VermögensManagement Wachstumsländer Balance - RCSK: K841 Fonds commun de placement (FCP) - Allianz ...
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VermögensManagement Wachstumsländer Balance Fonds commun de placement (FCP) RCSK: K841 Semi Annual Report 30 June 2020 Allianz Global Investors GmbH
VermögensManagement Wachstumsländer Balance General Information The Fund referred to in this semi-annual report is authorised as a “Fonds Commun de Placement” and, as such, its sales prospectus and management regulations fall within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended (UCITS as defined by Directive 2014/91/EU of 23 July 2014). The Fund was launched on 29 August 2011. The information included in this semi-annual report refers to the period under review from 1 January 2020 to 30 June 2020. No statements on the future development of the Fund can be derived from this information. This semi-annual report does not constitute an offer or an invitation to purchase units of the Fund. Fund units are bought on the basis of the current sales prospectus, the Key Investor Information and the management regulations, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semi-annual report must also be made available to the investor. The sales prospectus, the management regulations, the Key Investor Information and the respective annual and semi- annual reports can be obtained free of charge from the Management Company, the Custodian or from any Paying and Information Agent. Allianz Global Investors GmbH Bockenheimer Landstraße 42-44 D-60323 Frankfurt/Main Internet: https://de.allianzgi.com Email: info@allianzgi.de Allianz Global Investors GmbH acts through its Luxembourg branch in order to carry out its function as Central Administration Agent: 6A, route de Trèves L-2633 Senningerberg Internet: https://lu.allianzgi.com Email: info-lux@allianzgi.com
VermögensManagement Wachstumsländer Balance Important Notice to our Unitholders COVID-19 The managers wish to point out that it is currently difficult to quantify the impact of COVID-19 on the performance of the Fund, because there is uncertainty around how long the disruptions will continue and how severe the effects will ultimately be on our counterparties. The managers are of the opinion that the portfolio is appropriately positioned to withstand a burden on the performance of the Fund’s underlying assets, as the portfolio’s composition was based on careful selection of debt instruments, underpinned by experienced and solid partners with appropriate levels of debt. However, the managers will continue to closely monitor the performance of individual assets.
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VermögensManagement Wachstumsländer Balance Contents Investment Policy and Fund Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Investment Portfolio Statement of Operations Statement of Net Assets Statement of Changes in Net Assets Performance of the Fund Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Note for investors in the Federal Republic of Germany. . . . . . . . . . . . . . . 13 Directory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Note: This document is a translation of the original German text. Should there be any divergence please refer to the latter.
VermögensManagement Wachstumsländer Balance
Investment Policy and Fund Assets
The Fund invests primarily in global emerging markets. It increasing turbulence in the stock markets, but rose somewhat
invests in various asset classes, particularly equities and bonds. toward the end of the period under review. On a regional level,
Between 20% and 75% of the Fund’s assets must be invested in the focus remained on products investing in Asian stocks. The
the equity market. The proportion of investments in the bond emphasis on China was essentially maintained. In addition, the
market may be between 25% and 80%. Investments in money Eastern European markets and funds with interregional
market securities and alternative assets are also possible. The investments remained represented to a limited extent.
weighting of individual asset classes may vary and will be Targeted investments in the stock markets in Latin America
adjusted depending on the Fund management’s assessment and Africa have recently been completely avoided. The
of the capital markets. Its investment objective is to generate effective scope of exposure to individual emerging markets
long-term capital growth. was managed using derivatives.
In the six months under review, there was a temporary slump in International investment funds for securities from emerging
stock market listings as a result of the uncertainty in the wake markets made up the majority of the bond component, with
of the global spread of the coronavirus. While US securities products specialising in corporate bonds from emerging
almost offset their losses, on balance, Europe and emerging countries still being held. On a regional level, there was still an
markets suffered significant losses. In view of the slump in stock emphasis on bonds issued by Asian issuers.
markets during the first quarter of 2020, top-rated government
bonds from developed countries, considered particularly safe, With this investment policy, the Fund fell significantly in value
were in high demand. On the other hand, higher-interest in this environment.
securities, including emerging market bonds, came under
general sales pressure, largely unrelated to their fundamental The exact result in the period under review is reported in the
quality. “Performance of the Fund” table at the end of the financial
statements.
Equity funds continued to make up the majority of the
portfolio’s securities holdings. In the first quarter of 2020, their Please refer to the Key Investor Information and the
share fell noticeably for a short period of time due to prospectus for additional information on the Fund.
Breakdown of Net Assets in %
75
65.88
60
45
30 26.27
15
2.69 1.33 3.83
0
Fund units Luxembourg Fund units Ireland Fund units Liechtenstein Fund units Germany Cash reserves, other assets
2VermögensManagement Wachstumsländer Balance
The Fund in figures
30/06/2020 31/12/2019 31/12/2018
Fund assets in millions of EUR 873.3 896.9 714.0
Units in circulation
- Class A (EUR) (distributing) WKN: A1J DGT/ISIN: LU0654786689 5,909,978 5,909,950 5,887,628
- Class P (EUR) (distributing) WKN: A2H 65H/ISIN: LU1717021353 94,498 73,238 12,281
Net asset value per unit in EUR
- Class A (EUR) (distributing) WKN: A1J DGT/ISIN: LU0654786689 131.04 138.17 119.32
- Class P (EUR) (distributing) WKN: A2H 65H/ISIN: LU1717021353 1,046.89 1,097.54 936.94
1)
Accumulated figures for open unit classes on the reporting date.
3VermögensManagement Wachstumsländer Balance
Financial Statements
Investment Portfolio as at 30/06/2020
ISIN Securities Shares/ Holdings Price Market Value % of
Currency (in 1,000)/ 30/06/2020 in EUR net
Contracts assets
Fund units 839,902,210.26 96.17
(Ongoing Charges (including management fee) resp. Management Fee or All-in-fee of the target fund in % p.a.)
Germany 11,615,000.00 1.33
DE000A2DHS00 Nomura Asian Bonds Fonds -C- EUR - (0.520%) STK 100,000.000 EUR 116.150 11,615,000.00 1.33
Ireland 229,466,324.93 26.27
IE00BKZGK917 Barings Umbrella Fund PLC - Barings Emerging
Markets Local Debt Fund -A- USD - (0.680%) STK 1,000.000 USD 108.080 96,332.24 0.01
IE00B4KZTR23 BNY Mellon Global Funds - Emerging Markets
Corporate Debt Fund -C- USD - (0.970%) STK 175,000.000 USD 157.597 24,581,661.56 2.81
IE00BFXS0C71 CIM Investment Fund ICAV - CIM Dividend
Income Fund -H Ordinary- USD - (1.350%) STK 2,357,269.000 USD 8.446 17,745,629.02 2.03
IE00BYXW3F60 First State Global Umbrella plc - First State
Greater China Growth Fund -VI- EUR - (1.100%) STK 2,452,803.181 EUR 12.627 30,970,564.65 3.55
IE00BDR0R792 India Acorn ICAV - Ashoka India
Opportunities Fund -F- USD - (2.250%) STK 25,000.000 USD 102.680 2,287,979.93 0.26
IE00BJP27G85 Lyxor Newcits IRL II plc - Lyxor / Marathon
Emerging Markets Bond Fund -I- EUR - (0.000%) STK 474,000.000 USD 102.592 43,342,752.45 4.96
IE00BYY02Q33 Manulife Asset Management UCITS Series
ICAV - Manulife Asset Management Asian Bond
Absolute Return Fund -I- USD - (0.850%) STK 1,500,000.000 USD 10.078 13,473,750.72 1.54
IE0003895277 PineBridge Global Funds - PineBridge Asia ex
Japan Small Cap Equity Fund -Y- USD - (1.290%) STK 42,000.000 USD 712.421 26,669,326.05 3.05
IE00B63RFN75 Russell Investment Company plc - Old Mutual
African Frontiers Fund -C- USD - (1.110%) STK 2,000,000.000 USD 8.769 15,631,707.08 1.79
IE00BD065K35 Veritas Funds plc - Veritas Asian Fund -D- USD - (0.880%) STK 115,000.000 USD 533.333 54,666,621.23 6.27
Liechtenstein 23,486,599.79 2.69
LI0115321320 B&I Asian Real Estate Securities Fund -A- USD - (1.300%) STK 120,000.000 USD 219.590 23,486,599.79 2.69
Luxembourg 575,334,285.54 65.88
LU1146622755 Aberdeen Standard SICAV I - China A Share
Equity Fund -A2- USD - (1.980%) STK 1,000.000 USD 16.647 14,837.11 0.00
LU1997245250 Allianz Global Investors Fund - Allianz
China A Shares -IT- USD - (1.280%) STK 23,282.403 USD 1,279.860 26,559,299.17 3.04
LU0658686109 BI SICAV - Emerging Markets Corporate
Debt -I- USD - (1.030%) STK 170,000.000 USD 227.847 34,523,798.94 3.95
LU1064902957 BlackRock Global Index Funds - BlackRock
Emerging Markets Government Bond
Index Fund -I2- USD - (0.250%) STK 100,000.000 USD 132.410 11,801,769.50 1.35
LU1289970086 BlackRock Strategic Funds - BlackRock Emerging
Markets Equity Strategies Fund -A2- USD - (1.950%) STK 245,000.000 USD 154.200 33,672,611.58 3.86
LU1529955392 Eurizon Fund FCP - Bond Aggregate
RMB -Z- EUR - (0.580%) STK 1,000.000 EUR 110.720 110,720.00 0.01
LU0735966888 Global Evolution Funds SICAV - Global Evolution
Frontier Markets -R- USD - (2.050%) STK 486,125.000 USD 133.550 57,865,297.62 6.63
LU0611395327 Investec Global Strategy Fund - Emerging Markets
Corporate Debt Fund -I- USD - (0.960%) STK 458,777.000 USD 32.230 13,179,176.84 1.51
LU1194085475 Investec Global Strategy Fund - Emerging Markets Local
Currency Total Return Debt Fund -I- USD - (1.020%) STK 200,000.000 USD 22.340 3,982,350.74 0.46
LU0169518387 JPMorgan Funds Sicav - JPM Asia
Growth -A- USD - (1.810%) STK 2,000,000.000 USD 34.570 61,624,827.68 7.06
LU1551065813 Jupiter Global Fund SICAV - Jupiter Global Emerging
Markets Corporate Bond -I- USD - (0.790%) STK 460,000.000 USD 118.610 48,630,135.56 5.57
LU1640602683 Jupiter Global Fund SICAV - Jupiter Global Emerging
Markets Short Duration Bond -I- USD - (0.690%) STK 370,000.000 USD 109.740 36,190,369.95 4.14
LU1480984845 Lombard Odier Funds - Asia Value
Bond -N Acc- USD - (0.680%) STK 189,339.000 USD 156.058 26,336,109.77 3.02
LU0816909955 MainFirst SICAV - Emerging Markets Corporate
Bond Fund Balanced -C- USD - (1.080%) STK 330,000.000 USD 134.820 39,654,694.22 4.54
LU1206782309 Mirae Asset Global Discovery Fund - Mirae Asset
China Growth Equity Fund -A- USD - (1.650%) STK 2,700,000.000 USD 15.460 37,204,853.30 4.26
LU1735753516 Morgan Stanley Investment Funds - China
A-shares Fund -Z- USD - (0.950%) STK 200,000.000 USD 23.890 4,258,655.29 0.49
LU0823432371 BNP Paribas Funds - Russia Equity -I- EUR - (1.110%) STK 110,000.000 EUR 157.310 17,304,100.00 1.98
LU0821169231 Robeco Capital Growth Funds - Robeco QI
Emerging Conservative Equities -I- USD - (0.850%) STK 5,000.000 USD 115.410 514,327.55 0.06
The accompanying notes form an integral part of these financial statements.
4VermögensManagement Wachstumsländer Balance
Investment Portfolio as at 30/06/2020
ISIN Securities Shares/ Holdings Price Market Value % of
Currency (in 1,000)/ 30/06/2020 in EUR net
Contracts assets
LU0326948709 Schroder International Selection Fund -
Asian Total Return -A- USD - (1.850%) STK 45,370.000 USD 274.892 11,116,230.38 1.27
LU0326949186 Schroder International Selection Fund -
Asian Total Return -C- USD - (1.300%) STK 65,000.000 USD 300.344 17,400,365.49 1.99
LU1713307772 Schroder International Selection Fund
- China A -E- USD - (0.800%) STK 450,000.000 USD 136.162 54,612,882.22 6.25
LU2137310921 T. Rowe Price Funds SICAV - Emerging Markets
Corporate Bond Fund -I9- USD - (0.550%) STK 450,000.000 USD 10.460 4,195,372.63 0.48
LU1687403102 TRIGON - New Europe Fund -D- EUR - (2.090%) STK 1,000,000.000 EUR 18.320 18,320,000.00 2.10
LU1669793827 UI SICAV - Aktia EM Frontier Bond+ -I- EUR - (1.370%) STK 150,000.000 EUR 108.410 16,261,500.00 1.86
Fund units 839,902,210.26 96.17
Deposits at financial institutions 34,357,211.18 3.94
Sight deposits 34,357,211.18 3.94
State Street Bank International
GmbH. Luxembourg Branch EUR 5,654,253.89 0.65
Deposits used for collateralisation of derivatives EUR 28,702,957.29 3.29
Total deposits at financial institutions 34,357,211.18 3.94
Securities Shares/ Holdings Price Unrealised % of
Currency (in 1,000)/ 30/06/2020 gain/loss net
Contracts assets
Derivatives
Holdings marked with a minus are short positions.
Listed derivatives -127,751.89 -0.02
Financial futures transactions -127,751.89 -0.02
Purchased index futures -414,356.93 -0.05
MSCI Singapore Index Futures 07/20 Ktr 1,000 SGD 295.850 -53,853.72 -0.01
WIG20 Index Futures 09/20 Ktr 3,500 PLN 1,759.000 -360,503.21 -0.04
Sold index futures 286,605.04 0.03
BIST 30 Index Futures 08/20 Ktr -3,000 TRY 134.225 12,037.10 0.00
Bovespa Index Futures 08/20 Ktr -1,800 BRL 95,876.000 -212,496.56 -0.02
FTSE China A50 Index Futures 07/20 Ktr -3,000 USD 13,702.500 -286,357.91 -0.03
Hang Seng China Enterprises Index Futures 07/20 Ktr -350 HKD 9,648.000 219,711.06 0.03
MSCI Taiwan Index Futures 07/20 Ktr -250 USD 432.700 33,423.94 0.00
Russell 2000 E-Mini Index Futures 09/20 Ktr -300 USD 1,423.200 377,022.01 0.04
S&P/TSX 60 Index Futures 09/20 Ktr -70 CAD 923.100 -49,965.96 -0.01
SGX Nifty 50 Index Futures 07/20 Ktr -500 USD 10,224.500 193,231.36 0.02
OTC-dealt derivatives -1,632,181.84 -0.19
Forward exchange deals -1,632,181.84 -0.19
Sold AUD / Bought USD - 10 Sep 2020 AUD -15,000,000.00 154,717.17 0.02
Sold COP / Bought USD - 10 Sep 2020 COP -50,000,000,000.00 108,214.18 0.01
Sold SGD / Bought USD - 10 Sep 2020 SGD -15,000,000.00 -1,763.13 0.00
Sold THB / Bought USD - 10 Sep 2020 THB -1,000,000,000.00 -584,434.04 -0.07
Sold TWD / Bought USD - 10 Sep 2020 TWD -1,000,000,000.00 -164,690.44 -0.02
Sold USD / Bought CNH - 10 Sep 2020 USD -7,047,226.28 -6,388.53 0.00
Sold USD / Bought RUB - 10 Sep 2020 USD -50,351,670.45 -1,068,916.77 -0.12
Sold USD / Bought TRY - 10 Sep 2020 USD -10,815,601.64 -68,920.28 -0.01
Total derivatives -1,759,933.73 -0.21
Other assets/liabilities EUR 850,289.79 0.10
Fund assets EUR 873,349,777.50 100.00
Net asset value per unit
- Class A (EUR) (distributing) EUR 131.04
- Class P (EUR) (distributing) EUR 1,046.89
Units in circulation
- Class A (EUR) (distributing) STK 5,909,978
- Class P (EUR) (distributing) STK 94,498
5VermögensManagement Wachstumsländer Balance Details of the changes in the composition of the securities portfolio in the year under review can be requested free of charge at the Luxembourg branch of Allianz Global Investors GmbH. The accompanying notes form an integral part of these financial statements. 6
VermögensManagement Wachstumsländer Balance
Statement of Operations
For the period from 01/01/2020 to 30/06/2020
EUR
Interest on the liquidity portfolio
- Positive deposit rates 85,497.57
- Negative deposit rates -50,793.63
Income from
- investment units 497,976.25
Other income 1,348,212.25
Total income 1,880,892.44
Interest paid on
- swap transactions -23,764.07
All-in fee -10,221,343.75
Other expenses -321.70
Total expenses -10,245,429.52
Net income/loss -8,364,537.08
Realised gain/loss on
- securities transactions 23,303,579.60
- financial futures transactions -4,233,483.24
- forward foreign exchange transactions 1,859,961.97
- foreign exchange -8,453,938.61
- swap transactions 236,677.71
Net realised gain/loss 4,348,260.35
Changes in unrealised appreciation/depreciation on
- securities transactions -50,385,131.85
- financial futures transactions 2,956,748.09
- forward foreign exchange transactions -1,413,694.69
- foreign exchange -2,226,039.33
Result of operations -46,719,857.43
7VermögensManagement Wachstumsländer Balance
Statement of Net Assets
as at 30/06/2020
EUR
Fund units
(Cost Price EUR 792,325,225.00) 839,902,210.26
Bank deposits 34,357,211.18
Receivable on
- subscriptions of fund units 127,186.20
- securities transactions 4,435,282.79
Other receivables 1,292,864.94
Unrealised gain on
- futures transactions 835,425.47
- forward foreign exchange transactions 262,931.35
Total assets 881,213,112.19
Liabilities to banks -3,166,458.15
Payable on
- redemptions of fund units -138,965.43
Other payables -1,699,620.56
Unrealised loss on
- futures transactions -963,177.36
- forward foreign exchange transactions -1,895,113.19
Total liabilities and equity -7,863,334.69
Fund assets 873,349,777.50
The accompanying notes form an integral part of these financial statements.
8VermögensManagement Wachstumsländer Balance
Statement of Changes in Net Assets
for the period from 01/01/2020 to 30/06/2020
EUR
Net assets at the beginning of the reporting period 896,948,144.90
Subscriptions 63,870,531.72
Redemptions -40,301,786.36
920,516,890.26
Distribution -447,255.33
Result of operations -46,719,857.43
Net assets at the end of the reporting period 873,349,777.50
Statement of Changes in Units
2020 2019
Number of units in issue at the beginning of the reporting
period 5,983,188 5,899,909
- issued 296,610 578,210
- redeemed -275,322 -494,931
Number of units in issue at the end of the reporting
6,004,476 5,983,188
period
Performance of the Fund
Class A (EUR) Class P (EUR)
(distributing) (distributing)
%1) %1)
Current financial year (31/12/2019-30/06/2020) -5.11 -4.56
1 year (31/12/2018-31/12/2019) 16.19 17.53
2 years (31/12/2017-31/12/2019) 8.13 10.64
3 years (31/12/2016-31/12/2019) 13.07 16.97
5 years (31/12/2014-31/12/2019) 25.71 33.00
Since launch2) (04/10/2011-31/12/2019) 46.46 -
(01/12/2017-31/12/2019) - 10.81
1)
The calculation is based on the net asset value per unit (excluding sales charge), assuming
distributions, if any, were reinvested. The performance is calculated according to the method
recommended by the German BVI (Bundesverband Investment und Asset Management e.V.).
2)
Class A (EUR) (distributing): Launch date: 4. October 2011. Initial NAV per unit: EUR 100.00.
Class P (EUR) (distributing): Launch date: 1 December 2017. Initial NAV per unit: EUR 1,025.00.
Historical performance is not an indicator of current or future performance.
Performance data ignores the commission and expenses incurred in issuing and redeeming the units.
9VermögensManagement Wachstumsländer Balance
Notes to the Financial Statements
Accounting Policies Cash and fixed deposits are valued at their nominal value plus
accrued interest.
Basis of Accounting
Assets not denominated in the base currency of the Fund are
The financial statements are prepared in accordance with the converted into the base currency of the Fund at the most
Luxembourg regulations relating to Undertakings for current middle-market rate of exchange.
Collective Investment.
Security Prices
The base currency of the VermögensManagement
Wachstumsländer Balance is the Euro (EUR). The calculation of the Net Asset Value will be in accordance
with the provisions of the Prospectus based on the last known
Valuation of Assets security prices on the Valuation Date.
Assets that are officially listed on a stock exchange are valued The Financial Statements of the Annual Report have been
at the last available price. prepared on the basis of the securities’ prices of the most
recently calculated and published Net Asset Value of the
Assets that are not officially listed on a stock exchange, but are reporting period.
traded on a regulated market or on other organised markets
are also valued at the last available price provided that, at the Foreign Currencies
time of valuation, the Custodian considers that price to be the
best possible price at which the securities can be sold. Assets and liabilities in foreign currencies have been converted
at the exchange rates stated below:
Assets with prices that are not in line with market requirements, Australian Dollar (AUD) 1 EUR = AUD 1.638243
as well as all other assets, shall be valued according to the Brazilian Real (BRL) 1 EUR = BRL 6.065039
likely realisable value, which is to be determined prudently and Pound Sterling (GBP) 1 EUR = GBP 0.914162
Hong Kong Dollar (HKD) 1 EUR = HKD 8.695284
in good faith. The management company may, at its own Japanese Yen (JPY) 1 EUR = JPY 120.817229
discretion, accept other valuation methods if it is of the view Canadian Dollar (CAD) 1 EUR = CAD 1.535445
that these shall better illustrate the suitable value of the assets. Columbian peso (COP) 1 EUR = COP 4,202.265218
Korean Won (KRW) 1 EUR = KRW 1,349.538037
Mexican Peso (MXN) 1 EUR = MXN 25.966420
Financial futures relating to currencies, securities, indices, New Turkish Lira (TRY) 1 EUR = TRY 7.688726
interest rates and other permissible financial instruments and Polish Zloty (PLN) 1 EUR = PLN 4.465980
options thereon and corresponding warrants are, if listed on a Singapore Dollar (SGD) 1 EUR = SGD 1.566243
South African Rand (ZAR) 1 EUR = ZAR 19.440596
stock exchange, valued at the most recent price of the stock US Dollar (USD) 1 EUR = USD 1.121950
exchange in question. If there is no stock market listing, in
particular for complete OTC transactions, the valuation shall
be made based on the likely realisable value, which will be Taxation
determined prudently and in good faith.
The Fund is subject to a “Taxe d’Abonnement” in the Grand
Interest rate swaps are valued at their market value in relation Duchy of Luxembourg, calculated and payable on the total
to the applicable interest rate curve. net assets of the Fund at the end of each quarter unless the
assets are invested in Luxembourg funds which are themselves
Swaps tied to indices and financial instruments are valued at subject to a “Taxe d’Abonnement”. The income of the Fund is
their market value, which is determined by reference to the not taxable in Luxembourg.
index or the financial instrument concerned.
Distribution and accumulation of income on units are currently
Units in UCITS or UCI are valued at the last determined and not subject to withholding tax in Luxembourg.
available redemption price.
10VermögensManagement Wachstumsländer Balance
All-in-Fee • costs of registering the Units for public distribution and/or
the maintenance of such registration;
The Fund pays all costs to be borne by the respective Subfund
from the assets of that Subfund: • costs of preparing share certificates and, if any, coupons
and coupon renewals;
The Fund pays a fee (“all-in-fee”) to the Management
Company from the assets of the respective Subfund, unless this • paying agent and information agent fees;
fee is charged directly to the Unitholder under the terms of a
particular unit class. • costs of assessing the Subfunds by nationally and
internationally recognised rating agencies;
Fees for the Investment Managers used by the Management
Company are paid by the Management Company from its all- • expenses in connection with the establishment of a
in-fee and, if applicable, from its performance related fee. Subfund;
Provided that it is not charged directly to the Unitholder under • costs related to the use of index names, in particular
the terms of a particular Unit Class, the all-in-fee is charged licence fees;
monthly in arrears on a pro rata basis on the average daily
Net Asset Value of the respective Unit Class of a Subfund. • costs and fees incurred by the Fund and by third parties
authorised by the Fund relating to the acquisition, use and
In return for the payment of the all-in-fee the Management maintenance of in-house or third-party computer systems
Company releases the Fund from the following, conclusive used by Investment Managers and Investment Advisors;
enumerated commissions and expenditures:
• costs related to obtaining and maintaining a status
• management and central administration agent fees; authorising the direct investment in assets in a country or
to act directly as a contracting partner in markets in a
• distribution fees; country;
• the administration and custody fee of the Depositary; • costs and expenses by the Fund, the Depositary and third
parties authorised by the Fund or the Depositary in
• the fee of the Registrar and Transfer Agent; connection with monitoring of investment limits and
restrictions;
• costs of the preparation (including translation) and
dissemination of the Prospectus, Key Investor Information, • costs for calculating the risk and performance figures and
Articles of Incorporation as well as annual, semi-annual the calculation of performance-related fees for the
and, if any, interim reports and other reports and Management Company by third parties appointed to do
notifications to Unitholders; so;
• costs of publishing the Prospectus, Key Investor • costs related to obtaining information about general
Information, Articles of Incorporation, annual, semi-annual Unitholders’ meetings of companies or about other
and, if any, interim reports, other reports and notifications meetings of the owners of assets as well as costs related to
to Unitholders, tax information, as well as Subscription and direct participation or participation through authorised
Redemption Prices, and official announcements made to third parties in such meetings;
the Unitholders;
• postage, telephone, fax and telex fees.
• costs of auditing the Fund and its Subfunds by the auditor;
11VermögensManagement Wachstumsländer Balance
Fee Structure
All-in-Fee Taxe
d’Abonnement
in % p.a. in % p.a.
VermögensManagement Wachstumsländer Balance
- Class A (EUR) (distributing) 2.50 0.05
- Class P (EUR) (distributing) 1.35 0.05
Annex according to Regulation (EU) 2015/2365 with regard
to Securities Financing Transactions
This Fund was not invested in any securities financing
transactions pursuant to Regulation (EU) 2015/2365 during
the reporting period, therefore the following contains no
information on this type of transaction.
12VermögensManagement Wachstumsländer Balance
Note for investors in the Federal Republic of
Germany
All payments to unitholders (proceeds from redemptions, any The Prospectus, the Management Regulations for the Fund,
distributions and other payments) can be made through the the current annual and semi-annual reports, the key investor
German Paying Agent listed in the “Directory”. Redemption information as well as the issue and redemption prices may be
orders may be submitted through the German Paying Agent. obtained as hard copy without charge at the Information
Agent listed in the “Directory” and without charge on the
With respect to the distribution in the Federal Republic of website https://de.allianzgi.com. For selected unit classes (e.g.
Germany, the issue and redemption prices are published on unit classes exclusively for institutional investors or unit classes
the internet on the website https://de.allianzgi.com. Any whose bases of taxation are not published in the Federal
notices to the investors are published on the webpage Republic of Germany) publication can be performed on one of
https://de.allianzgi.com. For selected unit classes (e.g. unit the websites https://regulatory.allianzgi.com or
classes exclusively for institutional investors or unit classes https://lu.allianzgi.com.
whose bases of taxation are not published in the Federal
Republic of Germany) publication can be performed on one of The custodian agreement is available for inspection without
the websites https://regulatory.allianzgi.com or charge at the offices of the Information Agent.
https://lu.allianzgi.com.
Neither the Management Company, the Depositary, the
Under Section 298 (2) of the German Capital Investment Code Registrar and Transfer Agent, the Distributor nor the Paying
(KAGB), investors in the Federal Republic of Germany are also and Information Agents are liable for errors or omissions in the
informed in the following cases by means of permanent data published prices.
carrier as defined in Section 167 KAGB:
– Suspension of redemption of units in the Fund,
– Notice of termination of Fund management or liquidation of
the Fund by the Management Company,
– Amendments to the Management Regulations that are not
compatible with the existing investment principles, that affect
key investor rights or involve fees and reimbursement of
charges that can be withdrawn from the Fund, including the
background to the amendments and the rights of the investors,
– In the event of a merger of the Fund with another fund, the
merger information required under Art. 43 of Directive
2009/65/EC,
– In the event of conversion of the Fund into a feeder fund or
the changes to a master fund in the form of information that
must be prepared pursuant to Article 64 of Directive 2009/65/
EC.
13VermögensManagement Wachstumsländer Balance
Directory
Management Company and Central Dr Wolfram Peters
Administration Agent The Management Company has notified
Petra Trautschold
Allianz Global Investors GmbH the Bundesanstalt für
Bockenheimer Landstrasse 42 - 44 Birte Trenkner Finanzdienstleistungsaufsicht (BaFin) of
60323 Frankfurt/Main its intention to market units of
Germany
VermögensManagement
Custodian, NAV Calculation, Fund
Customer Service Centre Hof Wachstumsländer Balance in Germany.
Phone: +49 09281-72 20 Accounting, Subsequent Monitoring of
Fax: +49 09281-72 24 61 15 The rights resulting from the notification
Investment Limits and Restrictions
+49 09281-72 24 61 16 have not lapsed.
Email: info@allianzgi.de
State Street Bank International GmbH
Luxembourg Branch Dated: 30 June 2020
49, Avenue J.F. Kennedy
In order to carry out its function as Central L-1855 Luxembourg
Administration Agent Allianz Global
Investors GmbH acts through its
Luxembourg branch:
Information Agent in the Federal
Republic of Germany
6A, route de Trèves
L-2633 Senningerberg Allianz Global Investors GmbH
Internet: https://lu.allianzgi.com Bockenheimer Landstraße 42–44
E-mail: info-lux@allianzgi.com D-60323 Frankfurt/Main
Email: info@allianzgi.de
Supervisory Board
Markus Deliano
Business Division Head Asset Management
Paying Agent in the Federal Republic of
and US Life Insurance Germany
Allianz Asset Management GmbH
Munich State Street Bank International GmbH
Brienner Strasse 59
Redwan Talbi 80333 Munich
Member of the Works Council for
Allianz Global Investors GmbH Paying and Information Agents in the
Munich Grand Duchy of Luxembourg
Giacomo Campora State Street Bank International GmbH
CEO Allianz Bank Luxembourg Branch
Financial Advisers S.p.A. 49, Avenue J.F. Kennedy
Milan L-1855 Luxembourg
Prof. Dr Michael Hüther
Director and Member of the Board
Institut der deutschen Wirtschaft
Cologne Auditor
David Newman PricewaterhouseCoopers
Member of the Works Council for Société coopérative
Allianz Global Investors GmbH 2, rue Gerhard Mercator
United Kingdom branch B.P. 1443
L-1014 Luxembourg
Renate Wagner
Regional CFO and Head of Life, Asia Pacific
Singapore
Managing Directors
The Management Company is, in its
Tobias C. Pross (Chairman) country of incorporation, subject to public
Alexandra Auer supervision with regard to the investment
business.
Ingo Mainert
Dr Thomas Schindler
14Allianz Global Investors GmbH Bockenheimer Landstraße 42–44 60323 Frankfurt/Main info@allianzgi.com https://de.allianzgi.com
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