the investors, suspend the redemption of
shares two months prior to maturity date (provided if it is not a Dealing Day, the next Dealing Day). The Company will
publish the liquidation proceeds per share at which the investors may cash in their share certificates on final maturity of the
Sub-Fund at the Registrar Agent and the Paying Agents. Unclaimed liquidation proceeds shall be deposited at the Caisse de
Consignation and will be forfeited if not claimed within the statutory period.
285
- Allianz Global Investors Fund -
- The Management Company has the right - but is not obliged - to stop the carbon intensity KPI in the last two months prior to
the sub-fund’s maturity, as the proceeds of maturing bonds may be re-invested in short-term money market/government
bonds for which no carbon intensity data is/might be available.
- The term of the Sub-Fund is limited to the maturity date; however, the Sub-Fund may be liquidated by resolution of the
Company at any time prior to that date or merged as a subfund being absorbed prior to that date. The Sub-Fund is also
liquidated in the cases listed under Section III.5.
- Subject to any prior liquidation or merger of the Sub-Fund, the Company will begin to sell the Sub-Fund's assets two months
prior to maturity date and sell all assets, collect receivables and settle liabilities by the maturity date.
- The Management Company may charge a Disinvestment Fee of up to 2 % of the Net Asset Value of the Sub-Fund or
selected share classes. The Management Company has discretion to levy a lower Disinvestment Fee.
- The investment strategy of the Sub-Fund is similar to the investment strategy followed by other Sub-Funds of the Company.
However, these Sub-Funds may differ from each other on several criteria such as, but not limited to, the initial subscription
period, the launch date, the investment horizon or the applicable pricing.
- For all distributing share classes the Company targets to distribute an amount which will be determined individually.
However, such amount will in no case exceed the amount distributable by applying the general distribution policy for
Distribution Shares.
Allianz Target Maturity Euro Bond V
Investor Profile
Allianz Target Maturity Euro Bond V is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund before the maturity date. Allianz Target Maturity Euro Bond V is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class types A/AT, I/IT, P/PT and W/WT may contain the additional name “Allianz Rendite Plus V” which is placed
prior to the Share Class type.
- Share Class types A/AT may contain the additional letter “P” which is placed after the Share Class type.
- The minimum subscription amount for the investment in Shares of Share Classes A P/AT P (EUR) (after deduction of any
Sales Charge) is EUR 20,000 or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Classes A P/AT P (EUR) may only be acquired by retail clients domiciled in Italy.
- A placement fee of up to 2.00% of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the
launch date of Share Classes A2/AT2’s, C6/CT6 and W6/WT6 and paid out in a single instalment within three months of the
Share Classes A2/AT2’s, C6/CT6’s and W6/WT6 `s launch date. This Placement Fee is then amortized over the terms of the
Sub-Fund. The Management Company has discretion to levy a lower Placement Fee.
- An exit fee of up to 2.00% of Share Classes A2/AT 2’s, C6/CT6’s and W6/WT6’s initial Net Asset Value is levied at the launch
of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s. The exit fee will remain in the Share Classes A2/AT2’s, C6/CT6’s and
W6/WT6’s and is calculated as a fix amount per Share of Share Classes A2/AT2’s, C6/CT6’s and W6/WT6’s. The amount will
be reduced by up to 0.50% of the initial NAV at launch date on a semi-annual basis.
- The Management Company has the right - but is not obliged - to close the Sub-Fund or selected share classes for
subscriptions after Sub-Fund’s launch date. This closure for subscriptions might not necessarily rely on market conditions
and can be decided on a discretionary basis by the Management Company.
- Share Classes A2/AT2, C6/CT6 and W6/WT6 will be closed for subscriptions after the end of the subscription period. As
these share classes are subject to a Placement Fee an Exit Fee will become effective after the end of the applicable
subscription period.
- The Company may, for purposes of orderly settlement and equal treatment of the investors, suspend the redemption of
shares two months prior to maturity date (provided if it is not a Dealing Day, the next Dealing Day). The Company will
publish the liquidation proceeds per share at which the investors may cash in their share certificates on final maturity of the
Sub-Fund at the Registrar and Transfer Agent and the Paying Agents. Unclaimed liquidation proceeds shall be deposited at
the Caisse de Consignation and will be forfeited if not claimed within the statutory period.
- The Management Company has the right - but is not obliged - to stop the carbon intensity KPI in the last two months prior to
the sub-fund’s maturity, as the proceeds of maturing bonds may be re-invested in short-term money market/government
bonds for which no carbon intensity data is/might be available.
- The term of the Sub-Fund is limited to the maturity date; however, the Sub-Fund may be liquidated by resolution of the
Company at any time prior to that date or merged as a subfund being absorbed prior to that date. The Sub-Fund is also
liquidated in the cases listed under Section III.5.
- Subject to any prior liquidation or merger of the Sub-Fund, the Company will begin to sell the Sub-Fund's assets two months
prior to maturity date and sell all assets, collect receivables and settle liabilities by the maturity date.
- The Management Company may charge a Disinvestment Fee of up to 2 % of the Net Asset Value of the Sub-Fund or
selected share classes. The Management Company has discretion to levy a lower Disinvestment Fee.
- The investment strategy of the Sub-Fund is similar to the investment strategy followed by other Sub-Funds of the Company.
However, these Sub-Funds may differ from each other on several criteria such as, but not limited to, the initial subscription
period, the launch date, the investment horizon or the applicable pricing.
- For all distributing share classes the Company targets to distribute an amount which will be determined individually.
However, such amount will in no case exceed the amount distributable by applying the general distribution policy for
Distribution Shares.
286
- Allianz Global Investors Fund -
Allianz Thematica
Investor Profile
Allianz Thematica is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or above-
average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund
within a period of 5 years. Allianz Thematica is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Share Class C2/CT2 and C3/CT3 will be closed after the end of the initial offer period except for reinvestment of
distributions from Distribution Shares of Share Classes C2/CT2 and C3/CT3.
- A redemption fee of up to 2.00% of Share Class C2’s and C3’s Net Asset Value is levied within the first two years after the
Share Class C2’s or C3’s launch date; thereafter no redemption fee will be charged.
- Shares of Share Class IT4 (EUR) may only be acquired by Allianz SE and its subsidiaries.
- The minimum subscription amount for the investment in Shares in Share Classes W7 and WT7 (after deduction of any Sales
Charge) is EUR 50 million or equivalent in other currencies. In certain cases, the Management Company has discretion to
permit lower minimum investments.
- Shares of Share Classes W7 and WT7 may only be acquired by Generali Group or its affiliates.
Allianz Total Return Asian Equity
Investor Profile
Allianz Total Return Asian Equity is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Total Return Asian Equity is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The Subscription Price of the Shares must be received by the Company in cleared funds within three Valuation Days after
the calculation of the Subscription Price. The Redemption Price will be paid out within three Valuation Days after
calculation the Redemption Price.
Allianz Treasury Short Term Plus Euro
Investor Profile
Allianz Treasury Short Term Plus Euro is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 1 year.
Allianz Treasury Short Term Plus Euro is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of the Share Class I2 (EUR) and IT2 (EUR) (after deduction of
any Sales Charge) is EUR 8 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- Shares of Share Classes I4 (EUR) and IT4 (EUR) may only be acquired by Allianz Nederland Levensverzekering and/or
Allianz Benelux.
- Shares of Share Classes WT7 may only be acquired by investors who are clients of FINECO, or its affiliates.
- The minimum subscription amount for the investment in Shares of the Share Class WT7 (after deduction of any Sales
Charge) is EUR 500 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
287
- Allianz Global Investors Fund -
Allianz Trend and Brands
Investor Profile
Allianz Trend and Brands is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 3 years. Allianz Trend and Brands is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
- A placement fee of up to 3.50% of Initial NAV at Share Classes C/CT’s and W6/WT6’s launch date is levied on the Share
Classes C/CT and W6/WT6 and paid out in a single instalment after the end of the suscription period. This Placement Fee is
then amortized over a 5-year period of the Sub-Fund. The Management Company has discretion to levy a lower Placement
Fee.
- An exit fee of up to 3.50% of initial NAV at Share Classes C/CT’s and W6/WT6’s launch date will be applied after the end of
the subscription period for share classes C/ CT and W6/ WT6. The exit fee will remain in the Share Classes C/CT and
W6/WT6 and is calculated as a fix amount per Share of Share Classes C/CT and W6/WT6. The amount will be reduced by
up to 0.35% of the initial NAV at launch date on a semi-annual basis.
- The Management Company intends to limit subscriptions such that selected share classes will be closed for subscriptions
after the end of a subscription period to be determined yet. This closure for subscriptions might not necessarily rely on
market conditions and can be decided on a discretionary basis by the Management Company.
- The Management Company has the intention – but is legally not obliged – to liquidate or merge the Sub-Fund into another
UCITS or UCI after 5 to 15 years after the Sub-Fund’s launch date.
Allianz UK Government Bond
Investor Profile
Allianz UK Government Bond is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 3 years. Allianz UK Government Bond is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares of Share Classes W8 (GBP) and WT8 (GBP) (after deduction
of any Sales Charge) is EUR 250 million. In certain cases, the Management Company has discretion to permit lower
minimum investments.
Allianz Unconstrained Multi Asset Strategy
Investor Profile
Allianz Unconstrained Multi Asset Strategy is aimed at investors who pursue the objective of general capital formation/asset
optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their
capital from the Sub-Fund within a period of 5 years. Allianz Unconstrained Multi Asset Strategy is aimed at investors with basic
knowledge and/or experience of financial products. Prospective investors should be capable of bearing a financial loss and
should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Classes A13 and AT13 may be acquired using exclusive distribution via online brokerage platforms, self-
directing clients or fee-based advisory (“Honorarberatung”) only.
- Shares of Share Classes C and CT may be acquired for all other sales channels (distribution via traditional branch business)
which are not included in the exclusive scope of Share Classes A13 and AT13.
- The minimum subscription amount for the investment in Shares of the Share Class I4 (H2-EUR) (after deduction of any Sales
Charge) is EUR 12.5 million. In certain cases, the Management Company has discretion to permit lower minimum
investments.
288
- Allianz Global Investors Fund -
Allianz US Equity Fund
Investor Profile
Allianz US Equity Fund is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz US Equity Fund is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz US Equity Plus
Investor Profile
Allianz US Equity Plus is aimed at investors who pursue the objective of general capital formation/asset optimisation and/or
above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from the
Sub-Fund within a period of 5 years. Allianz US Equity Plus is aimed at investors with basic knowledge and/or experience of
financial products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to
capital protection.
Other Provisions / Restrictions / Additional Information
Allianz US Equity powered by Artificial Intelligence
Investor Profile
Allianz US Equity powered by Artificial Intelligence is aimed at investors who pursue the objective of general capital
formation/asset optimisation and/or above-average participation in price changes. It may not be suitable for investors who wish
to withdraw their capital from the Sub-Fund within a period of 5 years. Allianz US Equity powered by Artificial Intelligence is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz US High Yield
Investor Profile
Allianz US High Yield is aimed at investors who pursue the objective of general capital formation/asset optimisation. It may not
be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 4 years. Allianz US High Yield is
aimed at investors with basic knowledge and/or experience of financial products. Prospective investors should be capable of
bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
- Shares of Share Class IT8 (H2-EUR) may only be acquired for clients domiciled in Italy which have signed a discretionary
investment management agreement with the Management Company.
- For the share class WQ (H2-EUR) the Company targets to distribute an amount which will be determined each quarter
individually. It is envisaged that the net performance of the share class of the previous quarter will be fully or partially
distributed even if such distribution would require to distribute unrealized capital gains and/or capital. The amount will in no
case exceed the amount distributable by applying the current general distribution policy for Distribution Shares. The net
performance will be calculated as the difference between the NAV of the share class at the beginning and at the end of the
previous quarter. If the NAV at the end of the previous quarter will fall below the NAV at the beginning of the previous
quarter, no distribution is envisaged.
289
- Allianz Global Investors Fund -
Allianz US Investment Grade Credit
Investor Profile
The Allianz US Investment Grade Credit is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 5 years.
The Allianz US Investment Grade Credit is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz US Large Cap Value
Investor Profile
The Allianz US Large Cap Value is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the fund within a period of 5 years. The Allianz US Large Cap Value is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz US Short Duration High Income Bond
Investor Profile
Allianz US Short Duration High Income Bond is aimed at investors who pursue the objective of general capital formation/asset
optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a period of 3 years.
Allianz US Short Duration High Income Bond is aimed at investors with basic knowledge and/or experience of financial products.
Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital protection.
Other Provisions / Restrictions / Additional Information
Allianz Volatility Strategy Fund
Investor Profile
Allianz Volatility Strategy Fund is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 5 years. Allianz Volatility Strategy Fund is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
- The minimum subscription amount for the investment in Shares in Share Classes P7 (EUR) and PT7 (EUR) (after deduction of
any Sales Charge) is EUR 100,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
- The minimum subscription amounts for the investment in Shares in Share Classes, P2, PT2 are CHF 100,000, CZK 1.5 million,
DKK 500,000, EUR 50,000, JPY 10 million, GBP 50,000, HKD 500,000, HUF 12.5 million, NOK 400,000, PLN 200,000, SEK
500,000, SGD 100,000, USD 50,000. In certain cases, the Management Company has discretion to permit lower minimum
investments.
290
- Allianz Global Investors Fund -
IndexManagement Balance
Investor Profile
IndexManagement Balance is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 3 years. IndexManagement Balance is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
IndexManagement Chance
Investor Profile
IndexManagement Chance is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. IndexManagement Chance is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
IndexManagement Substanz
Investor Profile
IndexManagement Substanz is aimed at investors who prioritise safety and/or pursue the objective of general capital
formation/asset optimisation. It may not be suitable for investors who wish to withdraw their capital from the Sub-Fund within a
period of 3 years. IndexManagement Substanz is aimed at investors with basic knowledge and/or experience of financial
products. Prospective investors should be capable of bearing a financial loss and should not attach any importance to capital
protection.
Other Provisions / Restrictions / Additional Information
IndexManagement Wachstum
Investor Profile
IndexManagement Wachstum is aimed at investors who pursue the objective of general capital formation/asset optimisation
and/or above-average participation in price changes. It may not be suitable for investors who wish to withdraw their capital from
the Sub-Fund within a period of 4 years. IndexManagement Wachstum is aimed at investors with basic knowledge and/or
experience of financial products. Prospective investors should be capable of bearing a financial loss and should not attach any
importance to capital protection.
Other Provisions / Restrictions / Additional Information
291
- Allianz Global Investors Fund -
Appendix 7
Proportions of a Sub-Fund’s Net Asset Value Subject to
Securities Financing Transactions
The following maximum and expected proportion of the Net Asset Value apply to all Sub-Funds that can
be subject to TRS/CFDs. Sub-Funds not listed below are at current not subject to TRS/CFDs and do not
intend to make use of TRS/CFDs.
TRS and CFDs
(summed up)
Sub-Fund Name Expected/Maximum Rationale for Usage of Securities Financing Transactions
Proportion of NAV
(%)
Allianz Better World 20/50 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Defensive classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to sustainability-oriented indices via securities is either
not possible or not possible to a sufficient extent and therefore TRS are used
for gaining more efficient exposure.
Allianz Better World 20/50 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Dynamic classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to sustainability-oriented indices via securities is either
not possible or not possible to a sufficient extent and therefore TRS are used
for gaining more efficient exposure.
Allianz Better World 20/50 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Moderate classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to sustainability-oriented indices via securities is either
not possible or not possible to a sufficient extent and therefore TRS are used
for gaining more efficient exposure.
Allianz Dynamic 100/200 The Sub-Fund uses TRS to gain long or short exposure to certain asset classes
Allocation Plus Equity in an efficient manner with aim of enhancing the return profile or managing
risk. In addition, TRS might also be used in e.g., situations where access to the
underlyings via securities is either not possible or not possible to a sufficient
extent.
Allianz Dynamic 150/300 The Sub-Fund uses TRS on commodities to gain exposure to commodity
Commodities markets in an efficient manner with the aim of enhancing the return profile or
managing risk. Sub-Fund’s gross exposure to TRS may be therefore large
without increasing the risk profile of the Sub-Fund in general.
Allianz Dynamic Multi 10/30 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Asset Strategy SRI 15 classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to specific opportunistic and/or thematic investments
via securities is either not possible or not possible to a sufficient extent and
therefore TRS are used for gaining more efficient exposure.
Allianz Dynamic Multi 10/30 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Asset Strategy SRI 30 classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to specific opportunistic and/or thematic investments
via securities is either not possible or not possible to a sufficient extent and
therefore TRS are used for gaining more efficient exposure.
Allianz Dynamic Multi 10/30 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Asset Strategy SRI 50 classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to specific opportunistic and/or thematic investments
via securities is either not possible or not possible to a sufficient extent and
therefore TRS are used for gaining more efficient exposure.
Allianz Dynamic Multi 10/30 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Asset Strategy SRI 75 classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to specific opportunistic and/or thematic investments
via securities is either not possible or not possible to a sufficient extent and
therefore TRS are used for gaining more efficient exposure.
292
- Allianz Global Investors Fund -
TRS and CFDs
(summed up)
Sub-Fund Name Expected/Maximum Rationale for Usage of Securities Financing Transactions
Proportion of NAV
(%)
Allianz Global Allocation 10/50 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Opportunities classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to specific opportunistic and/or thematic investments
via securities is either not possible or not possible to a sufficient extent and
therefore TRS are used for gaining more efficient exposure.
Allianz Global Multi 50/120 The Sub-Fund uses TRS to gain long or short exposure to certain asset classes
Asset Sustainability in an efficient manner with aim of enhancing the return profile or managing
Balanced risk. In addition, TRS might also be used in e.g., situations where access to the
underlyings via securities is either not possible or not possible to a sufficient
extent.
Allianz Multi Asset Long 50/140 The Sub-Fund uses TRS to gain long or short exposure to certain asset classes
/ Short in an efficient manner with aim of enhancing the return profile or managing
risk. In addition, TRS might also be used in e.g., situations where access to the
underlyings via securities is either not possible or not possible to a sufficient
extent.
Allianz Multi Asset Risk 150/300 The Sub-Fund uses TRS to gain long or short exposure to certain asset classes
Premia in an efficient manner with aim of enhancing the return profile or managing
risk. In addition, TRS might also be used in e.g., situations where access to the
underlyings via securities is either not possible or not possible to a sufficient
extent.
Allianz Sustainable Multi 20/50 The Sub-Fund uses TRS mainly to gain long or short exposure to certain asset
Asset 75 classes in various situations e.g., where exposure to the asset is core meeting
the stated investment objectives. In addition, TRS might also be used in e.g.,
situations where access to specific opportunistic and/or thematic investments
via securities is either not possible or not possible to a sufficient extent and
therefore TRS are used for gaining more efficient exposure.
Allianz Unconstrained 30/75 The Sub-Fund uses TRS on commodities which can provide additional
Multi Asset Strategy diversification and income sources for Sub-Fund’s portfolio. TRS may be used
to gain exposure to assets in an efficient manner with aim of enhancing the
return profile or managing risk. TRS on further underlyings might also be used
in e.g., situations where access to the underlying via securities is either not
possible or not possible to a sufficient extent and therefore TRS are used for
gaining more efficient exposure.
293
- Allianz Global Investors Fund -
Appendix 8
Other Investment Funds Managed by the Management
Company
As at the date of the Prospectus the Management Company managed undertakings for collective
investment in transferable securities (UCITS) or other undertakings for collective investment (UCI)
established in Luxembourg either in the legal form as “fonds communs de placement en valeurs
mobilières” (FCP) or as Société d’Investissement à Capital Variable (SICAV) as defined in the Law.
The Management Company managed as well undertakings for collective investment situated in
Luxembourg as specialised investment fund according to the Luxembourg Law of 13 February 2007
relating to specialised investment funds and undertakings for collective investment situated in
Luxembourg as reserved alternative investment funds according to the Luxembourg Law of 23 July 2016
relating to reserved alternative investment funds, each as amended from time to time.
The Management Company managed as well undertakings for collective investment in transferable
securities (UCITS) or other undertakings for collective investment (UCI) established in France, Germany
and Italy according to the corresponding domestic jurisdiction.
A list of all Funds and Share Classes which are available for public distribution in your home country may
be obtained, free of charge upon request, at the registered office of the Company, from the Management
Company or from the website https://regulatory.allianzgi.com.
294
- Allianz Global Investors Fund -
Appendix 9
Benchmark Regulation & ESMA Register
EU administrators and administrators of third country benchmarks if the benchmark is mentioned in
Appendix 1, Part B, and/or in Appendix 2, Part B and/or in Appendix 4 of this Prospectus are listed in the
overview below.
Benchmark
EU / European Economic Area Status (as at the date of this Prospectus)
Administrator
Bank of England Exempted according to Article 2 (2) of the Benchmark Regulation
Bloomberg Index Authorisation under Article 34 of the Benchmark Regulation
Services Limited
European Central Bank Exempted according to Article 2 (2) of the Benchmark Regulation
(ECB)
European Money Authorisation under Article 34 of the Benchmark Regulation
Markets Institute
FTSE International Authorisation under Article 34 of the Benchmark Regulation
Limited
ICE Benchmark Authorisation under Article 34 of the Benchmark Regulation
Administration Limited
IHS Markit Benchmark Authorisation under Article 34 of the Benchmark Regulation
Administration Limited
J.P. Morgan Securities Registration under Article 34 of the Benchmark Regulation
PLC
JPX Market Innovation & Recognition under Article 32 of the Benchmark Regulation
Research, Inc.
MSCI Limited Authorisation under Article 34 of the Benchmark Regulation
Nasdaq Copenhagen Registration under Article 34 of the Benchmark Regulation
A/S
Refinitiv Benchmark Registration under Article 34 of the Benchmark Regulation
Services (UK) Limited
S&P Dow Jones Indices Endorsement under Article 33 of the Benchmark Regulation
LLC
STOXX Ltd. Recognition under Article 32 of the Benchmark Regulation
US Federal Reserve Exempted according to Article 2 (2) of the Benchmark Regulation
Bank
The Management Company will monitor the ESMA Register and, if there are any changes, this
information will be updated in the Prospectus at the next opportunity.
295
- Allianz Global Investors Fund -
Appendix 10
Sub-Funds managed in accordance with the
Sustainability-related Disclosure Regulation and specific
information to be disclosed in accordance with the
Taxonomy Regulation
The investments of a Sub-Fund may basically consist of assets and/or instruments as mentioned in the
“General Investment Principles”, whereby there may also be additional restrictions to be found in the Sub-
Fund’s specific Asset Class Principles and in the Sub-Fund’s individual investment objectives and
investment restrictions as described in Appendix 1, Part B.
Sub-Fund
Sub-Fund is Sub-Fund is
fulfils only Minimum of Considerations
managed in managed in Minimum of
transparency Taxonomy of principal
Sub-Fund Name accordance accordance Sustainable
requirements aligned adverse
with SFDR with SFDR Investments
according to Investments impacts
Article 8 (1) Article 9 (1)
SFDR Article 6
Allianz ActiveInvest
- 9 - 10.00 % 0.01 % 9
Balanced
Allianz ActiveInvest
- 9 - 10.00 % 0.01 % 9
Defensive
Allianz ActiveInvest
- 9 - 10.00 % 0.01 % 9
Dynamic
Allianz Advanced Fixed
- 9 - 2.00 % 0.01 % 9
Income Euro
Allianz Advanced Fixed
- 9 - 2.00 % 0.01 % 9
Income Global
Allianz Advanced Fixed
Income Global - 9 - 2.00 % 0.01 % 9
Aggregate
Allianz Advanced Fixed
- 9 - 10.00 % 0.01 % 9
Income Short Duration
Allianz All China Equity - 9 - 5.00 % 0.00 % 9
Allianz Alternative
9 - - - - -
Investment Strategies
Allianz American Income 9 - - - - -
Allianz Asia Pacific
9 - - - - -
Income
Allianz Asian Multi
9 - - - - -
Income Plus
Allianz Asian Small Cap
9 - - - - -
Equity
Allianz Best Ideas 2025 9 - - - - -
Allianz Best Styles
9 - - - - -
Euroland Equity
Allianz Best Styles
9 - - - - -
Europe Equity
Allianz Best Styles
- 9 - 30.00 % 0.01 % 9
Europe Equity SRI
Allianz Best Styles
9 - - - - -
Global AC Equity
Allianz Best Styles
9 - - - - -
Global Equity
Allianz Best Styles
- 9 - 30.00 % 0.01 % 9
Global Equity SRI
Allianz Best Styles Pacific
9 - - - - -
Equity
Allianz Best Styles US
- 9 - 15.00 % 0.01 % 9
Equity
296
- Allianz Global Investors Fund -
Sub-Fund
Sub-Fund is Sub-Fund is
fulfils only Minimum of Considerations
managed in managed in Minimum of
transparency Taxonomy of principal
Sub-Fund Name accordance accordance Sustainable
requirements aligned adverse
with SFDR with SFDR Investments
according to Investments impacts
Article 8 (1) Article 9 (1)
SFDR Article 6
Allianz Better World
- - 9 80 % 0.01 % 9
Defensive
Allianz Better World
- - 9 80 % 0.01 % 9
Dynamic
Allianz Better World
- - 9 80 % 0.01 % 9
Moderate
Allianz Capital Plus - 9 - 1.50 % 0.01 % 9
Allianz Capital Plus
- 9 - 1.50 % 0.01 % 9
Global
Allianz China A
- 9 - 5.00 % 0.00 % 9
Opportunities
Allianz China A-Shares - 9 - 5.00 % 0.00 % 9
Allianz China Equity - 9 - 2.00 % 0.00 % 9
Allianz China Future
9 - - - - -
Technologies
Allianz China Healthy
9 - - - - -
Living
Allianz China Strategic
9 - - - - -
Bond
Allianz China Thematica - 9 - 5.00 % 0.00 % 9
Allianz Clean Planet - 9 - > 50 % 0.00 % 9
Allianz Climate
- 9 - 15.00 % 0.01 % 9
Transition
Allianz Convertible Bond - 9 - 0.00 % 0.00 % 9
Allianz Coupon Select
9 - - - - -
Plus VI
Allianz Credit
9 - - - - -
Opportunities
Allianz Credit
9 - - - - -
Opportunities Plus
Allianz Cyber Security - 9 - 2.00 % 0.00 % 9
Allianz Dynamic
- 9 - 20.00 % 0.01 % 9
Allocation Plus Equity
Allianz Dynamic Asian
9 - - - - -
High Yield Bond
Allianz Dynamic
9 - - - - -
Commodities
Allianz Dynamic Multi
- 9 - 10.00 % 0.01 % 9
Asset Strategy SRI 15
Allianz Dynamic Multi
- 9 - 10.00 % 0.01 % 9
Asset Strategy SRI 30
Allianz Dynamic Multi
- 9 - 15.00 % 0.01 % 9
Asset Strategy SRI 50
Allianz Dynamic Multi
- 9 - 20.00 % 0.01 % 9
Asset Strategy SRI 75
Allianz Emerging Asia
9 - - - - -
Equity
Allianz Emerging
9 - - - - -
Markets Equity
Allianz Emerging
Markets Equity 9 - - - - -
Opportunities
Allianz Emerging
- 9 - 10.00 % 0.01 % 9
Markets Equity SRI
Allianz Emerging
Markets Multi Asset 9 - - - - -
Income
Allianz Emerging
9 - - - - -
Markets Select Bond
297
- Allianz Global Investors Fund -
Sub-Fund
Sub-Fund is Sub-Fund is
fulfils only Minimum of Considerations
managed in managed in Minimum of
transparency Taxonomy of principal
Sub-Fund Name accordance accordance Sustainable
requirements aligned adverse
with SFDR with SFDR Investments
according to Investments impacts
Article 8 (1) Article 9 (1)
SFDR Article 6
Allianz Emerging
Markets Short Duration 9 - - - - -
Bond
Allianz Emerging
9 - - - - -
Markets Sovereign Bond
Allianz Emerging
- 9 - 5.00 % 0.01 % 9
Markets SRI Bond
Allianz Emerging
Markets SRI Corporate - 9 - 5.00 % 0.01 % 9
Bond
Allianz Enhanced Short
- 9 - 2.50 % 0.01 % 9
Term Euro
Allianz Euro Balanced - 9 - 7.50 % 0.01 % 9
Allianz Euro Bond - 9 - 3.00 % 0.01 % 9
Allianz Euro Bond Short
- 9 - 1.00 % 0.01 % 9
Term 1-3 Plus
Allianz Euro Credit SRI - 9 - 15.00 % 0.01 % 9
Allianz Euro Government
- 9 - 1.00 % 0.00 % 9
Bond
Allianz Euro High Yield
- 9 - 5.00 % 0.01 % 9
Bond
Allianz Euro High Yield
- 9 - 20.00 % 0.01 % 9
Defensive
Allianz Euro Inflation-
- 9 - 0.00 % 0.00 % 9
linked Bond
Allianz Euroland Equity
- 9 - 0.00 % 0.00 % 9
Growth
Allianz Europe Equity
- 9 - 0.00 % 0.00 % 9
Growth
Allianz Europe Equity
- 9 - 0.00 % 0.00 % 9
Growth Select
Allianz Europe Equity
powered by Artificial 9 - - - - -
Intelligence
Allianz Europe Equity SRI - 9 - 15.00 % 0.01 % 9
Allianz Europe Equity
- 9 - 10.00 % 0.01 % 9
Value
Allianz Europe Income
9 - - - - -
and Growth
Allianz Europe Mid Cap
- 9 - 30.00 % 0.01 % 9
Equity
Allianz Europe Small and
- 9 - 20.00 % 0.01 % 9
Micro Cap Equity
Allianz Europe Small
- 9 - 20.00 % 0.01 % 9
Cap Equity
Allianz European Bond
9 - - - - -
RC
Allianz European Equity
- 9 - 10.00 % 0.01 % 9
Dividend
Allianz Flexi Asia Bond - 9 - 2.50 % 0.01 % 9
Allianz Floating Rate
- 9 - 3.00 % 0.01 % 9
Notes Plus
Allianz Food Security - 9 - > 50 % 0.00 % 9
Allianz GEM Equity High
9 - - - - -
Dividend
Allianz German Equity - 9 - 15.00 % 0.01 % 9
Allianz German Small
9 - - - - -
and Micro Cap
298
- Allianz Global Investors Fund -
Sub-Fund
Sub-Fund is Sub-Fund is
fulfils only Minimum of Considerations
managed in managed in Minimum of
transparency Taxonomy of principal
Sub-Fund Name accordance accordance Sustainable
requirements aligned adverse
with SFDR with SFDR Investments
according to Investments impacts
Article 8 (1) Article 9 (1)
SFDR Article 6
Allianz Global
9 - - - - -
Aggregate Bond
Allianz Global Allocation
- 9 - 10.00 % 0.01 % 9
Opportunities
Allianz Global Artificial
- 9 - 10.00 % 0.01 % 9
Intelligence
Allianz Global Capital
- 9 - 1.50 % 0.01 % 9
Plus
Allianz Global Credit SRI - 9 - 10.00 % 0.01 % 9
Allianz Global Diversified
- 9 - 10.00 % 0.01 % 9
Dividend
Allianz Global Dividend 9 - - - - -
Allianz Global Dynamic
9 - - - - -
Multi Asset Income
Allianz Global Emerging
9 - - - - -
Markets Equity Dividend
Allianz Global Equity
- 9 - 0.00 % 0.00 % 9
Growth
Allianz Global Equity
- 9 - 10.00 % 0.01 % 9
Insights
Allianz Global Equity
powered by Artificial 9 - - - - -
Intelligence
Allianz Global Equity
- 9 - 0.00 % 0.00 % 9
Unconstrained
Allianz Global Floating
- 9 - 5.00 % 0.01 % 9
Rate Notes Plus
Allianz Global
9 - - - - -
Government Bond
Allianz Global High Yield - 9 - 5.00 % 0.01 % 9
Allianz Global Hi-Tech
- 9 - 10.00 % 0.01 % 9
Growth
Allianz Global Income 9 - - - - -
Allianz Global Intelligent
- 9 - 10.00 % 0.01 % 9
Cities Income
Allianz Global Metals
9 - - - - -
and Mining
Allianz Global Multi-
- 9 - 10.00 % 0.01 % 9
Asset Credit
Allianz Global Multi
Asset Sustainability - 9 - 3.00 % 0.01 % 9
Balanced
Allianz Global
9 - - - - -
Opportunistic Bond
Allianz Global Small Cap
9 - - - - -
Equity
Allianz Global
- 9 - 20.00 % 0.01 % 9
Sustainability
Allianz Global Water - 9 - > 50 % 0.00 % 9
Allianz Green Bond - - 9 80 % 0.01 % 9
Allianz Green Future - 9 - 5.00 % 0.01 % 9
Allianz Green Transition
- 9 - 20.00 % 0.01 % 9
Bond
Allianz High Dividend
- 9 - 2.00 % 0.00 % 9
Asia Pacific Equity
Allianz HKD Income 9 - - - - -
Allianz Hong Kong
9 - - - - -
Equity
299
- Allianz Global Investors Fund -
Sub-Fund
Sub-Fund is Sub-Fund is
fulfils only Minimum of Considerations
managed in managed in Minimum of
transparency Taxonomy of principal
Sub-Fund Name accordance accordance Sustainable
requirements aligned adverse
with SFDR with SFDR Investments
according to Investments impacts
Article 8 (1) Article 9 (1)
SFDR Article 6
Allianz Income and
9 - - - - -
Growth
Allianz India Equity 9 - - - - -
Allianz Japan Equity - 9 - 5.00 % 0.00 % 9
Allianz Japan Smaller
9 - - - - -
Companies Equity
Allianz Little Dragons 9 - - - - -
Allianz Multi Asset Long
9 - - - - -
/ Short
Allianz Multi Asset Risk
9 - - - - -
Premia
Allianz Oriental Income 9 - - - - -
Allianz Pet and Animal
- 9 - 20.00 % 0.00 % 9
Wellbeing
Allianz Positive Change - 9 - > 50 % 0.01 % 9
Allianz Premium
9 - - - - -
Champions
Allianz Renminbi Fixed
9 - - - - -
Income
Allianz SDG Euro Credit - - 9 80 % 0.01 % 9
Allianz SDG Global
- - 9 80 % 0.01 % 9
Equity
Allianz Select Income
9 - - - - -
and Growth
Allianz Selection
9 - - - - -
Alternative
Allianz Selection Fixed
- 9 - 0.00 % 0.00 % -
Income
Allianz Selection Small
- 9 - 0.00 % 0.00 % -
and Mid Cap Equity
Allianz Selective Global
- 9 - 5.00 % 0.01 % 9
High Income
Allianz SGD Income 9 - - - - -
Allianz Short Duration
- 9 - 10.00 % 0.01 % 9
Global Bond SRI
Allianz Smart Energy - 9 - > 50 % 0.00 % 9
Allianz Social Conviction
- 9 - 30.00 % 0.01 % 9
Equity
Allianz Strategic Bond 9 - - - - -
Allianz Strategy Select
9 - - - - -
30
Allianz Strategy Select
9 - - - - -
50
Allianz Strategy Select
9 - - - - -
75
Allianz Strategy4Life
- 9 - 0.00 % 0.00 % 9
Europe 40
Allianz Sustainable
- 9 - > 50 % 0.00 % 9
Health Evolution
Allianz Sustainable Multi
- 9 - 20.00 % 0.01 % 9
Asset 75
Allianz Systematic
- 9 - 20.00 % 0.01 % 9
Enhanced US Equity SRI
Allianz Target Maturity
- 9 - 5.00 % 0.01 % 9
Euro Bond I
Allianz Target Maturity
- 9 - 5.00 % 0.01 % 9
Euro Bond II
300
- Allianz Global Investors Fund -
Sub-Fund
Sub-Fund is Sub-Fund is
fulfils only Minimum of Considerations
managed in managed in Minimum of
transparency Taxonomy of principal
Sub-Fund Name accordance accordance Sustainable
requirements aligned adverse
with SFDR with SFDR Investments
according to Investments impacts
Article 8 (1) Article 9 (1)
SFDR Article 6
Allianz Target Maturity
- 9 - 5.00 % 0.01 % 9
Euro Bond III
Allianz Target Maturity
- 9 - 5.00 % 0.01 % 9
Euro Bond IV
Allianz Target Maturity
- 9 - 5.00 % 0.01 % 9
Euro Bond V
Allianz Thematica - 9 - 30.00 % 0.00 % 9
Allianz Total Return
- 9 - 2.00 % 0.00 % 9
Asian Equity
Allianz Treasury Short
- 9 - 5.00 % 0.01 % 9
Term Plus Euro
Allianz Trend and
9 - - - - -
Brands
Allianz UK Government
9 - - - - -
Bond
Allianz Unconstrained
9 - - - - -
Multi Asset Strategy
Allianz US Equity Fund 9 - - - - -
Allianz US Equity Plus 9 - - - - -
Allianz US Equity
powered by Artificial 9 - - - - -
Intelligence
Allianz US High Yield 9 - - - - -
Allianz US Investment
- 9 - 10.00 % 0.01 % 9
Grade Credit
Allianz US Large Cap
- 9 - 10.00 % 0.01 % 9
Value
Allianz US Short
Duration High Income - 9 - 3.00 % 0.00 % 9
Bond
Allianz Volatility
9 - - - - -
Strategy Fund
IndexManagement
9 - - - - -
Balance
IndexManagement
9 - - - - -
Chance
IndexManagement
9 - - - - -
Substanz
IndexManagement
9 - - - - -
Wachstum
The Sub-Fund committing to a minimum percentage of investments that take into account the EU criteria
for environmentally sustainable economic activities (i.e., Taxonomy-aligned) contributes through its
investments to the following environmental objectives: (i) mitigation of climate change, and/or (ii)
adaptation to climate change. The Technical Screening Criteria (“TSC”) for environmentally sustainable
economic have not yet been fully developed (in particular for the other four environmental objectives
determined by the Taxonomy Regulation). These detailed criteria will require the availability of multiple,
specific data points regarding each investment, mainly relying on Company reported data. As at the date
hereof, there is only limited reliable, timely and verifiable data available to be able to assess investments
using the TSC. In, this context, the Management Company has selected an external Data and Research
provider for determining the committed Taxonomy shares. The external Data and Research
providerassesses corporate disclosures to evaluate if business activities of corporates meet the TSCs
defined by the EU Commission. An additional Do No Significant Harm assessment on issuer is performed
by the Management Company to evaluate the eligibility of the Taxonomy-aligned.
The “do no significant harm” principle applies only to those investments underlying the financial product
that take into account the EU criteria for environmentally sustainable economic activities. The investments
underlying the remaining portion of this financial product do not take into account the EU criteria for
301
- Allianz Global Investors Fund -
environmentally sustainable economic activities. Any other Sustainable Investments must also not
significantly harm any environmental or social objectives.
SFDR Article 8 and Article 9 products, which have a high proportion of third-party target funds, do not
mitigate PAI indicators, as the third-party target invetsment manager`s approach to exclusion criteria will
likely be different than the Investment Managers` for instance regarding calculation methodology,
underlying data, and thresholds. Sub-Funds, which are not managed in accordance with SFDR Article 8
and Article 9 do not mitigate PAI indicators as they do not apply the sustainable minimum exclusion
criteria.
302
- Allianz Global Investors Fund -
Appendix 11
Important Information for Investors
Australia
This Prospectus is not a prospectus or product disclosure statement under the Corporations Act 2001 (Cth) (Corporations Act) and
does not constitute a recommendation to acquire, an invitation to apply for, an offer to apply for or buy, an offer to arrange the
issue or sale of, or an offer for issue or sale of, any securities in Australia except as set out below. The Company has not
authorised nor taken any action to prepare or lodge with the Australian Securities & Investments Commission an Australian law
compliant prospectus or product disclosure statement.
Accordingly, this Prospectus may not be issued or distributed in Australia and the Shares may not be offered, issued, sold or
distributed in Australia by any person, under this Prospectus other than by way of or pursuant to an offer or invitation that does
not need disclosure to investors under Part 6D.2 or Part 7.9 of the Corporations Act or otherwise.
This Prospectus does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or
invitation to arrange the issue or sale, or an issue or sale, of Shares to a 'retail client' (as defined in section 761G of the
Corporations Act and applicable regulations) in Australia.
Austria
Note for Investors in the Republic of Austria
The sale of Shares of the Sub-Funds Allianz Advanced Fixed Income Global, Allianz Advanced Fixed Income Global Aggregate,
Allianz Advanced Fixed Income Short Duration, Allianz All China Equity, Allianz Asian Small Cap Equity, Allianz Best Styles
Europe Equity, Allianz Best Styles Global Equity, Allianz Best Styles US Equity, Allianz China A Opportunities, Allianz China A-
Shares, Allianz China Equity, Allianz China Strategic Bond, Allianz Clean Planet, Allianz Convertible Bond, Allianz Credit
Opportunities, Allianz Credit Opportunities Plus, Allianz Cyber Security, Allianz Dynamic Multi Asset Strategy SRI 15, Allianz
Dynamic Multi Asset Strategy SRI 50, Allianz Dynamic Multi Asset Strategy SRI 75, Allianz Emerging Asia Equity, Allianz Emerging
Markets Equity, Allianz Emerging Markets Equity Opportunities, Allianz Emerging Markets Equity SRI, Allianz Emerging Markets
Short Duration Bond, Allianz Emerging Markets Sovereign Bond, Allianz Enhanced Short Term Euro, Allianz Euro Bond, Allianz
Euro Credit SRI, Allianz Euro High Yield Bond, Allianz Euro High Yield Defensive, Allianz Euro Inflation-linked Bond, Allianz
Euroland Equity Growth, Allianz Europe Equity Growth, Allianz Europe Equity Growth Select, Allianz Europe Equity SRI, Allianz
Europe Equity Value, Allianz Europe Small Cap Equity, Allianz European Equity Dividend, Allianz Flexi Asia Bond, Allianz Floating
Rate Notes Plus, Allianz Food Security, Allianz GEM Equity High Dividend, Allianz German Equity, Allianz Global Allocation
Opportunities, Allianz Global Artificial Intelligence, Allianz Global Credit SRI, Allianz Global Diversified Dividend, Allianz Global
Dividend, Allianz Global Emerging Markets Equity Dividend, Allianz Global Equity Insights, Allianz Global Equity Unconstrained,
Allianz Global Floating Rate Notes Plus, Allianz Global Hi-Tech Growth, Allianz Global High Yield, Allianz Global Income, Allianz
Global Metals and Mining, Allianz Global Multi-Asset Credit, Allianz Global Small Cap Equity, Allianz Global Sustainability,
Allianz Global Water, Allianz Green Bond, Allianz Hong Kong Equity, Allianz Income and Growth, Allianz Japan Equity, Allianz
Japan Smaller Companies Equity, Allianz Multi Asset Long / Short, Allianz Oriental Income, Allianz Pet and Animal Wellbeing,
Allianz Positive Change, Allianz Renminbi Fixed Income, Allianz SDG Euro Credit, Allianz Selective Global High Income, Allianz
Smart Energy, Allianz Strategic Bond, Allianz Sustainable Health Evolution, Allianz Target Maturity Euro Bond III, Allianz
Thematica, Allianz Total Return Asian Equity, Allianz Treasury Short Term Plus Euro, Allianz Unconstrained Multi Asset Strategy,
Allianz US Equity Fund, Allianz US High Yield, Allianz US Investment Grade Credit and Allianz US Short Duration High Income
Bond in the Republic of Austria has been registered with the Finanzmarktaufsicht (Vienna) pursuant to section 140 InvFG. It is
recommended to the investors to check before the acquisition of shares of the Sub-Funds if for the respective share class the
required fiscal data are published via Oesterreichische Kontrollbank AG.
Brunei
This Prospectus relates to a foreign collective investment scheme which is not subject to any form of domestic regulation by the
Autoriti Monetary Brunei Darussalam (the “Authority”). The Authority is not responsible for reviewing or verifying any prospectus
or other documents in connection with this collective investment scheme. The Authority has not approved this Prospectus or any
other associated documents nor taken any steps to verify the information set out in this Prospectus and is not responsible for it.
This Prospectus is addressed to a specific and selected class of investors who are an accredited investor, an expert investor or an
institutional investor as defined in section 20 of the Securities Market Order, 2013, only, at their request so that they may consider
an investment and subscription in the Shares. If you are not such a person, you may not receive, use, or rely on this Prospectus.
This Prospectus is not issued to the public or any class or section of the public in Brunei.
The Shares to which this Prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers should
conduct their own due diligence on the Shares.
If you do not understand the contents of this Prospectus, you should consult a licensed financial adviser.
Denmark
Taxation of Danish Investors in Denmark
The description below is based on Danish tax law as in place on 2 December 2011.
The following summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to
a decision to acquire, hold or dispose of the shares, and does not purport to deal with the tax consequences applicable to all
categories of investors, some of which (such as professional dealers in securities) may be subject to special rules. Potential
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investors are under all circumstances strongly recommended to contact their own tax advisor to clarify the individual
consequences of their investment, holding and disposal of the shares.
The Company makes no representations regarding the tax consequences of purchase, holding or disposal of the shares.
The Company is an investment company with variable capital under Luxembourg law and governed by the UCITS Directive and
is, thus perceived as an investment company governed by Section 19 of the Danish Capital Gain Tax Act.
Individuals
Individuals investing in an investment company will be subject to tax on capital gains and losses on an unrealised basis
(according to the mark-to-market principle).
Gains and losses are calculated as the annual increase or decrease in the value of the investor’s shares in the investment
company. The annual period used is the investment company’s income year. If the Danish investor has only owned the shares for
a part of the investment company’s income year, the increase or decrease in the value of the shares in this partial period will be
included in the Danish investor’s income. For shares acquired by the investor during the income year, the purchase price will thus
replace the value of the shares at the beginning of the investment company’s income year, and for shares sold by the investor
during the income year, the sales price will replace the value of the shares at the end of the investment company’s income year.
If the Danish investor has not sold the shares in the investment company during the investment company’s income year, the
Danish investor shall include the gains or losses in his taxable income in the income year comprising the last day of the
investment company’s income year. If the Danish investor disposes the shares during the investment company’s income year, the
Danish investor must include the gains or losses in the taxable income in the year of disposal.
Gains and losses will normally be taxed as capital income at a rate of up to 47.5% in 2011 (the rate will be lowered to 45.5% in
2012, 43.5% in 2013 and 42% in 2014). If the individual is considered a professional dealer of shares in investment companies,
gains and losses will normally be taxed as personal income at a rate of up to 56%.
Dividends are taxed as capital income at the rates described above.
Companies
Companies investing in an investment company will be subject to tax on capital gains and losses on an unrealised basis
(according to the mark-to-market principle).
Gains and losses are calculated as the annual increase or decrease in the value of the investor’s shares in the investment
company. The annual period used is the investment company’s income year. If the Danish investor has only owned the shares for
a part of the investment company’s income year, the increase or decrease in the value of the shares in this partial period will be
included in the Danish investor’s income. For shares acquired by the investor during the income year, the purchase price will thus
replace the value of the shares at the beginning of the investment company’s income year, and for shares sold by the investor
during the income year, the sales price will replace the value of the shares at the end of the investment company’s income year.
If the Danish investor has not sold the shares in the investment company during the investment company’s income year, the
Danish investor shall include the gains or losses in his taxable income in the income year comprising the last day of the
investment company’s income year. If the Danish investor disposes the shares during the investment company’s income year, the
Danish investor must include the gains or losses in the taxable income in the year of disposal.
Gains, losses and dividends will be taxed as ordinary corporate income at a rate of 25%.
Life Insurance Companies, Pension Funds and Deposits in Pension Accounts
Gains and losses are taxed on an unrealised basis (according to the mark-to-market principle). Under the Pension Savings Tax
Regime gains, losses and dividends are taxed at a flat rate of 15%. The tax liability is imposed on the individual. Life insurance
companies, pension funds etc. are, however, subject to taxation in certain situations as described in the Danish Act on Taxation of
Pension Yield.
Life insurance companies are also liable to corporate tax and as such also subject to the tax rules described above under the
heading “Companies”.
The taxation under the corporate tax rules covers the part of the income, which is not related to pure life insurance activity. The
Pension Savings Tax Regime, on the other hand, aims at taxing the yield paid out to the insured. Special rules ensure that the life
insurance companies are not subject to double taxation.
Banks
Banks investing in investment companies are taxed on gains and losses on an unrealised basis (according to the mark-to-market
principle) at a rate of 25%.
Dividends are taxable at a rate of 25 %.
Information the Company must publish
The Management Company is required to publish prices, major changes to the Company’s Articles of Incorporation, key
information document and Prospectus as well as information regarding mergers and closure in the appropriate durable medium
in Luxembourg. This information will be made public in Denmark in the same way. The net asset value per Share of each share
class as well as the subscription, redemption, and conversion price per Share of each share class of the individual Sub-Funds may
also be requested at the registered office of the Company and at the Management Company, the Paying and Information
Agents, and the Distributors during business hours. The Share prices of each share class may also be obtained over the Internet at
https://regulatory.allianzgi.com and Reuters.
Information the Company must provide to its investors
The Management Company is required to make the following information available to investors in Luxembourg: the Prospectus,
key information document and annual and semi-annual reports for the Company. This information will always be available in
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English to individual investors by request to the Company, the Management Company, the Distributors and the Paying and
Information Agents. The key information document will be available in Danish by request to the Management Company.
Procedure in the event of Termination of a Fund
Should the Fund cease to be marketed in Denmark the investors will be informed thereof. In connection therewith the investors
will be informed that any information and documents available upon written request to the Company, the Management
Company, the Paying and Information Agents, and the Distributors will still be available to the investors in the same way.
However, in connection therewith it will be stressed that information and documents will no longer be available in Danish.
Furthermore, it will be ensured that the procedure for the payment of dividend and redemption proceeds will continue
unchanged for the Danish investors unless the general procedure of the Fund is changed.
Taxation of Danish Investors
Local tax requirements for investors are subject to constant change and Investors under all circumstances are strongly
recommended to contact their own tax advisor to clarify the individual consequences of their investment into, holding and
disposal of any shares in Denmark.
France
Note for Investors Subject to Taxes in France
The investment policies for the Sub-Funds Allianz Euroland Equity Growth, Allianz German Equity, and Allianz German Small and
Micro Cap are worded to ensure eligibility for the French Plan d’Epargne en Actions (PEA). Please refer to the specific information
sheets for these Sub-Funds for further details.
The investment policies for the Sub-Fund Allianz Europe Small and Micro Cap Equity is worded to ensure eligibility for the French
Plan d’Epargne en Actions destiné au financement des PME-ETI (PEA-PME). Please refer to the specific information sheets for this
Sub-Fund for further details.
Germany
Note for Investors in the Federal Republic of Germany
No notification of public distribution in the Federal Republic of Germany in accordance with § 310 of the German Investment
Code (KAGB) has been issued for the Allianz ActiveInvest Balanced, Allianz ActiveInvest Defensive, Allianz ActiveInvest
Dynamic, Allianz American Income, Allianz Best Ideas 2025, Allianz China Healthy Living, Allianz Coupon Select Plus VI, Allianz
Emerging Markets Multi Asset Income, Allianz Euro Balanced, Allianz Euro Government Bond, Allianz Europe Small and Micro
Cap Equity, Allianz Global Capital Plus, Allianz Green Future, Allianz Select Income and Growth, Allianz Selection Alternative,
Allianz Selection Fixed Income, Allianz Selection Small and Mid Cap Equity, Allianz SGD Income, Allianz Strategy Select 30,
Allianz Sustainable Multi Asset 75, Allianz Target Maturity Euro Bond V, Allianz Trend and Brands and Allianz UK Government
Bond. Therefore, Shares of these Sub-Funds may not be publicly distributed to investors in the Federal Republic of Germany.
All payments to Shareholders (proceeds from redemption, any distributions and other payments) can be made through the
German Paying Agent listed in the “Directory”. Applications for redemption and conversion may be submitted through the
German Paying Agent.
With respect to sales in the Federal Republic of Germany, subscription prices, redemption prices and, if applicable, conversion
prices are published on the website https://de.allianzgi.com. For selected Share Classes (e.g., Share Classes intended exclusively
for institutional investors), the information may be published on one of the following websites: https://regulatory.allianzgi.com or
https://lu.allianzgi.com.
Any announcements to investors are published in the Börsen-Zeitung (published in Frankfurt/Main) and online at the website
https://regulatory.allianzgi.com or – if permitted by the Company’s Articles of Incorporation, the Law and applicable Luxembourg and
German regulations – solely online at the website https://regulatory.allianzgi.com.
In addition, in accordance with § 298 paragraph 2 of the German Investment Code a durable medium within the meaning of §
167 of the German Investment Code is used to inform investors in the Federal Republic of Germany in the following cases:
- Suspension of share redemption for a Sub-Fund,
- Termination of management of the Company or a Sub-Fund or dissolution of the Company or a Sub-Fund,
- Amendments to the terms and conditions that are not reconcilable with previous investment principles, affect important
investor rights, or concern fees or expense reimbursements that can be taken from a Sub-Fund, including background
information on the amendments and the rights of investors,
- In the event of a merger of a Sub-Fund with another Fund, the merger information required under Art. 43 of Council Directive
2009/65/EC,
- In the event of conversion of a Sub-Fund into a feeder fund or, if applicable, the changes to a master fund in the form of
information required under Art. 64 of Council Directive 2009/65/EC.
The Prospectus, key information document, Articles of Incorporation, current annual and semi-annual reports, subscription,
redemption and, if applicable, conversion prices, and the additional documentation listed under “Available Documentation” may
be obtained in hard copy without charge from the Information Agent listed in the “Directory” and on the website
https://de.allianzgi.com. For selected Share Classes (e.g., Share Classes intended exclusively for institutional investors), the
information may be published on one of the following websites: https://regulatory.allianzgi.com or https://lu.allianzgi.com. The
depositary agreement is available for inspection without charge at the offices of the Information Agent.
Neither the Management Company, the Depositary, the Registrar Agent, the Distributor nor the Paying and Information Agents
are liable for errors or omissions in the published prices.
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Hong Kong
The Company is authorised as a collective investment scheme by the SFC. The SFC’s authorisation is not a recommendation or
endorsement of the Company of the Sub-Funds, nor does it guarantee their commercial merits or performance. It does not mean
the Company is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
Hong Kong offering documents of the Company are available for Hong Kong residents in both English and Chinese. Please note
that not all of the Sub-Funds are available for distribution to the public in Hong Kong and investors should read the Hong Kong
offering documents, which contain information for Hong Kong residents.
The Company’s representative in Hong Kong is AllianzGI AP.
India
The Shares are not being offered to the Indian public for sale or subscription. The Shares are not registered and/or approved by
the Securities and Exchange Board of India, the Reserve Bank of India, or any other governmental/ regulatory authority in India.
This Prospectus is not and should not be deemed to be a ‘prospectus’ as defined under the provisions of the companies act, 2013
(18 of 2013) and the same shall not be filed with any regulatory authority in India. the Company does not guarantee or promise
to return any portion of the money invested towards the Shares by an investor and an investment in the Shares is subject to
applicable risks associated with an investment in the Shares and shall not constitute a deposit within the meaning of the Banning
of Unregulated Deposits Schemes Act, 2019. Pursuant to the Foreign Exchange Management Act, 1999 and the regulations
issued there under, any investor resident in India may be required to obtain prior special permission of the Reserve Bank of India
before making investments outside of India, including any investment in the Company. The Company has neither obtained any
approval from the Reserve Bank of India or any other regulatory authority in India nor does it intend to do so. Certain Sub-Funds
hold a “foreign portfolio investor” (“FPI”) registration in terms of the FPI Regulations. Only entities and persons that comply with
certain statutory conditions and that are registered as FPIs are permitted to make direct investments in exchange-traded and
certain other Indian securities. If a Sub-Funds holds a FPI registrations, such fact is mentioned in a Sub-Fund’s individual
Investment Restrictions by stating “Sub-Fund acts as a registered FPI“. Consequence hereof is that with a view to ensure
compliance with FPI regulations, investors are not permitted to have a holding in FPI registered Sub-Funds exceeding certain
prescribed threshold. As a registered FPI, the relevant Sub-Fund can only hold up to 10% of the paid-up capital, or 10% of the
paid-up value of each series of convertible debentures or preference shares or share warrants of an Indian company (the “10%
Threshold”). In addition to the 10% Threshold, the investment of a registered FPI in Indian companies may not exceed any
sectoral cap on ownership by an FPI that applies to a particular company and/or an aggregate cap on FPI investments in a
company. Further information might be found under the chapter “Sub-Fund-Specific Risk Factors” (Indian Investment Risks).
Indonesia
This Prospectus does not constitute an offer to sell nor a solicitation to buy securities by the public in Indonesia.
Ireland
Taxation in Ireland
The following statements are provided in accordance with the requirements of Irish law and do not constitute tax advice. Any
prospective investors and shareholders should consult their own independent tax advisers regarding their tax position in relation to
the Company. The following statements are made on the basis of current Irish tax law and practice of the Revenue Commissioners in
Ireland applicable to the holding and disposal of Shares in the Company where the shareholder regarded as holding a material
interest in an offshore fund and is resident or ordinarily resident in Ireland or carrying on a trade in Ireland through a branch or
agency in Ireland. Shareholders should note that this summary reflects the law and practice in force at the date of this document and
may change in the future.
Scope of Irish Tax
Shareholders in the Company who are resident or ordinarily resident in Ireland or carrying on a trade in Ireland through a branch or
agency in Ireland will be liable to tax in respect of income and gains arising on their Shares in accordance with the provisions of
Chapter 4 Part 27 of the Taxes Consolidation Act, 1997. Accordingly, such shareholders will be obliged to comply with the
requirements set out therein, together with any other provisions of Irish tax law which may apply to them.
Encashment Tax
Shareholders in the Company should note that any distributions made by a paying agent in Ireland on behalf of the Company or
which are presented to, collected by, received by or otherwise realised by a bank or other person acting on behalf of the
Shareholder in Ireland may be subject to encashment tax at the standard rate of income tax in Ireland. Encashment tax is
creditable against the shareholder’s final income tax liability.
Italy
In particular in Italy, the Shares may also be offered under Savings Plans by local distributors who offer this service in accordance
with the terms and conditions which will be detailed in the Italian Subscription Form and relevant annex.
With regard to the SICAV's distributing share classes, either upon subscription or at a later date, the investor may request that
part or all of the proceeds of the dividends distributed be allocated to a non-commercial entity or a non-profit organisation that is
deemed ‘socially useful’ (“organizzazione non lucrativa di utilita` sociale”) pursuant to Italian Legislative Decree no. 460 of 4
December 1997, as amended.
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Liechtenstein
Note for Investors in Liechtenstein
1. Paying Agent in Liechtenstein
LGT Bank AG, Herrengasse 12, FL-9490 Vaduz, is Paying Agent in Liechtenstein for the shares distributed in Liechtenstein.
2. Place where the relevant documents may be obtained
The Prospectus, the key information document, the Articles of Incorporation as well as the annual and semi-annual reports may
be obtained without charge from the Paying Agent in Liechtenstein.
3. Publications
The Net Asset Value of the Shares is published on https://regulatory.allianzgi.com.
4. Place of performance and jurisdiction
The place of performance and jurisdiction for Shares distributed in and from Liechtenstein is at the registered office of the Paying
Agent in Liechtenstein.
Malaysia
No action has been, or will be, taken to comply with Malaysian laws for making available, offering for subscription or purchase, or
issuing any invitation to subscribe for or purchase or sale of the Shares within Malaysia or to persons within Malaysia as the Shares
are not intended by the issuer to be made available, or made the subject of any offer or invitation to subscribe or purchase, within
Malaysia. Neither this Prospectus nor any document or other material in connection with the Shares should be distributed, caused to
be distributed or circulated within Malaysia. No person should make available or make any invitation or offer or invitation to sell or
purchase the Shares within Malaysia unless such person takes the necessary action to comply with Malaysian laws.
New Zealand
This Prospectus is not a product disclosure statement for the purposes of the Financial Markets Conduct Act 2013 (the FMCA) and
does not contain all the information typically included in such offering documentation.
This offer of Shares does not constitute “regulated offer” for the purposes of the FMCA and, accordingly, there is neither a
product disclosure statement nor a register entry available in respect of the offer. Shares may only be offered to “wholesale
investors” in New Zealand in accordance with the laws of New Zealand, the FMCA, or in other circumstances where there is no
contravention of the Financial Markets Conduct Regulations 2013
Philippines
Any person claiming an exemption under Section 10.1 of the Securities Regulation Code (“SRC”) (or the exempt transactions)
must provide to any party to whom it offers or sells securities in reliance on such exemption a written disclosure containing the
following information:
1. The specific provision of Section 10.1 of the SRC on which the exemption from registration is claimed; and
2. The following statement must be made in bold face, prominent type:
THE SECURITIES BEING OFFERED OR SOLD HEREIN HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES REGULATION CODE OF THE PHILIPPINES. ANY FUTURE OFFER OR SALE THEREOF IS
SUBJECT TO REGISTRATION REQUIREMENTS UNDER THE CODE UNLESS SUCH OFFER OR SALE QUALIFIES AS AN EXEMPT
TRANSACTION.
Where an offer or sale is not made pursuant to an exempt transaction under the SRC, by a purchase of the Shares, the investor
will be deemed to acknowledge that the issue of, offer for subscription or purchase of, or invitation to subscribe for or purchase,
such Shares was made outside the Philippines.
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Poland
The Management Company has decided to cease distribution of Shares in the territory of the Republic of Poland to new
individual investors, i.e., individual investors who were not Shareholders at the time as the subscription order was placed.
On the base of the Management Company’s right to reject, wholly or in part, any subscription application on any grounds,
subscription applications for Shares of the sub-funds submitted by new individual investors (who were not Shareholders at the
time the application was placed) will not be considered for execution.
Existing individual Shareholders and all potential Institutional Investors still have the possibility to purchase Shares in accordance
with this prospectus.
Notwithstanding the foregoing, redemption applications for Shares of the Sub-Funds have not been restricted and the rules
applicable to redemption of Shares as described in this prospectus apply.
Starting from 1 June 2022, orders for redemption of Shares may be submitted by sending the redemption form available on the
website https://regulatory.allianzgi.com/pl-PL/B2C/Poland-PL/Zawiadomienia-dla-Inwestorow. Applications for redemption
may be submitted by post at the address:
International Financial Data Services S.A. (IFDS)
DMC & Wire Room
Att.: AGI/AZZ Dealing Desk
49, avenue J.F. Kennedy
L-1855 Luxembourg
[email protected]
PRC
This Prospectus does not constitute a public offer of the Company, whether by sale or subscription, in the PRC. The Company is
not being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC within the
PRC.
Further, no legal or natural persons of the PRC within the PRC may directly or indirectly purchase any of the Company or any
beneficial interest therein without obtaining all prior PRC’s governmental approvals that are required, whether statutorily or
otherwise. Persons who come into possession of this document are required by the issuer and its representatives to observe these
restrictions.
Singapore
Certain Sub-Funds are recognised schemes under the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”). Certain
Sub-Funds are restricted schemes under the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective
Investment Schemes) Regulations, as may be amended from time to time. Please note that not all of the Sub-Funds are
registered as recognised schemes and/or restricted schemes in Singapore and investors should read the offering documents of
the respective schemes in Singapore for details.
The Singapore representative of the Company is AllianzGI Singapore.
Switzerland
Information for Investors in Switzerland
1. Representative and Paying Agent in Switzerland
BNP Paribas, Paris, Zurich Branch, Selnaustrasse 16, CH-8002 Zurich, is Representative and Paying Agent in Switzerland for the
shares offered in Switzerland.
2. Place where the relevant documents may be obtained
The Prospectus, the key information document, the Articles of Incorporation as well as the annual and semi-annual reports may
be obtained without charge from the Representative in Switzerland.
3. Publications
Publications in Switzerland are made on www.fundinfo.com. In Switzerland, Subscription and Redemption Prices together and/or
the Net Asset Value (with the indication “commissions excluded”) of the Shares are published daily on www.fundinfo.com.
4. Payment of retrocessions and rebates Retrocessions:
The Management Company and its agents may pay retrocessions as remuneration for distribution activity in respect of Shares in
Switzerland. This remuneration may be deemed payment for the following services in particular:
- Setting up processes for subscribing, holding and safe custody of the units,
- Keeping a supply of marketing and legal documents, and issuing the said,
- Forwarding or providing access to legally required publications and other publications,
- Performing due diligence delegated by the Management Company in areas such as money laundering, ascertaining client
needs and distribution restrictions,
- Operating and maintaining an electronic distribution and/or information platform,
- Clarifying and answering specific questions from investors pertaining to the investment product or the Management Company
or the Sub-Investmentmanager,
- Drawing up fund research material,
- Central relationship management,
- Subscribing units/shares as a "nominee" for several clients as mandated by the Management Company,
- Training client advisors in collective investment schemes,
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- Mandating and monitoring additional distributors,
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors.
Disclosure of the receipt of retrocessions is based on the applicable provisions of FinSA.
Rebates:
In the case of distribution activity in Switzerland, the Management Company and its agents may, upon request, pay rebates
directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are
permitted provided that
- they are paid from fees received by the Management Company and therefore do not represent an additional charge on the
fund assets,
- they are granted on the basis of objective criteria,
- all investors who meet these objective criteria and demand rebates are also granted these within the same timeframe and to
the same extent.
The objective criteria for the granting of rebates by the Management Company are:
- the volume subscribed by the investor or the total volume they hold in the collective in-vestment scheme or, where applicable, in the
product range of the promoter,
- the amount of the fees generated by the investor,
- the investment behaviour shown by the investor (e.g., expected investment period);
- the investor’s willingness to provide support in the launch phase of a collective investment scheme.
At the request of the investor, the Management Company must disclose the amounts of such rebates free of charge.
5. Place of performance and jurisdiction
In respect of the Shares offered in Switzerland, the place of performance is at the registered office of the Representative in
Switzerland. The place of jurisdiction is at the registered office of the Representative in Switzerland or at the registered office or
place of residence of the investor.
Taiwan
Certain Sub-Funds of the Company have been approved by the Financial Supervisory Commission (the “FSC”), or effectively
registered with FSC, for public offering and sale through Allianz Global Investors Taiwan Limited (“AllianzGI Taiwan”), as the
master agent in Taiwan and other distribution channels which have entered into the distribution agreements with AllianzGI
Taiwan, in accordance with the Securities Investment Trust and Consulting Act, Regulations Governing the Offshore Funds, and
other applicable laws and regulations. Full details of the Sub-Funds that are available for investment in Taiwan are set out in the
offering documents for Taiwan (which is available in Chinese only).
With respect to certain Sub-Funds of the Company that have not been approved by the FSC, such Sub-Funds may not be offered
in Taiwan, except to (i) outside Taiwan for purchase outside Taiwan by Taiwan resident investors, or (ii) to the offshore banking
units (as defined in the Taiwan Offshore Banking Act) of Taiwan banks, the offshore securities units (as defined in the Taiwan
Offshore Banking Act) of Taiwan securities firms or the offshore insurance units (as defined in the Taiwan Offshore Banking Act)
of Taiwan insurance companies purchasing the sub-funds either for their proprietary account or for the accounts of their non-
Taiwan clients or (iii) or to other investors in Taiwan to the extent permitted under relevant Taiwan laws and regulations.
Thailand
The Prospectus has not been approved by the Securities and Exchange Commission which takes no responsibility for its contents.
No offer to the public to purchase the Shares will be made in Thailand and this Prospectus is intended to be read by the
addressee only and must not be passed to, issued to, or shown to the public generally.
United Arab Emirates (UAE)
For Unregistered Funds – for use in respect of unsolicited requests only for United Arab Emirates (excluding Dubai
International Financial Centre and Abu Dhabi Global Market) residents only:
This Prospectus, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of
securities in the United Arab Emirates and accordingly should not be construed as such. The Shares are only being offered to a
limited number of investors in the UAE who (a) are willing and able to conduct an independent investigation of the risks involved
in an investment in such Shares, and (b) upon their specific request. The Shares have not been approved by or licensed or
registered with the UAE Central Bank, the Securities and Commodities Authority or any other relevant licensing authorities or
governmental agencies in the UAE. The Prospectus is for the use of the named addressee only, who has specifically requested it
without a promotion effected by the Management Company, its promoters, or the distributors of its units, and should not be given
or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration
thereof). No transaction will be concluded in the UAE and any enquiries regarding the Shares should be made to the
Management Company.
For Unregistered Funds – for use in respect of the Qualified Investor Exemption only for United Arab Emirates (excluding
Dubai International Financial Centre and Abu Dhabi Global Market) residents only:
This Prospectus, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of
securities in the United Arab Emirates (“UAE”) and accordingly should not be construed as such. The Shares are only being
offered to a limited number of exempt investors in the UAE who fall under one of the following categories of Exempt Qualified
Investors unless the provisions of the Directors’ Chairman Decision No. 9/R.M. of 2016 concerning the regulations on mutual funds
and exemptions to the SCA Resolution No. 3 R.M. of 2017 regulating promotions and introductions do not apply: (1) an investor
which is able to manage its investments on its own (unless such person wishes to be classified as a retail investor), namely: (a) the
federal government, local governments, and governmental entities, institutions and authorities, or companies wholly-owned by
309
- Allianz Global Investors Fund -
any such entities; (b) foreign governments, their respective entities, institutions and authorities or companies wholly owned by any
such entities; (c) international entities and organisations; (d) entities licensed by the Securities and Commodities Authority (the
“SCA”) or a regulatory authority that is an ordinary or associate member of the International Organisation of Securities
Commissions (a “Counterpart Authority”); or (e) any legal person that meets, as at the date of its most recent financial
statements, at least two of the following conditions: (i) it has a total assets or balance sheet of AED 75 million; (ii) it has a net
revenues of AED 150 million; (iii) it has total net equities or paid capital of AED 7 million; or (2) a natural person licensed by the
SCA or a Counterpart Authority to carry out any of the functions related to financial activities or services, (each an “Exempt
Qualified Investor”).
The Shares have not been approved by or licensed or registered with the UAE Central Bank, the SCA, the Dubai Financial Services
Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the
UAE (the “Authorities”). The Authorities assume no liability for any investment that the named addressee makes as an Exempt
Qualified Investor. The Prospectus is for the use of the named addressee only and should not be given or shown to any other
person (other than employees, agents or consultants in connection with the addressee's consideration thereof).
United Kingdom
Note for Investors in the United Kingdom
The names and addresses of the UK Distributor(s) and Facilities Agent in the United Kingdom are listed in the Directory.
Any purchaser and any Shareholder may partially or completely sell Shares by providing written instructions to the Facilities
Agent in the United Kingdom.
The Subscription and Redemption Prices may be obtained from the Facilities Agent in the United Kingdom.
Complaints may be submitted to the Facilities Agent in the United Kingdom.
UK Reporting Status Shares
For United Kingdom tax purposes, the Board of Directors currently intends to apply in respect of each accounting period for
certification of certain of its Share Classes in line with the reporting status regime. However, no guarantee can be given that such
certification will be obtained.
The UK Retail Distribution Review (RDR)
Intermediaries that are regulated by the UK’s Financial Conduct Authority (FCA) or are a UK branch of a regulated entity in a
member state of the European Economic Area (EEA) are from 31 December 2012 subject to the FCA’s RDR rules in relation to
investment advice that they provide to retail clients.
In accordance with the RDR rules, any intermediary distributing funds who (i) is subject to these rules and (ii) who provides personal
recommendations or advice to retail clients located in the UK, shall not be entitled to receive any commission from the fund provider
in respect of any investment made after 31 December 2012 on behalf of, or related services provided to, such retail clients.
Any potential investor who is subject to the RDR rules and who provides personal recommendations or advice to retail clients located
in the UK is therefore obliged to ensure that it only invests in appropriate share classes on behalf of its clients.
All variations of the Share Class P (GBP) do not pay an adviser commission.
The above summary does not purport to be a comprehensive description of all the considerations that may be relevant to an investor
with regard to RDR. Potential investors are strongly recommended to contact their own legal advisers in this respect.
Available Documentation
The following documents are available at no charge at the UK Distributor and Facilities Agent during normal business hours on
each Business Day:
a) Articles of Incorporation of the Fund and any amendments thereto,
b) the latest Prospectus,
c) the latest key information documents,
d) the latest annual and semi-annual reports
Temporary Marketing Permissions Regime / Overseas Fund Regime
The Company and the following Sub-Funds Allianz Advanced Fixed Income Short Duration, Allianz All China Equity, Allianz
American Income, Allianz Asia Pacific Income, Allianz Asian Multi Income Plus, Allianz Asian Small Cap Equity, Allianz Best Styles
Euroland Equity, Allianz Best Styles Global Equity, Allianz Best Styles US Equity, Allianz China A-Shares, Allianz China Equity,
Allianz China Future Technologies, Allianz China Strategic Bond, Allianz Climate Transition, Allianz Convertible Bond, Allianz
Credit Opportunities, Allianz Dynamic Asian High Yield Bond, Allianz Dynamic Commodities, Allianz Emerging Asia Equity,,
Allianz Emerging Markets Equity, Allianz Emerging Markets Equity Opportunities, Allianz Emerging Markets Select Bond, Allianz
Emerging Markets Short Duration Bond, Allianz Emerging Markets Sovereign Bond, Allianz Emerging Markets SRI Bond, Allianz
Emerging Markets SRI Corporate Bond, Allianz Euro Bond, Allianz Euro Credit SRI, Allianz Euro High Yield Bond, Allianz Euroland
Equity Growth, Allianz Europe Equity Growth, Allianz Europe Equity Growth Select, Allianz Europe Equity SRI, Allianz Europe Mid
Cap Equity, Allianz Europe Small Cap Equity, Allianz European Equity Dividend, Allianz Flexi Asia Bond, Allianz Food Security,
Allianz GEM Equity High Dividend, Allianz German Equity, Allianz Global Allocation Opportunities, Allianz Global Artificial
Intelligence, Allianz Global Credit SRI, Allianz Global Equity Insights, Allianz Global Equity Unconstrained, Allianz Global Floating
Rate Notes Plus, Allianz Global High Yield, Allianz Global Hi-Tech Growth, Allianz Global Multi-Asset Credit, Allianz Global
Opportunistic Bond, Allianz Global Small Cap Equity, Allianz Global Sustainability, Allianz Global Water, Allianz Green Bond,
Allianz High Dividend Asia Pacific Equity, Allianz Hong Kong Equity, Allianz Income and Growth, Allianz India Equity, Allianz
Japan Equity, Allianz Japan Smaller Companies Equity, Allianz Little Dragons, Allianz Multi Asset Long / Short, Allianz Multi Asset
Risk Premia, Allianz Oriental Income, Allianz Pet and Animal Wellbeing, Allianz Renminbi Fixed Income, Allianz Selective Global
High Income, Allianz Short Duration Global Bond SRI, Allianz Strategic Bond, Allianz Thematica, Allianz Total Return Asian
310
- Allianz Global Investors Fund -
Equity, Allianz Treasury Short Term Plus Euro, Allianz Unconstrained Multi Asset Strategy,Allianz US Equity Fund, Allianz UK
Government Bond, Allianz US High Yield, Allianz US Investment Grade Credit, Allianz US Large Cap Value, Allianz US Short
Duration High Income Bond, and Allianz Volatility Strategy Fund (together “the Funds”) have been established and are
authorised as an EEA UCITS (in accordance with the EU UCITS Directive) in Luxembourg. The Funds have been notified to the
Financial Conduct Authority of the UK (the “FCA”) for the purposes of the temporary marketing permissions regime in the United
Kingdom and therefore are considered to be a recognised collective investment scheme for the purposes of the Financial Services
and Markets Act 2000 of the United Kingdom (“FSMA”).
The Management Company is evaluating the effects of the Overseas Fund Regime (the “OFR”) that the FCA expects to go live in
2024. The OFR offers a new gateway to allow, amongst others, EEA UCITS to be promoted in the United Kingdom, subject to prior
confirmation as “recognised scheme” by the FCA. The Management Company intends to apply for the status of “recognised
scheme” for certain of the Funds under the OFR. However, even if certain of the Funds qualify as “recognised schemes” under the
OFR, they remain authorised (only) overseas. Although they can be promoted in the United Kingdom, the relevant Funds
themselves are not authorised in the United Kingdom. To that effect, the Management Company informs purchasers and
Shareholders of the Funds and/or the recognised schemes in the United Kingdom that:
- Investors in the United Kingdom can submit a complaint about any of the Funds, the Management Company, or the Depositary
to the Facilities Agent. A copy of the Management Company’s complaints process leaflet is available on request from the
Facilities Agent.
- The activities of the Management Company and the Depositary are not covered by the Financial Ombudsman Service (FOS) or
the Financial Services Compensation Scheme (FSCS) established under the Financial Services Act in the United Kingdom, as the
Management Company and the Depositary are not FCA-authorised firms carrying on regulated activities from establishments
in the United Kingdom.
As a result, Investors based in the United Kingdom may not be able to seek redress under the United Kingdom’s regulatory
system for a complaint, or compensation for a financial loss suffered as a result of the Management Company or Depositary
being unable to meet their liabilities to Investors. The FOS will not be able to consider complaints about the Management
Company or Depositary of any Fund that is confirmed as a “recognised scheme”. Any claims against the Management
Company of the relevant Funds are unlikely to be covered by the FSCS.
Investors, including investors based in the United Kingdom, can access alternative dispute resolution in the home jurisdiction of
the recognised schemes, of the Management Company and/or of the Depositary, as applicable.
- Information (in English) on the alternative dispute resolution schemes in Germany where the Management Company is
domiciled can be accessed at the following website: https://www.bafin.de/EN/Verbraucher/BeschwerdenStreitschlichtung/
StreitSchlichtungsstellen/StreitSchlichtungsstellen_node_en.html.
- Information (in English) on the alternative dispute resolution schemes in Luxembourg where the recognised schemes are
domiciled and the depositary operates through a branch, can be accessed at the following website:
https://www.cssf.lu/en/customer-complaints/.
Neither the Management Company nor any of the recognised schemes participates in a compensation scheme. The Depositary
participates in compensation schemes and Investors may potentially be able to claim compensation if the Depositary was unable
to meet its obligations to return money to the Investor. Information on such compensation schemes can be accessed at the
following website: https://www.bafin.de/EN/Verbraucher/Bank/Einlagensicherung/einlagensicherung_node_en.html.
The distribution of this Prospectus and the offering of Shares in the United Kingdom may be restricted. Persons into whose
possession this Prospectus comes are required by the Management Company to inform themselves about and to observe any
such restrictions. This Prospectus does not constitute an offer or solicitation to any person to whom it is unlawful to make such
offer or solicitation.
National Private Placement Regime
Allianz China A Opportunities, Allianz Clean Planet, Allianz Cyber Security, Allianz Global Dividend, Allianz Global Intelligent
Cities Income, Allianz Green Transition Bond, Allianz Positive Change, Allianz Smart Energy and Allianz Sustainable Health
Evolution (“the Sub-funds”)
This Prospectus may only be distributed and the Shares of these Sub-Funds may only be offered or placed in the United Kingdom
to the extent that (1) these Sub-Funds are permitted to be marketed to professional investors in the United Kingdom in
accordance with Alternative Investment Fund Managers Directive (Directive (2011/61/EU) (the “AIFMD”) (including the
delegated and implementing acts adopted under it) as implemented, retained, amended, extended, re-enacted or otherwise
given effect in the United Kingdom at the end of the transitional period agreed between the European Union and the United
Kingdom pursuant to the European Union (Withdrawal) Act 2018 and as amended or supplemented in the United Kingdom
thereafter. This Prospectus is being issued in the United Kingdom by the Management Company to and/or is directed only at
persons who are professional investors for the purposes of the Alternative Investment Fund Managers Regulations 2013, as
amended, and is accordingly exempt from the financial promotion restriction in Section 21 of the Financial Services and Markets
Act 2000 (“FSMA”) in accordance with article 29(3) of the FSMA (Financial Promotions) Order 2005. The opportunity to invest in
these Sub-Funds is only available to such persons in the United Kingdom and this Prospectus must not be relied or acted upon by
any other persons in the United Kingdom.
311
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz ActiveInvest Balanced
Legal entity identifier: 529900NM5P2JVX9T0X69
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz ActiveInvest Balanced (the “Sub-Fund”) promotes a broad range of environmental and social characteristics.
The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other internal funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 70% of
the Sub-assets. Target Funds are counted into the 70% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 70% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
1
- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
2
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
3
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth and income by investing in a broad
The investment strategy range of asset classes, in particular in the global bond-, equity-, alternative- and money markets in accordance with
guides investment decisions the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy
based on factors such as
investment objectives and
is described in the prospectus.
risk tolerance.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
4
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 70% of the Sub-Fund assets in accordance with various approaches
set out below or in internal Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
5
change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest in direct investments which are selected with respect to sustainability
aspects and Target Funds which promote environmental or social characteristics, or which have Sustainable
Investments as an objective as described in the section “What investment strategy does this financial product
follow?” for at least 70% (#1 Aligned with E/S characteristics) of net assets of the Sub-Fund.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
6
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Asset allocation describes Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
the share of investments in objectives.
specific assets.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
7
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
8
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
9
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz ActiveInvest Defensive
Legal entity identifier: 52990094VFHIL03QZ388
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz ActiveInvest Defensive (the “Sub-Fund”) promotes a broad range of environmental and social characteristics.
The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other internal funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 70% of
the Sub-assets. Target Funds are counted into the 70.00% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 70.00% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
10
- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
11
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
12
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth and income by investing in a broad
range of asset classes, in particular in the global bond-, equity-, alternative- and money markets in accordance with
the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy
is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
13
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 70% of the Sub-Fund assets in accordance with various approaches
set out below or in internal Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
14
change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to invest in direct investments which are selected with respect to sustainability
aspects and Target Funds which promote environmental or social characteristics, or which have Sustainable
Investments as an objective as described in the section “What investment strategy does this financial product
follow?” for at least 70% (#1 Aligned with E/S characteristics) of net assets of the Sub-Fund.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
15
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manger may invest in corporates
- operational expenditure which are also active in these activities. Further information will be provided as part of the annual reporting,
(OpEx) reflecting green if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
16
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
17
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
18
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz ActiveInvest Dynamic
Legal entity identifier: 529900HO90TX5SRRYZ37
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz ActiveInvest Dynamic (the “Sub-Fund”) promotes a broad range of environmental and social characteristics.
The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other internal funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 70% of
the Sub-assets. Target Funds are counted into the 70.00% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 70.00% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
19
- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
20
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
21
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth and income by investing in a broad
range of asset classes, in particular in the global bond-, equity-, alternative- and money markets in accordance with
the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy
is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
22
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 70% of the Sub-Fund assets in accordance with various approaches
set out below or in internal Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
23
change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest in direct investments which are selected with respect to sustainability
aspects and Target Funds which promote environmental or social characteristics, or which have Sustainable
Investments as an objective as described in the section “What investment strategy does this financial product
follow?” for at least 70% (#1 Aligned with E/S characteristics) of net assets of the Sub-Fund.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
24
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Asset allocation describes Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
the share of investments in objectives.
specific assets.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
25
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
26
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
27
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Advanced Fixed Income Euro
Legal entity identifier: 529900W7WKKWPZ6I8386
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Advanced Fixed Income Euro (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 2.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
28
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
29
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
30
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth above the long-term return of the
The investment strategy government bond markets issued within the Eurozone in Euro (EUR) terms by investing in global Bond Markets with
guides investment decisions Euro exposure in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-
based on factors such as
Fund's general investment strategy is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
31
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
32
Further, the Investment Manager commits to a minimum proportion of 2.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 2.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 2.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
33
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
34
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
35
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Advanced Fixed Income Global
Legal entity identifier: 549300GEEY2YMMHYW726
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Advanced Fixed Income Global (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 2.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
36
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
37
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
38
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth above the return of the global sovereign
bond markets by investing in global Bond Markets in accordance with the environmental and social characteristics
promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy x What are the binding elements of the investment strategy used to select the investments to attain each of the
guides investment decisions environmental or social characteristics promoted by this financial product?
based on factors such as
investment objectives and As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
risk tolerance.
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
39
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
40
Further, the Investment Manager commits to a minimum proportion of 2.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 2.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 2.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
41
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.02%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.98%
This graph represents 60% of the total investments.
This graph is based on the binding minimum quota for investments
Enabling activities directly in sovereign bonds.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
42
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
43
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Advanced Fixed Income Global Aggregate
Legal entity identifier: 549300XB0VU2T4JU6365
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Advanced Fixed Income Global Aggregate (the “Sub-Fund”) promotes a broad range of environmental,
human rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for
financial instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 2.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
44
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
45
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
46
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global corporate and
The investment strategy government Bond Markets in accordance with the environmental and social characteristics promoted by the Sub-
guides investment decisions Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
47
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
48
Further, the Investment Manager commits to a minimum proportion of 2.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 2.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 2.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
49
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
50
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
51
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Advanced Fixed Income Short Duration
Legal entity identifier: 529900QKKROQJ7LYYV65
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Advanced Fixed Income Short Duration (the “Sub-Fund”) promotes a broad range of environmental, human
rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for financial
instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
52
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
53
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
54
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth above the average long-term return of
The investment strategy the short duration European Bond Markets by investing in global Bond Markets with Euro exposure in accordance
guides investment decisions with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment
based on factors such as
strategy is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
55
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
56
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
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Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
58
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
59
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz All China Equity
Legal entity identifier: 529900RSE3ISUYS6ZL79
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz All China Equity (the “Sub-Fund”) promotes a broad range of environmental, social and governance
characteristics (“ESG characteristics”). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses within the remaining investment universe how issuers perform
with respect to ESG characteristics using ESG Ratings. ESG Ratings are provided from an external data provider.
Based on this, the Investment Manager manages the Sub-Fund so that the performance with respect to ESG
characteristics of the portfolio is better than the performance of the Sub-Fund’s benchmark. The Investment
Manager has also set the requirement that for a certain % of the Sub-Fund`s portfolio ESG Ratings must be
available.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a rating for issuers on ESG characteristics (“ESG Rating”). The ESG Rating is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are non-rated by nature, e.g. cash,
60
deposits and derivatives. The size of the unrated part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- The average ESG Rating of the portfolio and the average ESG Rating of the benchmark. The process to
determine the average ESG Rating is described below in the section “What investment strategy does this
financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
1
https://sdgs.un.org/goals
61
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
62
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in onshore and offshore
The investment strategy Equity Markets of the PRC, Hong Kong and Macau in accordance with the environmental and social characteristics
guides investment decisions promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
1
https://www.netzeroassetmanagers.org/
63
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager assesses within the remaining investment universe how issuers
perform with respect to ESG characteristics. Based on this, the Investment Manager manages the Sub-Fund so
that the performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-
Fund’s benchmark.
In detail, the following applies:
- The Investment Manager receives ESG Ratings from an external data provider.
- For at least 80% of the Sub-Fund’s portfolio such data must be received. The basis for the calculation of the
80% threshold is the Sub-Fund’s net asset value except instruments for which ESG Ratings are not available
such as cash, deposits and derivatives. The size of the portfolio for which no ESG Rating is available varies
subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives ESG Ratings are used to calculate the
performance of ESG characteristics of the Sub-Fund. The performance of ESG characteristics of each issuer is
considered relative to the weight of the issuer in the Sub-Fund in order to calculate an average ESG Rating
of the Sub-Fund. The portfolio weights of those issuers that have ESG Ratings are mathematically adjusted
so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of the part of the portfolio for
which no ESG Rating is available varies subject to the Sub-Fund's general investment strategy described in
the prospectus.
- The ESG Rating of the benchmark is calculated accordingly, i.e. only issuers/instruments where the
Investment Manager receives ESG Ratings are considered and the ESG Rating of each issuer is weighted.
- The Investment Manager selects and weights issuers from the remaining investment universe so that the
Sub-Fund’s average ESG Rating is better than the average ESG Rating of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
64
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s
portfolio in issuers with an ESG Rating. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments that are not rated by nature as described in the section “What investment strategy
does this financial product follow?”.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
65
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI China All Shares Total Return Net” as the Sub-Fund´s
benchmark. This benchmark is a market index. The Investment Manager manages the Sub-Fund so that the Sub-
Fund’s performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-Fund’s
benchmark as described in the section “What investment strategy does this financial product follow?”.
66
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the ESG Ratings of the Sub-
Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ d84b06d0-
b81c-48ce-89b8-c57f808065e4 or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
67
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Best Styles Europe Equity SRI
Legal entity identifier: 529900CFHS19HK7S6O04
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 30.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Best Styles Europe Equity SRI (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
with respect to sustainability aspects. With respect to sovereign issuers those issuers that generally perform better
with respect to sustainability aspects. The score starts at 0 (lowest) and ends at class 4 (highest). The score is
based on environmental, social, governance and business behaviour factors (business behaviour does not apply
to sovereign issuers) and represents an internal assessment assigned to a corporate or sovereign issuer by the
Investment Manager.
• In a second step, excluding direct investments in certain issuers which are involved in controversial environmental
or social business activities from the investment universe of the Sub-Fund by applying exclusion criteria. Within
this process the Investment Manager excludes investee companies that severely violate good governance
practices and principles and guidelines such as the Principles of the United Nations Global Compact, the OECD
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and Human
Rights.
• Further, the Investment Manager will adhere to a minimum percentage of 30.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
68
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
69
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
70
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity Markets
The investment strategy in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general
guides investment decisions investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
based on a score for environmental, social, governance, and business behaviour factors ("Sustainability Factors").
With respect to sovereign issuers, the ones that generally perform better with respect to sustainability aspects.
The score starts at 0 (lowest) and ends at 4 (highest). The score represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager. Scores are reviewed on a monthly basis.
1
https://www.netzeroassetmanagers.org/
71
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948’s Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 80% of the issuers with an internal score
of 1 or more.
As a second step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 5% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco,
- deriving more than 5% of their revenues from the sum of (i) the production of and (ii) providing services in
relation to hydraulic fracturing,
- deriving more than 10% of their revenues from the production of alcohol (limited to spirits),
- deriving more than 5% of their revenues from the production of agricultural genetically modified organisms
(“GMOs”),
- deriving more than 10% of their revenues from the sum of (i) the production of and (ii) providing services in
relation to nuclear power,
- involved in the production of arctic drilling,
- deriving more than 5% of their revenues from gambling,
72
- deriving more than 5% of their revenues from the (i) production or (ii) exploration of oil sands,
- deriving more than 1% of their revenues from the (i) production or (ii) distribution/sales of pornography.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 30.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 30.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 30.00%) irrespective of their contribution to environmental and/or social
objectives.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
73
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
74
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 30.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 30.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI Europe Ext. SRI 5% Issuer Capped Total Return Net” as
the Sub-Fund’s benchmark.
75
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The Sub-Fund uses an SRI benchmark which is however not completely aligned with the environmental or social
promote. characteristics promoted by the sub-fund. The benchmark captures large and mid cap stocks across 15
Developed Markets (DM) countries in Europe. The Index is a capitalization weighted index that provides
exposure to companies with outstanding Environmental, Social and Governance (ESG) ratings and excludes
companies whose products have negative social or environmental impacts.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is not continuously aligned as the screening and exclusion criteria of the benchmark deviate from
the Sub-Fund`s investment strategy.
x How does the designated index differ from a relevant broad market index?
The benchmark uses ESG criteria as well as exclusion criteria for index construction.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmarks’ methodology may be found at https://www.msci.com/index/methodology/latest/SRI
or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
76
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Best Styles Global Equity SRI
Legal entity identifier: 5299009P57HYFZWC1553
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 30.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Best Styles Global Equity SRI (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
with respect to sustainability aspects. With respect to sovereign issuers those issuers that generally perform better
with respect to sustainability aspects. The score starts at 0 (lowest) and ends at class 4 (highest). The score is
based on environmental, social, governance and business behaviour factors (business behaviour does not apply
to sovereign issuers) and represents an internal assessment assigned to a corporate or sovereign issuer by the
Investment Manager.
• In a second step, excluding direct investments in certain issuers which are involved in controversial environmental
or social business activities from the investment universe of the Sub-Fund by applying exclusion criteria. Within
this process the Investment Manager excludes investee companies that severely violate good governance
practices and principles and guidelines such as the Principles of the United Nations Global Compact, the OECD
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and Human
Rights.
• Further, the Investment Manager will adhere to a minimum percentage of 30.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
77
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
78
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
79
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global Equity Markets in
The investment strategy accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general
guides investment decisions investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
based on a score for environmental, social, governance, and business behaviour factors ("Sustainability Factors").
With respect to sovereign issuers, the ones that generally perform better with respect to sustainability aspects.
The score starts at 0 (lowest) and ends at 4 (highest). The score represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager. Scores are reviewed on a monthly basis.
1
https://www.netzeroassetmanagers.org/
80
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948’s Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 80% of the issuers with an internal score
of 1 or more.
As a second step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 5% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco,
- deriving more than 5% of their revenues from the sum of (i) the production of and (ii) providing services in
relation to hydraulic fracturing,
- deriving more than 10% of their revenues from the production of alcohol (limited to spirits),
- deriving more than 5% of their revenues from the production of agricultural genetically modified organisms
(“GMOs”),
- deriving more than 10% of their revenues from the sum of (i) the production of and (ii) providing services in
relation to nuclear power,
- involved in the production of arctic drilling,
- deriving more than 5% of their revenues from gambling,
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- deriving more than 5% of their revenues from the (i) production or (ii) exploration of oil sands,
- deriving more than 1% of their revenues from the (i) production or (ii) distribution/sales of pornography.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 30.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 30.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 30.00%) irrespective of their contribution to environmental and/or social
objectives.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
83
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 30.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 30.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
84
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI World Ext. SRI 5% Issuer Capped Total Return Net” as the
Sub-Fund´s benchmark.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The Sub-Fund uses an SRI benchmark which is however not completely aligned with the environmental or social
promote. characteristics promoted by the sub-fund. The MSCI World Ext. SRI 5% Issuer Capped Index captures large and
mid cap stocks across 23 Developed Markets (DM) countries. The Index is a capitalization weighted index that
provides exposure to companies with outstanding Environmental, Social and Governance (ESG) ratings and
excludes companies whose products have negative social or environmental impacts.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is not continuously aligned as the screening and exclusion criteria of the benchmark deviate from
the Sub-Fund`s investment strategy.
x How does the designated index differ from a relevant broad market index?
The benchmark uses ESG criteria as well as exclusion criteria for index construction.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmarks’ methodology may be found at https://www.msci.com/index/methodology/latest/SRI
or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
85
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Best Styles US Equity
Legal entity identifier: 549300CRWWNBEVKIWU63
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 15.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Best Styles US Equity (the “Sub-Fund”) promotes a broad range of environmental, human rights, governance,
and/or business behaviour characteristics (the last characteristic does not apply for financial instruments issued by a
sovereign entity). The Sub-Fund does so by:
• As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
with respect to sustainability aspects. With respect to sovereign issuers those issuers that generally perform better
with respect to sustainability aspects. The score starts at 0 (lowest) and ends at class 4 (highest). The score is
based on environmental, social, governance and business behaviour factors (business behaviour does not apply
to sovereign issuers) and represents an internal assessment assigned to a corporate or sovereign issuer by the
Investment Manager.
• In a second step, excluding direct investments in certain issuers which are involved in controversial environmental
or social business activities from the investment universe of the Sub-Fund by applying exclusion criteria. Within
this process the Investment Manager excludes investee companies that severely violate good governance
practices and principles and guidelines such as the Principles of the United Nations Global Compact, the OECD
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and Human
Rights.
• Further, the Investment Manager will adhere to a minimum percentage of 15.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
86
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
87
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
88
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in US equity markets in
The investment strategy accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general
guides investment decisions investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
based on a score for environmental, social, governance, and business behaviour factors ("Sustainability Factors").
With respect to sovereign issuers, the ones that generally perform better with respect to sustainability aspects.
The score starts at 0 (lowest) and ends at 4 (highest). The score represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager. Scores are reviewed on a monthly basis.
1
https://www.netzeroassetmanagers.org/
89
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948’s Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 80% of the issuers with an internal score
of 1 or more.
As a second step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
90
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 15.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 15.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 15.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
91
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
92
Transitional activities are The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
activities for which low-
enabling activities and own performance.
carbon alternatives are not
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 15.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 15.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
93
Template pre-contractual disclosure for the financial products referred to in Article 9, paragraphs 1 to 4a, of Regulation
(EU) 2019/2088 and Article 5, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Better World Defensive
Legal entity identifier: 529900ASTWITUJ82W129
Sustainable investment objective
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: 30.00% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective 7.00% sustainable investments
with the Taxonomy or not.
The Sub-Fund will invest more than 80% of its assets in Sustainable Investments and this commitment is achieved
through environmentally or socially sustainable investments.
What is the sustainable investment objective of this financial product?
Allianz Better World Defensive’s (the “Sub-Fund”) invests in securities of companies providing products or services
which contribute to environmental or social objectives, as defined by the UN Sustainable Development goals (SDGs)
or the EU Taxonomy objectives, which are also related to the SDGs. The Sub-Fund does so by:
• As a first step, the Investment Manager excludes direct investments in certain issuers which are involved in
controversial environmental or social business activities from the investment universe of the Sub-Fund by applying
exclusion criteria. Within this process the Investment Manager excludes investee companies that severely violate
good governance practices and principles and guidelines such as the Principles of the United Nations Global
Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for
Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contributions. Environmental
or social contributions include a broad range of topics, for which the Investment Manager uses as reference
frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy
objectives. The proprietary methodology to assess the environmental and social contribution is described in the
section “What are the binding elements of the investment strategy used to select the investments to attain the
sustainable investment objective?” and contains an assessment of the positive contribution to environmental and
social contributions as well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager will adhere to a minimum percentage of 80.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark for the purpose of attaining the sustainable investment objective of the Fund has been
designated.
Sustainability indicators
measure how the Details and methods of each step are described within the section “What investment strategy does this financial
sustainable objectives of this
product follow?”.
financial product are
attained.
x What sustainability indicators are used to measure the attainment of the sustainable investment objective of this
financial product?
94
To measure the attainment of the Sub-Fund's sustainable investment objective the following sustainability
indicators are used and reported on, at the end of the financial year:
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x How do sustainable investments not cause significant harm to any environmental or social sustainable
investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain the sustainable investment
objective?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
Does this financial product consider principal adverse impacts on sustainability factors?
95
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
companies DNSH assessment is limited due to requirement of 100% of issuers having a
- Exposure to companies Sustainable Investment share.
active in the fossil fuel
sector
- Share of non-renewable
energy consumption and
production
- Energy consumption
intensity per high impact
climate sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
compliance mechanisms to DNSH assessment is limited due to requirement of 100% of issuers having a
monitor compliance with Sustainable Investment share.
UN Global Compact
principles
- Unadjusted gender pay - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
gap DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- GHG intensity - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
96
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global Equity and Bond
Markets with a focus on companies with an engagement in one or more United Nations’ SDGs and/or on companies
supporting climate-related or social projects, and hence create positive outcomes for environment and society. The
Sub-Fund's general investment strategy is described in the prospectus.
With respect to the sustainable investment objective of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain the
based on factors such as sustainable investment objective?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contribution.
In detail, the Investment Manager invests as follows:
- In order to achieve the minimum proportion of Sustainable Investments, at least 80% of the business
activities pursued by the issuers (on an aggregated basis across the issuers) shall contribute to one or more
SDGs and/or Taxonomy Objectives.
- At least 80% of the Sub-Fund’s portfolio is invested in issuers which pursue business activities that contribute
with a minimum of 20% to one or more SDGs and/or Taxonomy Objectives. The basis for the calculation of
the 80% threshold is the Sub-Fund’s net asset value except instruments for which no sustainable investment
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
97
share can reasonably be calculated, e.g. cash, derivatives and deposits. For the remaining 20% (or less) of
the Sub-Fund portfolio, each respective issuer shall have a minimum share of 5% Sustainable Investment.
Cash and derivatives are excluded from these thresholds. The size of the part of the portfolio for which no
sustainable investment share can reasonably be calculated varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
Further, the Investment Manager commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
The Investment Manager measures how the Sustainable Investments contribute to the Sub-Fund’s sustainable
investment objective based on a proprietary methodology as follows:
- The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference,
among others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives
which are: Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of
Water and Marine Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as
Protection and Restoration of Biodiversity and Ecosystems.
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
The Investment Manager´s approach to assess significant harm is explained in the section “How do sustainable
investments not cause significant harm to any environmental or social sustainable investment objective?”.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation and the minimum share of sustainable investments?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to achieve the
sustainable investment objective:
- Min. 80.00% (#1 Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 30.00% of Sub-Fund’s net asset value will be invested in environmentally Sustainable Investments.
- Min. 7.00% of Sub-Fund’s net asset value will be invested in socially Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
Asset allocation describes
the share of investments in
specific assets.
1
https://sdgs.un.org/goals
98
Taxonomy-aligned
Environmental
#1 Sustainable Other
Investments Social
#2 Not sustainable
#1 Sustainable covers sustainable investments with environmental or social objectives.
#2 Not sustainable includes investments which do not qualify as sustainable investments
x How does the use of derivatives attain the sustainable investment objective?
Derivatives are not used to attain the Sub-Fund's Sustainable Investment objective.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies, The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related activities that
e.g., for a transition to a comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in corporates which are also active
green economy.
- operational expenditure in these activities. Further information will be provided as part of the annual reporting, if relevant.
(OpEx) reflecting green
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
99
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are environmentally screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
sustainable investments that
do not take into account the complies with all criteria. The overall Sustainable Investment share (min. 80.00%) may also include investments
criteria for environmentally with an environmental objective in economic activities that do not qualify as environmentally sustainable under
sustainable economic the EU Taxonomy.
activities under the EU
Taxonomy.
What is the minimum share of sustainable investments with a social objective?
The Investment Manager commits to a minimum share of 7% of socially Sustainable Investments. The overall
Sustainable Investment share may also include investments with an environmental or social objective and the
Sub-Fund will invest min. 80% of its assets in Sustainable Investments.
What investments are included under “#2 Not sustainable”, what is their purpose and are there any minimum
environmental or social safeguards?
Under “#2 Not sustainable” parts of investments are included related to business activities which are not counted
as Sustainable Investments. In addition, investments into cash, Target Funds, or derivatives can be included.
Derivatives might be used for efficient portfolio management (including risk hedging) and/or investment
purposes, and Target Funds to benefit from a specific strategy. For those investments no environmental or social
safeguards are applied.
100
Is a specific index designated as a reference benchmark to meet the sustainable investment objective?
No, the Investment Manager has not assigned a reference benchmark to meet the sustainable investment objective
of the financial product.
Reference benchmarks are x How does the reference benchmark take into account sustainability factors in a way that is continuously aligned
indexes to measure whether
the financial product attains
with the sustainable investment objective?
the sustainable investment
objective.
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
101
Template pre-contractual disclosure for the financial products referred to in Article 9, paragraphs 1 to 4a, of Regulation
(EU) 2019/2088 and Article 5, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Better World Dynamic
Legal entity identifier: 529900APHN2CJCOLZ557
Sustainable investment objective
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: 14.00% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective 8.00% sustainable investments
with the Taxonomy or not.
The Sub-Fund will invest more than 80% of its assets in Sustainable Investments and this commitment is achieved
through environmentally or socially sustainable investments.
What is the sustainable investment objective of this financial product?
Allianz Better World Dynamic (the “Sub-Fund”) invests in securities of companies providing products or services which
contribute to environmental or social objectives, as defined by the UN Sustainable Development goals (SDGs) or the
EU Taxonomy objectives, which are also related to the SDGs. The Sub-Fund does so by:
• As a first step, the Investment Manager excludes direct investments in certain issuers which are involved in
controversial environmental or social business activities from the investment universe of the Sub-Fund by applying
exclusion criteria. Within this process the Investment Manager excludes investee companies that severely violate
good governance practices and principles and guidelines such as the Principles of the United Nations Global
Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for
Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contributions. Environmental
or social contributions include a broad range of topics, for which the Investment Manager uses as reference
frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy
objectives. The proprietary methodology to assess the environmental and social contribution is described in the
section “What are the binding elements of the investment strategy used to select the investments to attain the
sustainable investment objective?” and contains an assessment of the positive contribution to environmental and
social contributions as well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager will adhere to a minimum percentage of 80.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark for the purpose of attaining the sustainable investment objective of the Fund has been
designated.
Sustainability indicators
measure how the Details and methods of each step are described within the section “What investment strategy does this financial
sustainable objectives of this
product follow?”.
financial product are
attained.
x What sustainability indicators are used to measure the attainment of the sustainable investment objective of this
financial product?
102
To measure the attainment of the Sub-Fund's sustainable investment objective the following sustainability
indicators are used and reported on, at the end of the financial year:
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x How do sustainable investments not cause significant harm to any environmental or social sustainable
investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain the sustainable investment
objective?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
Does this financial product consider principal adverse impacts on sustainability factors?
103
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
companies DNSH assessment is limited due to requirement of 100% of issuers having a
- Exposure to companies Sustainable Investment share.
active in the fossil fuel
sector
- Share of non-renewable
energy consumption and
production
- Energy consumption
intensity per high impact
climate sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
compliance mechanisms to DNSH assessment is limited due to requirement of 100% of issuers having a
monitor compliance with Sustainable Investment share.
UN Global Compact
principles
- Unadjusted gender pay - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
gap DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- GHG intensity - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
104
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global Equity and Bond
The investment strategy
guides investment decisions
Markets with a focus on companies with an engagement in one or more United Nations’ SDGs and/or on companies
based on factors such as supporting climate-related or social projects, and hence create positive outcomes for environment and society. The
investment objectives and Sub-Fund's general investment strategy is described in the prospectus.
risk tolerance.
With respect to the sustainable investment objective of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain the
sustainable investment objective?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contribution.
In detail, the Investment Manager invests as follows:
- In order to achieve the minimum proportion of Sustainable Investments, at least 80% of the business
activities pursued by the issuers (on an aggregated basis across the issuers) shall contribute to one or more
SDGs and/or Taxonomy Objectives.
- At least 80% of the Sub-Fund’s portfolio is invested in issuers which pursue business activities that contribute
with a minimum of 20% to one or more SDGs and/or Taxonomy Objectives. The basis for the calculation of
the 80% threshold is the Sub-Fund’s net asset value except instruments for which no sustainable investment
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
105
share can reasonably be calculated, e.g. cash, derivatives and deposits. For the remaining 20% (or less) of
the Sub-Fund portfolio, each respective issuer shall have a minimum share of 5% Sustainable Investment.
Cash and derivatives are excluded from these thresholds. The size of the part of the portfolio for which no
sustainable investment share can reasonably be calculated varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
Further, the Investment Manager commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
The Investment Manager measures how the Sustainable Investments contribute to the Sub-Fund’s sustainable
investment objective based on a proprietary methodology as follows:
- The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference,
among others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives
which are: Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of
Water and Marine Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as
Protection and Restoration of Biodiversity and Ecosystems.
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
The Investment Manager´s approach to assess significant harm is explained in the section “How do sustainable
investments not cause significant harm to any environmental or social sustainable investment objective?”.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation and the minimum share of sustainable investments?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to achieve the
sustainable investment objective:
- Min. 80.00% (#1 Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 14.00% of Sub-Fund’s net asset value will be invested in environmentally Sustainable Investments.
- Min. 8.00% of Sub-Fund’s net asset value will be invested in socially Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
Asset allocation describes
the share of investments in
specific assets.
1
https://sdgs.un.org/goals
106
Taxonomy-aligned
Environmental
#1 Sustainable Other
Investments Social
#2 Not sustainable
#1 Sustainable covers sustainable investments with environmental or social objectives.
#2 Not sustainable includes investments which do not qualify as sustainable investments
x How does the use of derivatives attain the sustainable investment objective?
Derivatives are not used to attain the Sub-Fund's Sustainable Investment objective.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
107
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are environmentally screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
sustainable investments that
do not take into account the complies with all criteria. The overall Sustainable Investment share (min. 80.00%) may also include investments
criteria for environmentally with an environmental objective in economic activities that do not qualify as environmentally sustainable under
sustainable economic the EU Taxonomy.
activities under the EU
Taxonomy.
What is the minimum share of sustainable investments with a social objective?
The Investment Manager commits to a minimum share of 8% of socially Sustainable Investments. The overall
Sustainable Investment share may also include investments with an environmental or social objective and the
Sub-Fund will invest min. 80% of its assets in Sustainable Investments.
What investments are included under “#2 Not sustainable”, what is their purpose and are there any minimum
environmental or social safeguards?
Under “#2 Not sustainable” parts of investments are included related to business activities which are not counted
as Sustainable Investments. In addition, investments into cash, Target Funds, or derivatives can be included.
Derivatives might be used for efficient portfolio management (including risk hedging) and/or investment
purposes, and Target Funds to benefit from a specific strategy. For those investments no environmental or social
safeguards are applied.
Is a specific index designated as a reference benchmark to meet the sustainable investment objective?
No, the Investment Manager has not assigned a reference benchmark to meet the sustainable investment objective
of the financial product.
108
Reference benchmarks are x How does the reference benchmark take into account sustainability factors in a way that is continuously aligned
indexes to measure whether
the financial product attains
with the sustainable investment objective?
the sustainable investment
objective.
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
109
Template pre-contractual disclosure for the financial products referred to in Article 9, paragraphs 1 to 4a, of Regulation
(EU) 2019/2088 and Article 5, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Better World Moderate
Legal entity identifier: 529900R8CZVBS2IWI189
Sustainable investment objective
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: 22.00% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective 8.00% sustainable investments
with the Taxonomy or not.
The Sub-Fund will invest more than 80% of its assets in Sustainable Investments and this commitment is achieved
through environmentally or socially sustainable investments.
What is the sustainable investment objective of this financial product?
Allianz Better World Moderate (the “Sub-Fund”) invests in securities of companies providing products or services
which contribute to environmental or social objectives, as defined by the UN Sustainable Development goals (SDGs)
or the EU Taxonomy objectives, which are also related to the SDGs. The Sub-Fund does so by:
• As a first step, the Investment Manager excludes direct investments in certain issuers which are involved in
controversial environmental or social business activities from the investment universe of the Sub-Fund by applying
exclusion criteria. Within this process the Investment Manager excludes investee companies that severely violate
good governance practices and principles and guidelines such as the Principles of the United Nations Global
Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for
Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contributions. Environmental
or social contributions include a broad range of topics, for which the Investment Manager uses as reference
frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy
objectives. The proprietary methodology to assess the environmental and social contribution is described in the
section “What are the binding elements of the investment strategy used to select the investments to attain the
sustainable investment objective?” and contains an assessment of the positive contribution to environmental and
social contributions as well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager will adhere to a minimum percentage of 80.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark for the purpose of attaining the sustainable investment objective of the Fund has been
designated.
Sustainability indicators
measure how the Details and methods of each step are described within the section “What investment strategy does this financial
sustainable objectives of this
product follow?”.
financial product are
attained.
x What sustainability indicators are used to measure the attainment of the sustainable investment objective of this
financial product?
110
To measure the attainment of the Sub-Fund's sustainable investment objective the following sustainability
indicators are used and reported on, at the end of the financial year:
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x How do sustainable investments not cause significant harm to any environmental or social sustainable
investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain the sustainable investment
objective?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
Does this financial product consider principal adverse impacts on sustainability factors?
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Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
companies DNSH assessment is limited due to requirement of 100% of issuers having a
- Exposure to companies Sustainable Investment share.
active in the fossil fuel
sector
- Share of non-renewable
energy consumption and
production
- Energy consumption
intensity per high impact
climate sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
compliance mechanisms to DNSH assessment is limited due to requirement of 100% of issuers having a
monitor compliance with Sustainable Investment share.
UN Global Compact
principles
- Unadjusted gender pay - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
gap DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- GHG intensity - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 100% of issuers having a
Sustainable Investment share.
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
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issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global Equity and Bond
Markets with a focus on companies with an engagement in one or more United Nations’ SDGs and/or on companies
supporting climate-related or social projects, and hence create positive outcomes for environment and society. The
Sub-Fund's general investment strategy is described in the prospectus.
With respect to the sustainable investment objective of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain the
based on factors such as sustainable investment objective?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contribution.
In detail, the Investment Manager invests as follows:
- In order to achieve the minimum proportion of Sustainable Investments, at least 80% of the business
activities pursued by the issuers (on an aggregated basis across the issuers) shall contribute to one or more
SDGs and/or Taxonomy Objectives.
- At least 80% of the Sub-Fund’s portfolio is invested in issuers which pursue business activities that contribute
with a minimum of 20% to one or more SDGs and/or Taxonomy Objectives. The basis for the calculation of
the 80% threshold is the Sub-Fund’s net asset value except instruments for which no sustainable investment
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
113
share can reasonably be calculated, e.g. cash, derivatives and deposits. For the remaining 20% (or less) of
the Sub-Fund portfolio, each respective issuer shall have a minimum share of 5% Sustainable Investment.
Cash and derivatives are excluded from these thresholds. The size of the part of the portfolio for which no
sustainable investment share can reasonably be calculated varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
Further, the Investment Manager commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
The Investment Manager measures how the Sustainable Investments contribute to the Sub-Fund’s sustainable
investment objective based on a proprietary methodology as follows:
- The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference,
among others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives
which are: Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of
Water and Marine Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as
Protection and Restoration of Biodiversity and Ecosystems.
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
The Investment Manager´s approach to assess significant harm is explained in the section “How do sustainable
investments not cause significant harm to any environmental or social sustainable investment objective?”.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation and the minimum share of sustainable investments?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to achieve the
sustainable investment objective:
- Min. 80.00% (#1 Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 22.00% of Sub-Fund’s net asset value will be invested in environmentally Sustainable Investments.
- Min. 8.00% of Sub-Fund’s net asset value will be invested in socially Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
Asset allocation describes
the share of investments in
specific assets.
1
https://sdgs.un.org/goals
114
Taxonomy-aligned
Environmental
#1 Sustainable Other
Investments Social
#2 Not sustainable
#1 Sustainable covers sustainable investments with environmental or social objectives.
#2 Not sustainable includes investments which do not qualify as sustainable investments
x How does the use of derivatives attain the sustainable investment objective?
Derivatives are not used to attain the Sub-Fund's Sustainable Investment objective.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
115
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are environmentally screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
sustainable investments that
do not take into account the complies with all criteria. The overall Sustainable Investment share (min. 80.00%) may also include investments
criteria for environmentally with an environmental objective in economic activities that do not qualify as environmentally sustainable under
sustainable economic the EU Taxonomy.
activities under the EU
Taxonomy.
What is the minimum share of sustainable investments with a social objective?
The Investment Manager commits to a minimum share of 8% of socially Sustainable Investments. The overall
Sustainable Investment share may also include investments with an environmental or social objective and the
Sub-Fund will invest min. 80% of its assets in Sustainable Investments.
What investments are included under “#2 Not sustainable”, what is their purpose and are there any minimum
environmental or social safeguards?
Under “#2 Not sustainable” parts of investments are included related to business activities which are not counted
as Sustainable Investments. In addition, investments into cash, Target Funds, or derivatives can be included.
Derivatives might be used for efficient portfolio management (including risk hedging) and/or investment
purposes, and Target Funds to benefit from a specific strategy. For those investments no environmental or social
safeguards are applied.
116
Is a specific index designated as a reference benchmark to meet the sustainable investment objective?
No, the Investment Manager has not assigned a reference benchmark to meet the sustainable investment objective
of the financial product.
Reference benchmarks are x How does the reference benchmark take into account sustainability factors in a way that is continuously aligned
indexes to measure whether
the financial product attains
with the sustainable investment objective?
the sustainable investment
objective.
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to meet the sustainable investment objective of the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
117
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Capital Plus
Legal entity identifier: 549300XT1DVY4H170178
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 1.50% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Capital Plus (the “Sub-Fund”) promotes a broad range of environmental and social characteristics. The Sub-
Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other internal funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 90% of
the Sub-assets. Target Funds are counted into the 90.00% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 90.00% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 1.50% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
118
- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
119
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
120
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European equity and
The investment strategy
bond markets in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-
guides investment decisions Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
121
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 90% of the Sub-Fund assets in accordance with various approaches
set out below or in internal Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 1.50% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest in direct investments which are selected with respect to sustainability
aspects and Target Funds which promote environmental or social characteristics, or which have Sustainable
Investments as an objective as described in the section “What investment strategy does this financial product
follow?” for at least 90% (#1 Aligned with E/S characteristics) of net assets of the Sub-Fund.
- Min. 1.50% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
123
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Asset allocation describes Investment Manager has committed to (min. 1.50%) irrespective of their contribution to environmental and/or social
the share of investments in objectives.
specific assets.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
124
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 1.50%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 1.50%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
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Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
126
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Capital Plus Global
Legal entity identifier: 529900V4Z0XTX71VJR91
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 1.50% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Capital Plus Global (the “Sub-Fund”) promotes a broad range of environmental and social characteristics. The
Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other internal funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 90% of
the Sub-assets. Target Funds are counted into the 90.00% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 90.00% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 1.50% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
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- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
128
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Global Equity and Bond
Markets in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's
general investment strategy is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
130
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 90% of the Sub-Fund assets in accordance with various approaches
set out below or in internal Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 1.50% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest in direct investments which are selected with respect to sustainability
aspects and Target Funds which promote environmental or social characteristics, or which have Sustainable
Investments as an objective as described in the section “What investment strategy does this financial product
follow?” for at least 90% (#1 Aligned with E/S characteristics) of net assets of the Sub-Fund.
- Min. 1.50% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
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Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Asset allocation describes Investment Manager has committed to (min. 1.50%) irrespective of their contribution to environmental and/or social
the share of investments in objectives.
specific assets.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The
Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the EU
Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
133
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 1.50%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 1.50%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
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Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
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Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz China A Opportunities
Legal entity identifier: 529900SR5WUFEB6J7646
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz China A Opportunities (the “Sub-Fund”) promotes a broad range of environmental, social and governance
characteristics (“ESG characteristics”). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses within the remaining investment universe how issuers perform
with respect to ESG characteristics using ESG Ratings. ESG Ratings are provided from an external data provider.
Based on this, the Investment Manager manages the Sub-Fund so that the performance with respect to ESG
characteristics of the portfolio is better than the performance of the Sub-Fund’s benchmark. The Investment
Manager has also set the requirement that for a certain % of the Sub-Fund`s portfolio ESG Ratings must be
available.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a rating for issuers on ESG characteristics (“ESG Rating”). The ESG Rating is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are non-rated by nature, e.g. cash,
136
deposits and derivatives. The size of the unrated part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- The average ESG Rating of the portfolio and the average ESG Rating of the benchmark. The process to
determine the average ESG Rating is described below in the section “What investment strategy does this
financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
1
https://sdgs.un.org/goals
137
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in China A-Shares Equity
The investment strategy Markets of the PRC with a focus on large capitalization companies in accordance with the environmental and social
guides investment decisions characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
1
https://www.netzeroassetmanagers.org/
139
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager assesses within the remaining investment universe how issuers
perform with respect to ESG characteristics. Based on this, the Investment Manager manages the Sub-Fund so
that the performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-
Fund’s benchmark.
In detail, the following applies:
- The Investment Manager receives ESG Ratings from an external data provider.
- For at least 80% of the Sub-Fund’s portfolio such data must be received. The basis for the calculation of the
80% threshold is the Sub-Fund’s net asset value except instruments for which ESG Ratings are not available
such as cash, deposits and derivatives. The size of the portfolio for which no ESG Rating is available varies
subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives ESG Ratings are used to calculate the
performance of ESG characteristics of the Sub-Fund. The performance of ESG characteristics of each issuer is
considered relative to the weight of the issuer in the Sub-Fund in order to calculate an average ESG Rating
of the Sub-Fund. The portfolio weights of those issuers that have ESG Ratings are mathematically adjusted
so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of the part of the portfolio for
which no ESG Rating is available varies subject to the Sub-Fund's general investment strategy described in
the prospectus.
- The ESG Rating of the benchmark is calculated accordingly, i.e. only issuers/instruments where the
Investment Manager receives ESG Ratings are considered and the ESG Rating of each issuer is weighted.
- The Investment Manager selects and weights issuers from the remaining investment universe so that the
Sub-Fund’s average ESG Rating is better than the average ESG Rating of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s
portfolio in issuers with an ESG Rating. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments that are not rated by nature as described in the section “What investment strategy
does this financial product follow?”.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
Taxonomy-aligned activities
Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the EU
are expressed as a share of: Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
e.g., for a transition to a
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
141
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI China A Total Return Net” as the Sub-Fund´s benchmark.
This benchmark is a market index. The Investment Manager manages the Sub-Fund so that so that the Sub-Fund’s
performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-Fund’s benchmark
as described in the section “What investment strategy does this financial product follow?”.
142
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the ESG Ratings of the Sub-
Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ b39c7f2f-
21c7-4fb6-9fa3-d0a19babcf17 or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
143
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz China A-Shares
Legal entity identifier: 529900CTGGXS3O08YO05
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz China A-Shares (the “Sub-Fund”) promotes a broad range of environmental, social and governance
characteristics (“ESG characteristics”). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses within the remaining investment universe how issuers perform
with respect to ESG characteristics using ESG Ratings. ESG Ratings are provided from an external data provider.
Based on this, the Investment Manager manages the Sub-Fund so that the performance with respect to ESG
characteristics of the portfolio is better than the performance of the Sub-Fund’s benchmark. The Investment
Manager has also set the requirement that for a certain % of the Sub-Fund`s portfolio ESG Ratings must be
available.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a rating for issuers on ESG characteristics (“ESG Rating”). The ESG Rating is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are non-rated by nature, e.g. cash,
144
deposits and derivatives. The size of the unrated part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- The average ESG Rating of the portfolio and the average ESG Rating of the benchmark. The process to
determine the average ESG Rating is described below in the section “What investment strategy does this
financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
1
https://sdgs.un.org/goals
145
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
146
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in China A-Shares equity
The investment strategy
markets of the PRC in accordance with the environmental and social characteristics promoted by the Sub-Fund. The
guides investment decisions Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
1
https://www.netzeroassetmanagers.org/
147
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager assesses within the remaining investment universe how issuers
perform with respect to ESG characteristics. Based on this, the Investment Manager manages the Sub-Fund so
that the performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-
Fund’s benchmark.
In detail, the following applies:
- The Investment Manager receives ESG Ratings from an external data provider.
- For at least 80% of the Sub-Fund’s portfolio such data must be received. The basis for the calculation of the
80% threshold is the Sub-Fund’s net asset value except instruments for which ESG Ratings are not available
such as cash, deposits and derivatives. The size of the portfolio for which no ESG Rating is available varies
subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives ESG Ratings are used to calculate the
performance of ESG characteristics of the Sub-Fund. The performance of ESG characteristics of each issuer is
considered relative to the weight of the issuer in the Sub-Fund in order to calculate an average ESG Rating
of the Sub-Fund. The portfolio weights of those issuers that have ESG Ratings are mathematically adjusted
so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of the part of the portfolio for
which no ESG Rating is available varies subject to the Sub-Fund's general investment strategy described in
the prospectus.
- The ESG Rating of the benchmark is calculated accordingly, i.e. only issuers/instruments where the
Investment Manager receives ESG Ratings are considered and the ESG Rating of each issuer is weighted.
- The Investment Manager selects and weights issuers from the remaining investment universe so that the
Sub-Fund’s average ESG Rating is better than the average ESG Rating of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
148
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s
portfolio in issuers with an ESG Rating. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments that are not rated by nature as described in the section “What investment strategy
does this financial product follow?”.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
Taxonomy-aligned activities
Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the EU
are expressed as a share of: Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
e.g., for a transition to a
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
149
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI China A Onshore Total Return Net” as the Sub-Fund´s
benchmark. This benchmark is a market index. The Investment Manager manages the Sub-Fund so that the Sub-
Fund’s performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-Fund’s
benchmark as described in the section “What investment strategy does this financial product follow?”.
150
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the ESG Ratings of the Sub-
Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ 85d8ca04-
533e-d8b6-dfa7-b97589ffb12a or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
151
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz China Equity
Legal entity identifier: 549300HFT1TW3OAGQ113
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz China Equity (the “Sub-Fund”) promotes a broad range of environmental, social and governance
characteristics (“ESG characteristics”). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses within the remaining investment universe how issuers perform
with respect to ESG characteristics using ESG Ratings. ESG Ratings are provided from an external data provider.
Based on this, the Investment Manager manages the Sub-Fund so that the performance with respect to ESG
characteristics of the portfolio is better than the performance of the Sub-Fund’s benchmark. The Investment
Manager has also set the requirement that for a certain % of the Sub-Fund`s portfolio ESG Ratings must be
available.
• Further, the Investment Manager will adhere to a minimum percentage of 2.00% of Sustainable Investments.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a rating for issuers on ESG characteristics (“ESG Rating”). The ESG Rating is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are non-rated by nature, e.g. cash,
152
deposits and derivatives. The size of the unrated part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- The average ESG Rating of the portfolio and the average ESG Rating of the benchmark. The process to
determine the average ESG Rating is described below in the section “What investment strategy does this
financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
1
https://sdgs.un.org/goals
153
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
154
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in the Equity Markets of the
The investment strategy PRC, Hong Kong and Macau in accordance with the environmental and social characteristics promoted by the Sub-
guides investment decisions Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
1
https://www.netzeroassetmanagers.org/
155
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager assesses within the remaining investment universe how issuers
perform with respect to ESG characteristics. Based on this, the Investment Manager manages the Sub-Fund so
that the performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-
Fund’s benchmark.
In detail, the following applies:
- The Investment Manager receives ESG Ratings from an external data provider.
- For at least 80% of the Sub-Fund’s portfolio such data must be received. The basis for the calculation of the
80% threshold is the Sub-Fund’s net asset value except instruments for which ESG Ratings are not available
such as cash, deposits and derivatives. The size of the portfolio for which no ESG Rating is available varies
subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives ESG Ratings are used to calculate the
performance of ESG characteristics of the Sub-Fund. The performance of ESG characteristics of each issuer is
considered relative to the weight of the issuer in the Sub-Fund in order to calculate an average ESG Rating
of the Sub-Fund. The portfolio weights of those issuers that have ESG Ratings are mathematically adjusted
so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of the part of the portfolio for
which no ESG Rating is available varies subject to the Sub-Fund's general investment strategy described in
the prospectus.
- The ESG Rating of the benchmark is calculated accordingly, i.e. only issuers/instruments where the
Investment Manager receives ESG Ratings are considered and the ESG Rating of each issuer is weighted.
- The Investment Manager selects and weights issuers from the remaining investment universe so that the
Sub-Fund’s average ESG Rating is better than the average ESG Rating of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 2.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
156
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s
portfolio in issuers with an ESG Rating. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments that are not rated by nature as described in the section “What investment strategy
does this financial product follow?”.
- Min. 2.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 2.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
157
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.00%)
irrespective of their contribution to environmental and/or social objectives.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
158
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI China 10/40 Total Return Net” as the Sub-Fund´s
benchmark. This benchmark is a market index. The Investment Manager manages the Sub-Fund so that the Sub-
Fund’s performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-Fund’s
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the ESG Ratings of the Sub-
Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ 99fc47ae-
0b1f-fcf5-47b6-91b3abfa8679 or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
159
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz China Thematica
Legal entity identifier: 529900V83BCU6OSSPK65
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz China Thematica (the “Sub-Fund”) promotes a broad range of environmental, social and governance
characteristics (“ESG characteristics”). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses within the remaining investment universe how issuers perform
with respect to ESG characteristics using ESG Ratings. ESG Ratings are provided from an external data provider.
Based on this, the Investment Manager manages the Sub-Fund so that the performance with respect to ESG
characteristics of the portfolio is better than the performance of the Sub-Fund’s benchmark. The Investment
Manager has also set the requirement that for a certain % of the Sub-Fund`s portfolio ESG Ratings must be
available.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a rating for issuers on ESG characteristics (“ESG Rating”). The ESG Rating is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are non-rated by nature, e.g. cash,
160
deposits and derivatives. The size of the unrated part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- The average ESG Rating of the portfolio and the average ESG Rating of the benchmark. The process to
determine the average ESG Rating is described below in the section “What investment strategy does this
financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
1
https://sdgs.un.org/goals
161
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
162
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Equity Markets of the
The investment strategy PRC (onshore and offshore), Hong Kong and Macau with a focus on companies whose business benefits or will
guides investment decisions benefit from growth opportunities of the PRC in accordance with the environmental and social characteristics
based on factors such as promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
163
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager assesses within the remaining investment universe how issuers
perform with respect to ESG characteristics. Based on this, the Investment Manager manages the Sub-Fund so
that the performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-
Fund’s benchmark.
In detail, the following applies:
- The Investment Manager receives ESG Ratings from an external data provider.
- For at least 80% of the Sub-Fund’s portfolio such data must be received. The basis for the calculation of the
80% threshold is the Sub-Fund’s net asset value except instruments for which ESG Ratings are not available
such as cash, deposits and derivatives. The size of the portfolio for which no ESG Rating is available varies
subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives ESG Ratings are used to calculate the
performance of ESG characteristics of the Sub-Fund. The performance of ESG characteristics of each issuer is
considered relative to the weight of the issuer in the Sub-Fund in order to calculate an average ESG Rating
of the Sub-Fund. The portfolio weights of those issuers that have ESG Ratings are mathematically adjusted
so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of the part of the portfolio for
which no ESG Rating is available varies subject to the Sub-Fund's general investment strategy described in
the prospectus.
- The ESG Rating of the benchmark is calculated accordingly, i.e. only issuers/instruments where the
Investment Manager receives ESG Ratings are considered and the ESG Rating of each issuer is weighted.
- The Investment Manager selects and weights issuers from the remaining investment universe so that the
Sub-Fund’s average ESG Rating is better than the average ESG Rating of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
164
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s
portfolio in issuers with an ESG Rating. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments that are not rated by nature as described in the section “What investment strategy
does this financial product follow?”.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
165
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
166
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI China All Shares Total Return Net” as the Sub-Fund´s
benchmark. This benchmark is a market index. The Investment Manager manages the Sub-Fund so that the Sub-
Fund’s performance with respect to ESG Ratings of the portfolio is better than the performance of the Sub-Fund’s
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the ESG Ratings of the Sub-
Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ d84b06d0-
b81c-48ce-89b8-c57f808065e4 or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
167
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Clean Planet
Legal entity identifier: 5299003YJB0A9U4O4D87
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 50.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Clean Planet (the “Sub-Fund”) promotes environmental and social characteristics and one or more of the
United Nations Sustainable Development Goals (“SDGs”) or other Sustainable Investment objectives. The Sub-Fund
does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contributions. Environmental
or social contributions include a broad range of topics, for which the Investment Manager uses as reference
frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy
objectives. The proprietary methodology to assess the environmental and social contribution is described in the
section “What are the objectives of the sustainable investments that the financial product partially intends to
make and how does the sustainable investment contribute to such objectives?” and contains an assessment of the
positive contribution to environmental and social contributions as well as an assessment to avoid significant harm
to any environmental or social objective.
• Further, the Investment Manager will adhere to a minimum percentage of 50.00% of Sustainable Investments.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
168
- Confirmation that at least 70% of the Sub-Fund’s net asset value has been invested throughout the Sub-
Fund’s financial year in issuers that pursue business activities that contribute to one or more of the following
SDGs: Zero Hunger; Good Health and Well-being; Clean Water and Sanitation; Affordable and Clean
Energy; Industry, Innovation and Infrastructure; Responsible Consumption and Production; Climate Action;
Life below Water; Life on Land.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
1
https://sdgs.un.org/goals
169
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
companies DNSH assessment is limited due to requirement of 80% of issuers having at
- Exposure to companies least a 20% Sustainable Investment share.
active in the fossil fuel
sector
- Share of non-renewable
energy consumption and
production
- Energy consumption
intensity per high impact
climate sector
170
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
compliance mechanisms to DNSH assessment is limited due to requirement of 80% of issuers having at
monitor compliance with least a 20% Sustainable Investment share.
UN Global Compact
principles
- Unadjusted gender pay - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
gap DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- GHG intensity - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global Equity Markets
with a focus on companies with an engagement in a cleaner environment in accordance with the environmental and
social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the
prospectus.
1
https://www.netzeroassetmanagers.org/
171
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contribution. The
proprietary methodology to assess the environmental and social contribution is described in the section “What
are the objectives of the sustainable investments that the financial product partially intends to make and how
does the sustainable investment contribute to such objectives?”.
In detail, the Investment Manager invests as follows:
- In order to achieve the minimum proportion of Sustainable Investments, at least 50% of the business
activities pursued by the issuers (on an aggregated basis across the issuers) shall contribute to one or more
SDGs and/or Taxonomy Objectives.
- At least 80% of the Sub-Fund’s portfolio is invested in issuers which pursue business activities that contribute
with a minimum of 20% to one or more SDGs and/or Taxonomy Objectives. The basis for the calculation of
the 80% threshold is the Sub-Fund’s net asset value except instruments for which no sustainable investment
share can reasonably be calculated, e.g. cash, derivatives and deposits. The size of the part of the portfolio
for which no sustainable investment share can reasonably be calculated varies subject to the Sub-Fund’s
general investment strategy described in the prospectus.
- At least 70% of the Sub-Fund´s net asset value shall be invested in issuer that pursue business activities that
contribute to one or more of the following SDGs:
x Zero Hunger
x Good Health and Well-being
x Clean Water and Sanitation
x Affordable and Clean Energy
x Industry, Innovation and Infrastructure
x Responsible Consumption and Production
x Climate Action
x Life below Water
x Life on Land
Further, the Investment Manager commits to a minimum proportion of 50.00% of Sub-Fund’s net asset value in
Sustainable Investments.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
172
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s net
asset value in issuers pursuing business activities that contribute with a minimum of 20% to one or more SDGs
and/or Taxonomy Objectives. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value
except instruments for which no sustainable investment share can reasonably be calculated as described in the
section “What investment strategy does this financial product follow?”.
- Min. 50.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 50.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
173
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- revenue reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments. It is noted that –
due to the fact that this Sub-Fund does not provide for a minimum
quota of taxonomy-aligned investments – this graph does not
generate any additional added value compared to the left-hand
Enabling activities directly graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 50.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
174
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 50.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
175
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Climate Transition
Legal entity identifier: 52990080FLOXFRNVGP49
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 15.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Climate Transition (the “Sub-Fund”) promotes a broad range of environmental, human rights, governance,
and/or business behaviour characteristics (the last characteristic does not apply for financial instruments issued by a
sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 15.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
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- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
177
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity markets
The investment strategy with a focus on companies with an engagement in a transition into a low-carbon economy in accordance with the
guides investment decisions environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
based on factors such as
described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
179
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 90% of the issuers with an internal score
of 2 or more and max. 10% of the issuers with an internal score between 1.5 and 2.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
180
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 15.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 15.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 15.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
181
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
182
Transitional activities are The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
activities for which low-
enabling activities and own performance.
carbon alternatives are not
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 15.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 15.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
183
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Convertible Bond
Legal entity identifier: 5299001GCNUJ1XFXOL76
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Convertible Bond (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is lower than the
GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per million
USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
184
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of The Investment Manager does not commit to a minimum share of Sustainable Investments.
investment decisions on
sustainability factors x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
relating to environmental, the UN Guiding Principles on Business and Human Rights? Details:
social and employee
matters, respect for human The Investment Manager does not commit to a minimum share of Sustainable Investments.
rights, anti-corruption and
anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
185
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in convertible debt
The investment strategy securities of European Bond Markets in accordance with the environmental and social characteristics promoted by
guides investment decisions the Sub-Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
186
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 70% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund’s general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is lower than the GHG intensity of
the Sub-Fund’s benchmark.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 70% (#1 Aligned with E/S
Asset allocation describes characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net
the share of investments in asset value except instruments for which such data does not exist as described in the section “What investment
specific assets. strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is lower than the GHG intensity of the Sub-Fund’s benchmark.
#1 Aligned with E/S characteristics #1B Other E/S characteristics
Investments
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
187
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
green economy.
- operational expenditure
(OpEx) reflecting green
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
188
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of investments with an environmental objective
that are not aligned with the EU Taxonomy.
are sustainable investments
with an environmental
objective that do not take
into account the criteria for
environmentally sustainable
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially sustainable investments.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “Refinitiv Europe Focus CB (EUR)” as the Sub-Fund’s
benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social characteristics
by managing the GHG intensity so that it will be continuously lower than the GHG intensity of the benchmark as
described in the section “What investment strategy does this financial product follow?”.
189
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.lseg.com/en.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
190
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Cyber Security
Legal entity identifier: 529900I11GBTWP04NS84
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Cyber Security (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
• Further, the Investment Manager will adhere to a minimum percentage of 2.00% of Sustainable Investments.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
191
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
1
https://sdgs.un.org/goals
192
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in the global Equity Markets
The investment strategy with a focus on companies whose business will benefit from or is currently related to cyber security in accordance with
guides investment decisions the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund’s general investment strategy
based on factors such as is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
194
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 2.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Management Company may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
195
Further, the Management Company actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares).
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments for which such data does not exist as described in the section “What investment
strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
- Min. 2.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 2.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
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Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.00%)
irrespective of their contribution to environmental and/or social objectives.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
197
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI AC World (ACWI) Information Technology Total Return
Net” as the Sub-Fund´s benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and
social characteristics by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity
of the benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ 69aaf9fd-
d91d-4505-a877-4b1ad70ee855 or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
198
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Dynamic Allocation Plus Equity
Legal entity identifier: 529900R0F5AODZYTEH16
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 20.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Dynamic Allocation Plus Equity (the “Sub-Fund”) promotes a broad range of environmental and social
characteristics. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other internal funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 70% of
the Sub-assets. Target Funds are counted into the 70.00% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 70.00% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 20.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
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- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
200
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
201
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in a broad range of asset
classes, taking advantage of the risk and return opportunities of both, the global Equity Markets and a Multi Asset
Long / Short approach in accordance with the environmental and social characteristics promoted by the Sub-Fund.
The Sub-Fund's general investment strategy is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
202
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 70% of the Sub-Fund assets in accordance with various approaches
set out below or in internal Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 20.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest in direct investments which are selected with respect to sustainability
aspects and Target Funds which promote environmental or social characteristics, or which have Sustainable
Investments as an objective as described in the section “What investment strategy does this financial product
follow?” for at least 70% (#1 Aligned with E/S characteristics) of net assets of the Sub-Fund.
- Min. 20.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
204
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Asset allocation describes Investment Manager has committed to (min. 20.00%) irrespective of their contribution to environmental and/or social
the share of investments in objectives.
specific assets.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
205
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 20.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 20.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
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Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
207
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Dynamic Multi Asset Strategy SRI 15
Legal entity identifier: 549300PQDMLKLFQGT068
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Dynamic Multi Asset Strategy SRI 15 (the “Sub-Fund”) promotes a broad range of environmental, human
rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for financial
instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
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- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more. The scoring process is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash and
deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part
of the portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
x To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
209
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
210
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in a broad range of asset
The investment strategy classes, with a focus on global Equity, Bond and Money Markets in order to achieve over the medium-term a
guides investment decisions performance comparable to a balanced portfolio within a volatility range of 3% to 7% in accordance with the
based on factors such as environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
investment objectives and
risk tolerance. described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
1
https://www.netzeroassetmanagers.org/
211
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 70% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 70% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
212
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will only invest in debt issuers with an internal score of 1
or more and invest min. 80% of the equity issuers with an internal score of 1 or more.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 70% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
213
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
214
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
215
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
216
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Dynamic Multi Asset Strategy SRI 30
Legal entity identifier: 529900ISA0PI6X32ID83
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Dynamic Multi Asset Strategy SRI 30 (the “Sub-Fund”) promotes a broad range of environmental, human
rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for financial
instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
217
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more. The scoring process is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash and
deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part
of the portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
218
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
219
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in a broad range of asset
The investment strategy classes, with a focus on global Equity, Bond and Money Markets in order to achieve over the medium-term a
guides investment decisions performance comparable to a balanced portfolio within a volatility range of 4% to 10% in accordance with the
based on factors such as environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
investment objectives and
risk tolerance. described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
1
https://www.netzeroassetmanagers.org/
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- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
221
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will only invest in debt issuers with an internal score of 1
or more and invest min. 80% of the equity issuers with an internal score of 1 or more.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 70% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
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Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
223
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
224
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
225
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Dynamic Multi Asset Strategy SRI 50
Legal entity identifier: 529900NLULWWNUAUMG29
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 15.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Dynamic Multi Asset Strategy SRI 50 (the “Sub-Fund”) promotes a broad range of environmental, human
rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for financial
instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 15.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
226
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more. The scoring process is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash and
deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part
of the portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
227
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
228
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in a broad range of asset
The investment strategy classes, with a focus on global Equity, Bond and Money Markets in order to achieve over the medium-term a
guides investment decisions performance comparable to a balanced portfolio within a volatility range of 6% to 12% in accordance with the
based on factors such as environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
investment objectives and
risk tolerance. described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
1
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229
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 70% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 70% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
230
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will only invest in debt issuers with an internal score of 1
or more and invest min. 80% of the equity issuers with an internal score of 1 or more.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 15.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 70% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 15.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 15.00%) irrespective of their contribution to environmental and/or social
objectives.
231
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
232
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 15.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 15.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
233
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
234
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Dynamic Multi Asset Strategy SRI 75
Legal entity identifier: 549300MVGM26JNLKWO33
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 20.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Dynamic Multi Asset Strategy SRI 75 (the “Sub-Fund”) promotes a broad range of environmental, human
rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for financial
instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 20.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
235
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more. The scoring process is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash and
deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part
of the portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
236
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
237
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in a broad range of asset
The investment strategy classes, with a focus on global Equity, Bond and Money Markets in order to achieve over the medium-term a
guides investment decisions performance comparable to a balanced portfolio within a volatility range of 10% to 16% in accordance with the
based on factors such as environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
investment objectives and
risk tolerance. described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
1
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- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 70% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 70% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
239
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will only invest in debt issuers with an internal score of 1
or more and invest min. 80% of the equity issuers with an internal score of 1 or more.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 20.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 70% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 20.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 20.00%) irrespective of their contribution to environmental and/or social
objectives.
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Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
241
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 20.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 20.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
242
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
243
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Emerging Markets Equity SRI
Legal entity identifier: 5299008XMKNR6M71KE54
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Emerging Markets Equity SRI (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
with respect to sustainability aspects. With respect to sovereign issuers those issuers that generally perform better
with respect to sustainability aspects. The score starts at 0 (lowest) and ends at class 4 (highest). The score is
based on environmental, social, governance and business behaviour factors (business behaviour does not apply
to sovereign issuers) and represents an internal assessment assigned to a corporate or sovereign issuer by the
Investment Manager.
• In a second step, excluding direct investments in certain issuers which are involved in controversial environmental
or social business activities from the investment universe of the Sub-Fund by applying exclusion criteria. Within
this process the Investment Manager excludes investee companies that severely violate good governance
practices and principles and guidelines such as the Principles of the United Nations Global Compact, the OECD
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and Human
Rights.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
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- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
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allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
246
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Equities of global
The investment strategy Emerging Markets in accordance with the environmental and social characteristics promoted by the Sub-Fund. The
guides investment decisions Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager identifies those corporate issuers that perform better within their sector
based on a score for environmental, social, governance, and business behaviour factors ("Sustainability Factors").
With respect to sovereign issuers, the ones that generally perform better with respect to sustainability aspects.
The score starts at 0 (lowest) and ends at 4 (highest). The score represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager. Scores are reviewed on a monthly basis.
1
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247
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948’s Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 80% of the issuers with an internal score
of 1 or more.
As a second step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 5% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco
- deriving more than 5% of their revenues from the sum of (i) the production of and (ii) providing services in
relation to hydraulic fracturing,
- deriving more than 10% of their revenues from the production of alcohol (limited to spirits),
- deriving more than 5% of their revenues from the production of agricultural genetically modified organisms
(“GMOs”),
- deriving more than 10% of their revenues from the sum of (i) the production of and (ii) providing services in
relation to nuclear power,
- involved in the production of arctic drilling,
- deriving more than 5% of their revenues from gambling,
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- deriving more than 5% of their revenues from the (i) production or (ii) exploration of oil sands,
- deriving more than 1% of their revenues from the (i) production or (ii) distribution/sales of pornography.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
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The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI Emerging Markets Ext. SRI 5% Issuer Capped Total
Return Net” as the Sub-Fund’s benchmark.
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Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The Sub-Fund uses an SRI benchmark which is however not completely aligned with the environmental or social
promote. characteristics promoted by the sub-fund. The MSCI Emerging Markets SRI 5% Issuer Capped Index captures
large and mid cap stocks across 24 Emerging Markets (EM)countries. The Index is a capitalization weighted
index that provides exposure to companies with outstanding Environmental, Social and Governance (ESG)
ratings and excludes companies whose products have negative social or environmental impacts.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is not continuously aligned as the screening and exclusion criteria of the benchmark deviate from
the Sub-Fund`s investment strategy.
x How does the designated index differ from a relevant broad market index?
The benchmark uses ESG criteria as well as exclusion criteria for index construction.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmarks’ methodology may be found at https://www.msci.com/documents/10199/ f999c363-
a604-415a-baa9-8cf9fe05f1e0 or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
252
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Emerging Markets SRI Bond
Legal entity identifier: 529900V4JP0EVDIGZD94
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Emerging Markets SRI Bond (the “Sub-Fund”) mainly invests in sovereign and quasi sovereign issuers and
promotes a broad range of environmental, social, and governance characteristics. The Sub-Fund does so by:
• Identifying sovereign issuers that generally perform better with respect to sustainability aspects and then assign
them an internal score. The score is based on environmental, social, and governance factors and represents an
internal assessment assigned to a sovereign issuer by the Investment Manager. Within the investment process the
score is also considered when selecting specific sovereigns.
• For corporate issuers the Investment Manager applies exclusion criteria for direct investments. This comprises of
certain corporate issuers which are involved in controversial environmental or social business activities from the
investment universe of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager
excludes investee companies that severely violate good governance practices and principles and guidelines such
as the Principles of the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and
the United Nations Guiding Principles for Business and Human Rights. In addition, corporate issuers are assigned
an internal score and such score is considered within the investment process.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
253
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights. The exclusion criteria are described in the section “What are the binding elements of the
anti-bribery matters. investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?”. Thresholds are determined for all PAI indicators
except for the “share of non-renewable energy consumption and production” which is indirectly reflected
in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
1
https://sdgs.un.org/goals
254
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in sovereign and quasi-
The investment strategy sovereign Debt Securities of global Emerging Markets in accordance with the environmental and social
guides investment decisions characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
The Investment Manager identifies sovereign issuers that generally perform better with respect to sustainability
aspects. The score starts at 0 (lowest) and currently ends at 10 (highest). The scores represent an internal
assessment assigned to an issuer by the Investment Manager. Scores for sovereigns are reviewed at least twice a
year.
The Scoring process comprises the following:
- The Investment Manager uses relevant indicators from various sources, including public sources (e.g. NGO
publications).
- The Investment Manager calculates a score for all investible Emerging Market countries. This ranks the Sub-
Fund’s universe of investable emerging countries. For instance, the governance pillar includes indicators
measuring the extent of corruption, the strength of the state, respect for obligations or fiscal transparency.
These are key factors which often lead to changes in sovereign creditworthiness. The internal scoring model
also includes environmental and social factors, such as measures of inequality or health and education,
which signal a country’s ability to achieve sustainable growth over time.
- The Investment Manager calculates an average score for each of the three pillars. Then, the Investment
Manager excludes countries falling in the bottom 10% scores on any of the three (i) environmental, (ii) social,
and (iii) governance pillars. The aim of the scoring model is to insulate portfolios from the worst offenders on
each ESG dimension. Even if a country performs better in one or two pillars, if a particularly bad
performance in a single pillar is identified the issuer is consequently excluded.
- The Investment Manager calculates an average score for the environmental, social and governance pillars.
Given emerging markets’ specificity, different weights are assigned to each one of the pillars. The
Investment Manager selects from the remaining investment universe issuers by taking into account within
the investment process the average score.
As far as corporate issuers are concerned, the Investment Manager applies as a first step the following exclusion
criteria, i.e., does not directly invest in securities issued by companies:
1
https://www.netzeroassetmanagers.org/
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- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons or(ii) military equipment and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or securities issued by companies involved in the distribution of
tobacco with more than 5% of their revenues.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may override
the information received. The override decision is made by an internal decision-making body which is composed
of functions including Investments, Compliance and Legal. Further information on external data providers and the
override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector based on a score for environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal assessment assigned to a corporate issuer by the Investment Manager. Scores are
reviewed on a monthly basis.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. Setting of the flag is triggered
by the issuer’s lack of respect for human rights in its business conduct, including lack of (i) integration of the
Universal Declaration of Human Rights principles, (ii) respect for major International Labour Organization
conventions and/or (iii) signature of the United Nations Global Compact. This prospective tool both monitors
human rights controversies (breaches & violations of human rights) as well as the management of human
rights controversies (adequacy between prevention mechanisms like policies, commitments, systems or
grievance mechanisms and risk exposure).
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
At least 90% of the Sub-Fund’s portfolio is internally scored based on the processes described above. The basis
for the calculation of the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored
by nature, e.g., cash and deposits. Derivatives are generally not scored. Derivatives (other than credit default
swaps), whose underlying is a single rated corporate issuer are, however, generally scored. The size of the not
scored part of the portfolio varies subject to the Sub-Fund’s general investment strategy described in the
prospectus.
The Investment Manager must apply the above steps (as far as sovereign and/or corporate issuers are
concerned) so that the Sub-Fund’s investment universe is reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment strategy
as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
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x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
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To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.03%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.97%
This graph represents 30% of the total investments.
This graph is based on the binding minimum quota for investments
Enabling activities directly in sovereign bonds.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
259
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “J.P. MORGAN ESG Emerging Market Bond (EMBI) Global
Diversified Total Return” as the Sub-Fund´s benchmark.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The Sub-Fund uses an ESG benchmark which is however not completely aligned with the environmental or social
promote. characteristics promoted by the sub-fund. The Benchmark applies an ESG scoring and screening methodology to
tilt toward issuers ranked higher on ESG criteria and green bond, and to underweight and remove issuers that
rank lower.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is not continuously aligned as the screening and exclusion criteria of the benchmark deviate from
the Sub-Fund`s investment strategy.
x How does the designated index differ from a relevant broad market index?
The benchmark uses ESG criteria as well as exclusion criteria for index construction.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmarks’ methodology may be found at https://www.jpmorgan.com/content/dam/jpm/
cib/complex/content/markets/composition-docs/pdf-30.pdf or at www.jpmorgan.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
260
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Emerging Markets SRI Corporate Bond
Legal entity identifier: 529900G3RBZLNLUYXA43
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Emerging Markets SRI Corporate Bond (the “Sub-Fund”) promotes a broad range of environmental, human
rights, governance, and/or business behaviour characteristics (the last characteristic does not apply for financial
instruments issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
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- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
262
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in corporate Debt Securities
The investment strategy of global Emerging Markets in accordance with the environmental and social characteristics promoted by the Sub-
guides investment decisions Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
264
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers, an internal scoring model weighting various
environmental, social and governance factors is applied for which the Freedom House Index1 is considered as
one criterion amongst further criteria. Debt Securities of issuers other than sovereign issuers may not be acquired
if the respective issuer’s country does not meet the requirements of the aforesaid internal scoring model.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
265
With respect to scored issuers, the Investment Manager will invest issuers with an internal score of 1.5 or more.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
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The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
267
Transitional activities are The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
activities for which low-
enabling activities and own performance.
carbon alternatives are not
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “J.P. MORGAN ESG Corporate Emerging Markets Bond (CEMBI)
Broad Diversified Total Return” as the Sub-Fund´s benchmark.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The Sub-Fund uses an ESG benchmark which is however not completely aligned with the environmental or social
promote. characteristics promoted by the sub-fund. The Benchmark applies an ESG scoring and screening methodology to
tilt toward issuers ranked higher on ESG criteria and green bond, and to underweight and remove issuers that
rank lower.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is not continuously aligned as the screening and exclusion criteria of the benchmark deviate from
the Sub-Fund`s investment strategy.
x How does the designated index differ from a relevant broad market index?
The benchmark uses ESG criteria as well as exclusion criteria for index construction.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmarks’ methodology may be found at
https://www.jpmorgan.com/content/dam/jpm/cib/complex/content/markets/composition-docs/jp-morgan-esg-
cembi-broad-diversified-index.pdf or at www.jpmorgan.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
268
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Enhanced Short Term Euro
Legal entity identifier: 549300S8WEDESAOX7W77
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.50% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Enhanced Short Term Euro (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 2.50% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
269
- Percentage of the portfolio with a proprietary sustainability score of 1 or more. The scoring process is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash and
deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part
of the portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
1
https://sdgs.un.org/goals
270
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
271
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth above the average return of the Euro
The investment strategy money markets by investing in global Bond Markets with Euro exposure in accordance with the environmental and
guides investment decisions social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the
based on factors such as
prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
272
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 70% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 70% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Further, the Investment Manager commits to a minimum proportion of 2.50% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 70% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 2.50% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 2.50%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
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Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
275
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.50%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.50%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
276
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro Balanced
Legal entity identifier: 529900R48QOZDVDDMW24
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 7.50% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro Balanced (the “Sub-Fund”) promotes a broad range of environmental, human rights, governance, and/or
business behaviour characteristics (the last characteristic does not apply for financial instruments issued by a
sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 7.50% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
277
- Percentage of the portfolio with a proprietary sustainability score of 1 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
278
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Eurozone Equity Markets
The investment strategy and Eurozone Government Bond Markets in accordance with the environmental and social characteristics promoted
guides investment decisions by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
280
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will only invest in debt issuers with an internal score of 1
or more and invest min. 80% of the equity issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Further, the Investment Manager commits to a minimum proportion of 7.50% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 7.50% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 7.50%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
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Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents 70% of the total investments.
This graph is based on the binding minimum quota for investments
Enabling activities directly in sovereign bonds.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
283
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 7.50%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 7.50%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under "#2 Other" are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category "#2 Other" for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
284
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro Bond
Legal entity identifier: 4JPESYE6XYML1UXRJ264
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 3.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro Bond (the “Sub-Fund”) promotes a broad range of environmental, human rights, governance, and/or
business behaviour characteristics (the last characteristic does not apply for financial instruments issued by a
sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 3.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
285
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
286
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
287
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital above the long-term average return in Euro
The investment strategy terms by investing in Debt Securities with Euro exposure of global Bond Markets in accordance with the
guides investment decisions environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
based on factors such as
described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
288
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
This Sub-Fund is invested in assets that cannot be sold at present due to political, economic or other restrictions
and/or requirements imposed by third parties over which Allianz Global Investors has no influence. This
circumstance leads to the Sub-Fund being invested in assets which do not or not fully comply with the investment
policy of the Sub-Fund, or the sustainable investment approach pursued by the Sub-Fund. However, such
investments represent an absolutely marginal position in the Sub-Fund’s assets. As soon as the aforementioned
restrictions and/or requirements regarding such assets have been lifted or relaxed and a complete and/or
partial sale of the aforementioned assets becomes possible, Allianz Global Investors will immediately make use
of this possibility.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
289
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
Further, the Investment Manager commits to a minimum proportion of 3.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 3.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 3.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
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#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
added value compared to the left-hand graph.
* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
291
Enabling activities directly x What is the minimum share of investments in transitional and enabling activities?
enable other activities
Transitional activities to
are
make a substantial
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
contribution to an
carbon alternatives are not
environmental objective.
enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 3.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 3.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
292
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro Bond Short Term 1-3 Plus
Legal entity identifier: 5493007JLYJUUN37K611
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 1.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro Bond Short Term 1-3 Plus (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 1.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
293
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
1
https://sdgs.un.org/goals
294
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth above the medium-term average return
The investment strategy in Euro terms by investing in Debt Securities with Euro exposure of global Bonds Markets in accordance with the
guides investment decisions environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is
based on factors such as
described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
296
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
297
Further, the Investment Manager commits to a minimum proportion of 1.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 1.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 1.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
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Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
299
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 1.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 1.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
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Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro Credit SRI
Legal entity identifier: 529900VVLGKMM7VV9P20
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 15.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro Credit SRI (the “Sub-Fund”) promotes a broad range of environmental, human rights, governance,
and/or business behaviour characteristics (the last characteristic does not apply for financial instruments issued by a
sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 15.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 20% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
301
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
1
https://sdgs.un.org/goals
302
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
303
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Investment Grade rated
The investment strategy Debt Securities of OECD or EU Bond Markets denominated in EUR in accordance with the environmental and social
guides investment decisions characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
304
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 90% of the issuers with an internal score
of 2 or more and max. 10% of the issuers with an internal score between 1.5 and 2.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
305
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 20% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
Further, the Investment Manager commits to a minimum proportion of 15.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 20%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 15.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 15.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
306
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
307
Transitional activities are The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
activities for which low-
enabling activities and own performance.
carbon alternatives are not
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 15.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 15.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
308
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro Government Bond
Legal entity identifier: 529900Z9QTQFM4SHJL76
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 1.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro Government Bond (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 1.00% of Sustainable Investments.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
309
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
1
https://sdgs.un.org/goals
310
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
311
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in government Debt
The investment strategy Securities of the Eurozone Bond Markets in accordance with the environmental and social characteristics promoted
guides investment decisions by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
1
https://www.netzeroassetmanagers.org/
312
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 2 or more.
Further, the Investment Manager commits to a minimum proportion of 1.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
governance practices: sound management structures, employee relations, remuneration of staff and tax
staff and tax compliance.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
313
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 1.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 1.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of Sustainable Investments with an
environmental objective aligned with the EU Taxonomy. The overall Sustainable Investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
314
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 1.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 1.00%)
irrespective of their contribution to environmental and/or social objectives.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
315
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
316
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro High Yield Bond
Legal entity identifier: IS7IKH6HMU9CTMM3VM48
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 5.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro High Yield Bond (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
• Further, the Investment Manager will adhere to a minimum percentage of 5.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
317
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
318
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
319
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in high yield rated Debt
The investment strategy Securities denominated in EUR in accordance with the environmental and social characteristics promoted by the Sub-
guides investment decisions Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
1
https://www.netzeroassetmanagers.org/
320
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 70% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund’s general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 5.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
321
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 70% (#1 Aligned with E/S
characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 70% threshold is the Sub-Fund’s net
asset value except instruments for which such data does not exist as described in the section “What investment
strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
- Min. 5.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 5.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
322
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 5.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
323
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 5.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “ICE BOFAML Euro High Yield BB-B Constrained” as the Sub-
Fund’s benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social
characteristics by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity of the
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://indices.ice.com/.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
324
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro High Yield Defensive
Legal entity identifier: 529900SMJDSY6ZOGRB53
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 20.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro High Yield Defensive (the “Sub-Fund”) promotes a broad range of environmental and social
characteristics. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by, excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager will adhere to a minimum percentage of 20.00% of Sustainable
Investments. Sustainable Investments include a broad range of environmental and social topics, for which the
Investment Manager uses as reference frameworks, among others, the UN Sustainable Development Goals
(SDGs), as well as the EU Taxonomy objectives. The proprietary methodology to assess the environmental and
social contribution is described in the section “What are the objectives of the sustainable investments that the
financial product partially intends to make and how does the sustainable investment contribute to such
objectives?” and contains an assessment of the positive contribution to environmental and social contributions as
well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager commits to invest minimum 60% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. The Investment Manager will adhere to a
minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
325
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of assets invested in issuers which have been assessed according to the Sustainable Investments
methodology. The calculation of the Sustainable Investments methodology is described below in the
sections “What are the objectives of the sustainable investments that the financial product partially intends
to make and how does the sustainable investment contribute to such objectives?” and “What investment
strategy does this financial product follow?”.
- Percentage of investments that pass the assessment to not significantly harm environmental or social
objectives.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
1
https://sdgs.un.org/goals
326
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
327
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Individual minimum exposure to issuers which pass the DNSH assessment
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Individual minimum exposure to issuers which pass the DNSH assessment
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Individual minimum exposure to issuers which pass the DNSH assessment
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Individual minimum exposure to issuers which pass the DNSH assessment
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Debt Securities of
European bond markets in accordance with the environmental and social characteristics promoted by the Sub-Fund.
The Sub-Fund’s general investment strategy is described in the prospectus.
1
https://www.netzeroassetmanagers.org/
328
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
Sustainable Investments methodology as far as such data is available. Sustainable Investments include a broad
range of environmental and social topics, for which the Investment Manager uses as reference frameworks,
among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy objectives. The
proprietary methodology to assess the environmental and social contribution is described in the section “What
are the objectives of the sustainable investments that the financial product partially intends to make and how
does the sustainable investment contribute to such objectives?” and contains an assessment of the positive
contribution to environmental and social contributions as well as an assessment to avoid significant harm to any
environmental or social objective. For at least 70% of assets held in the Sub-Fund’s portfolio such an assessment
needs to be performed. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value
except instruments for which Sustainable Investments data is not available such as cash and derivatives.
Further, the Investment Manager commits to a minimum proportion of 20% of Sub-Fund’s net asset value in
Sustainable Investments.
Lastly, the Investment Manager commits to invest minimum 60% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details and methods of determining significant harm of any environmental or social objective
are described within the section “How do the sustainable investments that the financial product partially intends
to make, not cause significant harm to any environmental or social sustainable investment objective?”.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
329
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 60% (#1 Aligned with E/S characteristics) in issuers which as
assessed by the Investment Manager are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details of the assessment on whether issuers significantly harm any environmental or social
objectives are described in the section “How do the sustainable investments that the financial product partially
intends to make, not cause significant harm to any environmental or social sustainable investment objective?”.
- Min. 20.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 20.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
330
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 20.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
331
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 20.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
332
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euro Inflation-linked Bond
Legal entity identifier: 52990048RHLMIXREUF14
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euro Inflation-linked Bond (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
percentage of the benchmark. The scoring process is described within the section “What investment strategy
does this financial product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except
instruments that are not scored by nature, e.g., cash and deposits. Derivatives are generally not scored.
333
Derivatives (other than credit default swaps), whose underlying is a single rated corporate issuer are,
however, generally scored. The size of the not scored part of the portfolio varies subject to the Sub-Fund's
general investment strategy described in the prospectus.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of The Investment Manager does not commit to a minimum share of Sustainable Investments.
investment decisions on
sustainability factors x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
relating to environmental, the UN Guiding Principles on Business and Human Rights? Details:
social and employee
matters, respect for human The Investment Manager does not commit to a minimum share of Sustainable Investments.
rights, anti-corruption and
anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
334
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in Debt Securities of OECD
The investment strategy or EU Bond Markets with a focus on inflation-linked bonds in accordance with the environmental and social
guides investment decisions characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
335
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest min. 90% of the issuers with an internal score
of 2 or more and max. 10% of the issuers with an internal score between 1.5 and 2.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
336
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Asset allocation describes Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
the share of investments in instruments that are not scored by nature as described in the section “What investment strategy does this
specific assets.
financial product follow?”.
#1 Aligned with E/S characteristics #1B Other E/S characteristics
Investments
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
green economy.
- operational expenditure
(OpEx) reflecting green
operational activities of
investee companies.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
337
The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of investments with an environmental objective
that are not aligned with the EU Taxonomy.
are sustainable investments
with an environmental
objective that do not take
into account the criteria for
environmentally sustainable
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially sustainable investments.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
338
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
339
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Euroland Equity Growth
Legal entity identifier: 549300P15C6H38NBO527
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Euroland Equity Growth (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
340
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of The Investment Manager does not commit to a minimum share of Sustainable Investments.
investment decisions on
sustainability factors x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
relating to environmental, the UN Guiding Principles on Business and Human Rights? Details:
social and employee
matters, respect for human The Investment Manager does not commit to a minimum share of Sustainable Investments.
rights, anti-corruption and
anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
341
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in the Equity Markets of the
The investment strategy Eurozone with a focus on growth stocks in accordance with the environmental and social characteristics promoted by
guides investment decisions the Sub-Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
342
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
Asset allocation describes characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
the share of investments in asset value except instruments for which such data does not exist as described in the section “What investment
specific assets. strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
#1 Aligned with E/S characteristics #1B Other E/S characteristics
Investments
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
343
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
green economy. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
- operational expenditure appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
(OpEx) reflecting green relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
operational activities of only in relation to the investments of the financial product other than sovereign bonds.
investee companies.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
344
The Investment Manager does not commit to a minimum share of investments with an environmental objective
that are not aligned with the EU Taxonomy.
are sustainable investments
with an environmental
objective that do not take
into account the criteria for
environmentally sustainable
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially sustainable investments.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “S&P Eurozone Large Mid Cap Growth Total Return Net” as the
Sub-Fund’s benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social
characteristics by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity of the
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.spglobal.com/spdji/en/indices/equity/sp-
eurozone-largemidcap/#overview or at www.spglobal.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
345
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Equity Growth
Legal entity identifier: 549300N3S28ICP3HG051
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Equity Growth (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
346
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of The Investment Manager does not commit to a minimum share of Sustainable Investments.
investment decisions on
sustainability factors x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
relating to environmental, the UN Guiding Principles on Business and Human Rights? Details:
social and employee
matters, respect for human The Investment Manager does not commit to a minimum share of Sustainable Investments.
rights, anti-corruption and
anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
347
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity Markets
The investment strategy with a focus on growth stocks in accordance with the environmental and social characteristics promoted by the Sub-
guides investment decisions Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
348
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
Asset allocation describes characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
the share of investments in asset value except instruments for which such data does not exist as described in the section “What investment
specific assets. strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
#1 Aligned with E/S characteristics #1B Other E/S characteristics
Investments
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
349
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
green economy. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
- operational expenditure appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
(OpEx) reflecting green relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
operational activities of only in relation to the investments of the financial product other than sovereign bonds.
investee companies.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
350
The Investment Manager does not commit to a minimum share of investments with an environmental objective
that are not aligned with the EU Taxonomy.
are sustainable investments
with an environmental
objective that do not take
into account the criteria for
environmentally sustainable
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially sustainable investments.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “S&P Europe Large Cap Growth Total Return Net” as the Sub-
Fund’s benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social
characteristics by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity of the
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.spglobal.com/spdji/en/indices/equity/sp-
europe-largemidcap/#overview or at www.spglobal.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
351
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Equity Growth Select
Legal entity identifier: 549300UEVM0IKP1RGZ24
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of __% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Equity Growth Select (the “Sub-Fund”) promotes environmental and social characteristics as well as
the management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
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- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
The Investment Manager does not commit to a minimum share of Sustainable Investments.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of The Investment Manager does not commit to a minimum share of Sustainable Investments.
investment decisions on
sustainability factors x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
relating to environmental, the UN Guiding Principles on Business and Human Rights? Details:
social and employee
matters, respect for human The Investment Manager does not commit to a minimum share of Sustainable Investments.
rights, anti-corruption and
anti-bribery matters.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
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PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity Markets
The investment strategy with a focus on growth stocks of large market capitalization companies in accordance with the environmental and
guides investment decisions social characteristics promoted by the Sub-Fund. The Sub-Fund’s general investment strategy is described in the
based on factors such as prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index2 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
1
https://www.netzeroassetmanagers.org/
2
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
354
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
Asset allocation describes characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
the share of investments in asset value except instruments for which such data does not exist as described in the section “What investment
specific assets. strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
#1 Aligned with E/S characteristics #1B Other E/S characteristics
Investments
#2 Other
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#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
green economy. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
- operational expenditure appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
(OpEx) reflecting green relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
operational activities of only in relation to the investments of the financial product other than sovereign bonds.
investee companies.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
356
The Investment Manager does not commit to a minimum share of investments with an environmental objective
that are not aligned with the EU Taxonomy.
are sustainable investments
with an environmental
objective that do not take
into account the criteria for
environmentally sustainable
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially sustainable investments.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “S&P Europe Large Cap Growth Total Return Net” as the Sub-
Fund’s benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social
characteristics by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity of the
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.spglobal.com/spdji/en/indices/equity/sp-
Europe-largecap-eur/ or at www.spglobal.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
357
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Equity SRI
Legal entity identifier: 529900YVCW4Q1OX95C76
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 15.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Equity SRI (the “Sub-Fund”) promotes a broad range of environmental, human rights, governance,
and/or business behaviour characteristics (the last characteristic does not apply for financial instruments issued by a
sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers the
Investment Manager selects those that generally perform better with respect to sustainability aspects. The score
starts at 0 (lowest) and ends at 4 (highest). The score is based on environmental, social, governance and business
behaviour factors (business behaviour does not apply to sovereign issuers) and represents an internal assessment
assigned to a corporate or sovereign issuer by the Investment Manager.
• In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund so that the GHG intensity of the portfolio is lower than the GHG
intensity of the Sub-Fund’s benchmark.
• Further, the Investment Manager will adhere to a minimum percentage of 15.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
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Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the investment universe has been reduced by excluding at least 25% of the total number
of potential issuers compared to the investible issuers according to the Sub-Fund’s general investment
strategy as described in the prospectus.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of the portfolio with a proprietary sustainability score of 2 or more is compared to the
benchmark. The scoring process is described within the section “What investment strategy does this financial
product follow?”. The basis for the calculation is the Sub-Fund’s net asset value except instruments that are
not scored by nature, e.g., cash and deposits. Derivatives are generally not scored. Derivatives (other than
credit default swaps), whose underlying is a single rated corporate issuer are, however, generally scored.
The size of the not scored part of the portfolio varies subject to the Sub-Fund's general investment strategy
described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
- The GHG intensity of the Sub-Fund compared to the GHG intensity of the benchmark in percent. The
calculation of the GHG intensity is described below in the section “What investment strategy does this
financial product follow?”.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
1
https://sdgs.un.org/goals
359
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
360
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies - Target to manage the GHG intensity of the Sub-Fund below its benchmark
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
1
https://www.netzeroassetmanagers.org/
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What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity Markets
in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general
investment strategy is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- involved in the production of tobacco or e-cigarettes, or securities issued by companies which derive more
than 5% of their revenues from the distribution of tobacco or e-cigarettes,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, submunitions, chemical weapons, biological
weapons, depleted or any other industrial uranium weapons, white phosphorus weapons, and nuclear
weapons), and securities issued by companies that derive more than 5% of their revenues from the
production of (other) weapons, military equipment, and military service,
- that generate more than 5% of their revenue from thermal coal or conventional oil and gas or non-
conventional oil and gas-related activities such as exploration, mining, extraction, transportation,
distribution, or refinement, or providing dedicated equipment or services. This includes, but is not limited to,
the extraction of tar/oil sands, coalbed methane, extra heavy oil, shale oil, shale gas and arctic or ultra deep
drilling. The aforesaid exclusion criteria are not applicable for those issuers which have a Science Based
Targets initiative (SBTi) target set at well-below 2°C’ or 1.5°C’, or have a SBTi ‘Business Ambition for 1.5°C’
commitment,
- within the utility sector that generate more than 20% of their revenues from coal,
- that are involved in exploration and be involved in exploitation or development of new unconventional oil
or gas fields or the exploitation or development of new coal mines building new coal-fired power stations or
absolute production of or capacity for coal-based power exceeds 5 GW. The non-expansion criteria can
temporary be ignored in case of national legal obligations in the context of energy provision security,
securities issued by companies that derive more than 5% of their revenues from coal-based energy
generation. The aforesaid exclusion criterium is not applicable for those issuers which have a Science Based
Targets initiative (SBTi) target set at well below 2°C’ or 1.5°C’, or have a SBTi ‘Business Ambition for 1.5°C’
commitment, or
- which are involved in nuclear-, gas- or coal-based energy generation related products or services unless
they derive more than 50% of their revenues from contributing activities (economic activities included in the
EU taxonomy). The aforesaid exclusion criterium is not applicable for those issuers which have a Science
Based Targets initiative (SBTi) target set at well below 2°C’ or 1.5°C’ or have a SBTi ‘Business Ambition for
1.5°C’ commitment.
- with more than 25% of their revenues derived from products/services dedicated to the execution of harmful
activities (companies which are involved in activities covered by the a.m. Sub-Fund’s specific exclusion
criteria are executing “Harmful Activities”). Products/services aimed at mitigating or reducing negative
effects of harmful activities should not be included in this consideration.
The aforementioned exclusion criteria do not apply to companies active within the sector of power generation
(except companies active in the utility sector that generate more than 20% of their revenues from coal) which are
not yet aligned with the criteria according to the preceding section subject to the following requirements:
- The total portfolio exposure to such non-compliant companies within the sector of power generation is until
31 December 2023 max. 4,00% of the net asset value of the Sub-Fund. This percentage will decrease to max.
3,00% until 31 December 2024, to max. 2,00% until 30 June 2025 and to 0% from 1 July 2025 onwards.
- Non-compliant companies are subject to an environmental, social and governance rating (described below
in this section), whereby only the 25% highest rated companies remain investible.
- Non-compliant companies still have to meet the governance criteria as mentioned above.
The Sub-Fund also does not invest directly in debt securities of sovereign and sub-sovereign issuers:
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- that on average of all 6 Worldwide Governance Indicators (WGI)1, established by the World Bank, scores
lower than -0.59 or,
- does score less than -1.00 on a single WGI.
The Sub-Fund also does not directly invest in securities of sovereign issuers of high-income countries as defined
by the World Bank2:
- that have not ratified or implemented the eight fundamental conventions identified in the International
Labour Organisation’s declaration of the Fundamental Rights and Principles3 at work,
- that have not ratified or implemented at least half of the 18 core International Human Rights Treaties4 in
national legislation or equivalent,
- which are not party to the Paris Agreement5, the UN Convention on Biological Diversity6, or the Nuclear
Non-Proliferation Treaty7,
- with particularly high military budget exceeding 4% of the respective country’s Gross Domestic Product
(GDP),
- which are considered as the jurisdictions with strategic deficiencies in their regimes to counter money
laundering and combating the financing of terrorism and proliferation by the Financial Action Task Force
(FATF)8,
- scoring below 40/100 on the Transparency International Corruption Perception Index9, or
- qualified with a score as ‘not free’ by the Freedom House Index10, or
- in which the death penalty is legal and in use.
The Sub-Fund’s current specific exclusion criteria (including additional information to the phase-out margin) and
further clarifications can be consulted on the website https://regulatory.allianzgi.com/en/esg/sri-type-a-policy.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
1
https://info.worldbank.org/governance/wgi/ and https://databank.worldbank.org/source/worldwide-governance-indicators. Each country receives a score between -2.5 and
2.5 on each of the 6 WGI.
2
The thresholds are determined by resp. the median of the average WGI-score and the median of the lowest scoring WGI of the category of low- and middle-income economies.
3
ILO Fundamental conventions: https://www.ilo.org/dyn/normlex/en/f?p=NORMLEXPUB:10011:::NO:10011:P10011_DISPLAY_BY,P10011_CONVENTION_TYPE_CODE:1,F
4
International Human Rights Treaties: https://indicators.ohchr.org
5
Paris Agreement: https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=XXVII-7- d&chapter=27&clang=_en
6
UN Convention on Biological Diversity: https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=XXVII8&chapter=27&clang=_en
7
Treaty on the Non-Proliferation of Nuclear Weapons (NPT): http://disarmament.un.org/treaties/t/npt
8
FATF List: https://www.fatf-gafi.org/en/countries.html
9
Corruption Perception Index: https://www.transparency.org/en/cpi/2022
10
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 2 or more.
The Investment Manager must apply the first and second step so that the Sub-Fund’s investment universe is
reduced by excluding at least 25% of the total number of potential issuers compared to the investible issuers
according to the Sub-Fund’s general investment strategy as described in the prospectus.
In addition, the Investment Manager selects and weights issuers from the remaining investment universe so that
the Sub-Fund’s GHG intensity is lower than the GHG intensity of the Sub-Fund’s benchmark. GHG includes not
only CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope
1, 2 and 3) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer,
whereas scope 2 comprises indirect emission from purchased energy and scope 3 comprises emissions related to
the supply chain of the issuer or emissions caused by usage of its products from its customers. GHG emissions per
million USD sales is used, as this metrics allows to differentiate between more and less energy efficient issuers.
To determine the GHG intensity of the Sub-Fund and the benchmark the following steps are applied:
Ͳ The Investment Manager receives GHG intensity data on issuer level from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. GHG intensity is also calculated for internal Target Funds.
Ͳ Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted in such a way that the sum of their weighting in the Sub-Fund amounts to 100%.
The size of the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-
Fund's general investment strategy described in the prospectus.
Ͳ The GHG intensity of the benchmark is calculated accordingly, i.e., only issuers/instruments where the
Investment Manager receives GHG intensity data are considered and the GHG intensity of each issuer is
weighted.
Further, the Investment Manager commits to a minimum proportion of 15.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Investment Manager has committed to reduce the Sub-Fund’s investment universe by excluding at least 25%
of the total number of potential issuers compared to the investible issuers according to the Sub-Fund’s general
investment strategy as described in the prospectus.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
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Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 15.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 15.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
365
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 15.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
366
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 15.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “MSCI Europe Total Return Net” as the Sub-Fund’s benchmark.
This benchmark is a market index. The Investment Manager manages the Sub-Fund so that the Sub-Fund’s GHG
intensity is lower than the GHG intensity of the Sub- Fund’s benchmark as described in the section “What investment
strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund’s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.msci.com/documents/10199/ f6179af3-
b1d1-4df0-8ac9-215451f3ac0a or at www.msci.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
367
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Equity Value
Legal entity identifier: 222100SUFLTZGSP5T321
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Equity Value (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
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- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
369
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity Markets
The investment strategy
guides investment decisions
with a focus on value stocks in accordance with the environmental and social characteristics promoted by the Sub-
based on factors such as Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
371
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
372
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments for which such data does not exist as described in the section “What investment
strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
373
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
374
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “S&P Europe Large Mid Cap Value Total Return” as the Sub-
Fund´s benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social
characteristics by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity of the
benchmark as described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at https://www.spglobal.com/spdji/en/indices/equity/sp-
europe-largemidcap/ or at www.spglobal.com.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
375
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Mid Cap Equity
Legal entity identifier: 5493003SBYUCYZ0WXS18
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 30.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Mid Cap Equity (the “Sub-Fund”) promotes a broad range of environmental and social characteristics.
The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by, excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager will adhere to a minimum percentage of 30.00% of Sustainable
Investments. Sustainable Investments include a broad range of environmental and social topics, for which the
Investment Manager uses as reference frameworks, among others, the UN Sustainable Development Goals
(SDGs), as well as the EU Taxonomy objectives. The proprietary methodology to assess the environmental and
social contribution is described in the section “What are the objectives of the sustainable investments that the
financial product partially intends to make and how does the sustainable investment contribute to such
objectives?” and contains an assessment of the positive contribution to environmental and social contributions as
well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager commits to invest minimum 65% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. The Investment Manager will adhere to a
minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
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Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of assets invested in issuers which have been assessed according to the Sustainable Investments
methodology. The calculation of the Sustainable Investments methodology is described below in the
sections “What are the objectives of the sustainable investments that the financial product partially intends
to make and how does the sustainable investment contribute to such objectives?” and “What investment
strategy does this financial product follow?”.
- Percentage of investments that pass the assessment to not significantly harm environmental or social
objectives.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
1
https://sdgs.un.org/goals
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- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Individual minimum exposure to issuers which pass the DNSH assessment
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Individual minimum exposure to issuers which pass the DNSH assessment
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Individual minimum exposure to issuers which pass the DNSH assessment
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Individual minimum exposure to issuers which pass the DNSH assessment
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in developed European
equity markets, excluding Turkey and Russia, with a focus on midsized companies in accordance with the
environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund’s general investment strategy is
described in the prospectus.
1
https://www.netzeroassetmanagers.org/
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With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
Sustainable Investments methodology as far as such data is available. Sustainable Investments include a broad
range of environmental and social topics, for which the Investment Manager uses as reference frameworks,
among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy objectives. The
proprietary methodology to assess the environmental and social contribution is described in the section “What
are the objectives of the sustainable investments that the financial product partially intends to make and how
does the sustainable investment contribute to such objectives?” and contains an assessment of the positive
contribution to environmental and social contributions as well as an assessment to avoid significant harm to any
environmental or social objective. For at least 80% of assets held in the Sub-Fund’s portfolio such an assessment
needs to be performed. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value
except instruments for which Sustainable Investments data is not available such as cash and derivatives.
Further, the Investment Manager commits to a minimum proportion of 30% of Sub-Fund’s net asset value in
Sustainable Investments.
Lastly, the Investment Manager commits to invest minimum 65% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details and methods of determining significant harm of any environmental or social objective
are described within the section “How do the sustainable investments that the financial product partially intends
to make, not cause significant harm to any environmental or social sustainable investment objective?”.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
380
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 65% (#1 Aligned with E/S characteristics) in issuers which as
assessed by the Investment Manager are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details of the assessment on whether issuers significantly harm any environmental or social
objectives are described in the section “How do the sustainable investments that the financial product partially
intends to make, not cause significant harm to any environmental or social sustainable investment objective?”.
- Min. 30.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 30.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
381
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 30.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
382
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 30.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
383
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Small and Micro Cap Equity
Legal entity identifier: 52990079B3RQSR4XZV91
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 20.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Small and Micro Cap Equity (the “Sub-Fund”) promotes a broad range of environmental and social
characteristics. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by, excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager will adhere to a minimum percentage of 20.00% of Sustainable
Investments. Sustainable Investments include a broad range of environmental and social topics, for which the
Investment Manager uses as reference frameworks, among others, the UN Sustainable Development Goals
(SDGs), as well as the EU Taxonomy objectives. The proprietary methodology to assess the environmental and
social contribution is described in the section “What are the objectives of the sustainable investments that the
financial product partially intends to make and how does the sustainable investment contribute to such
objectives?” and contains an assessment of the positive contribution to environmental and social contributions as
well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager commits to invest minimum 60% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. The Investment Manager will adhere to a
minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
384
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of assets invested in issuers which have been assessed according to the Sustainable Investments
methodology. The calculation of the Sustainable Investments methodology is described below in the
sections “What are the objectives of the sustainable investments that the financial product partially intends
to make and how does the sustainable investment contribute to such objectives?” and “What investment
strategy does this financial product follow?”.
- Percentage of investments that pass the assessment to not significantly harm environmental or social
objectives.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
1
https://sdgs.un.org/goals
385
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
386
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Individual minimum exposure to issuers which pass the DNSH assessment
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Individual minimum exposure to issuers which pass the DNSH assessment
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Individual minimum exposure to issuers which pass the DNSH assessment
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Individual minimum exposure to issuers which pass the DNSH assessment
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European equity markets
with a focus on micro to small cap companies in accordance with the environmental and social characteristics
promoted by the Sub-Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
1
https://www.netzeroassetmanagers.org/
387
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
Sustainable Investments methodology as far as such data is available. Sustainable Investments include a broad
range of environmental and social topics, for which the Investment Manager uses as reference frameworks,
among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy objectives. The
proprietary methodology to assess the environmental and social contribution is described in the section “What
are the objectives of the sustainable investments that the financial product partially intends to make and how
does the sustainable investment contribute to such objectives?” and contains an assessment of the positive
contribution to environmental and social contributions as well as an assessment to avoid significant harm to any
environmental or social objective. For at least 70 % of assets held in the Sub-Fund’s portfolio such an assessment
needs to be performed. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value
except instruments for which Sustainable Investments data is not available such as cash and derivatives.
Further, the Investment Manager commits to a minimum proportion of 20.00% of Sub-Fund’s net asset value in
Sustainable Investments.
Lastly, the Investment Manager commits to invest minimum 60% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details and methods of determining significant harm of any environmental or social objective
are described within the section “How do the sustainable investments that the financial product partially intends
to make, not cause significant harm to any environmental or social sustainable investment objective?”.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
388
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
Asset allocation describes
the share of investments in
promote environmental or social characteristics:
specific assets.
- The Investment Manager commits to invest at least 60% (#1 Aligned with E/S characteristics) in issuers which as
assessed by the Investment Manager are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details of the assessment on whether issuers significantly harm any environmental or social
objectives are described in the section “How do the sustainable investments that the financial product partially
intends to make, not cause significant harm to any environmental or social sustainable investment objective?”.
- Min. 20.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund´s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
Investment Manager has committed to (min. 20.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
389
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 20.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
390
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 20.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
391
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Europe Small Cap Equity
Legal entity identifier: 5299004KPSJLVX3ZMU87
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 20.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Europe Small Cap Equity (the “Sub-Fund”) promotes a broad range of environmental and social
characteristics. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by, excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager will adhere to a minimum percentage of 20.00% of Sustainable
Investments. Sustainable Investments include a broad range of environmental and social topics, for which the
Investment Manager uses as reference frameworks, among others, the UN Sustainable Development Goals
(SDGs), as well as the EU Taxonomy objectives. The proprietary methodology to assess the environmental and
social contribution is described in the section “What are the objectives of the sustainable investments that the
financial product partially intends to make and how does the sustainable investment contribute to such
objectives?” and contains an assessment of the positive contribution to environmental and social contributions as
well as an assessment to avoid significant harm to any environmental or social objective.
• Further, the Investment Manager commits to invest minimum 60% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. The Investment Manager will adhere to a
minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
392
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of assets invested in issuers which have been assessed according to the Sustainable Investments
methodology. The calculation of the Sustainable Investments methodology is described below in the
sections “What are the objectives of the sustainable investments that the financial product partially intends
to make and how does the sustainable investment contribute to such objectives?” and “What investment
strategy does this financial product follow?”.
- Percentage of investments that pass the assessment to not significantly harm environmental or social
objectives.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
1
https://sdgs.un.org/goals
393
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
394
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Individual minimum exposure to issuers which pass the DNSH assessment
companies
- Exposure to companies
active in the fossil fuel
sector
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Individual minimum exposure to issuers which pass the DNSH assessment
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Individual minimum exposure to issuers which pass the DNSH assessment
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Individual minimum exposure to issuers which pass the DNSH assessment
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in European Equity Markets
with a focus on small-sized companies in accordance with the environmental and social characteristics promoted by
the Sub-Fund. The Sub-Fund’s general investment strategy is described in the prospectus.
1
https://www.netzeroassetmanagers.org/
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With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
Sustainable Investments methodology as far as such data is available. Sustainable Investments include a broad
range of environmental and social topics, for which the Investment Manager uses as reference frameworks,
among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy objectives. The
proprietary methodology to assess the environmental and social contribution is described in the section “What
are the objectives of the sustainable investments that the financial product partially intends to make and how
does the sustainable investment contribute to such objectives?” and contains an assessment of the positive
contribution to environmental and social contributions as well as an assessment to avoid significant harm to any
environmental or social objective. For at least 70 % of assets held in the Sub-Fund’s portfolio such an assessment
needs to be performed. The basis for the calculation of the 70% threshold is the Sub-Fund’s net asset value
except instruments for which Sustainable Investments data is not available such as cash and derivatives.
Further, the Investment Manager commits to a minimum proportion of 20.00% of Sub-Fund’s net asset value in
Sustainable Investments.
Lastly, the Investment Manager commits to invest minimum 60% of Sub-Fund's net asset value into issuers which,
as assessed by the Investment Manager, are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details and methods of determining significant harm of any environmental or social objective
are described within the section “How do the sustainable investments that the financial product partially intends
to make, not cause significant harm to any environmental or social sustainable investment objective?”.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
396
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 60% (#1 Aligned with E/S characteristics) in issuers which as
assessed by the Investment Manager are not considered to significantly harm any environmental or social
objective according to the Sustainable Investment methodology. Issuers are not considered to significantly harm
any environmental or social objective if they pass the assessment to not significantly harm any environmental or
social objective. Details of the assessment on whether issuers significantly harm any environmental or social
objectives are described in the section “How do the sustainable investments that the financial product partially
intends to make, not cause significant harm to any environmental or social sustainable investment objective?”.
- Min. 20.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund´s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 20.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
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Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 20.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
398
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 20.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
399
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz European Equity Dividend
Legal entity identifier: 549300XUMQIJXEX2O502
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz European Equity Dividend (the “Sub-Fund”) promotes environmental and social characteristics as well as the
reduction of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund so that the GHG intensity of the portfolio declines over time. The
basis for assessing the decline is a GHG intensity target set for the respective end of the Sub-Fund’s financial year.
GHG intensity is defined as GHG emissions (scope 1 and 2) per million USD sales of the issuer. GHG emissions per
million USD sales is used, as this metrics allows to differentiate between more and less energy efficient issuers. The
Investment Manager has also set the requirement that for a certain % of the Sub-Fund`s portfolio GHG intensity
data must be available.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
400
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG target set under the GHG intensity
pathway for the end of the relevant financial year. The calculation of the GHG intensity is described below in
the section “What investment strategy does this financial product follow?”.
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
401
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target to decrease the GHG intensity of the Sub-Fund over time
companies
- Exposure to companies
active in the fossil fuel
sector
402
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in companies of European
The investment strategy Equity Markets that are expected to achieve sustainable dividend returns in accordance with the environmental and
guides investment decisions social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the
based on factors such as prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
403
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio declines over time calculated on the
basis of the GHG intensity at the respective end of the Sub-Fund’s financial year. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. GHG intensity is also calculated for internal Target Funds. For at least
80% of the Sub-Fund’s portfolio such data must be received. The basis for the calculation of the 80%
threshold is the Sub-Fund’s net asset value except instruments for which GHG intensity data is not available
such as cash and derivatives. GHG intensity is also calculated for internal Target Funds. The size of the
portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general investment
strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager determines an improvement pathway for the Sub-Fund’s GHG intensity. For this
Sub-Fund, the pathway started at the first financial year end after the conversion date. The conversion date
was on December 29, 2022. The pathway provides that the target value of the GHG intensity declines by 5%
by the end of each financial year compared to the target value for the end of the preceding year. For the
period between December 29, 2022 and the first financial year end a pro rata temporis rate of the annual
rate has been applied.
- The pathway is determined as follows for the financial year ends until September 30, 2033:
Pathway Table Illustration
Financial year end GHG target in % of initial GHG intensity of the Sub-Fund
0 100.00
1 95.00
2 90.25
3 85.74
4 81.45
5 77.38
6 73.51
7 69.83
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Financial year end GHG target in % of initial GHG intensity of the Sub-Fund
8 66.34
9 63.02
10 59.87
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers, so that the Sub-Fund’s GHG intensity is in line or lower than the
pathway at the respective financial year end.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments for which such data does not exist as described in the section “What investment
strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund so that the GHG
intensity of the portfolio declines over time.
- Min. 10.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 10.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
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#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
added value compared to the left-hand graph.
* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
406
Enabling activities directly x What is the minimum share of investments in transitional and enabling activities?
enable other activities
Transitional activities to
are
make a substantial
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
contribution to an
carbon alternatives are not
environmental objective.
enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 10.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 10.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
407
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Flexi Asia Bond
Legal entity identifier: 549300C83822MBOOH659
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 2.50% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Flexi Asia Bond (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 20.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
• Further, the Investment Manager will adhere to a minimum percentage of 2.50% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
408
- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
409
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
410
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth and income by investing in Debt
The investment strategy Securities of Asian bond markets denominated in EUR, USD, GBP, JPY, AUD, NZD or any Asian currency in accordance
guides investment decisions with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund’s general investment
based on factors such as strategy is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
411
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 20% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund's general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 20% lower than the GHG
intensity of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 2.50% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments for which such data does not exist as described in the section “What investment
strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 20.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
- Min. 2.50% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 2.50%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
413
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 2.50%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
414
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 2.50%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “J.P. MORGAN JACI Composite Total Return” as the Sub-Fund’s
benchmark. This benchmark is a market index. The Sub-Fund will promote environmental and social characteristics
by managing the GHG intensity so that it will be continuously 20% lower than the GHG intensity of the benchmark as
described in the section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at www.jpmorgan.com.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
415
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Floating Rate Notes Plus
Legal entity identifier: 549300MEQ2M0QYJV6F90
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 3.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Floating Rate Notes Plus (the “Sub-Fund”) promotes a broad range of environmental, human rights,
governance, and/or business behaviour characteristics (the last characteristic does not apply for financial instruments
issued by a sovereign entity). The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe those corporate issuers
that perform better within their sector with respect to sustainability aspects. With respect to sovereign issuers
those issuers that generally perform better with respect to sustainability aspects. The score starts at 0 (lowest) and
ends at 4 (highest). The score is based on environmental, social, governance and business behaviour factors
(business behaviour does not apply to sovereign issuers) and represents an internal assessment assigned to a
corporate or sovereign issuer by the Investment Manager.
• Further, the Investment Manager will adhere to a minimum percentage of 3.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
416
- Percentage of the portfolio with a proprietary sustainability score of 2 or more. The scoring process is
described within the section “What investment strategy does this financial product follow?”. The basis for the
calculation is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash and
deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part
of the portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1 , as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
1
https://sdgs.un.org/goals
417
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of information on PAI indicator in internal score
companies
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of information on PAI indicator in internal score
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of information on PAI indicator in internal score
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth above the average return of European
The investment strategy money markets in Euro terms by investing in global bond markets with a focus on floating-rate notes with Euro
guides investment decisions exposure in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's
based on factors such as
general investment strategy is described in the prospectus.
investment objectives and
risk tolerance. With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
419
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe those corporate
issuers that perform better within their sector based on a score for environmental, social, governance, and
business behaviour factors (“Sustainability Factors”). With respect to sovereign issuers, the ones that generally
perform better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The
score represents an internal assessment assigned to a corporate or sovereign issuer by the Investment Manager.
Scores are reviewed on a monthly basis.
At least 90% of the Sub-Fund’s portfolio is internally scored on a scale from 0-4. The basis for the calculation of
the 90% threshold is the Sub-Fund’s net asset value except instruments that are not scored by nature, e.g., cash
and deposits. Derivatives are generally not scored. Derivatives (other than credit default swaps), whose
underlying is a single rated corporate issuer are, however, generally scored. The size of the not scored part of the
portfolio varies subject to the Sub-Fund's general investment strategy described in the prospectus.
The scoring process comprises the following:
- The Investment Manager receives quantitative and qualitative information on a regular basis related to
indicators on Sustainability Factors for specific issuers from external data providers.
- The Investment Manager supplements information on Sustainability Factors with internal quantitative and
qualitative analysis for instance where information from external data providers is not available,
incomplete, outdated or does not match the Investment Manager’s assessment.
- The Investment Manager computes a score for each of the Sustainability Factors for each issuer on the basis
of a set of indicators. Within this process, the Investment Manager determines a specific weight for
Sustainability Factors based on sector materiality. Based on those Sustainability Factors, the Investment
Manager determines an overall score for each issuer reflecting its sustainability profile.
- In addition, the score is set at zero if the Investment Manager sets a human rights flag based on a
methodology which leverages external data providers and internal research. For corporate issuers, setting
of the flag is triggered by the issuer’s lack of respect for human rights in its business conduct, including lack
of (i) integration of the Universal Declaration of Human Rights principles, (ii) respect for major International
Labour Organization conventions and/or (iii) signature of the United Nations Global Compact. This
prospective tool both monitors human rights controversies (breaches & violations of human rights) as well as
the management of human rights controversies (adequacy between prevention mechanisms like policies,
commitments, systems or grievance mechanisms and risk exposure). For sovereigns, the Investment
Manager assesses the political rights conferred to citizens (Electoral Process, Political Pluralism and
Participation, Functioning of Government), civil liberties (Freedom of Expression and belief, Associational
and Organizational Rights, Rule of Law & Personal Autonomy and Individual Rights) and freedom of the
press. For this purpose, the Investment Manager also uses the work of Freedom House Organisation which
captures the principles defined in 1948's Universal Declaration of Human Rights.
- For certain issuers, the Investment Manager conducts additional qualitative research. Based on such
research, the Investment Manager may determine an upward or downward adjustment of the internal score
and the human rights flag.
With respect to scored issuers, the Investment Manager will invest only issuers with an internal score of 1 or more.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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Further, the Investment Manager commits to a minimum proportion of 3.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to employ the internal score described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental or social
characteristics promoted by this financial product?” for at least 90% (#1 Aligned with E/S characteristics) of the
Sub-Fund’s portfolio. The basis for the calculation of the 90% threshold is the Sub-Fund’s net asset value except
instruments that are not scored by nature as described in the section “What investment strategy does this
financial product follow?”.
- Min. 3.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 3.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
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Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
422
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 3.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 3.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
423
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Food Security
Legal entity identifier: 5299001E4VA6IBICG293
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 50.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Food Security’s (the “Sub-Fund”) promotes environmental and social characteristics and one or more of the
United Nations Sustainable Development Goals (“SDGs”) or other Sustainable Investment objectives. The Sub-Fund
does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contributions. Environmental
or social contributions include a broad range of topics, for which the Investment Manager uses as reference
frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the EU Taxonomy
objectives. The proprietary methodology to assess the environmental and social contribution is described in the
section “What are the objectives of the sustainable investments that the financial product partially intends to
make and how does the sustainable investment contribute to such objectives?” and contains an assessment of the
positive contribution to environmental and social contributions as well as an assessment to avoid significant harm
to any environmental or social objective.
• Further, the Investment Manager will adhere to a minimum percentage of 50.00% of Sustainable Investments.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
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- Confirmation that at least 70% of the Sub-Fund’s net asset value has been invested throughout the Sub-
Fund’s financial year in issuers that pursue business activities that contribute to one or more of the following
SDGs: Zero Hunger; Good Health and Well-being; Clean Water and Sanitation; Climate Action; Life Below
Water; Life on Land.
- Percentage of Sustainable Investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
1
https://sdgs.un.org/goals
425
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
companies DNSH assessment is limited due to requirement of 80% of issuers having at
- Exposure to companies least a 20% Sustainable Investment share.
active in the fossil fuel
sector
- Share of non-renewable
energy consumption and
production
- Energy consumption
intensity per high impact
climate sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
compliance mechanisms to DNSH assessment is limited due to requirement of 80% of issuers having at
monitor compliance with least a 20% Sustainable Investment share.
UN Global Compact
principles
- Unadjusted gender pay - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
gap DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Board gender diversity - Use of voting rights to promote board gender diversity
- Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- GHG intensity - Use of PAI indicators in DNSH assessment. Exposure to issuer not passing the
DNSH assessment is limited due to requirement of 80% of issuers having at
least a 20% Sustainable Investment share.
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in global Equity Markets
The investment strategy with a focus on companies with an engagement in the area of food security in accordance with the environmental
guides investment decisions and social characteristics promoted by the Sub-Fund. The Sub-Fund's general investment strategy is described in the
based on factors such as prospectus.
investment objectives and
risk tolerance.
1
https://www.netzeroassetmanagers.org/
427
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
As a second step, the Investment Manager selects from the remaining investment universe mainly those issuers
providing products or services suitable to facilitate positive environmental and social contribution. The
proprietary methodology to assess the environmental and social contribution is described in the section “What
are the objectives of the sustainable investments that the financial product partially intends to make and how
does the sustainable investment contribute to such objectives?”.
In detail, the Investment Manager invests as follows:
- In order to achieve the minimum proportion of Sustainable Investments, at least 50% of the business
activities pursued by the issuers (on an aggregated basis across the issuers) shall contribute to one or more
SDGs and/or Taxonomy Objectives.
- At least 80% of the Sub-Fund’s portfolio is invested in issuers which pursue business activities that contribute
with a minimum of 20% to one or more SDGs and/or Taxonomy Objectives. The basis for the calculation of
the 80% threshold is the Sub-Fund’s net asset value except instruments for which no sustainable investment
share can reasonably be calculated, e.g. cash, derivatives and deposits. The size of the part of the portfolio
for which no sustainable investment share can reasonably be calculated varies subject to the Sub-Fund’s
general investment strategy described in the prospectus.
- At least 70% of the Sub-Fund´s net asset value shall be invested in issuer that pursue business activities that
contribute to one or more of the following SDGs:
x Zero Hunger
x Good Health and Well-being
x Clean water and Sanitation
x Climate Action
x Life below Water
x Life on Land
Further, the Investment Manager commits to a minimum proportion of 50.00% of Sub-Fund’s net asset value in
Sustainable Investments.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
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The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to invest at least 80% (#1 Aligned with E/S characteristics) of Sub-Fund’s net
asset value in issuers pursuing business activities that contribute with a minimum of 20% to one or more SDGs
and/or Taxonomy Objectives. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value
except instruments for which no sustainable investment share can reasonably be calculated as described in the
section “What investment strategy does this financial product follow?”.
- Min. 50.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes aligned with the EU Taxonomy nor a minimum share of environmentally Sustainable Investments that are not aligned
the share of investments in with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially Sustainable
specific assets. Investments. Sustainable Investments will be included in the Sustainable Investment proportion the Investment
Manager has committed to (min. 50.00%) irrespective of their contribution to environmental and/or social objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager does not commit to a minimum share of sustainable investments with an
environmental objective aligned with the EU Taxonomy. The overall sustainable investment share may also
include investments with an environmental objective in economic activities that qualify as environmentally
sustainable under the EU Taxonomy.
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Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.00% 0.00%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
100.00% 100.00%
This graph represents X% of the total investments.
It is noted that – due to the fact that this Sub-Fund does not provide
for a minimum quota of taxonomy-aligned investments – this graph
does not generate any additional added value compared to the
Enabling activities directly left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 50.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 50.00%)
irrespective of their contribution to environmental and/or social objectives.
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
430
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
No, the Investment Manager has not assigned a reference benchmark to determine alignment with the
environmental and/or social characteristics that the Sub-Fund promotes.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promote. promoted by the financial product.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x How does the designated index differ from a relevant broad market index?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
x Where can the methodology used for the calculation of the designated index be found?
A reference benchmark is not used to determine alignment with the environmental or social characteristics
promoted by the financial product.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
431
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz German Equity
Legal entity identifier: 529900TEU4JD3HNC2746
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 15.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz German Equity (the “Sub-Fund”) promotes environmental and social characteristics as well as the
management of greenhouse gas (“GHG”) intensity. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct and indirect investments in
certain issuers which are involved in controversial environmental or social business activities from the investment
universe of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes
investee companies that severely violate good governance practices and principles and guidelines such as the
Principles of the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the
United Nations Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) emissions of investee companies as far as such data is available. Based on this, the
Investment Manager manages the Sub-Fund in a way that the GHG intensity of the portfolio is 30.00% lower than
the GHG intensity of the Sub-Fund’s benchmark. GHG intensity is defined as GHG emissions (scope 1 and 2) per
million USD sales of the issuer. GHG emissions per million USD sales is used, as this metrics allows to differentiate
between more and less energy efficient issuers. The Investment Manager has also set the requirement that for a
certain % of the Sub-Fund`s portfolio GHG intensity data must be available.
• Further, the Investment Manager will adhere to a minimum percentage of 15.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
A reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year.
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- The GHG intensity of the Sub-Fund’s portfolio compared to the GHG intensity of the Sub-Fund’s benchmark
in percent. The calculation of the GHG intensity is described below in the section “What investment strategy
does this financial product follow?”.
- Percentage of the Sub-Fund’s portfolio which is covered by GHG intensity data. The calculation of the GHG
intensity is described below in the section “What investment strategy does this financial product follow?”.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
433
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall
mitigation aim is also dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee - Target that the GHG intensity of the Sub-Fund is lower than the GHG intensity
companies of the Sub-Fund’s benchmark
- Exposure to companies
active in the fossil fuel
sector
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PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long-term capital growth by investing in German Equity Markets
The investment strategy in accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund’s general
guides investment decisions investment strategy is described in the prospectus.
based on factors such as
investment objectives and With respect to environmental and social characteristics of the Investment Strategy, the following applies:
risk tolerance.
x What are the binding elements of the investment strategy used to select the investments to attain each of the
environmental or social characteristics promoted by this financial product?
As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly and
indirectly invest in securities issued by companies:
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
1
https://www.netzeroassetmanagers.org/
435
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco,
- deriving more than 10% of their revenues from the production of energy from fossil fuels or other use of fossil
fuels, excluding natural gas,
- deriving more than 10% of their revenues from the extraction of petroleum,
- deriving more than 10% of their revenues from oil sands, oil shale mining, exploration, and services.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
In addition, the Investment Manager assesses investments (excluding cash and derivatives) according to the
greenhouse gas (“GHG”) intensity of investee companies as far as such data is available. GHG includes not only
CO2 emissions but also other emissions such as methane. GHG intensity is defined as GHG emissions (scope 1
and 2) per million USD sales of the issuer. Scope 1 GHG emissions comprise direct emissions of an issuer, whereas
scope 2 comprises indirect emission from purchased energy. GHG emissions per million USD sales is used, as this
metrics allows to differentiate between more and less energy efficient issuers. Based on this, the Investment
Manager manages the Sub-Fund so that the GHG intensity of the portfolio is continuously 30% lower than the
GHG intensity of the Sub-Fund’s benchmark. In detail the following applies:
- The Investment Manager receives GHG intensity data for issuers from an external data provider. GHG
intensity data per million USD sales is not available for cash, derivatives, sovereign issuers and issuers which
are not covered by the data provider. For at least 80% of the Sub-Fund’s portfolio such data must be
received. The basis for the calculation of the 80% threshold is the Sub-Fund’s net asset value except
instruments for which GHG intensity data is not available such as cash and derivatives. GHG intensity is also
calculated for internal Target Funds. The size of the portfolio for which no GHG intensity data is available
varies subject to the Sub-Fund’s general investment strategy described in the prospectus.
- Only issuers and instruments where the Investment Manager receives GHG intensity data are used to
calculate the GHG intensity of the Sub-Fund. The GHG intensity of each issuer is considered relative to the
weight of the issuer in the Sub-Fund. The portfolio weights of those issuers that have GHG intensity data are
mathematically adjusted so that the sum of their weighting in the Sub-Fund amounts to 100%. The size of
the part of the portfolio for which no GHG intensity data is available varies subject to the Sub-Fund’s general
investment strategy described in the prospectus.
- The Investment Manager selects and weights from the remaining (i.e. after application of the exclusion
criteria) investment universe issuers so that the Sub-Fund’s GHG intensity is min. 30% lower than the GHG
intensity of the Sub-Fund’s benchmark.
Further, the Investment Manager commits to a minimum proportion of 15.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
436
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager’s approach to the exercise of voting rights and company
engagement is set out in the Management Company’s Stewardship Statement.
What is the asset allocation planned for this financial product?
The asset allocation section describes which assets of the portfolio the Investment Manager commits to use to
promote environmental or social characteristics:
- The Investment Manager commits to select issuers with GHG intensity data for at least 80% (#1 Aligned with E/S
characteristics) of the Sub-Fund’s portfolio. The basis for the calculation of the 80% threshold is the Sub-Fund’s net
asset value except instruments for which such data does not exist as described in the section “What investment
strategy does this financial product follow?”. The Investment Manager manages the Sub-Fund in a way that the
GHG intensity of the portfolio is 30.00% lower than the GHG intensity of the Sub-Fund’s benchmark.
- Min. 15.00% (#1A Sustainable) of Sub-Fund’s net asset value will be invested in Sustainable Investments.
- Min. 0.01% of Sub-Fund’s net asset value will be invested in investments that are aligned with the EU Taxonomy.
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that are
Asset allocation describes not aligned with the EU Taxonomy. The Investment Manager does not commit to a minimum share of socially
the share of investments in Sustainable Investments. Sustainable Investments will be included in the Sustainable Investment proportion the
specific assets. Investment Manager has committed to (min. 15.00%) irrespective of their contribution to environmental and/or social
objectives.
Taxonomy-aligned
#1A Sustainable Other environmental
#1 Aligned with E/S
characteristics
#1B Other E/S
Investments Social
characteristics
#2 Other
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics
promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are
qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as
sustainable investments.
x How does the use of derivatives attain the environmental or social characteristics promoted by the financial
product?
Derivatives are not used to attain the environmental or social characteristics promoted by the Sub-Fund.
To what minimum extent are sustainable investments with an environmental objective aligned with the EU
Taxonomy?
The Investment Manager commits to a minimum percentage of 0.01% of investments that are aligned with the
EU Taxonomy.
Taxonomy-aligned investments include debt and/or equity investments in environmentally sustainable economic
activities aligned with the EU-Taxonomy. The Taxonomy-aligned data is provided by an external data provider.
The Investment Manager has assessed the quality of such data. The data will not be subject to an assurance
provided by auditors or a review by third parties. The data will not extend to government bonds. As of today,
there is no recognized methodology available to determine the proportion of Taxonomy-aligned activities when
investing in government bonds.
Taxonomy-aligned activities in this disclosure are based on share of revenues. Taxonomy-aligned data is only in
some cases data reported by companies in accordance with the EU Taxonomy. In case data is not reported by
companies, the data provider derives Taxonomy-aligned data from other available equivalent public data.
437
Taxonomy-aligned activities
x Does the financial product invest in fossil gas and/or nuclear energy related activities that comply with the
are expressed as a share of: EU Taxonomy1?
- turnover reflecting the
share of revenue from Yes
green activities of
investee companies, In fossil gas In nuclear energy
- capital expenditure
(CapEx) showing the No
green investments made
by investee companies,
e.g., for a transition to a
The Investment Manager does not pursue any investments in fossil gas and/or nuclear energy related
green economy. activities that comply with the EU Taxonomy. Nevertheless, the Investment Manager may invest in
- operational expenditure corporates which are also active in these activities. Further information will be provided as part of the
(OpEx) reflecting green annual reporting, if relevant.
operational activities of
investee companies. The two graphs below show in green the minimum percentage of investments that are aligned with the EU Taxonomy. As there is no
appropriate methodology to determine the Taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy-alignment in
relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy-alignment
only in relation to the investments of the financial product other than sovereign bonds.
1. Taxonomy-alignment of investments including 2. Taxonomy-alignment of investments excluding
sovereign bonds * sovereign bonds *
0.01% 0.01%
Taxonomy- Taxonomy-
aligned (no fossil aligned (no fossil
gas and nuclear) gas and nuclear)
Non Taxonomy- Non Taxonomy-
aligned aligned
99.99% 99.99%
This graph represents X% of the total investments.
It is noted that this Sub-Fund does not provide for a binding
minimum quota for investments in sovereign bonds. Therefore, this
Sub-Fund may have (but must not have) an exposure to sovereign
bonds. In the absence of a binding minimum quota for investments
in sovereign bonds, this graph does not generate any additional
Enabling activities directly added value compared to the left-hand graph.
enable other activities to
make a substantial * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
contribution to an
environmental objective. x What is the minimum share of investments in transitional and enabling activities?
Transitional activities are
activities for which low- The Investment Manager does not commit to a split of minimum taxonomy alignment into transitional,
carbon alternatives are not enabling activities and own performance.
yet available and among
others have greenhouse gas
emission levels
corresponding to the best
performance.
What is the minimum share of sustainable investments with an environmental objective that are not aligned
with the EU Taxonomy?
The Investment Manager does not commit to a minimum share of environmentally Sustainable Investments that
are not aligned with the EU Taxonomy. Taxonomy-aligned investments are considered a sub-category of
Sustainable Investments. If an investment is not Taxonomy-aligned since the activity is not yet covered under the
EU Taxonomy or the positive contribution is not substantial enough to comply with the Taxonomy technical
are sustainable investments screening criteria, the investment can still be considered an environmentally Sustainable Investment provided it
with an environmental
objective that do not take complies with all criteria. The overall Sustainable Investment share (min. 15.00%) may also include investments
into account the criteria for with an environmental objective in economic activities that do not qualify as environmentally sustainable under
environmentally sustainable the EU Taxonomy.
economic activities under
the EU Taxonomy.
What is the minimum share of socially sustainable investments?
The Investment Manager does not commit to a minimum share of socially Sustainable Investments. Sustainable
Investments may also include investments with a social objective. Any socially Sustainable Investments will be
1
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change
mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and
nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
438
included in the Sustainable Investment proportion the Investment Manager has committed to (min. 15.00%)
irrespective of their contribution to environmental and/or social objectives.
What investments are included under “#2 Other”, what is their purpose and are there any minimum
environmental or social safeguards?
The type of instruments included under “#2 Other” are eligible assets according to the prospectus. They include
cash, cash equivalents as well as Target Funds, eligible asset classes and derivatives which do not specifically
promote environmental or social characteristics. The Sub-Fund may make use of derivatives, which always fall
under category “#2 Other” for hedging liquidity management and efficient portfolio management as well as
investment purposes. For those investments no environmental or social safeguards are applied.
Is a specific index designated as a reference benchmark to determine whether this financial product is
aligned with the environmental and/or social characteristics that it promotes?
Yes, the Investment Manager has assigned the index “DAX UCITS Capped” as the Sub-Fund’s benchmark. This
benchmark is a market index. The Sub-Fund will promote environmental and social characteristics by managing the
GHG intensity so that it will be continuously 30% lower than the GHG intensity of the benchmark as described in the
section “What investment strategy does this financial product follow?”.
Reference benchmarks are x How is the reference benchmark continuously aligned with each of the environmental or social characteristics
indexes to measure whether
the financial product attains
promoted by the financial product?
the environmental or social
characteristics that they
The benchmark is a market index and is not continuously aligned with each of the environmental or social
promote. characteristics promoted by the financial product. The benchmark serves to compare the GHG intensity of the
Sub-Fund with the market as reflected by the benchmark.
x How is the alignment of the investment strategy with the methodology of the index ensured on a continuous basis?
The benchmark is a market index and does not incorporate environmental or social characteristics for index
construction.
x How does the designated index differ from a relevant broad market index?
The Sub-Fund´s benchmark is a market index.
x Where can the methodology used for the calculation of the designated index be found?
Details of the Benchmark’s methodology may be found at
https://www.stoxx.com/document/Indices/Common/Indexguide/DAX_Equity_Index_Methodology_Guide.pdf.
Where can I find more product specific information online?
More product-specific information can be found on the website: https://regulatory.allianzgi.com/SFDR.
439
Template pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation
(EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Product name:
Allianz Global Allocation Opportunities
Legal entity identifier: 529900RXE0R0Y4CT3A63
Environmental and/or social characteristics
Sustainable investment
means an investment in an
Does this financial product have a sustainable investment objective?
economic activity that
contributes to an
zz Yes z| No
environmental or social
objective, provided that the
It will make a minimum of sustainable investments It promotes Environmental/Social (E/S)
investment does not with an environmental objective: __% characteristics and while it does not have as its
significantly harm any objective a sustainable investment, it will have a
environmental or social minimum proportion of 10.00% of sustainable
objective and that the
investee companies follow investments
good governance practices.
in economic activities that qualify as with an environmental objective in economic
The EU Taxonomy is a environmentally sustainable under the EU activities that qualify as environmentally
classification system laid Taxonomy sustainable under the EU Taxonomy
down in Regulation (EU)
2020/852, establishing a list
of environmentally in economic activities that do not qualify as with an environmental objective in economic
sustainable economic environmentally sustainable under the EU activities that do not qualify as environmentally
activities. That Regulation sustainable under the EU Taxonomy
does not include a list of
Taxonomy
socially sustainable
economic activities. with a social objective
Sustainable investments
with an environmental It will make a minimum of sustainable investments It promotes E/S characteristics, but will not make any
objective might be aligned
with a social objective __% sustainable investments
with the Taxonomy or not.
What environmental and/or social characteristics are promoted by this financial product?
Allianz Global Allocation Opportunities (the Sub-Fund) promotes a broad range of environmental and social
characteristics. The Sub-Fund does so by:
• As a first step promoting environmental and social characteristics, by excluding direct investments in certain
issuers which are involved in controversial environmental or social business activities from the investment universe
of the Sub-Fund by applying exclusion criteria. Within this process the Investment Manager excludes investee
companies that severely violate good governance practices and principles and guidelines such as the Principles of
the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises, and the United Nations
Guiding Principles for Business and Human Rights.
• In a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and other funds (“Target Funds”) which promote
environmental or social characteristics, or which have Sustainable Investments as an objective for at least 70% of
the Sub-assets. Target Funds are counted into the 70.00% if they disclose according to Art 8 Sustainable Finance
Disclosure Regulation (“SFDR”) or Art 9 SFDR. Direct investments are counted into the 70.00% if they are managed
according to another approach of the Investment Manager qualifying as Art 8 or 9 SFDR.
• Further, the Investment Manager will adhere to a minimum percentage of 10.00% of Sustainable Investments and
a minimum percentage of 0.01% investments that are aligned with the EU Taxonomy.
No reference benchmark has been designated for the purpose of attaining the environmental and/or social
characteristics promoted by the Sub-Fund.
Details and methods of each step are described within the section “What investment strategy does this financial
product follow?”.
Sustainability indicators x What sustainability indicators are used to measure the attainment of each of the environmental or social
measure how the characteristics promoted by this financial product?
environmental or social
characteristics promoted by To measure the attainment of the environmental and/or social characteristics the following sustainability
the financial product are
indicators are used and reported on, at the end of the financial year:
attained.
- Confirmation that the exclusion criteria have been adhered to throughout the Sub-Fund’s financial year
(with exception of cash, derivatives, external Target Funds and internal Target Funds not following a
sustainability strategy).
440
- The actual percentage of the Sub-Fund's assets invested in direct investments which are selected with
respect to sustainability aspects and Target Funds which promote environmental or social characteristics, or
which have Sustainable Investments as an objective. In case the Investment Manager decides to directly
invest in Debt or Equity Securities which are selected with respect to sustainability aspects the adherence to
the respective binding element will be reported.
- Percentage of Sustainable Investments at the end of the financial year.
- Percentage of taxonomy-aligned investments at the end of the financial year.
x What are the objectives of the sustainable investments that the financial product partially intends to make and
how does the sustainable investment contribute to such objectives?
The objectives of the Sustainable Investments that the financial product partially intends to make include a
broad range of environmental and social topics, for which the Investment Manager uses as reference, among
others, the UN Sustainable Development Goals (SDGs)1, as well as the EU Taxonomy objectives which are:
Climate Change Mitigation, Climate Change Adaptation, Sustainable Use and Protection of Water and Marine
Resources, Transition to a Circular Economy, Pollution Prevention and Control as well as Protection and
Restoration of Biodiversity and Ecosystems.
The Investment Manager measures how the Sustainable Investments contribute to the objectives based on a
proprietary methodology as follows:
- Business activities of an issuer are broken down into revenues generated by the various business activities
based on external data. In cases where the split of business activities received is not granular enough, it is
determined by the Investment Manager. The business activities are internally assessed as to whether they
contribute positively to an environmental or a social objective. The revenue share of each business activity
that contributes positively to an environmental or social objective is allocated to the Sustainable Investment
share, provided the issuer passes the Do No Significant Harm (“DNSH”) assessment and is satisfying the
Good Governance principles.
- For securities, which finance specific projects (“Project Bonds”) contributing to environmental or social
objectives, the overall investment is considered to contribute to environmental and/or social objectives, but
also for these a DNSH as well as a Good Governance check for issuers (or in some cases at project level) is
performed.
- The Sustainable Investment share of each issuer and each Project Bond is weighted based on the
percentage of the portfolio invested in such issuer or Project Bonds, respectively. The individual weighted
Sustainable Investment shares of all issuers and Project Bonds are aggregated in order to compute the
Sustainable Investment share of the Sub-Fund.
x How do the sustainable investments that the financial product partially intends to make, not cause significant
harm to any environmental or social sustainable investment objective?
To assess that Sustainable Investments do not significantly harm any other environmental and/or social
objective, the Investment Manager is using the indicators regarding principal adverse impacts (“PAI”) on
sustainability factors.
Principal adverse impacts x How have the indicators for adverse impacts on sustainability factors been taken into account?
are the most significant
negative impacts of All mandatory PAI indicators are taken into account as follows:
investment decisions on
sustainability factors - Investments in issuers violating the exclusion criteria for controversial weapons, severely violating
relating to environmental, principles, and guidelines such as the Principles of the United Nations Global Compact, the OECD
social and employee
Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
matters, respect for human
rights, anti-corruption and Human Rights or sovereign issuer with an insufficient Freedom House Index score are excluded and do
anti-bribery matters. not pass the DNSH assessment. The exclusion criteria are described in the section “What are the binding
elements of the investment strategy used to select the investments to attain each of the environmental
or social characteristics promoted by this financial product?”.
- Thresholds are determined for all PAI indicators except for the “share of non-renewable energy
consumption and production” which is indirectly reflected in other PAI indicators.
In detail, the Investment Manager has taken the following steps:
- Defined significance thresholds to identify significantly harmful issuers. Issuers are measured against the
significance thresholds at least bi-annually. Depending on the respective indicator, the thresholds are
determined either relative to the sector, absolute or based on events or situations in which companies
allegedly have a negative environmental, social or governance impact (controversies). The Investment
Manager can engage with issuers not meeting the significance thresholds in order to allow the issuer to
remediate the adverse impact. The decision if the investment passes the DNSH assessment taking into
1
https://sdgs.un.org/goals
441
account the engagement is made by an internal decision-making body which is composed of functions
including Investments, Compliance and Legal. If the issuer does not meet the defined significance
thresholds twice subsequently or in case of a failed engagement, it does not pass the DNSH assessment.
Investments in securities of issuers which do not pass the DNSH assessment are not counted as
Sustainable Investments.
- Weighing the PAI indicator according to the level of confidence in the quality of data available which
are computed to an overall DNSH score relevant for the issuer. The overall DNSH score is determined
based on the threshold for each PAI and the confidence weight. A company is considered to not pass the
DNSH assessment if the overall DNSH score is one or more.
There is a lack of data coverage for PAI indicators. Equivalent data points are used to assess PAI indicators
when applying the DNSH assessment, when relevant, for the following indicators for corporates: share of
non-renewable energy consumption and production, activities negatively affecting biodiversity-sensitive
areas, emissions to water, lack of processes and compliance mechanisms to monitor compliance with UNGC
principles and OECD Guidelines for Multinational Enterprises; for sovereigns: GHG Intensity and investee
countries subject to social violations. In case of Project Bonds equivalent data at project level might be used
to ensure that Sustainable Investments do not significantly harm any other environmental and/or social
objective. The Investment Manager will strive to increase data coverage for PAI indicators with low data
coverage by engaging with issuers and data providers. The Investment Manager will regularly evaluate
whether the availability of data has increased sufficiently to potentially include assessment of such data in
the investment process.
x How are the sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and
the UN Guiding Principles on Business and Human Rights? Details:
The Investment Manager´s exclusions as described in the section “What investment strategy does this
financial product follow?” exclude companies severely violating one of the following frameworks: Principles
of the UN Global Compact, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
for Business and Human Rights.
The EU Taxonomy sets out a “do not significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU
Taxonomy objectives and is accompanied by specific EU criteria.
The “do not significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for
environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into
account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social objectives.
Does this financial product consider principal adverse impacts on sustainability factors?
Yes
No
The Investment Manager considers PAIs through measures directly impacting the investment strategy such as
applying exclusion criteria and indirect measures such as engagement with corporate issuers and joining relevant
industry initiatives. The exclusion criteria do not apply to Target Funds managed by another Investment Manager and
for Target Funds managed by the Investment Manager, but which do not promote environmental or social
characteristics or do not have Sustainable Investments as an objective. The Investment Manager will limit this part of
the Sub-Fund assets to 30%, so that the exclusion criteria apply to the majority of the Sub-Funds assets.
Considering PAIs does not mean avoiding PAIs but aiming to mitigate such PAIs. The overall mitigation aim is also
dependent on the management of the portfolio according to the general investment strategy.
The following PAI indicators are considered through the direct measures set out in the table below:
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- GHG Emissions - Application of exclusion criteria relating to coal extraction and utility
- Carbon footprint companies generating revenues from coal
- GHG Intensity of investee
companies
- Exposure to companies
active in the fossil fuel
sector
442
PAI indicator applicable to Direct measure
corporate issuers: (as described in the section: “What investment strategy does this financial product
follow?”)
- Activities negatively - Application of exclusion criteria relating to severe violation of international
affecting biodiversity- norms such as the UN Global Compact (UN GC). The following principles of the
sensitive areas UN GC are related to the other environmental PAIs:
- Emissions to water x Principle 7: Businesses should support a precautionary approach to
- Hazardous waste ratio environmental challenges
x Principle 8: Businesses should undertake initiatives to promote greater
environmental responsibility
x Principle 9: Businesses should encourage the development and diffusion of
environmentally friendly technologies
- Violation of UN Global - Application of exclusion criteria relating to severe violation of international
compact principles norms such as the UN Global Compact (UN GC)
- Lack of processes and
compliance mechanisms to
monitor compliance with
UN Global Compact
principles
- Board gender diversity - Use of voting rights to promote board gender diversity
- Exposure to controversial - Application of exclusion criteria relating to controversial weapons
weapons
PAI indicator applicable to
sovereign and supranational
issuers
- Investee countries subject - Application of exclusion criteria related to sovereign issuers identified as “not
to social violation free” from the Freedom House Index
The data coverage for the data required for the PAI indicators is heterogenous. The Investment Manager will strive to
increase data coverage for PAI indicators with low data coverage through engagement with data providers and/or
issuers. The Investment Manager will regularly evaluate whether the availability of data has increased sufficiently to
potentially include assessment of such data in the investment process.
The principal adverse impact indicators are also considered through the following indirect measures:
- The Investment Manager actively encourages and conducts dialogues with investee companies on broader
sustainability issues which include PAI indicators such as Gender Diversity, also to prepare voting decisions in
advance of shareholder meetings (regularly for direct investments in shares). In deciding how to exercise voting
rights, the Investment Manager also considers broader sustainability issues. Further details on the Investment
Manager's approach to the exercise of voting rights and company engagement is set out in the Investment
Manager’s Stewardship Statement.
- The Investment Manager has joined the Net Zero Asset Manager Initiative1. This is an international group of asset
managers committed to reduce GHG emissions in partnership with institutional investors.
The information on the PAI indicators will be available in the end-year report of the Sub-Fund.
What investment strategy does this financial product follow?
The Sub-Fund's investment objective is to generate long term capital growth by investing in a broad range of asset
classes, with a focus on global Equity Markets, Debt Securities, Target Funds, and/or Money Market Instruments in
accordance with the environmental and social characteristics promoted by the Sub-Fund. The Sub-Fund's general
investment strategy is described in the prospectus.
With respect to environmental and social characteristics of the Investment Strategy, the following applies:
The investment strategy
guides investment decisions
x What are the binding elements of the investment strategy used to select the investments to attain each of the
based on factors such as environmental or social characteristics promoted by this financial product?
investment objectives and
risk tolerance. As a first step, the Investment Manager applies the following exclusion criteria, i.e., does not directly invest in
securities issued by companies (subject to below described exceptions):
- severely violating principles and guidelines such as the Principles of the United Nations Global Compact, the
OECD Guidelines for Multinational Enterprises, and the United Nations Guiding Principles for Business and
Human Rights,
1
https://www.netzeroassetmanagers.org/
443
- developing, producing, using, maintaining, offering for sale, distributing, storing, or transporting
controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons,
depleted uranium, white phosphorus, and nuclear weapons),
- deriving more than 10% of their revenues from (i) weapons, or (ii) military equipment, and military services,
- deriving more than 10% of their revenue from thermal coal extraction,
- active within the utility sector and generating more than 20% of their revenues from coal,
- involved in the production of tobacco, or deriving more than 5% of their revenues from the distribution of
tobacco.
Direct investments in securities issued by sovereign issuers qualified with a score as “not free” by the Freedom
House Index1 are excluded.
The Investment Manager applies the exclusion criteria to a specific issuer based on information provided by
external data providers and in certain circumstances internal research. The assessment of issuers against the
exclusion criteria is performed at least half yearly. In certain circumstances, the Investment Manager may
override the information received. The override decision is made by an internal decision-making body which is
composed of functions including Investments, Compliance and Legal. Further information on external data
providers and the override process are available on the respective SFDR Website Product Disclosure.
The exclusion criteria do not apply to Target Funds managed by another Investment Manager and for Target
Funds managed by the Investment Manager, but which do not promote environmental or social characteristics
or do not have Sustainable Investments as an objective.
As a second step, the Investment Manager selects from the remaining investment universe direct investments
which are selected with respect to sustainability aspects and Target Funds which promote environmental or
social characteristics, or which have Sustainable Investments as an objective.
In detail, the Investment Manager allocates 70% of the Sub-Fund assets in accordance with various approaches
set out below or in Target Funds which must promote environmental or social characteristics (disclosing
according to Art. 8 Sustainable Finance Disclosure Regulation (“SFDR”) or must have Sustainable Investments as
an objective (disclosing according to Art. 9 SFDR)). The allocation of Sub-Fund assets to Target Funds or one or
more of the approaches can be changed by the Investment Manager at any time subject to the general
investment strategy outlined in the prospectus.
The various approaches are:
- Proprietary Scoring: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects for this part of the Sub-Fund from the remaining investment universe those corporate issuers that
perform better within their sector based on a score of on environmental, social, governance, and business
behaviour factors (“Sustainability Factors”). With respect to sovereign issuers those that generally perform
better with respect to sustainability aspects. The score starts at 0 (lowest) and ends at 4 (highest). The score
represents an internal scoring assessment assigned to a private or government issuer by the Investment
Manager. Scores are reviewed on a monthly basis. The approach will set a data coverage and minimum
scoring requirement to adhere to the promoted environmental or social characteristics for the part of the
Sub-Fund following this approach.
- GHG Intensity: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
investments (excluding cash and derivatives) according to the greenhouse gas (“GHG”) intensity of investee
companies as far as such data is available. Based on this, the Investment Manager manages the part of the
Sub-Fund so (1) that the GHG intensity declines over time calculated on the basis of the GHG intensity at the
respective end of the Sub-Fund’s financial year or (2) that the part of the Sub-Fund has a lower GHG
intensity then the benchmark used for this approach.
- SDG-Aligned: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly those
issuers providing products or services suitable to facilitate positive environmental and social contribution.
Environmental or social contributions include a broad range of topics, for which the Investment Manager
uses as reference frameworks, among others, the UN Sustainable Development Goals (SDGs), as well as the
EU Taxonomy objectives. The Investment Manager measures how the Sustainable Investments contribute to
the objectives based on a proprietary methodology. The approach will set a minimum percentage of this
approach to be invested in Sustainable Investments.
- Green Bonds: In case this approach is selected for a part of the Sub-Fund, the Investment Manager selects
from the remaining investment universe for the part of the Sub-Fund following this approach mainly
securities dedicated to finance Climate Change Mitigation and Climate Change Adaptation projects. Green
Bonds are defined in the prospectus. The Investment Manager invests in Green Bonds financing climate
1
The country in question may be found on the Freedom House Index (https://freedomhouse.org/countries/freedom-world/scores) in the column "Total Score and Status" of the
section "Global Freedom Scores".
444
change mitigation or adaptation projects or other environmental sustainability projects, notably in the
following fields: energy efficiency, renewable energy, raw materials, water and land, waste management,
greenhouse gas emissions reduction, biodiversity preservation or circular economy.
- Green Transition: In case this approach is selected for a part of the Sub-Fund, the Investment Manager
selects from the remaining investment universe for the part of the Sub-Fund following this approach mainly
issuers committed to contribute to Climate Change Mitigation or Climate Change Adaptation. The
Investment Manager invests will set a minimum percentage of this approach to be invested as follows:
x in Green Bonds as defined in the prospectus, financing climate change mitigation or adaptation projects
or other environmental sustainability projects, notably in the following fields: energy efficiency,
renewable energy, raw materials, water and land, waste management, greenhouse gas emissions
reduction, biodiversity preservation or circular economy, and/or
x in Debt Securities as defined in the prospectus whose issuers explicitly commit to future improvements in
sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers
participating to the SBT initiative, and/or
x in Debt Securities as defined in the prospectus issued by sovereign issuers which have bindingly ratified
the Paris Agreement.
- ESG Score: In case this approach is selected for a part of the Sub-Fund, the Investment Manager assesses
within the remaining investment universe how issuers perform with respect to ESG characteristics. Based on
this, the Investment Manager manages the part of the Sub-Fund following this approach so that the
performance with respect to ESG characteristics of the portfolio is better than the performance of the
benchmark used by for this approach.
- Sustainable Investment Share: In case this approach is selected for a part of the Sub-Fund, the Investment
Manager commits to a minimum proportion in Sustainable Investments for the part of the assets following
this approach. Details and methods of determining Sustainable Investments are described within the section
“What are the objectives of the sustainable investments that the financial product partially intends to make
and how does the sustainable investment contribute to such objectives?”.
Further, the Investment Manager commits to a minimum proportion of 10.00% of Sub-Fund’s net asset value in
Sustainable Investments. It also commits that a minimum proportion 0.01% of Sub-Fund’s net asset value is
aligned with the EU Taxonomy.
x What is the committed minimum rate to reduce the scope of the investments considered prior to the application
of that investment strategy?
The Sub-Fund does not commit to reduce the scope of the investments considered prior to the application of the
Investment Strategy by a certain minimum rate.
Good governance practices x What is the policy to assess good governance practices of the investee companies?
include sound management
structures, employee Companies are excluded based on verified failure to respect established norms corresponding to four good
relations, remuneration of
staff and tax compliance.
governance practices: sound management structures, employee relations, remuneration of staff and tax
compliance. The excluded companies are based on information provided by external data providers and in
certain circumstances internal research. In certain circumstances, the Investment Manager may override the
information received. The override decision is made by an internal decision-making body which is composed of
functions including Investments, Compliance and Legal.
Further, the Investment Manager actively encourages and conducts dialogues with investee companies on
governance issues, also to prepare voting decisions in advance of shareholder meetings (regularly for direct
investments in shares). Decisions on how to exercise voting rights also consider broader sustainability issues.
Further details on the Investment Manager's approach to the exercise of voting rights and company engagement
is set out in
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