# Appendix 4
Risk Management Process
| 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 ActiveInvest Balanced | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 50% BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year Return (in EUR)+ 25% MSCI Europe Total Return Net + 25% MSCI World Total Return Net. |
| Allianz ActiveInvest Defensive | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 75% BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year Return (in EUR) + 12.5% MSCI Europe Total Return Net + 12.5% MSCI World Total Return Net. |
| Allianz ActiveInvest Dynamic | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 37.5% MSCI Europe Total Return Net + 37.5% MSCI World Total Return Net + 25% BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year Return (in EUR). |
| Allianz Advanced Fixed Income Euro | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year. |
| Allianz Advanced Fixed Income Global | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the J.P. MORGAN Government Bond (GBI) Global 1-10 Year. |
| Allianz Advanced Fixed Income Global Aggregate | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Global Aggregate 500 MM. |
| Allianz Advanced Fixed Income Short Duration | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 75% BLOOMBERG BARCLAYS Euro Aggregate 1-3 Year + 25% ICE BOFAML Euro High Yield BB-B. |
| Allianz All China Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI China All Shares. |
| Allianz Alternative Investment Strategies | Absolute Value-at-Risk | 0-2 | – |
| Allianz American Income | Absolute Value-at-Risk | 0-2 | – |
| Allianz Asia Innovation (valid until 14 December 2021) Allianz Enhanced All China Equity (valid as of 15 December 2021) | Commitment Approach (valid until 14 December 2021) Relative Value-at-Risk (valid as of 15 December 2021) | 0-2 (valid as of 15 December 2021) | The reference portfolio corresponds to the composition of the MSCI China All Shares. (valid as of 15 December 2021) |
| 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 AC Asia Excl. Japan Small Cap. |
| Allianz Best Ideas 2025 | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of 70% MSCI AC World (ACWI) + 30% BLOOMBERG BARCLAYS Global Aggregate. |
| Allianz Best of Managers | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 55% MSCI World + 20% BLOOMBERG BARCLAYS Global Aggregate + 20% ICE BOFAML Euro High Yield BB-B Constrained + 5% EXANE Europe Convertible Bond. |
| Allianz Best Styles Euroland Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI EMU. |
| Allianz Best Styles Euroland Equity Risk Control | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the EURO STOXX 50. |
| Allianz Best Styles Europe Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Europe. |
| Allianz Best Styles Europe Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Europe Ext. SRI 5% Issuer Capped. |
| Allianz Best Styles Global AC Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI AC World (ACWI). |
| Allianz Best Styles Global Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI World. |
| Allianz Best Styles Global Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI World Ext. SRI 5% Issuer Capped. |
| Allianz Best Styles Pacific Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Pacific. |
| Allianz Best Styles US Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the S&P 500. |

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 Better World Defensive | Commitment Approach | - | – |
| Allianz Better World Dynamic | Commitment Approach | - | – |
| Allianz Better World Moderate | Commitment Approach | - | – |
| Allianz Capital Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 70% BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year + 30% MSCI Europe. |
| Allianz Capital Plus Global | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 70% BLOOMBERG BARCLAYS Global Aggregate 500 Total Return + 30% MSCI AC World (ACWI) Total Return Net. |
| Allianz China A Opportunities | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI China A. |
| Allianz China A-Shares | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI China A Onshore. |
| Allianz China Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI China 10/40. |
| Allianz China Multi Income Plus | Commitment Approach | - | – |
| Allianz China Strategic Bond | Commitment Approach | - | – |
| Allianz China Thematica | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI China All Shares Total Return. |
| 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. |
| Allianz Convertible Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the EXANE Europe Convertible Bond. |
| 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 Dynamic Allocation Plus Equity | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the MSCI World. |
| Allianz Dynamic Asian High Yield Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the J.P. MORGAN Asia Credit (JACI) Non Investment Grade. |
| Allianz Dynamic Commodities | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG Excl. Agriculture Excl. Livestock Capped Total Return (in EUR). |
| Allianz Dynamic Multi Asset Strategy SRI 15 | Commitment Approach | - | – |
| Allianz Dynamic Multi Asset Strategy SRI 50 | Commitment Approach | - | – |
| Allianz Dynamic Multi Asset Strategy SRI 75 | Commitment Approach | - | – |
| 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 Markets Asia. |
| 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) (in EUR). |
| Allianz Emerging Markets Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Emerging Markets. |

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 Emerging Markets Equity Opportunities | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI Emerging Markets. |
| Allianz Emerging Markets Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Emerging Markets Ext. SRI 5% Issuer Capped. |
| Allianz Emerging Markets Local Currency Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the J.P. MORGAN Government Bond - Emerging Markets (GBI-EM) 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 J.P. MORGAN Emerging Markets Equal Weight: J.P. MORGAN Government Bond - Emerging Markets (GBI-EM) Global Diversified; J.P. MORGAN Corporate Emerging Market Bond Broad Diversified; J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified. |
| Allianz Emerging Markets Short Duration Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the J.P. MORGAN Corporate Emerging Markets Bond Broad Diversified. |
| Allianz Emerging Markets Sovereign Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified. |
| Allianz Emerging Markets SRI Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified. |
| Allianz Emerging Markets SRI Corporate Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the J.P. MORGAN ESG Corporate Emerging Markets Bond (CEMBI) Broad Diversified. |
| 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 50% IBOXX EUR Eurozone + 50% MSCI EMU (in EUR). |
| Allianz Euro Bond | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Euro Aggregate. |
| Allianz Euro Bond Short Term 1-3 Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 50% J.P. MORGAN EMU 1-3 Year + 50% BLOOMBERG BARCLAYS Euro Corporate. |
| Allianz Euro Bond Strategy | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the ICE BOFAML EMU Large Cap Investment Grade. |
| Allianz Euro Credit Risk Control | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Euro Aggregate Corporate. |
| 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. |
| 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 EUR Eurozone. |
| Allianz Euro High Yield Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAML Euro High Yield BB-B. |
| 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 High Yield BB-B. |
| 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 Bond. |
| Allianz Euro Investment Grade Bond Strategy | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Euro Aggregate Corporate. |
| 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 Large Mid Cap Growth. |
| Allianz Europe Conviction Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI Europe. |
| Allianz Europe Equity Growth | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the S&P Europe Large Mid Cap Growth. |
| 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. |

| Sub-Fund Name | Approach	i | Expected Level of Leverage n terms of gross derivative exposure of a Sub-Fund’s Net Asset Value | Reference Portfolio |
| --- | --- | --- | --- |
| Allianz Europe Equity powered by Artificial Intelligence | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Europe. |
| Allianz Europe Equity SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Europe. |
| Allianz Europe Equity Value | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the S&P Europe Large Mid Cap Value. |
| 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. |
| Allianz Europe Small and Micro Cap Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 70% MSCI Europe Small Cap + 30% MSCI Europe Micro Cap. |
| 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. |
| Allianz European Bond Unconstrained (valid until 14 December 2021) Allianz European Bond RC (valid as of 15 December 2021) | 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. |
| Allianz Event Driven Strategy | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of the MSCI World. |
| Allianz Fixed Income Macro | Absolute Value-at-Risk i | 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 nstruments, 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 60% J.P. MORGAN EMU 1-3 Year + 40% BLOOMBERG BARCLAYS EUR Floating Rate Note. |
| Allianz Food Security | Commitment Approach |  | – |
| Allianz GEM Equity High Dividend | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI Emerging Markets. |
| Allianz German Equity | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the DAX. |
| Allianz German Small and Micro Cap | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the SDAX. |
| Allianz Global Aggregate Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Global Aggregate. |
| 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 Excl. Euro and Excl. Local EM Currency. |
| Allianz Global Artificial Intelligence | Commitment Approach |  | – |

Allianz Global Investors Fund
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| Sub-Fund Name | Approach	i | Expected Level of Leverage n terms of gross derivative exposure of a Sub-Fund’s Net Asset Value | Reference Portfolio |
| --- | --- | --- | --- |
| Allianz Global Capital Plus | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 70% BLOOMBERG BARCLAYS Global Aggregate 500 Total Return + 30% MSCI AC World (ACWI) Total Return Net |
| Allianz Global Credit SRI | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the BLOOMBERG BARCLAYS Global Aggregate Credit. |
| Allianz Global Dividend | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI AC World (ACWI). |
| 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 75% BLOOMBERG BARCLAYS Global Aggregate (hedged into USD) + 25% MSCI AC World (ACWI). |
| Allianz Global Dynamic Multi Asset Strategy 50 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 50% BLOOMBERG BARCLAYS Global Aggregate (hedged into USD) + 50% MSCI AC World (ACWI). |
| Allianz Global Dynamic Multi Asset Strategy 75 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 75% MSCI AC World (ACWI)+ 25% BLOOMBERG BARCLAYS Global Aggregate (hedged into USD). |
| Allianz Global Emerging Markets Equity Dividend | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI Emerging Markets. |
| Allianz Global Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI World. |
| Allianz Global Equity Growth | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI AC World (ACWI). |
| Allianz Global Equity Insights | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI AC World (ACWI). |
| Allianz Global Equity powered by Artificial Intelligence | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI World. |
| Allianz Global Equity Unconstrained | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI AC World (ACWI). |
| 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 50% ICE BOFAML Global Floating Rate High Yield + 25% BLOOMBERG BARCLAYS EUR Floating Rate Notes + 25% BLOOMBERG BARCLAYS US Floating Rate Notes. |
| Allianz Global Government Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the FTSE World Government Bond (WGBI). |
| 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. |
| 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. |
| 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. |
| 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 (valid until 14 December 2021) / MSCI ACWI Metals & Mining 30% Buffer 10/40 (valid as of 15 December 2021). |
| 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. |
| 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. |
| Allianz Global Smaller Companies | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the MSCI World SMID Cap. |
| Allianz Global Sustainability | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the DOW JONES Sustainability World. |
| Allianz Global Water | Commitment Approach |  | – |

Allianz Global Investors Fund
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| Sub-Fund Name | Approach	i | Expected Level of Leverage n terms of gross derivative exposure of a Sub-Fund’s Net Asset Value | Reference Portfolio |
| --- | --- | --- | --- |
| Allianz Green Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the ICE BOFAMLGreen Bond. |
| Allianz Green Future | Commitment Approach |  | – |
| Allianz Green Transition Bond | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 1/3 BLOOMBERG BARCLAYS MSCI Global Green Bond (hedged into USD) + 1/3 BLOOMBERG BARCLAYS MSCI Global Corporate Sustainability (hedged into USD) + 1/3 J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified. |
| Allianz High Dividend Asia Pacific Equity | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the MSCI AC Asia Pacific Excl. Japan. |
| 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. |
| 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. |
| 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. |
| 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 Select Income and Growth | 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 (valid until 14 December 2021) Allianz Short Duration Global Bond SRI (valid as of 15 December 2021) | Commitment Approach |  | - |
| Allianz Short Duration Global Real Estate Bond | Commitment Approach |  | – |

Allianz Global Investors Fund
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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 Smart Energy | Commitment Approach | - | – |
| 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 70% J.P. MORGAN EMU Investment Grade + 30% MSCI World Local. |
| Allianz Strategy Select 50 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 50% J.P. MORGAN EMU Investment Grade + 50% MSCI World Local. |
| Allianz Strategy Select 75 | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 75% MSCI World Local + 25% J.P. MORGAN EMU Investment Grade . |
| Allianz Structured Alpha Strategy | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of 40% S&P 500 + 30% VIX + 20% NASDAQ 100 + 10% RUSSELL 2000. |
| Allianz Structured Return | Relative Value-at-Risk | 0-5 | The reference portfolio corresponds to the composition of 40% S&P 500 + 30% VIX + 20% NASDAQ 100 + 10% RUSSELL 2000. |
| Allianz Sustainable Health Evolution | Commitment Approach | - | – |
| 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 Fund | Relative Value-at-Risk | 0-0.5 | The reference portfolio corresponds to the composition of the S&P 500. |
| Allianz US Equity Plus | Commitment Approach | - | – |
| Allianz US Equity powered by Artificial Intelligence | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of the RUSSELL 1000. |
| 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 | Absolute Value-at-Risk | 0-2 | – |
| Allianz Voyager Asia | Absolute Value-at-Risk | 0-2 | – |
| IndexManagement Balance | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 20% MSCI World + 16% MSCI Europe + 15% BLOOMBERG BARCLAYS Euro Aggregate Corporates + 15% BLOOMBERG BARCLAYS Euro Aggregate Treasury + 15 % BLOOMBERG BARCLAYS US Corporate + 15% BLOOMBERG BARCLAYS US Treasury + 4% MSCI Emerging Markets. |
| IndexManagement Chance | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 40% MSCI World + 32% MSCI Europe + 8% MSCI Emerging Markets + 5% BLOOMBERG BARCLAYS Euro Aggregate Corporates + 5% BLOOMBERG BARCLAYS Euro Aggregate Treasury + 5 % BLOOMBERG BARCLAYS US Corporate + 5% BLOOMBERG BARCLAYS US Treasury. |

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 Substanz | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 20% BLOOMBERG BARCLAYS Euro Aggregate Corporates + 20% BLOOMBERG BARCLAYS Euro Aggregate Treasury + 20% BLOOMBERG BARCLAYS US Corporate + 20% BLOOMBERG BARCLAYS US Treasury + 10% MSCI World + 8% MSCI Europe + 2% MSCI Emerging Markets. |
| IndexManagement Wachstum | Relative Value-at-Risk | 0-2 | The reference portfolio corresponds to the composition of 30% MSCI World + 24% MSCI Europe + 10% BLOOMBERG BARCLAYS Euro Aggregate Corporates + 10% BLOOMBERG BARCLAYS Euro Aggregate Treasury + 10% BLOOMBERG BARCLAYS US Corporate + 10% BLOOMBERG BARCLAYS US Treasury + 6% MSCI Emerging Markets. |

Allianz Global Investors Fund

Translation (ENFR, 2021-11-03):
# Annexe 4
Processus de gestion des risques
| 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 ActiveInvest Balanced | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 50 % BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year Return (en EUR) + 25 % MSCI Europe Total Return Net + 25 % MSCI World Total Return Net. |
| Allianz ActiveInvest Defensive | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 75 % BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year Return (en EUR) + 12,5 % MSCI Europe Total Return Net + 12,5 % MSCI World Total Return Net. |
| Allianz ActiveInvest Dynamic | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 37,5 % MSCI Europe Total Return Net + 37,5 % MSCI World Total Return Net + 25 % BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year Return (en EUR). |
| Allianz Advanced Fixed Income Euro | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year. |
| Allianz Advanced Fixed Income Global | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du J.P. MORGAN Government Bond (GBI) Global 1-10 Year. |
| Allianz Advanced Fixed Income Global Aggregate | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Global Aggregate 500 MM. |
| Allianz Advanced Fixed Income Short Duration | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 75 % BLOOMBERG BARCLAYS Euro Aggregate 1-3 Year + 25 % ICE BOFAML Euro High Yield BB-B. |
| Allianz All China Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du 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 (valable jusqu’au 14 décembre 2021) Allianz Enhanced All China Equity (valable à compter du 15 décembre 2021) | Approche par les engagements (valable jusqu’au 14 décembre 2021) Value at Risk relative (valable à compter du 15 décembre 2021) | 0-2 (valable à compter du 15 décembre 2021) | Le portefeuille de référence correspond à la composition du MSCI China All Shares. (valable à compter du 15 décembre 2021) |
| 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 du MSCI AC Asia Excl. Japan Small Cap. |
| Allianz Best Ideas 2025 | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de 70 % MSCI AC World (ACWI) + 30 % BLOOMBERG BARCLAYS Global Aggregate. |
| Allianz Best of Managers | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 55 % MSCI World + 20 % BLOOMBERG BARCLAYS Global Aggregate + 20 % ICE BOFAML Euro High Yield BB-B Constrained + 5 % EXANE Europe Convertible Bond. |
| Allianz Best Styles Euroland Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI EMU. |
| Allianz Best Styles Euroland Equity Risk Control | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’EUROSTOXX 50. |
| Allianz Best Styles Europe Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Europe. |
| Allianz Best Styles Europe Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Europe Ext. SRI 5% Issuer Capped. |
| Allianz Best Styles Global AC Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI AC World (ACWI). |
| Allianz Best Styles Global Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI World. |

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 Global Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI World Ext. SRI 5% Issuer Capped. |
| --- | --- | --- | --- |
| Allianz Best Styles Pacific Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Pacific. |
| Allianz Best Styles US Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du S&P 500. |
| Allianz Better World Defensive | Approche par les engagements | - | – |
| Allianz Better World Dynamic | Approche par les engagements | - | – |
| Allianz Better World Moderate | Approche par les engagements | - | – |
| Allianz Capital Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 70 % BLOOMBERG BARCLAYS Euro Aggregate 1-10 Year + 30 % MSCI Europe. |
| Allianz Capital Plus Global | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 70 % BLOOMBERG BARCLAYS Global Aggregate 500 Total Return + 30 % MSCI AC World (ACWI) Total Return Net. |
| Allianz China A Opportunities | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI China A. |
| Allianz China A-Shares | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI China A Onshore. |
| Allianz China Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI China 10-40. |
| Allianz China Multi Income Plus | Approche par les engagements | - | – |
| Allianz China Strategic Bond | Approche par les engagements | - | – |
| Allianz China Thematica | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI China All Shares Total Return. |
| 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 du MSCI Europe. |
| Allianz Convertible Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’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 Dynamic Allocation Plus Equity | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du MSCI World. |
| Allianz Dynamic Asian High Yield Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du J.P. MORGAN Asia Credit (JACI) Non Investment Grade. |
| Allianz Dynamic Commodities | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du BLOOMBERG Excl. Agriculture Excl. Livestock Capped Total Return (en EUR). |
| Allianz Dynamic Multi Asset Strategy SRI 15 | Approche par les engagements | - | – |
| Allianz Dynamic Multi Asset Strategy SRI 50 Allianz Dynamic Multi Asset Strategy SRI 75 | Approche par les	-	–  engagements			 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 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 du MSCI Emerging Frontier Markets Asia. |
| Allianz Emerging Europe Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI EFM Europe + CIS (E+C) (en EUR). |
| Allianz Emerging Markets Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Emerging Markets. |
| Allianz Emerging Markets Equity Opportunities | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI Emerging Markets. |
| Allianz Emerging Markets Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Emerging Markets Ext. SRI 5% Issuer Capped. |
| Allianz Emerging Markets Local Currency Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du J.P. MORGAN Government Bond - Emerging Markets (GBI-EM) 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 du J.P. MORGAN Emerging Markets Equal Weight : J.P. MORGAN Government Bond - Emerging Markets (GBI-EM) Global Diversified ; J.P. MORGAN Corporate Emerging Market Bond Broad Diversified ; J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified. |
| Allianz Emerging Markets Short Duration Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du J.P. MORGAN Corporate Emerging Markets Bond Broad Diversified. |
| Allianz Emerging Markets Sovereign Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du J.P. MORGAN Emerging Market Bond (EMBI) Global Diversified. |
| Allianz Emerging Markets SRI Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified. |
| Allianz Emerging Markets SRI Corporate Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du J.P. MORGAN ESG Corporate Emerging Markets Bond (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 correspond à la composition de 50 % IBOXX EUR Eurozone + 50 % MSCI EMU (en EUR). |
| Allianz Euro Bond | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS 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 50 % J.P. MORGAN EMU 1-3 Year + 50 % BLOOMBERG BARCLAYS Euro Corporate. |
| Allianz Euro Bond Strategy | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de l’ICE BOFAML EMU Large Cap Investment Grade. |
| Allianz Euro Credit Risk Control | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Euro Aggregate Corporate. |
| Allianz Euro Credit SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Capital Euro Aggregate Corporate. |
| Allianz Euro Crossover SRI | Value at Risk absolue | 0-2 | – |
| Allianz Euro Government Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’IBOXX EUR Eurozone. |
| Allianz Euro High Yield Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’ICE BOFAML Euro High Yield BB-B. |
| Allianz Euro High Yield Defensive | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’ICE BOFAML Euro Non-Financial High Yield BB-B. |
| Allianz Euro Inflation-Linked Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Euro Government Inflation Linked Bond. |

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 Investment Grade Bond Strategy | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS 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 du S&P Eurozone Large Mid Cap Growth. |
| Allianz Europe Conviction Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI Europe. |
| Allianz Europe Equity Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du S&P Europe Large Mid Cap Growth. |
| Allianz Europe Equity Growth Select | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du S&P Europe Large Cap Growth. |
| Allianz Europe Equity powered by Artificial Intelligence | Relative Value-at-Risk | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Europe. |
| Allianz Europe Equity SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Europe. |
| Allianz Europe Equity Value | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du S&P Europe Large Mid Cap 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 du 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 70 % MSCI Europe Small Cap + 30 % MSCI Europe Micro Cap. |
| Allianz Europe Small Cap Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI Europe Small Cap. |
| Allianz European Bond Unconstrained (valable jusqu’au 14 décembre 2021) Allianz European Bond RC (valable à compter du 15 décembre 2021) | 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 du MSCI Europe. |
| Allianz Event Driven Strategy | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du MSCI World. |
| 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 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 Floating Rate Notes Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 60 % J.P. MORGAN EMU 1-3 Year + 40 % BLOOMBERG BARCLAYS EUR Floating Rate Note. |
| 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 du MSCI Emerging Markets. |
| Allianz German Equity | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du DAX. |
| Allianz German Small and Micro Cap | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du SDAX. |
| Allianz Global Aggregate Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Global Aggregate. |
| Allianz Global Aggregate Bond Currency Risk Control | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Global Aggregate Bond Excl. Euro and Excl. Local EM Currency. |
| Allianz Global Artificial Intelligence | Approche par les engagements | - | – |
| Allianz Global Capital Plus | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 70 % BLOOMBERG BARCLAYS Global Aggregate 500 Total Return + 30 % MSCI AC World (ACWI) Total Return Net. |
| Allianz Global Credit SRI | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du BLOOMBERG BARCLAYS Global Aggregate Credit. |
| Allianz Global Dividend | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI AC World (ACWI). |
| 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 75 % BLOOMBERG BARCLAYS Global Aggregate (couvert en USD) + 25 % MSCI AC World (ACWI). |
| Allianz Global Dynamic Multi Asset Strategy 50 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 50 % BLOOMBERG BARCLAYS Global Aggregate (couvert en USD) + 50 % MSCI AC World (ACWI). |
| Allianz Global Dynamic Multi Asset Strategy 75 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 75 % MSCI AC World (ACWI) + 25 % BLOOMBERG BARCLAYS Global Aggregate (couvert en USD). |
| Allianz Global Emerging Markets Equity Dividend | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI Emerging Markets. |
| Allianz Global Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI World. |
| Allianz Global Equity Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI AC World (ACWI). |
| Allianz Global Equity Insights | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI AC World (ACWI). |
| Allianz Global Equity powered by Artificial Intelligence | Relative Value-at-Risk | 0-2 | Le portefeuille de référence correspond à la composition du MSCI World. |
| Allianz Global Equity Unconstrained | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI AC World (ACWI). |
| 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 50 % ICE BOFAML Global Floating Rate High Yield + 25 % BLOOMBERG BARCLAYS EUR Floating Rate Notes + 25 % BLOOMBERG BARCLAYS US Floating Rate Notes. |
| Allianz Global Government Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du FTSE World Government Bond (WGBI). |
| Allianz Global High Yield | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de l’ICE BOFAML Global High Yield Constrained. |

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 Hi-Tech Growth | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du 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 du 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’EUROMONEY Global Mining (valable jusqu’au 14 décembre 2021) / MSCI ACWI Metals & Mining 30% Buffer 10/40. (valable à compter du 15 décembre 2021) |
| 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 du 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 du MSCI World Small Cap. |
| Allianz Global Smaller Companies | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du MSCI World SMID Cap. |
| Allianz Global Sustainability | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du 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’ICE BOFAML Green Bond. |
| Allianz Green Future | Approche par les engagements | - | – |
| Allianz Green Transition Bond | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 1/3 BLOOMBERG BARCLAYS MSCI Global Green Bond (couvert en USD) + 1/3 BLOOMBERG BARCLAYS MSCI Global Corporate Sustainability (couvert en USD) + 1/3 J.P. MORGAN ESG Emerging Market Bond (EMBI) Global Diversified. |
| Allianz High Dividend Asia Pacific Equity | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition du MSCI AC Asia Pacific Excl. 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 du HANG SENG INDEX. |
| 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 du 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 du MSCI Japan Small Cap. |
| 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 du 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 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 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 Select Income and Growth | 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 (valable jusqu’au 14 décembre 2021) Allianz Short Duration Global Bond SRI (valable à compter du 15 décembre 2021) | 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 70 % J.P. MORGAN EMU Investment Grade + 30 % MSCI World Local. |
| Allianz Strategy Select 50 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 50 % J.P. MORGAN EMU Investment Grade + 50 % MSCI World Local. |
| Allianz Strategy Select 75 | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 75 % MSCI World Local + 25 % J.P. MORGAN EMU Investment Grade. |
| Allianz Structured Alpha Strategy | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de 40 % S&P 500 + 30 % VIX + 20 % NASDAQ 100 + 10 % RUSSELL 2000. |
| Allianz Structured Return | Value at Risk relative | 0-5 | Le portefeuille de référence correspond à la composition de 40 % S&P 500 + 30 % VIX + 20 % NASDAQ 100 + 10 % RUSSELL 2000. |
| Allianz Sustainable Health Evolution | Approche par les engagements | – | – |
| 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 Fund | Value at Risk relative | 0-0,5 | Le portefeuille de référence correspond à la composition du S&P 500. |

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 US Equity Plus | Approche par les engagements | - | – |
| Allianz US Equity powered by Artificial Intelligence | Relative Value-at-Risk | 0-2 | Le portefeuille de référence correspond à la composition du RUSSELL 1000. |
| 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 | Value at Risk absolue | 0-2 | – |
| 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 20 % MSCI World + 16 % MSCI Europe + 15 % BLOOMBERG BARCLAYS Euro Aggregate Corporates + 15 % BLOOMBERG BARCLAYS Euro Aggregate Treasury + 15 % BLOOMBERG BARCLAYS US Corporate + 15 % BLOOMBERG BARCLAYS US Treasury + 4 % MSCI Emerging Markets. |
| IndexManagement Chance | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 40 % MSCI World + 32 % MSCI Europe + 8 % MSCI Emerging Markets + 5 % BLOOMBERG BARCLAYS Euro Aggregate Corporates + 5 % BLOOMBERG BARCLAYS Euro Aggregate Treasury + 5 % BLOOMBERG BARCLAYS US Corporate + 5 % BLOOMBERG BARCLAYS US Treasury. |
| IndexManagement Substanz | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 20 % BLOOMBERG BARCLAYS Euro Aggregate Corporates + 20 % BLOOMBERG BARCLAYS Euro Aggregate Treasury + 20 % BLOOMBERG BARCLAYS US Corporate + 20 % BLOOMBERG BARCLAYS US Treasury + 10 % MSCI World + 8 % MSCI Europe + 2 % MSCI Emerging Markets. |
| IndexManagement Wachstum | Value at Risk relative | 0-2 | Le portefeuille de référence correspond à la composition de 30 % MSCI World + 24 % MSCI Europe + 10 % BLOOMBERG BARCLAYS Euro Aggregate Corporates + 10 % BLOOMBERG BARCLAYS Euro Aggregate Treasury + 10 % BLOOMBERG BARCLAYS US Corporate + 10 % BLOOMBERG BARCLAYS US Treasury + 6 % MSCI Emerging Markets. |

Allianz Global Investors Fund