AGHPX — AllianzGI Global High Yield Fund

AGHPX Fund Overview

AGHPX — AllianzGI Global High Yield Fund is a US mutual fund managed by Virtus Strategy Trust, categorised as Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Virtus Strategy Trust
• Category: Corporate Bond
• Assets under management: $25.66M
• Ticker: AGHPX
• SEC CIK: 0001423227
• SEC series ID: S000056023
• Share class ID: C000176398

AGHPX Investment Objective and Strategy

AllianzGI Global High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Virtus Strategy Trust.

Investment objective

The Fund seeks total return with a controlled level of portfolio risk.

Principal investment strategy

The Fund seeks to achieve its investment objective by investing primarily in actively traded global fixed income securities, including fixed and floating rate corporate, government and government agency debt securities. The Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in high yield securities (sometimes referred to junk securities), which are fixed income securities rated below investment grade or unrated and determined by the Manager to be of similar quality, and in derivatives and other synthetic instruments that have economic characteristics similar to such securities. Under normal circumstances, the Fund primarily invests in securities that, at the time of purchase, are rated better than D by S&P or C by Moodys or DDD by Fitch (or of similar quality, as determined by the Manager, if unrated).

The Fund may invest without limit in securities denominated in foreign currencies, but expects to invest primarily in securities denominated in U.S. dollars, Canadian dollars, British pounds sterling and Euros. Foreign currency exposures realized through non-U.S. dollar denominated securities are typically hedged back to U.S. dollars through currency forwards and other instruments. In pursuing total return (which is made up of income and capital appreciation), the portfolio managers manage the Fund with reference to its performance benchmark, the ICE BofAML Global High Yield Constrained Index (USD) (the Global High Yield Index), but seek to maintain a lower level of overall portfolio risk than the global high yield market (as represented by the Global High Yield Index). The overall portfolio risk for the Fund is managed through one or more standard industry measurements.

The portfolio managers investment process includes a combination of macroeconomic analysis that seeks to identify attractive geographies and sectors and fundamental analysis that seeks to identify attractive individual securities. The Fund seeks to offer investors greater diversification than U.S. high yield portfolios by investing in high yield securities of issuers in a range of different geographies. In general, the Fund also seeks to invest in securities of issuers in a range of different industries. The Fund is non-diversified with respect to individual issuers, which means that it may invest a significant portion of its assets in a relatively small number of issuers, potentially increasing risk. In addition to corporate, government and government agency debt securities, the Funds investment universe may include Yankee Dollar obligations (U.S.

dollar-denominated obligations issued in U.S. capital markets by non-U.S. issuers), interests in bank loans, sovereign, preferred securities, sub-sovereign and supranational debt instruments and covered bonds. The portfolio managers investment process begins with macro-level relative value analysis, which seeks to identify attractive markets through analysis of global growth, inflation and interest rate outlooks, as well as proprietary and other indicators. The portfolio managers then focus on portfolio construction, normally giving the greatest weight to fundamentally strong issuers exhibiting healthy business dynamics, followed by growth-oriented issuers exhibiting improving dynamics and deep value issuers. The portfolio managers next select individual securities. This portion of the process entails detailed issuer-specific relative value analysis.

Finally, the portfolio managers implement their security selections, monitoring portfolio exposures in real time, managing position sizes and monitoring portfolio risks through analysis of probability-adjusted returns and other means. The Fund will invest, under normal market conditions, in securities of issuers located in at least three different countries, and will invest at least 40% of its assets outside the U.S. Under market conditions that are unfavorable to non-U.S. investments on a relative value basis, the Fund will generally maintain lower exposure to non-U.S. issuers. The Fund is not subject to any additional geographical restrictions. The Fund may invest in emerging market securities. The Fund may have unhedged exposure to non-U.S. dollar currencies, but typically seeks to hedge most or all of its exposure to non-U.S.

dollar currencies. The Fund may utilize derivatives to achieve its investment objective, including bond futures and options, interest rate swaps, credit default swaps and credit default swap indices, currency forwards, foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Derivatives transactions may have the effect of either magnifying or limiting the Funds gains and losses. In making investments, the Funds portfolio managers are not subject to any restriction with respect to duration, but will seek to manage the Funds portfolio such that its duration profile is similar to that of the Global High Yield Index.

AGHPX Costs and Fees

AGHPX costs about $80 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.80%
• Gross expense ratio: 1.13%
• Portfolio turnover: 112%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

AGHPX Cashflows

Over the 12 months to 2020-03, AllianzGI Global High Yield Fund had net inflows of $4.64M, from monthly SEC N-PORT filings.

AGHPX Debt Constituents

No individual debt constituents are reported in AllianzGI Global High Yield Fund's latest SEC N-PORT filing.

AGHPX Prospectus and SEC Filings

Official AllianzGI Global High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-19
• Prospectus (485BPOS) — filed 2019-02-22
• Prospectus (485BPOS) — filed 2018-02-16
• Portfolio holdings (N-PORT) — filed 2020-05-12
• Portfolio holdings (N-PORT) — filed 2020-02-25
• Portfolio holdings (N-PORT) — filed 2019-11-18
• Annual census (N-CEN) — filed 2019-12-09
• Annual census (N-CEN) — filed 2018-12-14

Related Funds

Other Corporate Bond funds tracked on ABC INVEST:

• First Trust Preferred Securities and Income ETF (FPE)
• Nuveen Preferred Securities and Income Fund (NPSAX)
• Spectrum Preferred and Capital Securities Income Fund (PNARX)
• Invesco Variable Rate Preferred ETF (VRP)
• First Trust Institutional Preferred Securities and Income ETF (FPEI)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.