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Fund Update: Allianz RCM US Equity Fund

Das folgende Fund Update bietet einen Rückblick auf die Performance des Fonds über die letzten fünf Kalenderjahre sowie über die aktuelle Year-to-Date Entwicklung. Der Fondsmanager Seung Minn zeigt die wichtigsten Punkte des Investmentprozesses auf und präsentiert einen Ausblick. Funds | 03.08.2010 04:30 Uhr

Please note that the fund performance cited below are all gross of fee numbers.

Performance Review 2005

Seung Minn: "In 2005, we outperformed the S&P 500 Index by 750 basis points. Most of the outperformance came from stock selection. In particular, stock selection within Technology had strong positive impact on relative performance. Sector allocation also had positive contribution to the relative outperformance."

Performance Review 2006

Seung Minn: "In 2006, we underperformed the S&P 500 Index by 16 basis points. While stock selection provided positive attribution, negative attribution from sector allocation more than offset this gain. Stock selection within Technology helped performance. However, stock selection within Health Care hurt performance."

Performance Review 2007

Seung Minn: "In 2007, we outperformed the S&P 500 Index by 587 basis points. The outperformance was attributable to both stock selection and sector allocation. Stock selection within Technology and Energy provided significantly positive contribution to relative performance. However, stock selection within Health Care hurt performance."

Performance Review 2008

Seung Minn: "In 2008 we underperformed the S&P 500 Index by 62 basis points. Underperformance was primarily attributable to stock selection, with sector allocation contributing positively to relative performance. Not owning Exxon Mobil was a leading detractor from our performance. Other notable detractors during the year include Apple and Corning. On the positive side, leading contributors to relative returns included Genentech and Johnson & Johnson. Decisions to avoid AIG, Fannie Mae, Lehman Brothers and Merrill Lynch also positively contributed to relative performance."

Performance Review 2009

Seung Minn: "In 2009 we outperformed the S&P 500 Index by 14.9%. More than 80% of relative outperformance was attributable to security selection. Sector allocation also contributed positively to relative performance. Leading contributors to relative returns were: Apple, Freeport McMoRan Copper & Gold, Starbucks, and Corning. Performance was also helped by a large position in Genentech, which was acquired by Roche earlier in the year, and the decision not to own Exxon Mobil. Detractors from relative returns included: Genzyme, Lockheed Martin, and the decision not to own benchmark names Google and Microsoft."

Performance 2010 - Year-to-Date

Seung Minn: "YTD through 6/30/10, the Fund is slightly behind the S&P 500 Index. Relative returns were driven primarily by weak stock selection. Poorly performing stocks such as Baxter International, National Oilwell Varco and Weatherford International held back returns. Conversely, top contributors to returns included Boeing, Varian Medical Systems and Intuit. Also, performance was aided by not owning Microsoft and Google."

Performance since 2005

Seung Minn: "For the rolling performance time periods one year or longer, the majority of the active performance is driven by stock selection in most cases. Because we manage portfolio with a goal of having stock selection risk as a majority of the overall active risk taken, we find that the ex post results are usually in line with our ex ante analysis.

During the past five calendar years, the Fund outperformed the benchmark S&P 500 Index in three years. In the two years when the Composite underperformed, the portfolio management team was able to keep the magnitude of the underperformance small. In each year, most of the outperformance and underperformance can be explained by successful or unsuccessful stock selection work."

Investment Process and Strategy – How does the Fund Manager Invest?

Seung Minn: "We invest in under-valued companies undergoing positive change. We believe investor sentiment fluctuates more widely than underlying fundamentals and that low expectation/valuation provides more downside risk protection and more upside potential. This results in mispriced opportunities. We are able to identify these opportunities through our disciplined investment process.

Our unique and disciplined investment process is built upon stock screening and fundamental research. The process begins by employing a screening strategy that reflects our investment philosophy. Stocks that are attractively ranked by our screen are selected by the Team for further research.

Our research efforts focus on a variety of Growth Drivers (such as barriers to entry, pricing power, sustainable earnings growth and new product cycles) and Quality Drivers (such as quality of management, well-capitalized balance sheet, and favorable cash flow outlook).

Then we conduct equity valuation research that forecasts upside and downside target prices. We focus on the downside risk first and then we consider the upside potential.  We believe that having a low potential downside increases the margin of safety, and helps us build conviction for investing in out-of-favor stocks (low-expectation stocks).

Finally, we construct a bottom-up risk aware portfolio with the most attractive stocks that are identified by the Team, considering the portfolio’s active risk vs. the benchmark.  The number of stocks held in the portfolio typically ranges from 40 to 80 stocks. Annual turnover is targeted at 40% to 50% (our average holding period target is about 2-3 years)."

Investment Outlook

Seung Minn: "U.S. Equity markets pulled back in the second quarter of 2010, following the strong gains of prior quarters. As of month-end, the S&P 500 Index rests 57% above its March 9, 2009 trough and 15% below its April 23, 2010 recent peak.

While risks of slowing growth in Europe and China continue to weigh on the market, U.S. corporation balance sheets remain healthy and we expect continued improvement in company fundamentals. Longer term, we believe that the strong entrepreneurial spirit, workforce adaptability, and innovative culture which exist in the U.S. marketplace will drive favorable returns for U.S. equities.

In the coming months, we will continue to adhere to our investment process and remain focused on identifying undervalued companies undergoing positive change."

Alle Daten per 30.06.2010 in Euro:

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