Allianz US Equity Fund

Transcription

1 For fund distributors and professional investors only Allianz US Equity Fund Adviser Report September 03 Factfile 3 August 03 Fund manager: Seung Minn (since April 007) Launch date: 0 June 00 Fund currency: GBP Structure : OEIC IMA sector: North America Benchmark: S&P 500 Index Fund size : 0.0 million Number of holdings: 57 Beta:.08 Cash weight:.63% EPS growth Last 3 years (wtd avg): Last months (agg): P/E on last mths EPS: Share classes A C I Minimum investment: Lump sum 500 ISA,000 0,000 0 million Monthly Fund 50 ISA 00 N/A N/A Initial charge 4% ISA 3% N/A N/A Annual charge.50% p.a. 0.75% 0.65% Ongoing charges.58% 0.8 N/A SEDOL codes B4NGS7 B89RVY8 ISIN GB GB00B4NGS74 GB00B89RVY85 A ranking, a rating or an award provides no indicator of future performance and is not constant over time. Source and copyright: Morningstar Old Broad Street Research Analyst Rating TM as at 3 August 03. Source: Rayner Spencer Mills as at 3 August 03.

2 Aim of the Fund This Fund aims to achieve capital growth through investment in leading North American companies. The Fund invests mainly in the larger companies of the United States of America considered to have good prospects for increasing profits and selling on attractive price/earnings ratios. The Fund s portfolio is based on the sector weightings of the US stock market and emphasis is placed on sectors expected to outperform relative to the market. Details of the specific and general risks associated with our funds are contained within the Key Investor Information Documents (KIID). For a copy of the KIID and the prospectus visit or telephone Fund manager commentary During the month of August, the Allianz US Equity Fund returned -.40% in USD terms (gross of fees), outperforming the benchmark S&P 500 Index. (Actual share class NAV performance records will be different). For this short evaluation period, outperformance was driven by both stock selection and sector allocation. On a sector allocation basis, the Fund s overweight in technology and underweight in utilities contributed to relative performance. Our overweights in the telecommunications and health care sectors were modest detractors from relative returns. During the month of August, we reduced stocks that no longer met our investment criteria and redirected the proceeds to more attractive opportunities. In particular, we trimmed our positions in medical equipment manufacturer Varian Medical Systems and General Electric to take profits. In the coming months, we will continue to adhere to our investment process and remain focused on identifying undervalued companies undergoing positive change. Source: Allianz Global Investors (UK) Ltd to 3 August 03. This is no recommendation or solicitation to buy or sell any particular security. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included. 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.

3 Cumulative performance Month 3 Months 6 Months Year 5 Years Since Manager Start Date (Apr 007) Allianz US Equity Fund IMA North America Source: Lipper to 3 August 03, bid to bid after basic rate tax. Month 3 Months 6 Months Year 3 Years 5 Years Since Manager Start Date (Apr 007) Fund Benchmark Sector average Source: Lipper at 3 August 03, bid to bid after basic rate tax. Past performance is not a reliable indicator of future performance. You should not make any assumptions on the future on the basis of performance information. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Top ten holdings % Market Capitalisation breakdown (USD) % General Elec Co 4.4 Apple Inc 4. Exxon Mobil Corp 3.7 Qualcomm Inc 3.5 Boeing Co 3.4 >00bn bn - 00bn 47.6 bn - 0bn. 00m - bn.4 Source: Wilshire Atlas at 3 August 03. Schlumberger Ltd 3. Pfizer Inc.8 At&T Inc.7 Wells Fargo & Co New.5 Caterpillar Inc.5 Source: Wilshire Atlas at 3 August 03.

4 Main sectors, Fund % Benchmark % Difference % Top five overweight holdings (relative to Benchmark), Fund % Benchmark % Difference % Top five underweight holdings (relative to Benchmark), Fund % Benchmark % Difference % Allianz US Equity Fund Adviser Report Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecom Services Utilities Cash Source: Wilshire Atlas at 3 August 03. Benchmark: S&P 500 Index. Boeing Co General Elec Co Qualcomm Inc Schlumberger Ltd Caterpillar Inc Source: Wilshire Atlas at 3 August 03. Benchmark: S&P 500 Index Microsoft Corp Chevron Corp Google Inc Berkshire Hathaway Inc Intl Business Mchn Source: Wilshire Atlas at 3 August 03. Benchmark: S&P 500 Index

5 Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested. The Allianz US Equity Fund is a sub-fund of Allianz Global Investors Fund SICAV, an open-ended investment company with variable share capital organized under the laws of Luxembourg. The volatility of the fund unit prices may be 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 and/or its affiliated 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 willful misconduct. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. Contact the management company Allianz Global Investors Luxembourg SA in the fund s country of domicile Luxembourg or the issuer electronically or via mail at the address indicated below for a free copy of the sales prospectus, the incorporation documents, the latest annual and semi-annual financial reports and the key investor information document in English. Please read these documents - which are solely binding - carefully before investing. This is a marketing communication. Issued by Allianz Global Investors Europe GmbH ( an investment company with limited liability incorporated under the laws of Germany with its registered office at Buckenheimer Landstrasse 4-44, 6033 Frankfurt, Germany, authorized by Bundesanstalt für Finanzdienstleistungsaufsicht ( The duplication, publication, or transmission of the contents, irrespective of the form is not permitted Contact details investor.services@allianzgi.co.uk Web: Telephone: Address: Allianz Global Investors, 55 Bishopsgate, London, ECM 3AD