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fund

Allianz US Equity C

Managed by RCM, San Francisco. The fund has a large cap value bias.

  • 437.48p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.87%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.20%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 07 May 2021

Run from Allianz Dresdner's RCM offices in San Francisco, manager Seung Minn has adopted the same process he has used for some years on the offshore equivalent. Investing principally in large cap stocks, the approach is contrarian with the manager seeking undervalued companies undergoing positive change, which can offer good long term returns - he believes these provide upside potential at the same time as downside protection.

Fund summary

Sector North America
Structure OEIC
Launched October, 2009
Size £33m
Yield 0.20%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.87%

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Investment process

To achieve its aim of capital growth the fund invests in large US companies with good prospects for increasing profits and attractive price/earnings ratios (a multiple of the share price to earnings). The process starts with an investment universe of 1200-1500 stocks with a market cap greater than US$1bn. These are screened based on valuation grounds and the existence of catalysts in order to identify candidates for further research. This is undertaken on both a sector basis and using RCM's Grassroots Research, which uses street level research, such as surveys to uncover information ahead of the market. Price range analysis is then undertaken to produce upside and downside targets - typical investments have an upside of 30/40% but a downside of around 20%.

Manager research

Average monthly relative returns

  • 16/17 -0.33%
  • 17/18 -0.03%
  • 18/19 -0.30%
  • 19/20 -0.34%
  • 20/21 0.48%

Bestinvest MRI

  • 3 years -0.06%
  • 5 years -0.11%
  • Career -0.10%
  • 3 years 52.00%
  • 5 years 42.10%
  • Career 44.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Steve Berexa

Berexa is a senior portfolio manager, managing director and Global Head of Research at Allianz Global Investors. He has a BSEE and an MBA from Duke University, where he studied electrical engineering and computer science and was awarded an Angier B. Duke scholarship. He is a CFA charter holder.

Track record

Steve Berexa has 7.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.1%. During the worst period of relative performance (from July 2014 - July 2020) there was a decline of 15% relative to the index. The worst absolute loss has been 17%.

Periods of worst performance

Absolute -17.00% (July 2019 - March 2020)
Relative -15.00% (July 2014 - July 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

6.27% Apple Inc
5.66% Microsoft Corp
5.39% Amazon.com Inc
2.72% Alphabet Inc
2.57% Paypal Hldgs Inc
2.46% Jpmorgan Chase & Co
2.28% Disney (Walt) Co
2.19% Lam Research Corp
2.17% Mastercard Inc
2.14% Procter & Gamble Co
Source: Trustnet

Sector breakdown

Technology 28.00%
Consumer Services 18.00%
Financials 17.00%
Industrials 13.00%
Consumer Goods 11.00%
Health Care 10.00%
Oil & Gas 2.00%

Portfolio

The portfolio usually holds between 50 and 80 large cap US stocks.

Constraints

Sector weightings are derived from stock selection and are allowed to deviate by +/- 10% from benchmark weightings.

Key Investor Information

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