Fund Aims
The Fund aims to maximise total return primarily through investment directly in debt securities or by gaining exposure indirectly through the use of derivatives. The Fund will invest internationally although at least 80% of its assets shall be invested in Sterling denominated (or hedged back to Sterling) debt securities. Investors should be aware that the Fund’s capital is at risk and there is no guarantee that the Fund will achieve its investment objective over any particular period or at all. Please see the Key Investor Information Document for the full objectives and investment policy.
Fund Managers
Kacper Brzezniak manager for:
9 years 9 months
Kacper joined Allianz Global Investors in July 2016 as a Portfolio Manager, after around 7 years’ experience across multiple macro asset classes. Kacper specializes in derivatives, and has worked in Europe, the Middle East and the US, trading both G10 and Emerging Market products. He was previously a Fixed Income Trader at RBS in London where he traded Interest Rate Derivatives and Cross Currency Swaps. He subsequently worked in Dubai for National Bank of Fujairah, where he focused on interest rate derivatives and FX Options, as well as commodity derivatives. Most recently, he worked on the multi-strategy credit fund at Bluecrest in New York. Kacper received a BSc (Hons) in Mathematics and Economics from the London School of Economics in 2008 and graduated with an MBA from Yale School of Management in 2016. He is a CFA charter holder.
Mike Riddell manager for:
9 years 9 months
Mike Riddell joined Allianz Global Investors on October 1st 2015 as a fixed income portfolio manager. Mike has nearly 15 years’ experience in fixed income having worked with M&G in London for 12 years, running bond portfolios, and prior to that at Premier Asset Management. As well as depth of experience, Mike’s experience is broad, including not only UK Bonds but also emerging markets and global mandates. In March 2010, he became fund manager of the M&G Emerging Markets Bond Fund, the M&G International Sovereign Bond Fund and the M&G Index-Linked Bond Fund. At the same time, he was appointed deputy fund manager of the M&G Global Macro Bond Fund and the M&G Gilt & Fixed Interest Income Fund, taking over as lead manager of the latter fund in February 2014. Mike graduated from Birmingham University in 2001 with a BSc (Hons) in Money, Banking and Finance, and is a CFA charter holder.
Fund Overview
Price
Bid
130.29p
Offer
130.29p
(31/07/2025)
Annual Management Charge
1.25%
Top 10 Holdings
|
Stock Name |
% Weight |
CHINA GOVERNMENT BOND INBK FIX 1.910% 15.07.2029 |
4.2%
|
US TREASURY N/B FIX 4.375% 31.01.2032 |
3.9%
|
TREASURY BILL ZERO 25.09.2025 |
3.6%
|
BUNDESREPUB. DEUTSCHLAND FIX 0.000% 15.05.2036 |
3.5%
|
NOTA DO TESOURO NACIONAL NTNF FIX 10.000% 01.01.2035 |
3.3%
|
AUSTRALIAN GOVERNMENT 163 FIX 1.000% 21.11.2031 |
3.1%
|
BUNDESREPUB. DEUTSCHLAND FIX 4.750% 04.07.2034 |
3.1%
|
US TREASURY N/B FIX 1.125% 15.05.2040 |
2.8%
|
NORWEGIAN GOVERNMENT 482 FIX 1.375% 19.08.2030 |
2.6%
|
NEW ZEALAND GOVERNMENT 0535 FIX 4.500% 15.05.2035 |
2.5%
|
Total
|
32.7%
|
Asset Allocation
|
Name |
% Weight |
International Bonds
|
94.92 |
UK Gilt
|
6.13 |
Hedge Funds
|
2.51 |
Other
|
1.84 |
Cash & Equivalents
|
-5.40 |
Data accurate at: 30/04/2025
Performance figures show total return with no initial charge and net income reinvested, except for Offshore funds which show gross income reinvested.
Cumulative performance figures are calculated from the previous working day.
Discrete performance figures are calculated from the previous month end.
Data accurate at: 30/04/2025
Asset Allocation
|
International Bonds
|
94.9%
|
|
UK Gilt
|
6.1%
|
|
Hedge Funds
|
2.5%
|
|
Other
|
1.8%
|
|
Cash & Equivalents
|
-5.4%
|
Equity Sector Allocation
ICB Industries
ICB Supersectors
ICB Sectors
ICB Subsectors
ICB Industries
Non-Classified |
|
96.8% |
Government |
|
6.1% |
Alternative Trading Strategies |
|
2.5% |
Cash and Equivalents |
|
-5.4% |
ICB Supersectors
Non-Classified |
|
96.8% |
Government |
|
6.1% |
Alternative Trading Strategies |
|
2.5% |
Cash and Equivalents |
|
-5.4% |
ICB Sectors
Non-Classified |
|
96.8% |
Government |
|
6.1% |
Alternative Trading Strategies |
|
2.5% |
Cash and Equivalents |
|
-5.4% |
ICB Subsectors
Non-Classified |
|
96.8% |
Government |
|
6.1% |
Alternative Trading Strategies |
|
2.5% |
Cash and Equivalents |
|
-5.4% |
Interactive Sector Breakdown

Drill down to specific information by clicking the folders.
Regional
and Currency
Allocation
Fixed Interest Analysis
Fixed Interest Maturity Profile

Fixed Interest Quality Profile

Top 10 Holdings
|
---|
| Stock name | % Weight | Country | Sector |
1 | CHINA GOVERNMENT BOND INBK FIX 1.910% 15.07.2029 | 4.2 %
| China | Bonds |
2 | US TREASURY N/B FIX 4.375% 31.01.2032 | 3.9 %
| United States | Bonds |
3 | TREASURY BILL ZERO 25.09.2025 | 3.6 %
| United States | Bonds |
4 | BUNDESREPUB. DEUTSCHLAND FIX 0.000% 15.05.2036 | 3.5 %
| Germany | Bonds |
5 | NOTA DO TESOURO NACIONAL NTNF FIX 10.000% 01.01.2035 | 3.3 %
| Brazil | Bonds |
6 | AUSTRALIAN GOVERNMENT 163 FIX 1.000% 21.11.2031 | 3.1 %
| Australia | Bonds |
7 | BUNDESREPUB. DEUTSCHLAND FIX 4.750% 04.07.2034 | 3.1 %
| Germany | Bonds |
8 | US TREASURY N/B FIX 1.125% 15.05.2040 | 2.8 %
| United States | Bonds |
9 | NORWEGIAN GOVERNMENT 482 FIX 1.375% 19.08.2030 | 2.6 %
| Norway | Bonds |
10 | NEW ZEALAND GOVERNMENT 0535 FIX 4.500% 15.05.2035 | 2.5 %
| New Zealand | Bonds |
|
FL Dual Aspect Analysis
|
---|
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Managed Funds | Property | Other | Cash & Equiv | Total |
Cash and Equivalents | | | | | | | | | -5.4%
| -5.4%
|
Bonds | | | | 94.9%
| 6.1%
| | | | | 101.0%
|
Non-Classified | | | | | | | | 4.4%
| | 4.4%
|
Total | | | | 94.9%
| 6.1%
| | | 4.4%
| -5.4%
| 100.0%
|
Distribution Details
Income Frequency
Biannually
Distribution Payment Basis
Net
Charges
Discounted initial charge
0.000%
Net discounted AMC
0.625%
Annual Management Charge
1.25%
Distribution Dates
Ex dividend date(s) |
Income payment date(s) |
01st September |
31st October |
01st March |
30th April |
Ratings
Aims & Benchmark
Benchmark
Barclays Global Aggregate (Hedged to Sterling)
IA sector
£ Strategic Bond
Aims
The Fund aims to maximise total return primarily through investment directly in debt securities or by gaining exposure indirectly through the use of derivatives. The Fund will invest internationally although at least 80% of its assets shall be invested in Sterling denominated (or hedged back to Sterling) debt securities. Investors should be aware that the Fund’s capital is at risk and there is no guarantee that the Fund will achieve its investment objective over any particular period or at all. Please see the Key Investor Information Document for the full objectives and investment policy.
Fund Administration
Fund Trustee/Depository
State Street Trustees Limited
Fund Administrator
DST Financial Services Europe
Fund Registrar
DST Financial Services International Limited
Fund Custodian
State Street Trustees Limited
Fund Background
Valuation point
Daily 12:00
Fund currency
Pound Sterling
Fund domicile
United Kingdom
Group Details
Group name
Allianz Global Investors (UK) Ltd
Group address
155 Bishopsgate
London
EC2M 3AD
Group telephone
0800 848 494
Dealing
Settlement period: buy
4 days
Settlement period: sell
4 days
Data accurate at: 30/04/2025
Concentration Coefficient*
0
*A measure of portfolio concentration, e.g. where the fund coefficient is 25, this means the portfolio concentration is equivalent to holding 25 equally weighted stocks.
Risk Factors
Concentrated Portfolio
No
Investments Long Term
Yes
Fund Specific Risks |
-
Charges to Capital - Part, or all of the periodic annual management fee(s) and expenses may be charged to
capital which could increase the potential for the capital value of your investment to be eroded. Your capital could
also decrease if income withdrawals exceed the growth rate of the fund(s).
-
Emerging Markets - The fund invests in emerging markets. Generally less well regulated than the UK. There
is an increased chance of political and economic instability with less reliable custody, dealing and settlement
arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates,
the investment could either increase or decrease. These investments therefore carry more risk.
-
High Yield Bonds - The fund invests in high yield bonds. High yield bonds carry a greater risk of default
than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their
price. Income levels may not be achieved and the income provided may vary.
-
Value Of Investments - The value of investments, and any income can fall, as well as rise, so you could get
back less than you invested. Neither capital nor income is guaranteed.
-
Investments Long Term - Investments should be regarded as long term and are not suitable for money which may
be needed in the short term, you should always have a sufficient cash reserve.
-
Exchange Rate - This fund invests in securities outside the UK. The value of investments and any income from
them may therefore decrease or increase as a result of changes in exchange rates between currencies.
-
Performance Charges - This fund makes charges that depend on the fund's performance. For full details please
refer to the fund prospectus.
-
Derivative Exposure - The fund invests in derivatives as part of its investment strategy, over and above their
use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under
certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only
invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their
obligations which in turn could lead to losses arising.
|