Allianz Global Investors Fund II

Transcription

1 Unaudited Semi-Annual Report as at 30 June 2018 Allianz Global Investors Fund II Allianz Global Investors GmbH RCSK: B117659

2 Allianz Global Investors Fund II General Information Allianz Global Investors Fund II (the Company ) is incorporated under the laws of the Grand Duchy of Luxembourg as an openended investment company with variable share capital. The Company is authorised by the Commission de Surveillance du Secteur Financier as a Société d Investissement à Capital Variable (SICAV) and registered pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment ( UCITS as defined in Directive 2009/65/EC). The Company was launched on 14 July The following Subfunds were available for subscription and redemption on 30 June 2018: Allianz Strategie 2019 Plus The information contained in this report relates to the period from 1 January 2018 to 30 June No statements on the future development of the Subfund can be derived from this information. As the Company s business operations related entirely to the Subfund Allianz Strategie 2019 Plus, the report also serves as a semi-annual report for the Company, i.e. no separate, consolidated figures will be provided. This report does not constitute an offer or an invitation to purchase shares of the Subfund. Subscriptions are only valid if made on the basis of the current prospectus, the Key Investor Information and the Articles of Incorporation, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semiannual report must also be made available. The prospectus, the Key Investor Information, the Articles of Incorporation as well as the respective annual and semi-annual reports can be obtained without charge from the Management Company, the Custodian or from any Paying and Information Agent. Some of the transactions performed during the period under review no longer appear in the investment portfolio. A list of changes to the composition of the securities portfolio during the reference period can be obtained free of charge upon request from the registered office of the Company. Allianz Global Investors Fund II c/o Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main Internet: 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: info-lux@allianzgi.com

3 Allianz Global Investors Fund II Important Notice to our Shareholders With effect from 28 April 2018, the function of the transfer agent was transferred from RBC Investor Services Bank S.A. to State Street Bank Luxembourg S.C.A.

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5 Allianz Global Investors Fund II Contents Investment Policy and Subfund Assets Allianz Strategie 2019 Plus... 2 Financial Statements of the Subfund Investment Portfolio Statement of Net Assets Statement of Changes in Net Assets Performance of the Subfund Allianz Strategie 2019 Plus... 2 Notes to the Financial Statements... 7 Directory Note: This document is a translation of the original German text. Should there be any divergence please refer to the latter.

6 Allianz Strategie 2019 Plus Investment Policy and Subfund Assets The Subfund aims to achieve returns on the euro government bond market in line with its maturity on 31/12/2019. In this phase, the duration of the portfolio will be oriented to the maturity date. The Subfund aims to have a unit price of EUR 100 on 31/12/2019, but this is not guaranteed. From 01/01/2020 onwards, the Subfund aims to generate a return oriented towards the euro money market. The portfolio duration will not exceed one year. The Fund s assets may be invested in particular in interest-bearing securities. The proportion of issuers with a non-investment grade rating is limited to 20% of the Subfund s assets. Emerging market bonds may not be acquired. In addition, the Fund may pursue derivatives-based strategies, in particular in the equity markets, while keeping equity market risks neutralised. In the year under review to the end of June 2018, the economy continued to recover in most eurozone countries. Although the increase in consumer prices accelerated to over 2%, the European Central Bank (ECB) kept its key interest rate at zero and imposed penalty interest on bank balances held at the ECB. Against this backdrop, the return on high-quality euro short-dated securities continued to be extremely low or even negative. favour of German bonds, which accounted for the lion s share of the portfolio. The position in government bonds from Austria was maintained. In order to limit fluctuation risks, exposure to euro periphery countries with low creditworthiness was still avoided. The average credit rating of the portfolio s securities remained unchanged at AA+ at the end of June. In view of the target date, the duration (average maturity) of the portfolio was reduced to around one and a half years 1). The liquidity reserve remained at a low level. With this structure, the value of the Subfund fell slightly in the given interest rate environment and in consideration of the ongoing costs. The exact performance in the period under review is reported in the table Performance of the Fund at the end of the financial statements. Please refer to the Key Investor Information Document and Prospectus for additional information on the Fund. In the Subfund, bonds from public-sector issuers from France, Germany and the Netherlands continued to predominate. However, the proportion of Belgian securities was reduced in Breakdown of Net Assets in % Bonds Germany Bonds France Bonds The Netherlands Bonds Austria Bonds Belgium Cash reserves, other assets 2

7 Allianz Strategie 2019 Plus The Subfund in figures 30/06/ /12/ /12/2016 Subfund assets in millions of EUR Shares in circulation 108, , ,223 Net asset value per share in EUR - Class AT (EUR) (accumulating) WKN: A1C UY7/ISIN: LU ) Floating-rate notes are considered with the date of the next interest rate change. 3

8 Allianz Strategie 2019 Plus Financial Statements Investment Portfolio as at 30/06/2018 ISIN Securities Shares/ Holdings Price Market Value % of Currency (in 1,000)/ 30/06/2018 in EUR Subfund Contracts assets Securities and money-market instruments admitted to an official stock exchange listing 13,947, Bonds 13,947, Belgium 503, BE % Belgium Government EUR Zero- Coupon Bonds S.28 EUR % , Germany 5,554, DE % Bundesrepublik Deutschland EUR Zero-Coupon Bonds EUR 2,000.0 % ,020, DE000A1CR4S % Kreditanstalt für Wiederaufbau EUR Notes 10/20 EUR 1,500.0 % ,595, DE000NRW0FC % Land Nordrhein-Westfalen EUR MTN 14/19 EUR 1,900.0 % ,938, France 3,634, FR % France Government EUR Zero- Coupon Bonds EUR 1,800.0 % ,816, FR % France Government EUR Zero- Coupon Bonds EUR 1,800.0 % ,817, The Netherlands 2,637, NL % Netherlands Government EUR Bonds 14/20 EUR 2,600.0 % ,637, Austria 1,617, AT0000A19XC % Austria Government EUR Bonds 14/19 EUR 1,600.0 % ,617, Total securities and money-market instruments 13,947, Deposits at financial institutions 215, Sight deposits 215, State Street Bank GmbH. Luxembourg Branch EUR 215, Total deposits at financial institutions 215, Other assets/liabilities EUR 47, Net assets of the Subfund EUR 14,210, Net asset value per unit - Class AT (EUR) (accumulating) EUR Shares in circulation - Class AT (EUR) (accumulating) SHS 108,769 Details of the changes in the composition of the securities portfolio in the period 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. 4

9 Allianz Strategie 2019 Plus Statement of Net Assets of the Subfund as at 30/06/2018 EUR Securities and money-market instruments (Cost Price EUR 13,720,087.29) 13,947, Bank deposits 215, Interest receivable on - bonds 38, Receivable on - subscriptions of fund units 13, Total assets 14,215, Other payables -5, Total liabilities and equity -5, Net assets of the Subfund 14,210,

10 Allianz Strategie 2019 Plus Statement of Changes in Net Assets of the Subfund for the period from 01/01/2018 to 30/06/2018 EUR Net assets of the Subfund at the beginning of the reporting period 16,648, Subscriptions 1,494, Redemptions -3,860, ,282, Income equalisation 19, Result of operations -90, Net assets of the Subfund at the end of the reporting period 14,210, / /2017 Number of shares in issue at the beginning of the reporting period Number of units - issued 11,421 17,231 - redeemed -29,481-47,625 Number of shares in issue at the end of the reporting period 108, ,829 Performance of the Subfund Class AT (EUR) (accumulating) Current financial year (31/12/ /06/2018) year (31/12/ /12/2017) years (31/12/ /12/2017) years (31/12/ /12/2017) years (31/12/ /12/2017) 7.75 Since launch 2) (15/04/ /12/2017) ) The calculation is based on the net asset value per unit (excluding sales charge). The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.v.). 2) Class AT (EUR) (accumulating): Launch date: 15 April Initial NAV per unit: EUR % 1) 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. The accompanying notes form an integral part of these financial statements. 6

11 Allianz Global Investors Fund II Notes to the Financial Statements Accounting Policies Basis of Accounting The financial statements are prepared in accordance with the Luxembourg regulations relating to Undertakings for Collective Investment. The base currency of Allianz Global Investors Fund II and its Subfund is the Euro. Valuation of Assets Investments that are listed or traded on an exchange are valued based on the last available price on the stock exchange which normally constitutes the principal market for such investments. Investments that are traded on another regulated market are valued at the last available price. 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. Cash, cash instruments, time deposits and similar assets shall be valued at their nominal 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. Claims for reimbursement from securities lending are valued at the respective market value of the securities and money-market instruments lent.the liquidation proceeds of futures, forward or options contracts not traded on exchanges or on other regulated markets shall mean their net liquidation value is determined, pursuant to the policies established by the Board of Directors, on the basis of calculations consistently applied for each different type of contract. The calculation of the liquidation proceeds of futures, forward or options contracts traded on exchanges or on Notes to the financial statements other regulated markets shall be based upon the last available price of these contracts on exchanges and organised 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 liquidation value of such contract shall be such value as the Board of Directors may deem fair and reasonable. Interest-rate swaps are valued at their market value by reference to the applicable yield curve. Index and financial instrument-related swaps are 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 shall be based upon the market value of such swap transaction established in good faith pursuant to procedures established by the Board of Directors. Target fund shares in undertakings for collective investment in transferable securities ( UCITS ) or undertakings for collective investment ( UCI ) are valued at the latest redemption price determined and obtainable. Security Prices In accordance with the sales prospectus, the net asset value is calculated by reference to the valuation day. The Financial Statements presented in this report have been prepared on the basis of the latest calculated and published net asset value in the period under review. Taxation In the Grand Duchy of Luxembourg the Company is subject to a Taxe d Abonnement, which is levied upon the net assets reported at the end of each quarter, unless the assets are invested in Luxembourg investment funds which are themselves subject to a Taxe d Abonnement. The income of the Company is not taxable in Luxembourg. At present, distributions and accumulations are not subject to any deductions of withholding tax in Luxembourg. 7

12 Allianz Global Investors Fund II Fee Structure All-in-Fee in % p.a. Taxe d Abonnement in % p.a. Allianz Strategie 2019 Plus - Class AT (EUR) (accumulating) Annex according to Regulation (EU) 2015/2365 with regards to Securities Financing Transactions and Total Return Swaps 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. 8

13 Allianz Global Investors Fund II Directory Board of Directors of the SICAV Sven Schäfer Head of Products Europe Allianz Global Investors GmbH Frankfurt/Main Members of the Board of Directors: Carina Feider Vice President - Head of Fund Setup Allianz Global Investors GmbH, Luxembourg Branch Senningerberg Heiko Tilmont Vice President Head of Shareholder and Distribution Services Allianz Global Investors GmbH, Luxembourg Branch Senningerberg Registered office 6A, route de Trèves L-2633 Senningerberg Management Company and Central Administration Agent Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main Customer Service Centre Hof Telephone: Fax: info@allianzgi.de In order to carry out its function as Central Administration Agent Allianz Global Investors GmbH acts through its Luxembourg branch: 6A, route de Trèves L-2633 Senningerberg Internet: info-lux@allianzgi.com Custodian, NAV Calculation, Fund Accounting, Subsequent Monitoring of Investment Limits and Restrictions State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg Distributors in Luxembourg Allianz Global Investors GmbH Luxembourg Branch 6A, route de Trèves L-2633 Senningerberg in the Federal Republic of Germany Commerzbank AG Kaiserplatz D Frankfurt/Main Information Agent in the Federal Republic of Germany Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main info@allianzgi.de Paying Agent in the Federal Republic of Germany State Street Bank International GmbH Brienner Straße 59 D Munich Paying and Information Agent in Luxembourg State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg Auditor PricewaterhouseCoopers, Société cooperative 2, rue Gerhard Mercator B.P 1443 L-1014 Luxembourg The Management Company is, in its country of incorporation, subject to public supervision with regard to the investment business. The Management Company has notified the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of its intention to market units of Allianz Emerging Markets Equity Dividend in Germany. The rights resulting from the notification have not lapsed. Dated: 30 June

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