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Focus on AllianzGI fund flows: biggest inflows and outflows revealed

Citywire Selector compares the three-year returns of major funds with their popularity among investors.

Flows vs. performance

Most investors buy funds with the aim of increasing their money, so it is often assumed that the best-selling funds are also those which are providing returns above and beyond the average. However, Citywire data shows that this is not always true.

In this series, Citywire Selector examines the relationship between flows and performance of the funds from the largest asset management companies active in the cross-border market.

Using Citywire data, this gallery highlights the funds at Allianz Global Investors which experienced the biggest inflows and outflows in the first half of 2017, while also assessing their respective three-year absolute returns against their Citywire-assigned benchmarks. Read on to find out whether investor interest coincides with longer-term outperformance.

Note: Flows figures based on Citywire data to the end of June 2017. Performance based on Lipper data compared to a Citywire-assigned benchmark over the three-year period covering July 2014-July 2017.

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Allianz Income and Growth

Net flows: €3.32 billion ($3.90 billion)

The €15.7 billion Allianz Income and Growth fund attracted the most money amongst all the funds that Allianz GI offers. It was one of the top selling funds across all asset managers in the first half of 2017.

While the fund is underperforming its Citywire-assigned mixed asset benchmark, Doug Forsyth is beating the average manager in the mixed assets – flexible USD sector, which has a return of 7.62% over three years to the end of June 2017.

The fund is equally split between convertible bonds, equities and high yield bonds. In his latest fund commentary, Forsyth said the high yield holdings in the fund had been weaker than expected. The number of defaulted issuers increased in June 2017 and CCC rated bonds lost 0.16%.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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Allianz Floating Rate Notes Plus –VarioZins

Net flows: €1.55 billion ($1.81 billion)

The Allianz Floating Rates Notes Plus-VarioZins fund is the only fund with negative performance in this gallery over three years, but it has experienced the second highest inflows since the start of the year.

The large amount of inflows could be explained by the fund’s short term performance. Over six months to the end of June 2017, the fund returned 8.18% and its manager Vincent Tarantino is ranked third out of 53 managers in the sector.

Tarantino has managed the €4.35 billion fund since it launched in September 2014 and is currently the head of money market funds at Allianz Global Investors.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Since launch on 23/09/2014 to 30/07/2017.

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Allianz European Equity Dividend

Net flows: -€483.8 million ($568.1 million)

Citywire + rated Jörg de Vries-Hippen has managed the Allianz European Equity Dividend fund since it launched in March 2009. Gregor Rudolph-Dengel joined him on the €3.07 billion fund in October 2016.

Almost a third (30.1%) of the fund is dedicated to financials, while the telecoms sector makes up 16.6% of the fund and energy is currently the third largest sector at 13.9%.

The fund has the greatest levle of return in this line up, but has still underperformed its Citywire-assigned benchmark. Performance peaked at the end of June 2017, but the fund still suffered the largest outflows of all AllianzGI funds over the first six months of the year.

In his latest update for the fund, de Vries-Hippen said the fund had lagged due to an overweights in telecoms and energy, which were not offset by the outperformance achieved in financials.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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Allianz Euro Inflation-Linked Bond

Net flows: -€460.2 million ($540.2 million)

The head of fixed income LDI, Ophélie Gilbert, has been managing the Allianz Euro Inflation-Linked Bond fund since it launched in March 2014. Over the past three years, the fund has had a positive return, but has not beaten its benchmark since April 2015.

The fund experienced the second highest outflows in this line up. This may be due to a lack of investor appetite for the euro inflation-linked bond sector rather than the performance of the fund. Over the past six months, this sector has seen assets drop by 10%.

In terms of holdings, the Citywire A-rated manager devotes 43.2% of the fund to France and the second largest country allocation is Italy at 31.2%. Effective duration in the fund is 5.03% and 43.2% of bonds in the fund are AA rated.

Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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Related Fund Managers

Jörg de Vries-Hippen
Jörg de Vries-Hippen
105/524 in Mixed Assets - Balanced EUR (Performance over 1 year) Average Total Return: 10.28%
Vincent Tarantino
Vincent Tarantino
100/100 in Bonds - Floating Rate Notes (Performance over 3 years) Average Total Return: -6.59%
Ophélie Gilbert
Ophélie Gilbert
7/37 in Bonds - Euro Inflation Linked (Performance over 3 years) Average Total Return: 6.10%
Doug Forsyth
Doug Forsyth
165/209 in Bonds - US Dollar High Yield (Performance over 3 years) Average Total Return: 10.23%
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