# Appendix 4
Risk Management Process
Expected Level of Leverage
Sub-Fund Name	Approach
in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz Active Fund Portfolio | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (55%), the MSCI EUROPE INDEX (30%) and the BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE BOND INDEX (15%). |
| --- | --- | --- | --- |
| Allianz ActiveInvest Balanced | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD NET TOTAL RETURN INDEX (25%), the MSCI EUROPE NET TOTAL RETURN INDEX (25%) and the BLOOMBERG BARCLAYS EURO AGGREGATE 1-10 YEAR EUR UNHEDGED RETURN INDEX (50%). |
| Allianz ActiveInvest Defensive | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD NET TOTAL RETURN INDEX (12.5%), the MSCI EUROPE NET TOTAL RETURN INDEX (12.5%) and the BLOOMBERG BARCLAYS EURO AGGREGATE 1-10 YEAR EUR UNHEDGED RETURN INDEX (75%). |
| Allianz ActiveInvest Dynamic | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD NET TOTAL RETURN INDEX (37.5%), the MSCI EUROPE NET TOTAL RETURN INDEX (37.5%) and the BLOOMBERG BARCLAYS EURO AGGREGATE 1-10 YEAR EUR UNHEDGED RETURN INDEX (25%). |
| Allianz Advanced Fixed Income Euro | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS CAPITAL EURO-AGGREGATE 1-10 YEARS INDEX. |
| Allianz Advanced Fixed Income Global | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JP MORGAN GBI GLOBAL 1-10 YEARS INDEX. |
| Allianz Advanced Fixed Income Global Aggregate | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE 500MM INDEX. |
| Allianz Advanced Fixed Income Short Duration | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BlOOMBERG BARCLAYS CAPITAL EURO-AGGREGATE 1-3 YEARS INDEX (75%) and the ICE BOFAML EURO HIGH YIELD BB-B RATED INDEX (25%). |
| Allianz All China Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI CHINA ALL SHARES INDEX. |
| Allianz Alternative Investment Strategies | Absolute Value-at-Risk | 0-2 | – |
| Allianz American Income | Absolute Value-at-Risk | 0-2 | – |
| Allianz Asia Innovation | Commitment Approach | - | – |
| Allianz Asia Pacific Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY ASIA PACIFIC EX JAPAN INDEX. |
| Allianz Asian Multi Income Plus | Commitment Approach | - | – |
| Allianz Asian Small Cap Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY ASIA EX JAPAN SMALL CAP INDEX. |
| Allianz Best Ideas 2025 | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY WORLD INDEX (70%) and BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE BOND INDEX (30%). |
| Allianz Best of Managers | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BARCLAYS GLOBAL AGGREGATE BOND INDEX (20%), the EXANE EUROPE CONVERTIBLE BOND INDEX (5%), the ICE BOFAML EURO HIGH YIELD BB-B RATED CONSTRAINED INDEX (20%) and the MSCI WORLD INDEX (55%). |
| Allianz Best Styles Emerging Markets Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EMERGING MARKETS INDEX. |
| Allianz Best Styles Emerging Markets Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EMERGING MARKETS EXTENDED SRI 5% ISSUER CAPPED INDEX. |
| Allianz Best Styles Euroland Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EMU INDEX. |
| Allianz Best Styles Euroland Equity Risk Control | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the EUROSTOXX 50 INDEX. |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz Best Styles Europe Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EUROPE INDEX. |
| --- | --- | --- | --- |
| Allianz Best Styles Europe Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EUROPE EXTENDED SRI 5% ISSUER CAPPED INDEX. |
| Allianz Best Styles Global AC Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY WORLD INDEX. |
| Allianz Best Styles Global Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX. |
| Allianz Best Styles Global Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED INDEX. |
| Allianz Best Styles Pacific Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI PACIFIC INDEX. |
| Allianz Best Styles US Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the S&P 500 INDEX. |
| Allianz Capital Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE BOND 1-10 YEARS INDEX (70%) and the MSCI EUROPE INDEX (30%). |
| Allianz China A Opportunities | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI CHINA A INDEX. |
| Allianz China A-Shares | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI CHINA A ONSHORE INDEX. |
| Allianz China Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI CHINA 10/40 INDEX. |
| Allianz China Multi Income Plus | Commitment Approach | - | – |
| Allianz China Strategic Bond | Commitment Approach | - | – |
| Allianz Clean Planet | Commitment Approach | - | – |
| Allianz Climate Transition | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EUROPE INDEX. |
| Allianz Convertible Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the EXANE EUROPE CONVERTIBLE BOND INDEX. |
| Allianz Coupon Select Plus | Commitment Approach | - | – |
| Allianz Coupon Select Plus II | Commitment Approach | - | – |
| Allianz Coupon Select Plus III | Commitment Approach | - | – |
| Allianz Coupon Select Plus IV | Commitment Approach | - | – |
| Allianz Coupon Select Plus V | Commitment Approach | - | – |
| Allianz Coupon Select Plus VI | Commitment Approach | - | – |
| Allianz Credit Opportunities | Commitment Approach | - | – |
| Allianz Credit Opportunities Plus | Absolute Value-at-Risk | 0-5 | – |
| Allianz Cyber Security | Commitment Approach | - | – |
| Allianz Discovery Germany Strategy | Absolute Value-at-Risk | 0-2 | – |
| Allianz Dynamic Allocation Plus Equity | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX. |
| Allianz Dynamic Asian High Yield Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JPMORGAN ASIA CREDIT NON-INVESTMENT GRADE INDEX. |
| Allianz Dynamic Commodities | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG EX-AGRICULTURE EX-LIVESTOCK CAPPED EUR TOTAL RETURN INDEX. |
| Allianz Dynamic Multi Asset Strategy SRI 15 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED INDEX (15%) and the BLOOMBERG BARCLAYS MSCI EURO AGG SRI SECTOR NEUTRAL INDEX (85%). |
| Allianz Dynamic Multi Asset Strategy SRI 50 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED INDEX (50%) and the BLOOMBERG BARCLAYS MSCI EURO AGG SRI SECTOR NEUTRAL INDEX (50%). |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz Dynamic Multi Asset Strategy SRI 75 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED INDEX (75%) and the BLOOMBERG BARCLAYS MSCI EURO AGG SRI SECTOR NEUTRAL INDEX (25%). |
| --- | --- | --- | --- |
| Allianz Dynamic Risk Parity | Absolute Value-at-Risk | 0-5 | – |
| Allianz Emerging Asia Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EMERGING FRONTIER ASIA INDEX. |
| Allianz Emerging Europe Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EFM EUROPE + CIS (E+C) INDEX IN EUR. |
| Allianz Emerging Markets Equity Opportunities | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EMERGING MARKETS INDEX. |
| Allianz Emerging Markets Local Currency Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the JPMORGAN GOVERNMENT BOND INDEX EMERGING MARKETS GLOBAL DIVERSIFIED. |
| Allianz Emerging Markets Multi Asset Income | Absolute Value-at-Risk | 0-2 | – |
| Allianz Emerging Markets Select Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the JP MORGAN EMERGING MARKETS EQUAL WEIGHT INDEX: JP MORGAN GBI EMERGING MARKETS GLOBAL DIVERSIFIED; JP MORGAN CORPORATE EMERGING MARKETS BOND BROAD DIVERSIFIED; JP MORGAN EMBI GLOBAL DIVERSIFIED. |
| Allianz Emerging Markets Short Duration Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the JP MORGAN CORPORATE EMERGING MARKETS BOND BROAD DIVERSIFIED INDEX. |
| Allianz Emerging Markets Small Cap Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EMERGING MARKETS SMALL CAP INDEX. |
| Allianz Emerging Markets Sovereign Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JPMORGAN EMBI GLOBAL DIVERSIFIED INDEX. |
| Allianz Emerging Markets SRI Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JPMORGAN J-ESG EMBI GLOBAL DIVERSIFIED INDEX. |
| Allianz Emerging Markets SRI Corporate Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JPMORGAN J-ESG CEMBI BROAD DIVERSIFIED INDEX. |
| Allianz Enhanced Short Term Euro | Absolute Value-at-Risk | 0-2 | – |
| Allianz Euro Balanced | Relative Value-at-Risk | 0-2 | The reference portfolio is the MSCI EMU EURO INDEX (50%) and the IBOXX € EUROZONE INDEX (50%). |
| Allianz Euro Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE INDEX. |
| Allianz Euro Bond Short Term 1-3 Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JP MORGAN ECONOMIC AND MONETARY UNION 1-3 YEARS INDEX (50%) and the BLOOMBERG BARCLAYS CAPITAL EURO CORPORATE INDEX (50%). |
| Allianz Euro Bond Strategy | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the ICE BOFAMLECONOMIC AND MONETARY UNION LARGE CAP INVESTMENT GRADE INDEX. |
| Allianz Euro Credit Risk Control | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the ICE BOFA EURO CORPORATE EXCLUDING SUBORDINATED DEBT INDEX (50%) and the ICE BOFA BB-B EURO NON- FINANCIAL HIGH YIELD CONSTRAINED INDEX (50%) |
| Allianz Euro Credit SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE CORPORATE INDEX. |
| Allianz Euro Crossover SRI | Absolute Value-at-Risk | 0-2 | – |
| Allianz Euro Government Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the IBOXX € EUROZONE INDEX. |
| Allianz Euro High Yield Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAMLEURO HIGH YIELD BB-B RATED INDEX. |
| Allianz Euro High Yield Defensive | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAML EURO NON-FINANCIAL BB-B HIGH YIELD INDEX. |
| Allianz Euro Inflation-linked Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS EURO GOVERNMENT INFLATION LINKED BONDS INDEX. |
| Allianz Euro Investment Grade Bond Strategy | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE CORPORATE INDEX. |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz Euro Subordinated Financials | Absolute Value-at-Risk | 0-2 | – |
| --- | --- | --- | --- |
| Allianz Euroland Equity Growth | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the S&P EUROZONE LARGEMIDCAP GROWTH INDEX. |
| Allianz Europe Conviction Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EUROPE INDEX. |
| Allianz Europe Equity Growth | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the S&P EUROPE LARGEMIDCAP GROWTH INDEX. |
| Allianz Europe Equity Growth Select | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the S&P EUROPE LARGE CAP GROWTH INDEX. |
| Allianz Europe Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EUROPE INDEX. |
| Allianz Europe Equity Value | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the S&P EUROPE LARGEMIDCAP VALUE INDEX. |
| Allianz Europe Income and Growth | Absolute Value-at-Risk | 0-2 | – |
| Allianz Europe Mid Cap Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EUROPE MID CAP INDEX. |
| Allianz Europe Small and Micro Cap Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EUROPE SMALL CAP INDEX (70%) and the MSCI EUROPE MICRO CAP INDEX (30%). |
| Allianz Europe Small Cap Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EUROPE SMALL CAP INDEX. |
| Allianz European Bond Unconstrained | Absolute Value-at-Risk | 0-5 | – |
| Allianz European Bond Unconstrained Plus | Absolute Value-at-Risk | 0-2 | – |
| Allianz European Equity Dividend | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EUROPE INDEX. |
| Allianz European Real Estate Securities | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the FTSE EPRA/NAREIT DEVELOPED EUROPE CAPPED NET RETURN INDEX. |
| Allianz Event Driven Strategy | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX. |
| Allianz Excellence 30 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (15%), the MSCI EUROPE INDEX (15%), the BLOOMBERG BARCLAYS CAPITAL EUROPE AGGREGATE BOND INDEX (35%) and the BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE BOND INDEX (35%). |
| Allianz Fixed Income Macro | Absolute Value-at-Risk | 0-35 The effective level of leverage may be higher than the expected level of leverage from time to time, primarily due to the acquisition of money market futures and related instruments, especially when exposures are capped and/or floored. This may particularly apply in the following cases: butterfly strategies, put/call-spreads or covered calls. As an additional example, a long only strategy aiming at a target duration of about 8 years would probably use leverage to a large extent. | – |
| Allianz Flexi Asia Bond | Commitment Approach | - | – |
| Allianz Floating Rate Notes Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JPMORGAN ECONOMIC AND MONETARY UNION 1-3 YEARS INDEX (60%) and the BLOOMBERG BARCLAYS EURO FLOATING RATE NOTE INDEX (40%). |
| Allianz Food Security | Commitment Approach | - | – |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz GEM Equity High Dividend | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI EMERGING MARKETS INDEX. |
| --- | --- | --- | --- |
| Allianz German Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the DAX INDEX. |
| Allianz German Small and Micro Cap | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the SDAX INDEX. |
| Allianz Global Aggregate Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX. |
| Allianz Global Aggregate Bond Currency Risk Control | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX EX EURO AND EX LOCAL EM CURRENCY. |
| Allianz Global Artificial Intelligence | Commitment Approach | - | – |
| Allianz Global Credit SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS GLOBAL AGGREGATE INVESTMENT GRADE CREDIT INDEX. |
| Allianz Global Dividend | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY WORLD INDEX. |
| Allianz Global Dynamic Multi Asset Income | Absolute Value-at-Risk | 0-2 | – |
| Allianz Global Dynamic Multi Asset Strategy 25 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (25%) and the BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE INDEX (75%). |
| Allianz Global Dynamic Multi Asset Strategy 50 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (50%) and the BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE INDEX (50%). |
| Allianz Global Dynamic Multi Asset Strategy 75 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (75%) and the BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE INDEx (25%). |
| Allianz Global Emerging Markets Equity Dividend | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EMERGING MARKETS INDEX. |
| Allianz Global Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX. |
| Allianz Global Equity Growth | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY WORLD INDEX. |
| Allianz Global Equity Insights | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY WORLD INDEX. |
| Allianz Global Equity Unconstrained | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY WORLD INDEX. |
| Allianz Global Financials | Absolute Value-at-Risk | 0-2 | – |
| Allianz Global Floating Rate Notes Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAML GLOBAL FLOATING RATE HIGH YIELD INDEX (50%), BLOOMBERG BARCLAYS US FLOATING RATE NOTES INDEX (25%) and BLOOMBERG BARCLAYS EURO FLOATING RATE NOTES INDEX (25%). |
| Allianz Global Government Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the FTSE WORLD GOVERNMENT BOND INDEX. |
| Allianz Global High Yield | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAML GLOBAL HIGH YIELD CONSTRAINED INDEX. |
| Allianz Global Hi-Tech Growth | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI WORLD INFORMATION TECHNOLOGY INDEX. |
| Allianz Global Income | Absolute Value-at-Risk | 0-2 | – |
| Allianz Global Inflation-Linked Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS WORLD GOVERNMENT INFLATION- LINKED BOND INDEX. |
| Allianz Global Intelligent Cities | Commitment Approach | - | – |
| Allianz Global Metals and Mining | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the EUROMONEY GLOBAL MINING INDEX. |
| Allianz Global Multi-Asset Credit | Absolute Value-at-Risk | 0-2 | – |
| Allianz Global Multi-Asset Credit SRI | Absolute Value-at-Risk | 0-2 | – |
| Allianz Global Opportunistic Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX. |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz Global Small Cap Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI WORLD SMALL CAP INDEX. |
| --- | --- | --- | --- |
| Allianz Global Smaller Companies | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI WORLD SMID CAP INDEX. |
| Allianz Global Sustainability | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the DOW JONES SUSTAINABILITY WORLD INDEX. |
| Allianz Global Water | Commitment Approach | - | – |
| Allianz Green Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAML GREEN BOND INDEX. |
| Allianz Green Future | Commitment Approach | - | – |
| Allianz High Dividend Asia Pacific Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI ALL COUNTRY ASIA PACIFIC EX JAPAN INDEX. |
| Allianz HKD Income | Commitment Approach | - | – |
| Allianz Hong Kong Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the HANG SENG INDEX |
| Allianz Income and Growth | Absolute Value-at-Risk | 0-2 | – |
| Allianz India Equity | Commitment Approach | - | – |
| Allianz Indonesia Equity | Commitment Approach | - | – |
| Allianz Japan Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the TOPIX INDEX. |
| Allianz Japan Equity Long Short Strategy | Absolute Value-at-Risk | 0-2 | – |
| Allianz Japan Smaller Companies Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI JAPAN SMALL CAP INDEX. |
| Allianz Korea Equity | Commitment Approach | - | – |
| Allianz Little Dragons | Commitment Approach | - | – |
| Allianz Merger Arbitrage Strategy | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX. |
| Allianz Multi Asset Long / Short | Absolute Value-at-Risk | 0-5 | – |
| Allianz Multi Asset Opportunities | Absolute Value-at-Risk | 0-5 | – |
| Allianz Multi Asset Risk Premia | Absolute Value-at-Risk | 5-10 The effective level of leverage may be lower than the expected level of leverage from time to time due to market conditions. | – |
| Allianz Oriental Income | Commitment Approach | - | – |
| Allianz Pet and Animal Wellbeing | Commitment Approach | - | – |
| Allianz Positive Change | Commitment Approach | - | – |
| Allianz Renminbi Fixed Income | Commitment Approach | - | – |
| Allianz Selection Alternative | Commitment Approach | - | – |
| Allianz Selection Fixed Income | Commitment Approach | - | – |
| Allianz Selection Small and Mid Cap Equity | Commitment Approach | - | – |
| Allianz Selective Global High Income | Absolute Value-at-Risk | 0-2 | - |
| Allianz SGD Income | Absolute Value-at-Risk | 0-2 | – |
| Allianz Short Duration Global Bond | Commitment Approach | - | - |
| Allianz Short Duration Global Real Estate Bond | Commitment Approach | - | – |
| Allianz Smart Energy | Commitment Approach | - | – |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| Allianz Strategic Bond | Absolute Value-at-Risk | 0-10 The effective level of leverage may be higher than the expected level of leverage from time to time, primarily due to the acquisition of money market futures. | – |
| --- | --- | --- | --- |
| Allianz Strategy Select 30 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JP MORGAN EMU INVESTMENT GRADE INDEX (70%) and the MSCI WORLD INDEX LOCAL (30%). |
| Allianz Strategy Select 50 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JP MORGAN EMU INVESTMENT GRADE INDEX (50%) and the MSCI WORLD INDEX LOCAL (50%). |
| Allianz Strategy Select 75 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the JP MORGAN EMU INVESTMENT GRADE INDEX (25%) and the MSCI WORLD INDEX LOCal (75%). |
| Allianz Structured Alpha Strategy | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the S&P 500 INDEX (40%), the NASDAQ 100 INDEX (20%), the RUSSELL 2000 INDEX (10%) and the VIX INDEX (30%). |
| Allianz Structured Return | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the S&P 500 INDEX (40%), the NASDAQ 100 INDEX (20%), the RUSSELL 2000 INDEX (10%) and the VIX INDEX (30%). |
| Allianz Sustainable Health Evolution | Commitment Approach | - | – |
| Allianz Target Maturity Asian Bond | Absolute Value-at-Risk | 0-2 | – |
| Allianz Target Maturity Euro Bond | Absolute Value-at-Risk | 0-2 | – |
| Allianz Target Maturity Global Bond II | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS GLOBAL AGGREGATE INDEX (40%) and BLOOMBERG BARCLAYS EMERGING MARKETS AGGREGATE INDEX (60%). |
| Allianz Target Maturity Global Bond III | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS GLOBAL AGGREGATE INDEX (40%) and BLOOMBERG BARCLAYS EMERGING MARKETS AGGREGATE INDEX (60%). |
| Allianz Target Maturity US Bond | Absolute Value-at-Risk | 0-2 | – |
| Allianz Thailand Equity | Commitment Approach | - | – |
| Allianz Thematica | Commitment Approach | - | – |
| Allianz Total Return Asian Equity | Commitment Approach | - | – |
| Allianz Treasury Short Term Plus Euro | Absolute Value-at-Risk | 0-5 | – |
| Allianz Trend and Brands | Commitment Approach | - | – |
| Allianz Unconstrained Multi Asset Strategy | Absolute Value-at-Risk | 0-7 | – |
| Allianz US Equity Dividend | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the RUSSELL 1000 VALUE INDEX. |
| Allianz US Equity Fund | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the S&P 500 INDEX. |
| Allianz US Equity Plus | Commitment Approach | - | – |
| Allianz US High Yield | Absolute Value-at-Risk | 0-0.5 | – |
| Allianz US Short Duration High Income Bond | Absolute Value-at-Risk | 0-0.5 | – |
| Allianz US Short Term Plus | Absolute Value-at-Risk | 0-2 | – |
| Allianz Volatility Strategy Fund | Commitment Approach | - | – |
| Allianz Voyager Asia | Absolute Value-at-Risk | 0-2 | – |

Allianz Global Investors Fund
Sub-Fund Name	Approach
Expected Level of Leverage in terms of gross derivative exposure of a Sub-Fund’s Net Asset Value
Reference Portfolio
| IndexManagement Balance | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (20%), the MICI EUROPE INDEX (16%), the MSCI EMERGING MARKETS INDEX (4%), the BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY INDEX (15%), the BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES INDEX (15%), the BLOOMBERG BARCLAYS U.S. TREASURY INDEX (15%) and the BLOOMBERG BARCLAYS U.S. CORPORATES INDEX (15%). |
| --- | --- | --- | --- |
| IndexManagement Chance | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (40%), the MICI EUROPE INDEX (32%), the MSCI EMERGING MARKETS INDEX (8%), the BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY INDEX (5%), the BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES INDEX (5%), the BLOOMBERG BARCLAYS U.S. TREASURY INDEX (5%) and the BLOOMBERG BARCLAYS U.S. CORPORATES INDEX (5%). |
| IndexManagement Substanz | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (10%), the MICI EUROPE INDEX (8%), the MSCI EMERGING MARKETS INDEX (2%), the BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY INDEX (20%), the BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES INDEX (20%), the BLOOMBERG BARCLAYS U.S. TREASURY INDEX (20%) and the BLOOMBERG BARCLAYS U.S. CORPORATES INDEX (20%). |
| IndexManagement Wachstum | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI WORLD INDEX (30%), the MICI EUROPE INDEX (24%), the MSCI EMERGING MARKETS INDEX (6%), the BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY INDEX (10%), the BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES INDEX (10%), the BLOOMBERG BARCLAYS U.S. TREASURY INDEX (10%) and the BLOOMBERG BARCLAYS U.S. CORPORATES INDEX (10%). |

Allianz Global Investors Fund

Translation (ENFR, 2021-03-10):
# Annexe 4
Processus de gestion des risques
Niveau de levier attendu en termes d’exposition brute
Nom du Compartiment	Approche
aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Active Fund Portfolio | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (55 %), de l’indice MSCI EUROPE (30 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE BOND (15 %). |
| --- | --- | --- | --- |
| Allianz ActiveInvest Balanced | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD NET TOTAL RETURN (25 %), de l’indice MSCI EUROPE NET TOTAL RETURN (25 %) et de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE 1-10 YEAR EUR UNHEDGED RETURN (50 %). |
| Allianz ActiveInvest Defensive | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD NET TOTAL RETURN (12,5 %), de l’indice MSCI EUROPE NET TOTAL RETURN (12,5 %) et de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE 1-10 YEAR EUR UNHEDGED RETURN (75 %). |
| Allianz ActiveInvest Dynamic | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD NET TOTAL RETURN (37,5 %), de l’indice MSCI EUROPE NET TOTAL RETURN (37,5 %) et de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE 1-10 YEAR EUR UNHEDGED RETURN (25 %). |
| Allianz Advanced Fixed Income Euro | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL EURO-AGGREGATE 1-10 YEARS. |
| Allianz Advanced Fixed Income Global | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN GBI GLOBAL 1-10 YEARS. |
| Allianz Advanced Fixed Income Global Aggregate | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE 500MM. |
| Allianz Advanced Fixed Income Short Duration | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL EURO-AGGREGATE 1-3 YEARS (75 %) et de l’indice ICE BOFAML EURO HIGH YIELD BB-B RATED (25 %). |
| Allianz All China Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI CHINA ALL SHARES. |
| Allianz Alternative Investment Strategies | Value at Risk absolue | 0-2 | – |
| Allianz American Income | Value at Risk absolue | 0-2 | – |
| Allianz Asia Innovation | Approche par les engagements | - | – |
| Allianz Asia Pacific Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY ASIA PACIFIC EX JAPAN. |
| Allianz Asian Multi Income Plus | Approche par les engagements | - | – |
| Allianz Asian Small Cap Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY ASIA EX JAPAN SMALL CAP. |
| Allianz Best Ideas 2025 | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY WORLD (70 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE BOND (30 %). |
| Allianz Best of Managers | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BARCLAYS GLOBAL AGGREGATE BOND (20 %), de l’indice EXANE EUROPE CONVERTIBLE BOND (5 %), de l’indice ICE BOFAML EURO HIGH YIELD BB-B RATED CONSTRAINED (20 %) et de l’indice MSCI WORLD (55 %). |
| Allianz Best Styles Emerging Markets Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING MARKETS. |
| Allianz Best Styles Emerging Markets Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING MARKETS EXTENDED SRI 5% ISSUER CAPPED. |
| Allianz Best Styles Euroland Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMU. |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Best Styles Euroland Equity Risk Control | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice EUROSTOXX 50. |
| --- | --- | --- | --- |
| Allianz Best Styles Europe Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE. |
| Allianz Best Styles Europe Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE EXTENDED SRI 5% ISSUER CAPPED. |
| Allianz Best Styles Global AC Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY WORLD. |
| Allianz Best Styles Global Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD. |
| Allianz Best Styles Global Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED. |
| Allianz Best Styles Pacific Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI PACIFIC. |
| Allianz Best Styles US Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice S&P 500. |
| Allianz Capital Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE BOND 1-10 YEARS (70 %) et de l’indice MSCI EUROPE (30 %). |
| Allianz China A Opportunities | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI CHINA A. |
| Allianz China A-Shares | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI CHINA A ONSHORE. |
| Allianz China Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI CHINA 10/40 INDEX. |
| Allianz China Multi Income Plus | Approche par les engagements | - | – |
| Allianz China Strategic Bond | Approche par les engagements | - | – |
| Allianz Clean Planet | Approche par les engagements | - | – |
| Allianz Climate Transition | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE. |
| Allianz Convertible Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice EXANE EUROPE CONVERTIBLE BOND. |
| Allianz Coupon Select Plus | Approche par les engagements | - | – |
| Allianz Coupon Select Plus II | Approche par les engagements | - | – |
| Allianz Coupon Select Plus III | Approche par les engagements | - | – |
| Allianz Coupon Select Plus IV | Approche par les engagements | - | – |
| Allianz Coupon Select Plus V | Approche par les engagements | - | – |
| Allianz Coupon Select Plus VI | Approche par les engagements | - | – |
| Allianz Credit Opportunities | Approche par les engagements | – | – |
| Allianz Credit Opportunities Plus | Value at Risk absolue | 0-5 | – |
| Allianz Cyber Security | Approche par les engagements | - | – |
| Allianz Discovery Germany Strategy | Value at Risk absolue | 0-2 | – |
| Allianz Dynamic Allocation Plus Equity | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD. |
| Allianz Dynamic Asian High Yield Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JPMORGAN ASIA CREDIT NON-INVESTMENT GRADE. |
| Allianz Dynamic Commodities | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG EX-AGRICULTURE EX-LIVESTOCK CAPPED EUR TOTAL RETURN. |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Dynamic Multi Asset Strategy SRI 15 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED (15 %) et de l’indice BLOOMBERG BARCLAYS MSCI EURO AGG SRI SECTOR NEUTRAL (85 %). |
| --- | --- | --- | --- |
| Allianz Dynamic Multi Asset Strategy SRI 50 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED (50 %) et de l’indice BLOOMBERG BARCLAYS MSCI EURO AGG SRI SECTOR NEUTRAL (50 %). |
| Allianz Dynamic Multi Asset Strategy SRI 75 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD EXTENDED SRI 5% ISSUER CAPPED (75 %) et de l’indice BLOOMBERG BARCLAYS MSCI EURO AGG SRI SECTOR NEUTRAL (25 %). |
| Allianz Dynamic Risk Parity | Value at Risk absolue | 0-5 | – |
| Allianz Emerging Asia Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING FRONTIER ASIA. |
| Allianz Emerging Europe Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EFM EUROPE + CIS (E+C) EN EUR. |
| Allianz Emerging Markets Equity Opportunities | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING MARKETS. |
| Allianz Emerging Markets Local Currency Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice JPMORGAN GOVERNMENT BOND INDEX EMERGING MARKETS GLOBAL DIVERSIFIED. |
| Allianz Emerging Markets Multi Asset Income | Value at Risk absolue | 0-2 | – |
| Allianz Emerging Markets Select Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN EMERGING MARKETS EQUAL WEIGHT : JP MORGAN GBI EMERGING MARKETS GLOBAL DIVERSIFIED ; JP MORGAN CORPORATE EMERGING MARKETS BOND BROAD DIVERSIFIED ; JP MORGAN EMBI GLOBAL DIVERSIFIED. |
| Allianz Emerging Markets Short Duration Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN CORPORATE EMERGING MARKETS BOND BROAD DIVERSIFIED. |
| Allianz Emerging Markets Small Cap Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING MARKETS SMALL CAP. |
| Allianz Emerging Markets Sovereign Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JPMORGAN EMBI GLOBAL DIVERSIFIED. |
| Allianz Emerging Markets SRI Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JPMORGAN J-ESG EMBI GLOBAL DIVERSIFIED. |
| Allianz Emerging Markets SRI Corporate Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JPMORGAN J-ESG CEMBI BROAD DIVERSIFIED. |
| Allianz Enhanced Short Term Euro | Value at Risk absolue | 0-2 | – |
| Allianz Euro Balanced | Value at Risk relative | 0-2 | Le portefeuille de référence se compose de l’indice MSCI EMU EURO (50 %) et de l’indice IBOXX € EUROZONE (50 %). |
| Allianz Euro Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE. |
| Allianz Euro Bond Short Term 1-3 Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN ECONOMIC AND MONETARY UNION 1-3 YEARS (50 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL EURO CORPORATE (50 %). |
| Allianz Euro Bond Strategy | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFAML ECONOMIC AND MONETARY UNION LARGE CAP INVESTMENT GRADE. |
| Allianz Euro Credit Risk Control | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFA EURO CORPORATE EXCLUDING SUBORDINATED DEBT (50 %) et de l’indice ICE BOFA BB-B EURO NON-FINANCIAL HIGH YIELD CONSTRAINED (50 %). |
| Allianz Euro Credit SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE CORPORATE. |
| Allianz Euro Crossover SRI | Value at Risk absolue | 0-2 | – |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Euro Government Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice IBOXX € EUROZONE. |
| --- | --- | --- | --- |
| Allianz Euro High Yield Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFAML EURO HIGH YIELD BB-B RATED. |
| Allianz Euro High Yield Defensive | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFAML EURO NON-FINANCIAL BB-B HIGH YIELD. |
| Allianz Euro Inflation-linked Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS EURO GOVERNMENT INFLATION LINKED BONDS. |
| Allianz Euro Investment Grade Bond Strategy | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS CAPITAL EURO AGGREGATE CORPORATE. |
| Allianz Euro Subordinated Financials | Value at Risk absolue | 0-2 | – |
| Allianz Euroland Equity Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice S&P EUROZONE LARGEMIDCAP GROWTH. |
| Allianz Europe Conviction Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE. |
| Allianz Europe Equity Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice S&P EUROPE LARGEMIDCAP GROWTH. |
| Allianz Europe Equity Growth Select | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice S&P EUROPE LARGE CAP GROWTH. |
| Allianz Europe Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE. |
| Allianz Europe Equity Value | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice S&P EUROPE LARGEMIDCAP VALUE. |
| Allianz Europe Income and Growth | Value at Risk absolue | 0-2 | – |
| Allianz Europe Mid Cap Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE MID CAP. |
| Allianz Europe Small and Micro Cap Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE SMALL CAP (70 %) et de l’indice MSCI EUROPE MICRO CAP (30 %). |
| Allianz Europe Small Cap Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE SMALL CAP. |
| Allianz European Bond Unconstrained | Value at Risk absolue | 0-5 | – |
| Allianz European Bond Unconstrained Plus | Value at Risk absolue | 0-2 | – |
| Allianz European Equity Dividend | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EUROPE. |
| Allianz European Real Estate Securities | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice FTSE EPRA/NAREIT DEVELOPED EUROPE CAPPED NET RETURN. |
| Allianz Event Driven Strategy | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD. |
| Allianz Excellence 30 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (15 %), de l’indice MSCI EUROPE (15 %), de l’indice BLOOMBERG BARCLAYS CAPITAL EUROPE AGGREGATE BOND (35 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE BOND (35 %). |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Fixed Income Macro | Value at Risk absolue | 0-35 Le niveau d’effet de levier réel peut parfois être supérieur au niveau d’effet de levier attendu, principalement en raison de l’acquisition de contrats à terme standardisés du marché monétaire et instruments y afférents, en particulier lorsque les expositions sont plafonnées et/ou ont un seuil. Cela peut s’appliquer, notamment, dans les cas suivants : stratégies papillon, spreads d’achat/de vente ou options d’achat couvertes. Autre exemple : une stratégie exclusivement longue visant une duration cible d’environ 8 ans utiliserait probablement l’effet de levier de manière importante. | – |
| --- | --- | --- | --- |
| Allianz Flexi Asia Bond | Approche par les engagements | - | – |
| Allianz Floating Rate Notes Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JPMORGAN ECONOMIC AND MONETARY UNION 1-3 YEARS (60 %) et de l’indice BLOOMBERG BARCLAYS EURO FLOATING RATE NOTE (40 %). |
| Allianz Food Security | Approche par les engagements | - | – |
| Allianz GEM Equity High Dividend | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING MARKETS. |
| Allianz German Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice DAX. |
| Allianz German Small and Micro Cap | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice SDAX. |
| Allianz Global Aggregate Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND. |
| Allianz Global Aggregate Bond Currency Risk Control | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND INDEX EX EURO AND EX LOCAL EM CURRENCY. |
| Allianz Global Artificial Intelligence | Approche par les engagements | - | – |
| Allianz Global Credit SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS GLOBAL AGGREGATE INVESTMENT GRADE CREDIT. |
| Allianz Global Dividend | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY WORLD. |
| Allianz Global Dynamic Multi Asset Income | Value at Risk absolue | 0-2 | – |
| Allianz Global Dynamic Multi Asset Strategy 25 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (25 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE (75 %). |
| Allianz Global Dynamic Multi Asset Strategy 50 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (50 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE (50 %). |
| Allianz Global Dynamic Multi Asset Strategy 75 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (75 %) et de l’indice BLOOMBERG BARCLAYS CAPITAL GLOBAL AGGREGATE (25 %). |
| Allianz Global Emerging Markets Equity Dividend | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI EMERGING MARKETS. |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Global Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD. |
| --- | --- | --- | --- |
| Allianz Global Equity Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY WORLD. |
| Allianz Global Equity Insights | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY WORLD. |
| Allianz Global Equity Unconstrained | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY WORLD. |
| Allianz Global Financials | Value at Risk absolue | 0-2 | – |
| Allianz Global Floating Rate Notes Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFAML GLOBAL FLOATING RATE HIGH YIELD (50 %), de l’indice BLOOMBERG BARCLAYS US FLOATING RATE NOTES (25 %) et de l’indice BLOOMBERG BARCLAYS EURO FLOATING RATE NOTES (25 %). |
| Allianz Global Government Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice FTSE WORLD GOVERNMENT BOND. |
| Allianz Global High Yield | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFAML GLOBAL HIGH YIELD CONSTRAINED. |
| Allianz Global Hi-Tech Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD INFORMATION TECHNOLOGY. |
| Allianz Global Income | Value at Risk absolue | 0-2 | – |
| Allianz Global Inflation-Linked Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS WORLD GOVERNMENT INFLATION-LINKED BOND. |
| Allianz Global Intelligent Cities | Approche par les engagements | - | – |
| Allianz Global Metals and Mining | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice EUROMONEY GLOBAL MINING. |
| Allianz Global Multi-Asset Credit | Value at Risk absolue | 0-2 | – |
| Allianz Global Multi-Asset Credit SRI | Value at Risk absolue | 0-2 | – |
| Allianz Global Opportunistic Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS GLOBAL AGGREGATE BOND. |
| Allianz Global Small Cap Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD SMALL CAP. |
| Allianz Global Smaller Companies | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD SMID CAP. |
| Allianz Global Sustainability | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice DOW JONES SUSTAINABILITY WORLD. |
| Allianz Global Water | Approche par les engagements | - | – |
| Allianz Green Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice ICE BOFAML GREEN BOND. |
| Allianz Green Future | Approche par les engagements | - | – |
| Allianz High Dividend Asia Pacific Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI ALL COUNTRY ASIA PACIFIC EX JAPAN. |
| Allianz HKD Income | Approche par les engagements | - | – |
| Allianz Hong Kong Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice HANG SENG. |
| Allianz Income and Growth | Value at Risk absolue | 0-2 | – |
| Allianz India Equity | Approche par les engagements | - | – |
| Allianz Indonesia Equity | Approche par les engagements | - | – |
| Allianz Japan Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice TOPIX. |
| Allianz Japan Equity Long Short Strategy | Value at Risk absolue | 0-2 | – |
| Allianz Japan Smaller Companies Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice MSCI JAPAN SMALL CAP. |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Korea Equity | Approche par les engagements | - | – |
| --- | --- | --- | --- |
| Allianz Little Dragons | Approche par les engagements | - | – |
| Allianz Merger Arbitrage Strategy | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD. |
| Allianz Multi Asset Long/Short | Value at Risk absolue | 0-5 | – |
| Allianz Multi Asset Opportunities | Value at Risk absolue | 0-5 | – |
| Allianz Multi Asset Risk Premia | Value at Risk absolue | 5-10 Le niveau d’effet de levier réel peut parfois être inférieur au niveau d’effet de levier attendu en raison des conditions de marché. | – |
| Allianz Oriental Income | Approche par les engagements | - | – |
| Allianz Pet and Animal Wellbeing | Approche par les engagements | - | – |
| Allianz Positive Change | Approche par les engagements | - | – |
| Allianz Renminbi Fixed Income | Approche par les engagements | - | – |
| Allianz Selection Alternative | Approche par les engagements | - | – |
| Allianz Selection Fixed Income | Approche par les engagements | - | – |
| Allianz Selection Small and Mid Cap Equity | Approche par les engagements | - | – |
| Allianz Selective Global High Income | Value at Risk absolue | 0-2 | – |
| Allianz SGD Income | Value at Risk absolue | 0-2 | – |
| Allianz Short Duration Global Bond | Approche par les engagements | - | – |
| Allianz Short Duration Global Real Estate Bond | Approche par les engagements | - | – |
| Allianz Smart Energy | Approche par les engagements | - | – |
| Allianz Strategic Bond | Value at Risk absolue | 0-10 Le niveau d’effet de levier réel peut être ponctuellement plus élevé que le niveau d’effet de levier attendu, principalement en raison de l’acquisition de contrats à terme sur le marché monétaire. | – |
| Allianz Strategy Select 30 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN EMU INVESTMENT GRADE (70 %) et de l’indice MSCI WORLD INDEX LOCAL (30 %). |
| Allianz Strategy Select 50 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN EMU INVESTMENT GRADE (50 %) et de l’indice MSCI WORLD INDEX LOCAL (50 %). |
| Allianz Strategy Select 75 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice JP MORGAN EMU INVESTMENT GRADE (25 %) et de l’indice MSCI WORLD INDEX LOCAL (75 %). |
| Allianz Structured Alpha Strategy | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice S&P 500 (40 %), de l’indice NASDAQ 100 (20 %), de l’indice RUSSELL 2000 (10 %) et de l’indice VIX (30 %). |
| Allianz Structured Return | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’indice S&P 500 (40 %), de l’indice NASDAQ 100 (20 %), de l’indice RUSSELL 2000 (10 %) et de l’indice VIX (30 %). |
| Allianz Sustainable Health Evolution | Approche par les engagements | – | – |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| Allianz Target Maturity Asian Bond | Value at Risk absolue | 0-2 | – |
| --- | --- | --- | --- |
| Allianz Target Maturity Euro Bond | Value at Risk absolue | 0-2 | – |
| Allianz Target Maturity Global Bond II | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS GLOBAL AGGREGATE (40 %) et de l’indice BLOOMBERG BARCLAYS EMERGING MARKETS AGGREGATE (60 %). |
| Allianz Target Maturity Global Bond III | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice BLOOMBERG BARCLAYS GLOBAL AGGREGATE (40 %) et de l’indice BLOOMBERG BARCLAYS EMERGING MARKETS AGGREGATE (60 %). |
| Allianz Target Maturity US Bond | Value at Risk absolue | 0-2 | – |
| Allianz Thailand Equity | Approche par les engagements | - | – |
| Allianz Thematica | Approche par les engagements | - | – |
| Allianz Total Return Asian Equity | Approche par les engagements | - | – |
| Allianz Treasury Short Term Plus Euro | Value at Risk absolue | 0-5 | – |
| Allianz Trend and Brands | Approche par les engagements | – | – |
| Allianz Unconstrained Multi Asset Strategy | Value at Risk absolue | 0-7 | – |
| Allianz US Equity Dividend | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice RUSSELL 1000 VALUE. |
| Allianz US Equity Fund | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition de l’indice S&P 500. |
| Allianz US Equity Plus | Approche par les engagements | - | – |
| Allianz US High Yield | Value at Risk absolue | 0-0,5 | – |
| Allianz US Short Duration High Income Bond | Value at Risk absolue | 0-0,5 | – |
| Allianz US Short Term Plus | Value at Risk absolue | 0-2 | – |
| Allianz Volatility Strategy Fund | Approche par les engagements | - | – |
| Allianz Voyager Asia | Value at Risk absolue | 0-2 | – |
| IndexManagement Balance | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (20 %), de l’indice MSCI EUROPE (16 %), de l’indice MSCI EMERGING MARKETS (4 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY (15 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES (15 %), de l’indice BLOOMBERG BARCLAYS U.S. TREASURY (15 %) et de l’indice BLOOMBERG BARCLAYS U.S. CORPORATES (15 %). |
| IndexManagement Chance | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (40 %), de l’indice MSCI EUROPE (32 %), de l’indice MSCI EMERGING MARKETS (8 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY (5 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES (5 %), de l’indice BLOOMBERG BARCLAYS U.S. TREASURY (5 %) et de l’indice BLOOMBERG BARCLAYS U.S. CORPORATES (5 %). |
| IndexManagement Substanz | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (10 %), de l’indice MSCI EUROPE (8 %), de l’indice MSCI EMERGING MARKETS (2 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY (20 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES (20 %), de l’indice BLOOMBERG BARCLAYS U.S. TREASURY (20 %) et de l’indice BLOOMBERG BARCLAYS U.S. CORPORATES (20 %). |

Allianz Global Investors Fund
Nom du Compartiment	Approche
Niveau de levier attendu en termes d’exposition brute aux produits dérivés de la Valeur nette d’inventaire du Compartiment
Portefeuille de référence
| IndexManagement Wachstum | Value at Risk relative	0-2	Le portefeuille de référence correspond à la composition de l’indice MSCI WORLD (30 %), de l’indice MSCI EUROPE (24 %), de l’indice MSCI EMERGING MARKETS (6 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE TREASURY (10 %), de l’indice BLOOMBERG BARCLAYS EURO AGGREGATE CORPORATES (10 %), de l’indice BLOOMBERG BARCLAYS U.S. TREASURY (10 %) et de l’indice BLOOMBERG BARCLAYS U.S. CORPORATES (10 %). |
| --- | --- |

Allianz Global Investors Fund