Company fundamentals ultimately matter to share price performance, and we strive to find companies with underappreciated fundamental growth drivers that can add value for our clients over the long-term, despite short-term market gyrations. Our portfolio also emphasizes responsible capital allocation. US large-cap equites outpaced their small-cap counterparts during the reporting period as the Russell Index gained 2.
The reporting period closed on a historic, somewhat unexpected vote, with the United Kingdom choosing to exit the European Union on June 23, As a result of the volatility in the financial markets, the Fed has taken a dovish stance on interest rates thus far in and reduced the number of rate increases it expected in from four to two. Relative underperformance over the reporting period was due to negative stock selection, while sector allocation was effectively net neutral.
Selection across the energy and telecommunication services sectors boosted relative returns, but gains were overwhelmed by holdings in the financials and industrials sectors, which failed to keep pace with benchmark shares. Within the benchmark, utilities, telecommunication services and consumer staples soared to double-digit gains as investors favored more defensive and bond-proxy-like equities.
As we have done for over 26 years, NFJ is giving prudence to its philosophy and maintaining a disciplined adherence to its investment process. Allianz Global Investors and NFJ continue to advocate that clients must take risk to generate an excess return, and that an active approach at current valuation levels will be necessary to generate alpha. Over time, NFJ strategies have consistently offered a dividend premium relative to their corresponding benchmarks, generating income for investors at sound valuation levels.
Additionally, dividend-paying stocks may protect investors from market volatility, potentially providing an income stream that is independent of market movements. As value equity managers, our philosophy is to continuously style tilt toward low valuation and higher-quality equities. Over time, research has shown investing in low valuation equities has generated excess return persistently across time periods and pervasively across regions worldwide Lakonishok, Shleifer and Vishny, ; Fama and French, ; Rosenberg, Reid and Lanstein, Positioning to dividends and value is time tested, and it looks attractive in a market environment dominated by financial repression, increased volatility and historically rich valuations.
Emerging markets and developed international equities experienced similar declines and fell As for , global equities suffered a volatile start to the year, as renewed fears about a slowdown in China and a further decline in oil prices initially led to a significant sell-off. While many equity markets subsequently recovered from early losses, in part due to the recovery in oil, news that the UK had voted in favor of leaving the EU led to further volatility at the end of June Relative underperformance in the Fund during the reporting period was due to negative stock selection and sector allocation.
Robust selection across the utilities and information technology sectors contributed to results; however these gains were overwhelmed by negative selection in the consumer discretionary and financials segments of the market. Conversely, an underweight in consumer staples and an overweight in materials detracted from results.
These ratios do not include an expense reduction, contractually agreed through at least October 31, For each class of the Fund, expenses net of fee waiver are equal to the annualized expense ratio for the class 1. Relative underperformance over the reporting period was due to negative stock selection and sector allocation.
Selection across the consumer staples and utilities sectors boosted relative returns, but gains were overwhelmed by holdings in the financials and materials sectors, which failed to keep pace with benchmark shares. Within the benchmark, utilities, telecommunication services, industrials and consumer staples soared to double-digit gains as investors favored more defensive and bond-proxy-like equities.
Over time research has shown investing in low valuation equities has generated excess return persistently across time periods and pervasively across regions worldwide Lakonishok, Shleifer and Vishny, ; Fama and French, ; Rosenberg, Reid and Lanstein, Relative underperformance during the period was due to negative stock selection, which was only slightly offset by positive sector allocation.
Robust selection across the industrials and health care sectors contributed to results; however these gains were overwhelmed by negative selection in the financials and materials segments of the market. Within the benchmark, utilities soared to double-digit gains as investors continued to favor more defensive names.
Conversely, an underweight in utilities and an overweight in materials detracted from results. Relative underperformance during the reporting period was due to negative sector allocation, which was only slightly offset by positive stock selection.
Robust selection across the energy and utilities sectors contributed to results; however these gains were muted by negative selection in the industrials and materials segments of the market. Conversely, an overweight in energy and underweight in financials detracted from results. Investors closely monitored the Fed meeting in mid-September , and their decision to keep rates in check left investors debating the direction of markets moving forward.
In October , stocks rallied on expectations that a weak payroll report would delay Fed rate hikes, which carried through into November , with a positive jobs report and declining commodity prices balancing one another. In mid-December , the Fed finally did the inevitable, raising borrowing costs by 25 basis points to a new range of 0. The decision brought to a close an unprecedented era of near-zero rates in the US and led in part to a small-cap equity decline in December The market experienced a sharp turnaround in performance to end the month, amid a rebound in energy prices, a weaker dollar, and dovish central bank expectations.
The asset class was flat in February , only to see a continuation of performance with three consecutive advances in March, April and May , as positive sentiment helped drive equity results globally. The Brexit news sent the asset class into a tailspin at the end of June , only to see a rapid rebound in performance, with the benchmark posting only modestly negative performance for the month. Sector results for the benchmark were particularly divergent. The utilities, telecommunication services and consumer staples sectors each advanced double-digits, while the energy, health care and consumer discretionary sectors each declined double-digits during the reporting period.
During the reporting period, the Fund benefited from positive bottom-up stock selection. In addition, the combination of four actively managed US small-cap strategies including a core, growth, low volatility and micro-cap strategy, resulted in lower volatility due to diversification benefits. Sector performance was led by positive bottom-up selections in the energy sector. The combination of stock picking and allocation decisions in the consumer staples and utilities sectors also contributed to performance.
Meanwhile, information technology was the primary laggard, due to selections in information technology services and electronic equipment industries. The consumer discretionary and materials sectors offset results more modestly. US small-cap equities remain attractive against the backdrop of low unemployment, healthy corporate balance sheets, and relatively benign inflation. We believe that the asset class seems relatively immune from any potential shocks from the Brexit impact and rising political tensions in the Middle East.
In addition, global monetary policy is anticipated to become more accommodative, due to recent macroeconomic events as well as the upcoming Presidential election which is likely to keep rates paused for the time being. The Fund combines four unique small-cap strategies in one investment, including a small-cap core, small-cap growth, micro-cap, and a managed volatility sleeve.
Each individual small-cap sleeve is managed independently as a standalone portfolio by its respective portfolio management team, providing investors with access to a range of small-cap strategies in a single investment. We remain confident that the Fund will provide diversification benefits and may help reduce overall portfolio volatility through the combination of four separately managed small-cap portfolios.
Our focus on higher quality securities with attractive fundamentals has the potential to be a driver of returns for the coming quarters. Concerns over the health of the global economy weighed on investor sentiment during most of the reporting period, negatively impacting high growth companies within the technology sector. With support from the central banks and steadily improving economic data in the US, stocks in general have risen sharply from the lows of early However, risk aversion and demand for yield remained elevated as investors avoided stocks with high perceived risks and moved money into large, dividend-paying stocks.
Historically, we have maintained a sizable underweight to mega-cap and large-cap technology companies compared to the benchmark. Many of these companies pay dividends and do not typically have the growth rates advocated by our strategy. Stocks in the cyber security, software-as-a-service, data analytics, and semiconductor industries have declined sharply as slower expected growth implies lower price multiples.
Conversely, our positions in Amazon and NetEase have been significant positive contributors to relative performance. These companies are leaders within secular growth trends that should persist for several years, in our view. Additionally, our underweight to technology hardware and equipment stocks added to relative returns. Stocks in this industry have struggled due to macro headwinds and the strong US dollar. Over our 30 years of managing techno. However, in some investment cycles, it takes longer for the market to fully appreciate the significance of new technology trends.
Despite this, we maintain our conviction in the core secular growth names in our portfolio, but we are also attentive to present market conditions. We believe investors have been adjusting expectations for an extended period of low global growth. This process is reducing expectations and valuations to more reasonable levels, particularly for rapidly growing companies.
As a result, the stronger high growth companies should be attractive investment opportunities for the next several years. In our view, the technology sector can provide some of the best absolute and relative return opportunities in the equity markets, especially for bottom-up stock pickers.
The growth in technology is coming from the creation of new markets, rather than simply GDP growth. In this low-growth world, we believe investors need to find companies generating organic growth by creating new markets or effecting significant change on existing markets. Sectors such as automobiles, advertising, security, retail, and web services are all being shaped and transformed by advances in technology.
We are seeing a wave of innovation in the sector that we believe has the potential to produce attractive returns for companies with best-in-class solutions. We will continue to seek to carefully balance the risks and rewards of our investments, leveraging our industry expertise, and emphasizing individual stock selection.
I mportant Information. Class A shares are subject to an initial sales charge. Share Class D. Share Class R. Share Class P. Share Class R6. Returns measure performance from the inception of the oldest share class to the present; therefore some returns predate the inception of the noted share class.
Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date. The Lipper Averages are calculated by Lipper, Inc. They are based on the total return performance, with distributions reinvested and operating expenses deducted, of funds included by Lipper in the stated category.
Lipper does not take into account sales charges. The charts reflect any sales load that would have applied at the time of purchase or any CDSC that would have applied if a full redemption occurred on the last business day of the most recent fiscal year.
Results assume that all dividend and capital gain distributions were reinvested. They do not take into account the effect of taxes. Proxy Voting. The Proxy Policy has been adopted by the Trust as the policies and procedures that the applicable Sub-Adviser will use when voting proxies on behalf of the Funds.
Copies of the written Proxy Policy, the factors that the Sub-Adviser may consider in determining how to vote proxies for each Fund and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are provided without charge, upon request, by calling the Trust at Class A, Class C and Class R or Class P, Class R6, Institutional and Administrative classes , on the Allianz Global Investors website at us.
Form N-Q. Please refer to this information when reviewing the Shareholder Expense Example for a Fund. Shareholder Expense Example. The Shareholder Expense Example is intended to help you understand your ongoing costs in dollars of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Actual Expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period.
Hypothetical Example for Comparison Purposes. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund to those of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges.
In addition, if these transactional costs were included, your costs may have been higher. Credit Ratings. Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change periodically, even as frequently as daily. LLC, and NFJ Investment Group LLC, the sub-advisers to the applicable Fund, develop their own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agencies or third-party research.
Benchmark Descriptions. Performance data presently shown for the Indices is net of dividend tax withholding. This recalculation results in lower performance for the Indices. Schedule of Investments. Cielo S. Fibria Celulose S.
JBS S. Porto Seguro S. Qualicorp S. Smiles S. Agricultural Bank of China Ltd. Air China Ltd. China Citic Bank Corp. China Communications Construction Co. China Construction Bank Corp. China Everbright Bank Co. China Telecom Corp. NetEase, Inc. Sinopec Shanghai Petrochemical Co. Skyworth Digital Holdings Ltd. Tencent Holdings Ltd. Bank of East Asia Ltd. CLP Holdings Ltd. Hang Seng Bank Ltd. Link REIT. Yue Yuen Industrial Holdings Ltd. Apollo Tyres Ltd. Aurobindo Pharma Ltd.
HCL Technologies Ltd. Hindalco Industries Ltd. Housing Development Finance Corp. Infosys Ltd. Sintex Industries Ltd. Hyosung Corp. Kia Motors Corp. Korea Electric Power Corp. LG Electronics, Inc. LG Uplus Corp. Lotte Chemical Corp. Samsung Electronics Co. Shinhan Financial Group Co. SK Innovation Co. Tenaga Nasional Bhd. Gruma S. AngloGold Ashanti Ltd. AVI Ltd. Bidvest Group Ltd. Netcare Ltd.
Vodacom Group Ltd. Asustek Computer, Inc. Cheng Shin Rubber Industry Co. Chunghwa Telecom Co. Powertech Technology, Inc. Siliconware Precision Industries Co. Taiwan Semiconductor Manufacturing Co. Uni-President Enterprises Corp. Mondi PLC. Flextronics International Ltd. Kimberly-Clark Corp. Lear Corp. Banco Bradesco S. Suzano Papel e Celulose S. State Street Bank and Trust Co. Treasury Notes, 1. Notes to Schedule of Investments:. The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:.
Diversified Telecommunication Services. Electric Utilities. Food Products. IT Services. Diversified Consumer Services. Auto Components. Household Durables. Water Utilities. Household Products. Wireless Telecommunication Services. Real Estate Investment Trust.
Diversified Financial Services. Building Products. Industrial Conglomerates. Repurchase Agreements. Other assets less liabilities. Lockheed Martin Corp. United Technologies Corp. Delphi Automotive PLC. First Republic Bank. Constellation Brands, Inc. Monster Beverage Corp.
PepsiCo, Inc. AbbVie, Inc. Alexion Pharmaceuticals, Inc. Biogen, Inc. Celgene Corp. CME Group, Inc. Costco Wholesale Corp. Walgreens Boots Alliance, Inc. Mondelez International, Inc. Danaher Corp. DexCom, Inc. Edwards Lifesciences Corp. UnitedHealth Group, Inc. Priceline Group, Inc. Alphabet, Inc. Facebook, Inc. Visa, Inc. EOG Resources, Inc. Allergan PLC a. Bristol-Myers Squibb Co. Union Pacific Corp. Microsoft Corp. Home Depot, Inc. TJX Cos. Apple, Inc. Treasury Bonds, 3.
Vale S. ADR b. Agrium, Inc. Canadian National Railway Co. Goldcorp, Inc. Lundin Mining Corp. Potash Corp. Suncor Energy, Inc. Arkema S. Nordex SE c. Gamesa Corp. Tecnologica S. Glencore PLC c. Syngenta AG c. BP PLC. Rio Tinto PLC. Alcoa, Inc. Anadarko Petroleum Corp. Antero Resources Corp. Concho Resources, Inc. Continental Resources, Inc. Dow Chemical Co.
Ecolab, Inc. Freeport-McMoRan, Inc. Halliburton Co. Hess Corp. Kansas City Southern. Laredo Petroleum, Inc. Monsanto Co. Occidental Petroleum Corp. Parsley Energy, Inc. PDC Energy, Inc. Phillips Pioneer Natural Resources Co. PPG Industries, Inc. Range Resources Corp. Schlumberger Ltd. SM Energy Co. Tesla Motors, Inc. Silica Holdings, Inc. Valero Energy Corp. Vulcan Materials Co. Whiting Petroleum Corp. Guggenheim Solar. Vaneck Vectors Gold Miners.
The industry classification of portfolio holdings and other assets less other liabilities shown as a percentage of net assets were as follows:. Electrical Equipment. Construction Materials. Mutual Funds.
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