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Allianz US High Yield - AM - HKD

ISIN: LU0648978533

Investment Objective:

The fund concentrates on high-yielding corporate bonds of companies that are domiciled in the U.S.A. Up to 20% of the fund's assets may be invested in securities that are denominated in currencies other than the US-dollar. The investment objective is long-term capital appreciation.

Fund manager:

Forsyth, Doug

Portfolio Highlights:

In July we added no new bonds to the portfolio. Looking at the sell-side we took profits on an opportunistic basis.


Low rates, modest growth and strong credit fundamentals are just three of the factors that contribute to a positive outlook for the high-yield bond market. Investors would be wise to take advantage of lower prices when they present themselves. The default forecast is expected to remain low for 2015. Credit statistics sup-port investment in the asset class. Balance sheets are solid. Corporate cash levels remain high, and acquisition activity is increasing. The economic outlook remains constructive for the US, with many economic statistics continuing to support the view of positive growth. Separately, global monetary policy continues to be overwhelmingly accommo-dative, with policymakers using aggressive stimulus measures in Europe and regions throughout Asia. The forecast for the high-yield market for the balance of 2015 is for a coupon-like return with interest rates, earnings trends and global growth will all influence the outlook. This stage of the market cycle, from a statistical perspective, is best compared to the mid-1990s and mid-2000s - market environments that exhibited economic stability, low defaults and ample liquidity. The high-yield market has priced in a default-rate forecast that is higher than the current rate. Among fixed-income alternatives, high-yield bonds will continue to be a contributor from both a diversification and a relative-performance perspective.


Fund price as of 10/6/15

Issue price: 8.51

Redemption price: 8.26

Type of fund: bond fund

Risk and Reward Indicator*: 3

Currency: HKD

Redemption price (previous day): 8.23

Deviation in %: 0.36

Interim profit: -

Equity gains EStG-investors in %: -

Equity gains KStG-investors in %: -

Annual high (3/3/15): 9.39

Annual low (10/2/15): 8.27

* For each fund a risk and reward indicator will be disclosed which will be calculated on the basis of the fund's volatility. The volatility describes how much the value of the fund went up and down in the past. Funds of categories 1 to 7 of the risk and reward profile have shown in the past a very low (category 1) up to a very high (category 7) volatility. The units of a fund of category 1 to 7 of the risk and reward profile might be subject to very low up to very high price fluctuations based on the historical volatilities observed.


Morningstar-Rating: ** (2)

Feri-Rating: C

Performance data in %

Date: 8/31/15

1 year: -6.52

3 years: 6.57

3 years annualised: 2.14

5 years: -

5 years annualised: -

10 years: -

10 years annualised: -

Since inception: 17.80

Since inception annualised: 4.14

Volatility in %

Date: 8/31/15

3 years: 4.52

5 years: -

Basis of calculation for performance: Unit value (not including front-end loads); Distributions reinvested. Average annual performance is calculated by distributing the total performance of a period, taking into account the compound interest effect, evenly across each respective year.

Past performance is not a guide to future returns.

Source: IDS GmbH


+ Particular yield potential of high-yielding corporate bonds
+ Capital gains opportunities on declining market yields
+ Currency gains against investor currency possible in unhedged unit classes
+ Broad diversification across individual securities
+ Possible extra returns through single security analysis and active management


+ Bonds suffer price declines on rising interest rates
+ High-yielding corporate bonds entail above-average risk of volatility, illiquid markets and capital loss. The fund unit price may be subject to sharply increased volatility.
+ Currency losses against investor currency possible in unhedged unit classes
+ Limited participation in the potential of individual securities
+ No guarantee that single security analysis and active management will be successful