Sustainable investing brochure

Transcription

1 Sustainable investing brochure Invest with soul FOR FUND DISTRIBUTORS AND PROFESSIONAL INVESTORS ONLY

2 A pioneer in sustainable investing First Allianz Global SRI Equity strategy launched United Nations Global Compact Free to choose In a globalised market, your investment choices are almost limitless. Yet where and how you put your money to work can have consequences that play out around the world. For an increasing number of investors, the real-life impact of their portfolios has become just as important as the financial returns they make. At Allianz Global Investors, we have led the way in ensuring that our investments are properly aligned with the values of our clients First Allianz SRI Fixed Income strategy launched Principles for Responsible Investment (PRI) First Allianz Norms/Values based strategy launched Carbon Disclosure Project (CDP) Driving Sustainable Economies First Multi Asset SRI strategy launched First Allianz Impact strategies launched Climate Bonds Initiative The Green Bond Principles First Allianz ESG Integrated Strategies launched Invest with soul. Invest with AllianzGI As a company, we consider environmental, social and corporate governance (ESG) criteria to be one of the key tools within our investment process. By incorporating risks and opportunities arising from longer-term effects of ESG factors into our decisions, we are able to construct portfolios that satisfy our clients principles as well as their financial needs. It is our view that over time, these ESG strategies can also generate long-term competitive financial returns and mitigate downside risk, as well as having a positive, measurable impact on society. $23 trillion sustainable assets invested globally Europe is the biggest market for responsible investors with $2.04 trillion of professionally invested funds employing sustainable strategies Global Sustainable Investment Alliance, as of March

3 A record of success We manage 25bn 2 of assets across a range of Sustainable & Responsible Investments (SRI)/Sustainability strategies for both institutional and retail clients. With products across equities, fixed income and multi-asset, our clients have access to a broad range of sustainable investment options across multiple asset classes. Allianz Global Investors was one of the first asset managers to set up a specialist ESG Research team in The team has been fully integrated into our global research platform and is a global resource which enables us to take a holistic approach to ESG integration. As an active investment manager with 498bn assets under management worldwide, we have the leverage to do high quality research, but also to actively engage with companies and other stakeholders where improvements can be achieved. At an industry level, we participate in multi-stakeholder initiatives aimed at promoting sustainable public policies, financial markets and corporate practices. And when we act, we do so in the long-term interests of our investors. Explore the full range of Allianz Global Investors SRI/Sustainability offering. Our SRI/Sustainability mutual fund range Equities Assets under Management Eur 6.4bn Funds Allianz Europe Equity Climate Transition Allianz Global Sustainability Allianz Valeurs Durables/ Allianz Euroland Equity SRI Fixed Income Assets under Management Eur 2.9bn Funds Allianz Euro Credit SRI Allianz Green Bonds Multi-Asset Assets under Management Eur 4.2bn Funds Allianz Stiftungsfonds Nachhaltigkeit The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. Please refer to HYPERLINK to confront a fund with its availability status in a certain local jurisdiction. 2 AllianzGI, as of 30 June 207. The total AUM includes other asset classes/strategies not shown in the range above. 3

4 Allianz Europe Equity Climate Transition A vehicle to invest in a low carbon economy The Allianz Europe Equity Climate Transition Fund invests in European companies engaged in the transition to a low carbon economy. Fund Manager Isabel Reuss Fund Highlights Stock selection based on fundamental research combining financial, ESG and climate aspects. A double objective: Protecting financial value by monitoring carbon risk and encouraging the transition to a low carbon economy. Investing actively in the climate transition with 3 company profiles in the portfolio best climate performers, best efforts and best solutions. Investment approach Our approach aims to control the portfolio s exposure to carbon risk by reducing its carbon footprint over the recommended investment horizon without excluding sectors that traditionally emit significant amounts of greenhouse gases. The Fund s investment strategy is based on the active selection of stocks, which are part of the transition to a lowcarbon economy, while respecting our sustainable development criteria and our financial requirements. We exclude risky practices on the basis of the following: absence of greenhouse gas reduction targets, serious controversies in the environmental field, very high-risk practices. While we invest in companies with low levels of carbon emissions relative to peers, we also favour companies committed to improve their carbon emissions overtime (also called best efforts ) and those producing products or services that facilitate the transition to a low-carbon economy ( best solutions ). Portfolio characteristics Active money 85.6% Ex Ante Beta 0.92 Dividend yield 2.7% P/E (Next 2 Months) 9.8 Weighted Average Market Cap EUR 38.9bn Number of Holdings 44 Best long term EPS growth forecast 8.% AllianzGI, as at 3 August 207. Risk Figures (if available) calculated by APT Ltd s EUROPE(EUR) Equity Risk Model. P/E based on firm s latest trailing 2 months EPS. Active money: sum of the absolute values of all negative active weights = sum of the absolute values of all active weights divided by 2. Dividend yield: indicated dividend rate divided by current price. Source for Market Cap & EPS growth forecast: Bloomberg Long-term EPS growth forecasts: Analysts expectations on EPS growth over the next business cycle (i.e., over a period of 3 to 5 years). 4

5 Fund s carbon footprint Sector split of GHG intensity (t of CO2eq. / million EUR of sales) Utilities Telecommunication Services Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary 0 500,000,500 Equities MSCI EUROPE Allianz Europe Equity Climate Transition Source: Bloomberg, as at 3 March 207. Reasons to invest Dedicated Global ESG team fully integrated into investment platform: A dedicated team of ESG experts and a fundamental research platform of over 70 sector-based analysts. Research-driven investment process combining financial, ESG and climate aspects. An impact investing solution to contribute to the climate transition. Fund performance Morningstar Sustainability Rating^ Since inception, the Fund has returned 9.5% outperforming its benchmark by 4.4% 3. 0 Nov 5 Feb 6 May 6 Aug 6 Nov 6 Feb 7 May 7 Aug 7 Portfolio Comparison 3 Source: AllianzGI, as at 3 August 207. Inception date: 24 November 205. The R share class, net of fees, annualized. Benchmark: MSCI Europe TR Net. Past performance is not a reliable indicator of future results. Please refer to Prospectus for detailed information on the risk profile of this fund. 5

6 Allianz Global Sustainability A fully ESG integrated global portfolio The Allianz Global Sustainability Fund is an actively managed, high conviction portfolio which uses ESG criteria to generate long-term returns and positive societal impact. Fund Manager Paul Schofield The Fund s objective is to attain capital growth over the long term whilst having positive and measurable impact on society. Positive and measurable impact example: Fatalities per 000 employees Fund Manager Jeremy Kent Utilities Telecom Svc Materials Information Tech Industrials Health Care Financials Energy Consumer Staples Consumer Discr DJSI Portfolio Global Sustainability Fund DJSI MSCI ACWI Data shown for Global Sustainability Fund vs. DISI and MSCI ACWI as of 30 June 207. Source: Bloomberg as of latest Fiscal year. 55% benchmark, 37% portfolio. Investment approach The Fund invests in global equities with a focus on the subset of companies which exhibit strong records with respect to both ESG factors and fundamental characteristics. Companies in the broad global equity Portfolio characteristics universe are rated by our dedicated team of ESG analysts according to sector-based ESG criteria, as Ex Ante Beta* 0.94 well as our fundamental research analysts. P/E (Next 2 Months) 7.48x The portfolio managers then construct a portfolio based on companies considered best-in-class from both an ESG and fundamental perspective, with a preference for companies which exhibit high quality and growth characteristics at an attractive valuation. The resulting portfolio is a diversified, best-in-class ESG global equity portfolio. Earnings Growth (Next 3-5 Years) 0.5% P/E (Next 2 Months) to Growth.67x Weighted Average Market Cap USD 4.0bn Number of Holdings 50 Source: AllianzGI, as at 30 June 207. * Ex Ante Beta is based on APT World model in EUR. Fund inception 2 January

7 Hypothetical growth of $0,000 35,000 30,000 25,000 20,000 5,000 0,000 5,000 0 $29,040 Jan 03 Equities Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 0 Jan Jan 2 Jan 3 Jan 4 Jan 5 Jan 6 Jan 7 Allianz Global Sustainability A USD Source: AllianzGI, 0 September 207, (USD) net of fees. 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. Past performance is no guarantee of future results. Reasons to invest Long-term stable outperformance while providing societal benefit: With a performance target of 2% the Fund has consistently outperformed its benchmarks over the last three, five and 0 years 2. Dedicated Global ESG team fully integrated into investment platform: A dedicated team of ESG experts and a fundamental research platform of over 70 sector-based analysts. Robust investment process: We first use our Best in Class methodology to screen companies at an in-depth level against our ESG criteria. This is then combined with our independent, sector-based fundamental analysis. Then, as part of the larger Global Equities team, we use rigorous growth, quality and valuation criteria to construct a balanced portfolio. Fund performance Morningstar Sustainability Rating^ Over the past five years, the Fund has returned 2.4% outperforming its benchmark by 0.9% 3. 0 Jan 07 Oct 07 Jul 08 Apr 09 Jan 0 Oct 0 Jul Apr 2 Jan 3 Oct 3 Jul 4 Apr 5 Jan 6 Oct 6 Jul 7 Allianz Global Sustainability Dow Jones Sustainability Index 2 Benchmark: Dow Jones Sustainability World Index (Total Return) and MSCI All Country World Index MSCI The World Index (Total Return). 3 Source: AllianzGI, as at 3 August 207. The Composite EUR, net of fees, annualized. Past performance is not a reliable indicator of future results. Please refer to Prospectus for detailed information on the risk profile of this fund. 7

8 Allianz Valeurs Durables/Allianz Euroland Equity SRI A high-conviction approach to SRI investing Allianz Valeurs Durables is a high-conviction SRI equity fund that seeks to invest in Eurozone companies with sustainable and responsible business practices. Fund Manager Christine Clet-Messadi Fund Highlights One of Europe s largest SRI equity strategies. Rated 4 sustainability globes by Morningstar. SRI best in class approach with identification of positive dynamics best efforts. Investment approach The Allianz Euroland Equity SRI Fund is a mirror fund Luxembourg domiciled UCITS of the Allianz Valeurs Durables. The Fund invests in Eurozone equities based on financial and ESG criteria and with a double objective: financial performance as well as respecting sustainable and responsible principles. Our dedicated team of ESG analysts and our fundamental sector-based research platform of over 70 analysts monitor and rate companies from across the Euroland equity universe based on sector relevant ESG criteria. The portfolio manager then construct a portfolio based on companies considered best-in-class from both an ESG and fundamental perspective, with a preference for companies with sustained competitive advantage and ongoing internal dynamics. The resulting portfolio is a diversified equity portfolio, consisting of 40 to 60 stocks. Thanks to our unique approach to domain alerts and red flag companies, the fund has been able to deliver consistent performance both financially and from an SRI perspective. Portfolio characteristics Active money 60.8% Ex Ante Beta.0 Dividend yield 3.% P/E (last trailing 2 Months) 9.7 Weighted Average Market Cap EUR 47.bn Number of Holdings 56 Best long term EPS growth forecast 0.7% Fund AUM mn AllianzGI, as at 3 August 207. Risk Figures (if available) calculated by APT Ltd s EUROPE(EUR) Equity Risk Model. P/E based on firm s latest trailing 2 months EPS. Active money: sum of the absolute values of all negative active weights = sum of the absolute values of all active weights divided by 2. Dividend yield: indicated dividend rate divided by current price. Source for Market Cap & EPS growth forecast: Bloomberg Long-term EPS growth forecasts: Analysts expectations on EPS growth over the next business cycle (i.e., over a period of 3 to 5 years). 8

9 Sustainability figures Greenhouse Gas Intensity per Sales Percentage Independent Directors 65.3 Equities Allianz Valeurs Durables MSCI EMU Index Allianz Valeurs Durables MSCI EMU Index Source: Bloomberg, as at 3 March 207. Reasons to invest Dedicated Global ESG team fully integrated into investment platform: A dedicated team of ESG experts and a fundamental research platform of over 70 sector-based analysts. Long-term investment process based on fundamental stock selection. Research-driven investment process combining financial and ESG criteria. Fund performance Morningstar Sustainability Rating^ Morningstar Rating^ Over the past five years, the Fund has returned.9% outperforming its benchmark by 0.3% 2. 0 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 0 Jun Jun 2 Jun 3 Jun 4 Jun 5 Jun 6 Jun 7 Portfolio Comparison 2 Source: AllianzGI, as at 3 August 207. The IC share class, net of fees, annualized. Benchmark: MSCI EMU TR Net. Past performance is not a reliable indicator of future results. Please refer to Prospectus for detailed information on the risk profile of this fund. 9

10 Allianz Euro Credit SRI Corporate bond fund following a sustainable and responsible investment approach The Allianz Euro Credit SRI Fund is a Euro Investment Grade mutual fund investing in corporate bonds. The investment policy is geared towards companies that satisfy a sustainable and responsible investment approach. Fund Manager Hervé Dejonghe Maximum bond exposure Investment Grade focus; up to 5% BB- (S&P) Active country exposure Maximum 0% Emerging Markets ESG rating of the portfolio Average ESG rating must exceed benchmark s ESG rating ESG rating of the bonds included in the portfolio At least 90% of portfolio assets must receive an ESG rating average Investment approach The Fund s investment philosophy is based on a long-term conviction process. Extra-financial ESG criteria, and the respect of human rights provide a more exhaustive evaluation of issuers long term risk. The team follows an actively managed, fundamental approach, based Key figures on in-depth credit and ESG analysis, through which securities are chosen based on analysts and portfolio Effective Duration (%) 4.98 managers convictions. This is combined with a Average nominal return (%).89 tactical credit overlay which enables the strategy to be Yield to worst (%).22 adapted to changing credit conditions. Dedicated Average rating A- analysts cover investment grade or high yield names Fund AUM 709mn and this provides the team with a comprehensive view of the credit market and a decisive edge in being able to identify potential fallen angels or rising stars. AllianzGI, as at 3 August

11 Fund s ESG Profile 2 Social Environment DD Governance Average rating* Fund 2.57 Fixed Income ESG Rating Corporate Governance Barclays Capital Euro-Agg Corp 2.43 Fund Barclays Capital Euro-Agg Corp 2 Allianz Global Investors, as at 3 August 207. Calculated upon a rated ESG asset area. * Allianz Global Investors. Notation scale from 0 to 4. At least 00% of portfolio assets need to respect our human rights standard (one filer ex anter is applied) and at least 95% of portfolio asset needs to have a higher or equal to 2 ESG rating (ESG rating is calculated from a weighted average of the 4 other criteria (weighting depends on issuer sector). Reasons to invest st quartile over 3 and 5Y. 3 Strong credit research capabilities. Dedicated Global ESG team fully integrated into investment platform: A dedicated team of ESG experts and a fundamental research platform of over 70 sector-based analysts. Fund performance Morningstar Rating^ Over the past five years, the Fund has returned 5.5% outperforming its benchmark by.4% Aug 2 Jul 3 May 4 Mar 5 Dec 5 Oct 6 Aug 7 Fund (base value = 00) Benchmark 3 Morningstar, as of 3 July 207, for the I share class. 4 AllianzGI, as at 3 August 207. The I EUR share class, net of fees, annualized. Past performance is not a reliable indicator of future results. Please refer to Prospectus for detailed information on the risk profile of this fund.

12 Allianz Green Bond Going for green and impact investing to generate societal alpha Fund Manager Hervé Dejonghe Fund Manager Julien Bras, CFA The Allianz Green Bond Fund provides a unique opportunity to gain global exposure in green bonds. The Fund is well diversified and invests globally in order to benefit from various geographic opportunities to generate returns. The quality of selected Green Bonds is assessed through a strict process combining an analysis of the Green and financial features of the bond. Fixed income securities with additional Green value A green bond is like any other regular bond with the difference that the money raised by the issuer is destined to finance `green projects, i.e. assets or business activities that are environment-friendly. Green bonds can finance projects in the areas of e.g. renewable energy, Green House Gas emissions reduction, energy efficiency systems & infrastructures, sustainable land use and waste management, biodiversity conservation or clean transportation, clean water etc Green Bonds trade in line with standard bonds and provide environmental benefits by dedicating in a transparent way their use of proceeds to projects contributing positively to the fight against climate change. The USD 223bn* Green Bond market celebrated its 0th anniversary this year. New issues are rising with USD 83bn as of end of September 207 and more than 00bn expected for 207. Investment approach The Fund is a global investment grade strategy with a maximum of 5 % in high yield bonds (from BB+ to BB-). The strategy has an aggregate profile with a focus on corporates and uses a multi-currency approach (hedged in euro). The Fund invests at least 85% of its assets in green bonds and has a diversification possibility of maximum 5% on non-green issuers with a high environmental rating in order to increase sector / instrument diversification while keeping a strong green focus. The Fund follows a fundamental and active investment approach. Our investment philosophy is to mobilize capital to finance the energy and climate transition. By using the green bond market segment, the Fund favors the re-allocation of investments through a lower carbon-intensive economy which is an important challenge for the fight against climate change. With the Allianz Green Bond Fund investors could co-finance a sustainable future through our impact strategy that aims to generate societal alpha. Key features Yield to worst (%).5 Duration 5,7 No. of holdings 06 Average rating A+ AllianzGI, as at 3 August 207. * Climate Bonds Initiative, data as of end of June 207 2

13 Portfolio composition 9% Use of proceeds 0% 8% 3% 3% Fixed Income 8% 9% 6% 53% Green Bonds, 9% Bonds issued by Euro Corporates with a very high environmental profile, 9% Renewable Energy, 53% Energy Efficiency,6% Clean Transportation, 8% Water management, 3% Waste Management, 3% Green Buildings, 8% Other, 0% Source: Allianz Global Investors, as of 3 December 206. Reasons to invest A focus on corporate issuers within the Green Bond universe in order to encourage the private sector to engage in the energy transition process. The green bond analysis is embedded within the portfolio management team. Multiple sources of added value with an active management style. Fund performance Morningstar Sustainability Rating^ Since inception, the Fund has returned 4.5% outperforming its benchmark by 0.%. 98 Nov 5 Mar 6 Jun 6 Oct 6 Jan 7 May 7 Aug 7 Fund (base value = 00) Benchmark 2 AllianzGI, as at 3 August 207. The I EUR share class, with inception date 7 November 205, net of fees, annualized. Past performance is not a reliable indicator of future results. Please refer to Prospectus for detailed information on the risk profile of this fund. 2 Benchmark history: until 30//206 40% BofA Merrill Lynch Euro Corporate Index + 60% BofA Merrill Lynch Green Bond Index (hedged into EUR). 3

14 Allianz Stiftungsfonds Nachhaltigkeit Active asset class allocation combined with active SRI security selection Fund Manager Jan Bernhard, PhD The multi asset Allianz Stiftungsfonds Nachhaltigkeit EUR Fund aims to provide a lower risk alternative to static balanced and multi asset portfolios in combination with enhanced expected returns over a market cycle. The active security selection within the SRI framework complements the investment process. Broad investment universe Strategic Asset Allocation (SAA): 20% European Equities, 80% EUR Bonds Opportunistic choice of further global asset classes Active Asset Allocation DMAP active asset allocation approach Equity allocation: 0% to 30% Increasing the upside potential over the market cycle Risk mitigation Striving for substantial reduction of downside risk Additional Alpha-Sources Best Styles SRI approach for equities Advanced Fixed Income SRI approach for bonds Investment approach The Fund builts upon the Dynamic Multi Asset Plus SRI strategy (DMAP). This aims to deliver a superior riskadjusted return compared to its benchmark over a market cycle. Our active asset allocation approach seeks to invest in the best performing asset classes over time. We strive to further enhance returns through the use of active security selection within the SRI framework. Here we can leverage the full expertise of Allianz Global Investors, with more than 500 investment professionals, located across the world in centres of expertise, including ESG Research. 4

15 Risk/return ratios Year 3 Years 5 Years Sharpe Ratio Volatility (%) Multi-Asset Alpha (%) Beta Tracking error (%) Information ratio Source: Allianz Global Investors, as at3 August 207. W share class net of fees. Fund compared with the following index combination: 80% JP Morgan EMU IG -0yrs ex BBB TR Index and 20% MSCI Europe TR net index rebased last business day of month in EUR. Reasons to invest Systematic and fundamental analysis combined: Our proprietary active asset allocation approach seeks to capitalise on market trends, whilst incorporating an anti-cyclical element. Active risk management: We seek to reduce downside risks significantly in times of market stress. This approach helps us ride the ups and downs in financial markets to produce more stable returns. Broad investment universe: The ability to shift between different asset classes allows the portfolio management to adapt to market changes in a flexible manner. The combination of active asset allocation with active security selection aims to generate a more robust returns. Fund performance Morningstar Rating^ Over the past five years, the Fund has returned 3.%. 90 Aug 2 Aug 3 Aug 4 Aug 5 Aug 6 Aug 7 Source: AllianzGI, as at 3 August 207. The W EUR share class, net of fees, annualized. Past performance is not a reliable indicator of future results. Please refer to Prospectus for detailed information on the risk profile of this fund. 5

16 Investing involves risk. The value of an investment and the income from it could fall as well as rise and investors might not get back the full amount invested. Past performance is not indicative of future performance. 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. Unlike actual performance data, simulations are not based on actual transactions; thus, their significance underlies inherent limitations. Simulations are not able to account for the impact of actual portfolio trading as it may have been affected by economic and market factors, such as a lack of liquidity. 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 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. 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. 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 at the address indicated below or Please read these documents, which are solely binding, carefully before investing. 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. This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht ( The information contained herein is confidential. This communication has not been prepared in accordance with legal requirements designed to ensure the impartiality of investments (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. Ratings ^ Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. The Morningstar Sustainability Rating TM is a measure of how well the holdings in a portfolio are managing their environmental, social, and governance, or ESG, risks and opportunities relative to their Morningstar Category peers. As of 3/07/207 Allianz Green Bond was rated 5 globes meaning that the fund stands within the top 0% within its Morningstar category (Global Bond Funds) in terms of Sustainability. Its Sustainability score even placed it within the top 5% of its Morningstar category. www. allianzgi.com October 207