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Allianz International Investment Funds Allianz Japan Fund Final Short Form For the year ended 30 April 2016 The report below, as prescribed by the Financial Conduct Authority (FCA), aims to provide clear and concise information enabling you to make an informed judgement on your investment, during the year covered. We continually strive to enhance the information we send to you and we would welcome any comments you may have. A long form version of the report and accounts can still be viewed at www.allianzglobalinvestors.co.uk. Alternatively, call our Investor Services team on 0800 317 573 to request a copy. Thank you for your continued investment with Allianz Global Investors. Fund Details On 27 April 2016, pricing and dealing of the Allianz Japan Fund was suspended. Investment Objective & Policy The Allianz Japan Fund aimed to achieve capital growth through investment in leading Japanese shares and other permitted equity based investment instruments. The Fund’s main emphasis was on companies with larger market capitalisation. Exposure to smaller companies may be obtained either through the purchase of shares or through warrants up to the permitted limit. Risk Profile Equity Risk: Equities are generally more risky than fixed interest securities. Considerable fluctuations in equity prices may mean that you do not get all your money back. Exchange Rates: Exchange rate movements may cause the value of any overseas investments, and any revenue from them, to go up or down. Smaller Companies: Smaller companies may be riskier and less liquid than larger companies, which means that their share price may be more volatile. Concentrated Portfolio: Lower diversification and active stock selection may give rise to more risk and substantially increase the risk of loss. Risk and Reward Profile No category has been disclosed for the Allianz Japan Fund, as the Fund closed on 27 April 2016. Allianz Japan Fund Key Facts Fund manager Kazuyuki Terao Launch date 16 May 2002 Fund benchmark TOPIX Annual charge 1.5% Initial charge ISA 3% Direct 4% Minimum investment ISA £1,000 Direct £500 Additional investment ISA £1,000 Direct £500 £200 Direct £50 Regular savings plan ISA Ex dividend dates 1 May Payment dates 30 June Share classes & types A ( Accumulation) C ( Accumulation) Please note: The information shown above is for the ‘A’ share class of the Fund. Operating Charges 30 April 20161 ‘A’ Shares 1.81% ‘C’ Shares 1.03% Operating Charges represent all operating charges and expenses and is expressed as a percentage of the average net asset value. It includes the annual ACD fee as well as all the administrative expenses including custodial transaction charges incurred by the Fund. 1 On 27 April 2016, pricing and dealing of the Allianz Japan Fund was suspended. Performance Record (price in pence) High Low High Low A A C2 C2 30 April 2014 512.92 412.77 100.00 93.46 30 April 2015 574.50 410.09 129.76 92.96 30 April 20161 579.10 482.17 131.58 108.95 Share class Accounting year On 27 April 2016, pricing and dealing of the Allianz Japan Fund was suspended. On 3 April 2014, the Fund launched one additional share class, namely ‘C’ class (Accumulation). 1 2 Summary of Fund Performance Net Asset Value 1 Net Asset Value per share 30 Apr 20161 £000s 30 Apr 2015 £000s 30 Apr 20161 (p) 30 Apr 2015 (p) Change % ‘A’ Shares 0 10,119 0.00 537.92 N/A ‘C’ Shares 0 1,712 0.00 121.35 N/A On 27 April 2016, pricing and dealing of the Allianz Japan Fund was suspended. Summary of Distribution Share class Payment date ‘A’ Shares 30 June 2016 Net distribution per share (p) 0.0000 ‘C’ Shares 30 June 2016 0.0000 Please note: Investors are reminded that the Fund distributes annually. Investment Review Performance Summary: Over the period under review, 1 May 2015 to 27 April 2016, the Fund’s ‘A’ class produced a total return of 3.10% and ‘C’ class 4.06%.* The Fund’s benchmark, the TOPIX, produced a total return of 0.94% over the year. The key reasons for this outperformance was industrial stocks such as Obayashi and Daikin. These stocks showed solid earnings and increase of dividends which were well received by the market. Also Shionogi a pharmaceutical company had posted strong earnings, due to an anti HIV drug, which helped performance. On the flip side, Yamaha Motor detracted performance as earnings were under pressure because of the appreciation of the JPY (Japanese Yen). Market Background: The Japanese equity market declined in local currency terms on the back of concerns on China’s economy and US monetary policy. The BOJ (Bank of Japan) introduced negative interest rate policy in January 2016 which surprised the market and increased concerns on the earnings of financial institutions and failed to positively impact the equity market. After this move, investors have become cautious as this showed the limitation of what monetary policy could do to support the economy and equity market. Also the JPY has appreciated versus the US Dollar (US$) because it has become clear that the US Federal Reserve intends to increase interest rates at a slower pace than the market previously stated due to the uncertainty of the global economy. As a result, the exporter’s corporate earnings have been revised down and the market has reacted negatively. Portfolio Review: We had focused on the stocks with stable earnings prospects. These include construction and healthcare and selective machinery companies which contributed to performance. On the other hand, exporters whose earnings are sensitive to JPY/ US$ hurt the performance as JPY had appreciated versus the US$. These include automobile and technology companies. We also focused on the companies which are keen to increase shareholder return, which include financial companies. Due to the introduction of negative interest rates by the BOJ, these positions didn’t work out well. Outlook: Although the Japanese equity market has rebounded recently, it is difficult to wipe away investor’s concerns on the global economy and currency market in near term. Corporate earnings growth rates are expected to be weaker than what is currently priced in mainly due to the strong Yen. However, the improvement of corporate governance is under way and more dividends hikes and share buybacks are expected going forward which will support the market. As for the valuation, the price-to-earnings ratio is around 13x and price-to-book is 1.1x which looks attractive as this level is around the 5-year low and together with Japanese company’s improvement of corporate governance. On 27 April 2016, pricing and dealing of the Allianz Japan Fund was suspended. 11 May 2016 * Source: Allianz Global Investors/Datastream. Fund performance based on end of day prices, net of fees and expenses, with net revenue re-invested in Sterling. Benchmark performance based on end of day prices. Allianz Japan Fund The contents of this Investment Review are based on the views of the manager at the time of writing, which may be subject to change. Investors are reminded that the value of shares within an OEIC fund, and the income from them, may go down as well as up and is not guaranteed. An investor may not get back the amount invested. The past is no guide to future performance. The opinions expressed here are believed to be accurate and reliable, however these opinions may change without notice. Although the information is believed to be reliable, Allianz Global Investors does not guarantee the timeliness, accuracy or suitability of such information in any way and anyone who acts on the information does so at their own risk. Allianz Global Investors only provides information on our own products and does not give advice based on personal circumstances. Classification of Investments On 27 April 2016, pricing and dealing of the Allianz Japan Fund was suspended. As at 30 April 2016, the Fund held no investments. Ten Largest Holdings as at 30 April 2015 (%) Yamaha Motor 7.01 Teijin 5.05 Sony 4.56 Dai-Ichi 4.39 Nidec 4.36 Astellas Pharmaceuticals 4.32 Daikin 4.24 Obayashi 3.95 Mitsubishi UFJ Financial 3.42 Toyota Industries Total Sector Breakdown as at 30 April 2015 Automobiles & Parts Banks 3.41 44.71 (%) 10.42 8.54 Chemicals 5.05 Construction & Materials 6.14 Electronic & Electrical Equipment 10.38 Food Producers 4.33 General Industrials 2.21 General Retailers 2.44 Health Care Equipment & Services 2.98 Industrial Engineering 11.51 Industrial Transportation 3.16 Leisure Goods 7.33 Life Insurance 4.39 Non-Life Insurance 0.90 Personal Goods 1.06 Pharmaceuticals & Biotechnology 6.49 Real Estate Investment & Trusts 2.12 Technology Hardware & Equipment 1.02 Travel & Leisure 4.05 Net other assets Net Assets 5.48 100.00 Allianz Japan Fund Further Information The information in this report is designed to enable shareholders to make an informed judgement on the activities of the Fund during the year covered by the report and the results of those activities at the end of the year. More information on the performance and make-up of this Fund is available on our Fund factsheets, which you can view via our Literature Library on www.allianzglobalinvestors.co.uk. You can also request a valuation at any time by calling 0800 073 2001. Alternatively, our Investor Services team will be happy to respond to any issues you may wish to raise with them regarding product information and Fund performance. If you have invested via a financial adviser, you should contact them first if you wish to discuss your investment in greater detail. Price Publication: Prices are published on the AllianzGI website www.allianzgi.co.uk Authorised Corporate Director (ACD): Allianz Global Investors GmbH, UK Branch, 199 Bishopsgate, London EC2M 3TY Depositary: J.P. Morgan Europe Limited, Chaseside, Bournemouth BH7 7DA Independent Auditors: PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1 2RT Registrar of Shareholders: International Financial Data Services (UK) Limited, IFDS House, St. Nicholas Lane, Basildon, Essex SS15 5FS Investor Services: 0800 317 573 [email protected] Allianz Global Investors GmbH, UK Branch, 199 Bishopsgate, London EC2M 3TY Phone: 0800 317 573 Fax: 020 7638 3508 www.allianzglobalinvestors.co.uk This report is printed on elemental chlorine-free paper, produced from FSC certified forests. The paper is ISO 9001 and ISO 14001 certified. Vegetable based inks are compliant with ISO 12647-2, supplied in recyclable plastic tubes. Issued by Allianz Global Investors GmbH, UK Branch. Registered in England No. 1963362. Authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority. Member of The Investment Association. Firm Registered No. 122218. IFDS Fund code: 102 CD1650