 |
Update Magazine I/2020 |
Dear all,
The impact of the coronavirus is being felt across the world. It has ushered in significant market volatility and uncertainty, as well as posing significant humanitarian challenges.
At Allianz Global Investors, our primary focus is on helping our clients and our colleagues safely navigate the uncharted territory we find ourselves in. We have moved quickly to protect and support our employees, and to ensure we can continue to deliver our products and services to you in the seamless way you expect of us.
As a global business, we are used to being geographically dispersed. Having so many colleagues now working from their homes has added new layers of complexity, as it will have done for so many of you too. We are proud that thanks to the tenacity and resolve of our colleagues and our tried and tested business continuity procedures, Allianz Global Investors remains very much open for business. It is great to see how swiftly colleagues have adapted to working in a remote environment, acting with the creativity, agility and entrepreneurial spirit that characterises our culture.
At the moment, we are operating in what is probably the noisiest market in most people’s memory. Market moves and government actions that seemed unthinkable a few weeks ago are now daily occurrences, with the financial figures on trading screens amplified by the human tragedy unfolding around us.
In such a volatile marketplace, active management – whether it is in advisory, asset allocation, portfolio construction or security selection – is crucial, and our portfolio managers continue to seek opportunities amid the turbulence. Keeping in touch and staying abreast of the latest investment insight is vitally important too. We will not waver in our commitment to provide you with the highest possible levels of client service, and remain committed to providing you with up-to-the minute thinking from our investment experts. As we cannot reach out to you in person in the usual way, we’re providing updates on our strategies and economic insights through a series of webcasts and in-depth commentary on our websites. Please contact your local client representative for details of forthcoming webcasts we will be hosting that may be of interest to you.
This crisis will pass. We will be there for you every step of the way.
From us, the leadership team, and each and every colleague at Allianz Global Investors – a heartfelt thank you for your ongoing collaboration, commitment and perseverance in these challenging times.
With best wishes to you, your families and friends,
Tobias Pross and Deborah Zurkow
 |
 |
 |
 |
| Tobias Pross, CEO, Allianz Global Investors |
Deborah Zurkow, |
Investing involves risk. The statements contained herein may include statements of future
expectations and other forward-looking statements that are based on management‘s current
views and assumptions and involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from those expressed or implied in such
statements. We assume no obligation to update any forward-looking statement. The value of an
investment and the income from it may fall as well as rise and investors may not get back the full
amount invested. There is no guarantee that the strategy will succeed and losses cannot be ruled
out. Investors may not get back the full amount invested.
The volatility of fund unit prices may be increased or even strongly increased. Past performance
is not a reliable indicator of future results. If the currency in which the past performance is
displayed differs from the currency of the country in which the investor resides, then the investor
should be aware that due to the exchange rate fluctuations the performance shown may be
higher or lower if converted into the investor’s local currency. The statements contained herein
may include statements of future expectations and other forwardlooking statements that are
based on management's current views and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. We assume no obligation to update any
forward-looking statement.
This is for information only and not to be construed as a solicitation or an invitation to make an
offer, to conclude a contract, or to buy or sell any securities. The products or securities described
herein may not be available for sale in all jurisdictions or to certain categories of investors. This
is for distribution only as permitted by applicable law and in particular not available to residents
and/or nationals of the USA. The investment opportunities described herein do not take into
account the specific investment objectives, financial situation, knowledge, experience or particular
needs of any particular person and are not guaranteed. The views and opinions expressed herein,
which are subject to change without notice, are those of the issuer and/or its affiliated companies
at the time of publication. The data used is derived from various sources, and assumed to be
correct and reliable, but it has not been independently verified; its accuracy or completeness is not
guaranteed and no liability is assumed for any direct or consequential losses arising from its use,
unless caused by gross negligence or willful misconduct. The conditions of any underlying offer or
contract that may have been, or will be, made or concluded, shall prevail.
Contact the issuer electronically or via mail at the address indicated below for a free copy of
the sales prospectus, the incorporation documents, the latest annual and semi-annual financial
reports and the key investor information document in English. Please read these documents –
which are solely binding – carefully before investing.
For investors in Europe (excluding Switzerland): This is a marketing communication issued
by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited
liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42–44,
60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by
Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH
has established branches in the United Kingdom, France, Italy, Spain, Luxembourg and the
Netherlands. Contact details and information on the local regulation are available here
(www.allianzgi.com/Info).
For investors in Switzerland: This is a marketing communication issued by Allianz Global Investors
(Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH, licensed by FINMA
(www.finma.ch) for distribution and by OAKBV (Oberaufsichtskommission berufliche Vorsorge)
for asset management related to occupational pensions.. Details about the extent of the local
regulation are available from us on request.
This report does not satisfy all legal requirements on the guarantee of impartiality in investment
recommendations and investment strategy recommendations and is not subject to any trade
restrictions prior to the publication of such recommendations. The duplication, publication, or
transmission of the contents, irrespective of the form, is not permitted.
AD ID 1132670, 1098328, 1076346, 1085635, 1090969, 1080763, 1067082, 1095565
Related Insights
Summary
In January 2020, the European Central Bank launched the long-awaited review of its monetary policy strategy. Originally planned to be completed by the end of the year, due to the unprecedented challenges posed by the corona crisis, it has recently been extended until mid-2021. The quantitative formulation of price stability will figure prominently in this. In that context, the Governing Council will have to deal with a critically important, yet often neglected question: is its current measure of inflation – the harmonised index of consumer prices (HICP) – an appropriate basis for monetary policy in the euro area?