AZUIX — AllianzGI U.S. Equity Hedged Fund

Data updated: 2021-02-01

AZUIX — AllianzGI U.S. Equity Hedged Fund. United States Small Cap Blend / Core Equity · $2.00M AUM. Holdings, fees, performance and SEC filings.

AZUIX Fund Overview

AZUIX — AllianzGI U.S. Equity Hedged Fund is a US mutual fund managed by Virtus Strategy Trust, categorised as United States Small Cap Blend / Core Equity. 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: United States Small Cap Blend / Core Equity
Assets under management: $2.00M
Ticker: AZUIX
SEC CIK: 0001423227
SEC series ID: S000038496
Share class ID: C000118776

AZUIX Investment Objective and Strategy

AllianzGI U.S. Equity Hedged 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 capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions.

Principal investment strategy

In pursuing its investment objective, the Fund combines long equity exposure with positions in options that, when paired with the Funds long equity portfolio, are intended to promote the protection of capital during unfavorable market conditions. The Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies. The Fund may gain exposure to such stocks directly or indirectly. The Fund currently defines U.S. companies as those companies that are deemed to be United States companies for purposes of their geographical eligibility for inclusion in the S&P 500 Index, a broad-based index of U.S. stocks. To achieve its long equity exposure, the Fund expects to invest typically in one or more exchange traded funds (ETFs), such as the SPDR S&P 500 ETF, that are intended to achieve exposure to and approximate the relative weighting of stocks in the S&P 500 Index.

The Fund also may invest directly in some or all of the companies included in the S&P 500 Index, seeking to replicate approximately the relative weighting of the stocks in the S&P 500 Index. Additionally, in order to achieve the desired long equity exposure, the Fund also may invest in stock index futures and other derivative instruments. In addition to the long equity portfolio described above, under normal market and other conditions, the Fund employs a strategy of investing in exchange-traded options or FLEX options ( i.e. listed options that are traded on an exchange, but with customized strike prices and expiration dates) that, when paired with the equity portfolio, are intended to promote the protection of capital during unfavorable market conditions (the Index Option Strategy).

The Fund will utilize (buy) equity index put options (long puts) on U.S. equity indexes with the purpose of protecting the Fund from a significant market decline while limiting the cost and interference of this protection, and will write (sell) equity index call options (short calls) on U.S. equity indexes to offset some or all of the cost of the put options. Under normal market and other conditions, the option positions will consist of long puts expiring in roughly equal proportions over longer periods ( e.g., the next 12 months), and short call positions expiring over a shorter period ( e.g. fewer than 45 days) with notional value roughly equal to the full value of the Funds long equity portfolio. The long puts are designed to significantly protect the downside of the Funds long equity portfolio, which means that the notional value may be roughly equal to or may significantly exceed the full value of the Funds long equity portfolio.

Additionally, under certain circumstances, the portfolio managers may construct paired option positions, or so-called option spreads, such as by pairing a long put position with a short put position. The number of contracts bought and sold can be different in a spread (normally called a ratio spread) or they can be the same. The Fund may enter into put spreads to seek to capture value from slight market decreases. All options are expected to be held to expiration unless the portfolio managers conclude that market conditions, redemptions or other circumstances make earlier closeout appropriate or necessary. In pursuing the Index Option Strategy, the Fund generally will not be able to offset the full cost of the protection it is seeking and must keep significant cash and cash equivalents available, and therefore the Fund may underperform the S&P 500 Index during periods of market increases and slight market decreases.

AZUIX Costs and Fees

AZUIX costs about $89 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.89%
Gross expense ratio: 1.42%
Portfolio turnover: 13%
Brokerage commissions: 0.72 bps of average net assets (SEC N-CEN)

AZUIX Cashflows

Over the 12 months to 2020-03, AllianzGI U.S. Equity Hedged Fund had net outflows of $17.59K, from monthly SEC N-PORT filings.

Month	Net flow
2020-03	$43.45K
2020-02	−$134.46K
2020-01	$20.77K
2019-12	$10.38K
2019-11	$15.00K
2019-10	$7.70K

AZUIX Debt Constituents

No individual debt constituents are reported in AllianzGI U.S. Equity Hedged Fund's latest SEC N-PORT filing.

AZUIX Prospectus and SEC Filings

Official AllianzGI U.S. Equity Hedged Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other United States Small Cap Blend / Core Equity funds tracked on ABC INVEST:

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.