Key strategies managed by portfolio managers from Rogge Global Partners (RGP) are now accessible in Allianz Global Investors’ Luxemburg domiciled UCITS fund range.
AllianzGI acquired the London-based global fixed income specialist in June 2016.
Tobias Pross (pictured), head of EMEA at Allianz Global Investors, says: “With this important step we enable significantly more international investors to access the fundamental global fixed income strategies managed by Malie Conway and her team. These strategies can choose to invest into a global universe of issuers in a variety of macroeconomic environments across countries and markets, offering a broad spectrum of returns.”
The opportunity set for global credit and high yield managers is much wider than that for domestic bond managers. Research shows that a broader opportunity set should enable an active manager to deliver higher excess returns for a given level of risk.
The new funds are Allianz Global Credit, Allianz Global Multi-Asset Credit, Allianz Global High Yield, Allianz Selective Global High Yield, and Allianz Short Duration Global Real Estate Bond.
AllianzGI will offer these strategies according to client demand in different share classes, and they will be registered in various markets, targeting retail and institutional investors. All strategies have a multi-year track record.
Malie Conway, CIO global fixed income at Allianz Global Investors, says: “Global credit is an ideal asset class. Not only does it generate attractive returns, but it also has attractive risk characteristics when added to an existing portfolio. In seeking diversification, what we are looking for is an asset class with low correlation to other assets in the portfolio. Global high yield has a far wider distribution of sectors than US or European high yield. When combined with different underlying macroeconomic trends and refinancing cycles, this wider opportunity set for the global investor enhances the ability of global high yield to outperform. Non-domestic corporate bonds contain risk but correlations to most other asset classes have been lower than domestic credit. Allocating to global credit or high yield may therefore reduce overall risk in most portfolios.”
