Investors in Europe are currently struggling to identify attractive investment opportunities. Interest rates are at historical lows; nearly 40% of euro zone government bonds are currently trading at negative yields, and some corporate bonds have even dipped into negative territory. In such an environment, investors have no other choice but to look for alternatives if they want to achieve positive real returns. Global bonds play an important role here, offering attractive potential returns through their diversity. The Global Multi Asset-Credit strategy makes it possible to take all the opportunities available in the global credit market with the objective to deliver positive returns over a market cycle.
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“All of the world's economies regularly go through these phases that offer different potential for different segments of the market. The developments are by no means parallel, and attractive investment opportunities can be found on the
global bond market at any time.“1
David Newman, Portfolio Manager |
How does our strategy differ compared to our peers?
We stick to our expertise to ensure our investors can eat well and sleep well
We stick to what we know best: investment grade and high yield industrial and financial corporate bonds, securitized credit and emerging market corporates and allocating between them. We want our investors to eat well and sleep well.
Credit Investing with an equity mindset
We are searching for signals beyond fixed income, using both qualitative analysis (What drives existing shareholders? Is t attractive to private equity or activists?) and quantitative tools (identifying signals from equity price movements, asking ourselves if equity valuations support bond valuations…)
No segment bias
We separate the roles of asset allocation and security selection, so that there is no inherent bias to any particular segment of the credit markets.
A holistic, integrated approach
It is important to note that some competing products are run like a fund of funds, while ours is a holistic and integrated approach. The advantage of our method is that only the best ideas from each segment are included in the portfolio, while the alternative may be constrained by tracking error considerations within each sleeve.
Fund details, opportunities & risks
1) A performance of the strategy is not guaranteed and losses remain possible.
2) 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.
Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. Investing in fixed income instruments may expose investors to various risks, including but not limited to creditworthiness, interest rate, liquidity and restricted flexibility risks. Changes to the economic environment and market conditions may affect these risks, resulting in an adverse effect to the value of the investment. During periods of rising nominal interest rates, the values of fixed income instruments (including short positions with respect to fixed income instruments) are generally expected to decline. Conversely, during periods of declining interest rates, the values of these instruments are generally expected to rise. Liquidity risk may possibly delay or prevent account withdrawals or redemptions. Allianz Global Multi Asset-Credit is a sub-fund of Allianz Global Investors Fund SICAV, an open-ended investment company with variable share capital organised under the laws of Luxembourg. Past performance is not a reliable indicator of future results. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency. This is for information only and not to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. This is for distribution only as permitted by applicable law and in particular not available to residents and/or nationals of the USA. The investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge, experience or specific needs of any particular person and are not guaranteed. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable, 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 wilful misconduct. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. For a free copy of the sales prospectus, incorporation documents, daily fund prices, key investor information, latest annual and semi-annual financial reports, contact the management company Allianz Global Investors GmbH in the fund’s country of domicile, Luxembourg, the Swiss funds’ representative and paying agent BNP Paribas Securities Services, Paris, Zurich branch, Selnaustrasse 16, CH-8002 Zürich or the editor either electronically or by mail at the given address or regulatory.allianzgi.com. Please read these documents, which are solely binding, carefully before investing. 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. This communication has not been prepared in accordance with legal requirements designed to ensure the impartiality of investment (strategy) recommendations and is not subject to any prohibition on dealing before publication of such recommendations. The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.