Allianz Renminbi Currency

Transcription

1 Allianz Renminbi Currency The period under review was challenging for the offshore renminbi market amid a weak macro backdrop for China combined with ongoing volatility of the renminbi currency. China s declining foreign exchange reserves became a key focus adding to investors concerns following the one-off devaluation of the renminbi in August. The Chinese authorities engaged in a number of measures in efforts to stem the capital outflows and stabilize the renminbi including targeted FX intervention, tightening of some restrictions on capital outflows and monetary easing including cuts to both interest rates and the reserve requirement ratio (RRR). We also saw relaxation of policies relating to foreigner access to China s domestic markets. Opening-up access for foreign investor participation in China s domestic bond market is supportive of longer-term bond investment inflows and longer-term prospects for the renminbi as a global reserve currency. With the International Monetary Fund s (IMF) approval of the inclusion of the renminbi in the Special Drawing Rights (SDR) basket, the renminbi has become the fifth so-called reserve currency alongside the US dollar, the euro, the Japanese yen and the British pound. Over the period under review, the offshore renminbi ( CNH ) currency experienced greater volatility and declined 1.7%. The Subfund generated a small negative return in US dollar terms over the six months ending March This was driven by the renminbi depreciation which offset coupon accrual of the Subfund s investments. continues to face strong headwinds, the ongoing property sector recovery, implementation of infrastructure investments and accommodative monetary policy has provided some near-term improvement in sentiment. The tightening of some restrictions on capital outflows and targeted FX intervention has helped to stabilize China s foreign exchanges reserves for now and this should help to reduce volatility in the renminbi. Notwithstanding these temporary actions to help stabilize the market, we believe China remains committed to the ultimate objectives of RMB internationalization and capital account liberalization. Recently, we have seen a deluge of policy relaxation measures relating to foreign investor access to China s onshore bond market. The continued opening up of China s financial markets will encourage more balanced two-way flows over the longer term which will help to mitigate the risk of large one-way fluctuations in FX reserves that we have seen over recent months. Please refer to the Prospectus as well as the Key Investor Information Document for additional information on the Subfund. Information on the performance of the individual share classes of the Subfund in the reporting period can be found in the table Performance of the Subfunds on pages 5 to 34. The National People s Congress concluded in March with Premier Li announcing 2016 economic targets, including % GDP growth and 3% fiscal deficit target. While China s economy Breakdown of Net Assets in % Time deposits Other net assets 206

2 The Subfund in figures 31/03/ /09/ /09/ /09/2013 Net asset value per share in Class A () (distributing) WKN A1JEEA/LU Net asset value per share in CHF Class AT (H2-CHF) (accumulating) WKN A1JU51/LU Class PT (H2-CHF) (accumulating) WKN A1T8MP/LU , , , , Net asset value per share in EUR Class A (H2-EUR) (distributing) WKN A1JED1/LU Class AT (H2-EUR) (accumulating) WKN A1JED9/LU Class CT (H2-EUR) (accumulating) WKN A1JED8/LU Class I (H2-EUR) (distributing) WKN A1JED2/LU , , , Class IT (H2-EUR) (accumulating) WKN A1JED7/LU , , , Net asset value per share in GBP Class A (H2-GBP) (distributing) WKN A1JED3/LU Class P (H2-GBP) (distributing) WKN A1JED4/LU , , in circulation 1) 1,291,027 1,720,828 5,222,801 4,797,769 Subfund assets in millions of ) Accumulated figures for open share classes on the reporting date. For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to

3 Allianz Renminbi Currency Investment Portfolio as at 31/03/2016 ISIN Securities / Holdings Price Market Value % of Currency (in 1,000)/ 31/03/2016 in Subfund Contracts assets Other securities and money-market instruments 1,542, Bonds 1,542, Luxembourg 1,542, % People s Bank of China CNH Notes 15/16 CNH 10,000.0 % ,542, Investments in securities and money-market instruments 1,542, Deposits at financial institutions 32,695, Sight deposits 132, State Street Bank GmbH, Luxembourg Branch 132, Time deposits 32,562, % Agricultural Bank of China ( ) CNH 12,168.6 % ,880, % Agricultural Bank of China ( ) CNH 15,000.0 % ,318, % Bank of East Asia ( ) CNH 12,000.0 % ,854, % Bank of East Asia ( ) CNH 11,965.8 % ,849, % Bank of East Asia ( ) CNH 5,817.0 % , % Bank of East Asia ( ) CNH 5,093.9 % , % Bank of China ( ) CNH 5,000.0 % , % Bank of China ( ) CNH 28,615.7 % ,423, % Bank of China ( ) CNH 1,611.1 % , % China Construction Bank ( ) CNH 20,391.1 % ,151, % China Construction Bank ( ) CNH 9,154.5 % ,415, % Shanghai Commercial Bank ( ) CNH 8,266.1 % ,277, % Shanghai Commercial Bank ( ) CNH 5,019.3 % , % Shanghai Commercial Bank ( ) CNH 10,219.7 % ,579, % Shanghai Commercial Bank ( ) CNH 12,027.6 % ,859, % ICBC Banks ( ) CNH 10,020.2 % ,548, % ICBC Banks ( ) CNH 16,719.5 % ,584, % ICBC Banks ( ) CNH 10,000.0 % ,545, % Wing Lung Bank ( ) CNH 6,072.0 % , % Wing Lung Bank ( ) CNH 5,500.0 % , Investments in deposits at financial institutions 32,695, Securities / Holdings Price Unrealised % of Currency (in 1,000)/ 31/03/2016 gain/loss Subfund Contracts assets Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 771, Forward Foreign Exchange Transactions 771, Sold EUR / Bought - 22 Apr 2016 EUR -4,660, , Sold GBP / Bought - 22 Apr 2016 GBP -54, Sold CHF / Bought - 22 Apr 2016 CHF -322, , Sold / Bought GBP - 22 Apr , , Sold / Bought CHF - 22 Apr , , Sold / Bought EUR - 22 Apr ,011, , Investments in derivatives 771, Net current assets/liabilities -156, Net assets of the Subfund 34,853, The accompanying notes form an integral part of these financial statements. 828

4 Net asset value per share - Class A () (distributing) Class AT (H2-CHF) (accumulating) CHF Class PT (H2-CHF) (accumulating) CHF 1, Class A (H2-EUR) (distributing) EUR Class AT (H2-EUR) (accumulating) EUR Class CT (H2-EUR) (accumulating) EUR Class I (H2-EUR) (distributing) EUR Class IT (H2-EUR) (accumulating) EUR 1, Class A (H2-GBP) (distributing) GBP Class P (H2-GBP) (distributing) GBP in circulation - Class A () (distributing) Shs 1,084,572 - Class AT (H2-CHF) (accumulating) Shs 5,330 - Class PT (H2-CHF) (accumulating) Shs 10 - Class A (H2-EUR) (distributing) Shs 180,433 - Class AT (H2-EUR) (accumulating) Shs 8,050 - Class CT (H2-EUR) (accumulating) Shs 8,844 - Class I (H2-EUR) (distributing) Shs Class IT (H2-EUR) (accumulating) Shs 10 - Class A (H2-GBP) (distributing) Shs 3,219 - Class P (H2-GBP) (distributing) Shs

5 Statement of Operations for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Interest on - bonds 64, , cash at banks time deposits 738, ,171, Dividend income Income from - investment funds Other income Total income 803, ,357, Interest paid on - bank liabilities -5, , contracts for difference Other interest paid Performance fee Taxe d Abonnement -9, , All-in-fee -134, , Other expenses Total expenses -149, , Equalisation on net income/loss -106, ,067, Net income/loss 547, ,439, Realised gain/loss on - financial futures transactions foreign exchange -1,624, ,151, forward foreign exchange transactions 485, ,383, options transactions securities transactions CFD transactions Equalisation on net realised gain/loss 19, ,876, Net realised gain/loss -572, ,220, Changes in unrealised appreciation/depreciation on - financial futures transactions foreign exchange 382, , forward foreign exchange transactions -552, ,094, options transactions securities transactions 120, , CFD transactions TBA transactions Result of operations -621, ,843, The accompanying notes form an integral part of these financial statements. 830

6 Statement of Net Assets as at 31/03/2016 resp. liquidation date (if any) 31/03/ /09/2015 Securities and money-market instruments (Cost price 1,575,100.81) 1,542, ,811, Time deposits 32,562, ,487, Cash at banks 132, ,934, Premiums paid on purchase of options Upfront-payments paid on swap transactions Interest receivable on - bonds 20, , time deposits 29, , Dividend receivable Income from investment units receivable Receivable on - subscriptions of fund shares 13, , securities transactions Other receivables Unrealised gain on - options transactions futures transactions contract for difference transaction TBA transactions forward foreign exchange transactions 955, ,767, Total Assets 35,256, ,257, Liabilities to banks Premiums received on written options Upfront-payments received on swap transactions Interest liabilities on swap transactions Payable on - redemptions of fund shares -196, ,776, securities transactions Capital gain tax payable Other payables -23, , Unrealised loss on - options transactions futures transactions contract for difference transaction TBA transactions forward foreign exchange transactions -184, , Total Liabilities -403, ,258, Net assets of the Subfund 34,853, ,998, For additional information please refer to the section Notes to the Financial Statements. 831

7 Statement of Changes in Net Assets for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Net assets of the Subfund at the beginning of the reporting period 49,998, ,356, Subscriptions 2,092, ,328, Redemptions -15,508, ,483, Distribution -1,195, ,261, Equalization 87, ,082, Result of operations -621, ,319, Net assets of the Subfund at the end of the reporting period 34,853, ,537, The accompanying notes form an integral part of these financial statements. 832

8 Statement of Changes in for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 at the beginning of the reporting period 1,435,782 4,132,470 -issued 135,381 1,115,932 -redeemed -486,591-2,645,096 at the end of the reporting period 1,084,572 2,603,306 Class A Class A CHF 2015/ /2015 Class AT (H2-CHF) Class PT (H2-CHF) Class AT (H2-CHF) Class PT (H2-CHF) at the beginning of the reporting period 8, ,985 3,802 -issued 0 0 1, redeemed -3, ,020-3,802 at the end of the reporting period 5, , EUR 2015/ /2015 Class A (H2-EUR) Class AT (H2-EUR) Class CT (H2-EUR) Class I (H2-EUR) Class A (H2-EUR) Class AT (H2-EUR) Class CT (H2-EUR) Class I (H2-EUR) at the beginning of the reporting period 245,844 12,537 12,454 1, ,606 65,748 25,243 20,318 -issued 2,398 2,764 1, ,234 5,464 1,609 3,861 -redeemed -67,809-7,251-4,822-1, ,356-21,889-9,946-16,824 at the end of the reporting period 180,433 8,050 8, ,484 49,323 16,906 7,355 EUR 2015/ /2015 Class IT (H2-EUR) Class IT (H2-EUR) at the beginning of the reporting period issued 0 0 -redeemed 0 0 at the end of the reporting period

9 GBP 2015/ /2015 Class A (H2-GBP) Class P (H2-GBP) Class A (H2-GBP) Class P (H2-GBP) at the beginning of the reporting period 3, , issued redeemed , at the end of the reporting period 3, , For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to 34. The accompanying notes form an integral part of these financial statements. 834