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Navigating Rates

Don’t downsize your dreams.

Invest for tomorrow with the decisions you make today

Protecting and enhancing your wealth in changing markets

Current valuations in many asset classes may present investors with an opportunity to reposition and rebuild their portfolios.

The overall picture is still uncertain, and asset prices could improve further. But as markets shift, we expect to see entry points offering potentially strong medium-term value.

With economies and markets in transition, and persistent inflation threatening to erode wealth, portfolios will need to be resilient to further volatility. They will also need enough upside to thrive in the recovery phase.

In times of uncertainty when it is easy to worry about making the wrong move, we can support you through the big decisions – and keep your dreams on track.

Here are four strategies we believe can guide your decisions today and may benefit your portfolio tomorrow:

Insights

Navigating Rates

Outlook 2026: Navigate new pathways

Resilient global growth, manageable inflation and the AI boom are keeping the economy buoyant, but changing market dynamics will demand different tools across a range of asset classes, public and private.

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Navigating Rates

Fixed Income Forward: November 2025

We still anticipate yield-curve steepening in the US and consider risks related to recent bankruptcies of Tricolor and First Brands to be manageable.

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Navigating Rates

Risk management in bonds: Beware the dominance of duration and yield curve positioning

In the second in our new series on fixed income investing techniques, we examine the benefits and pitfalls of duration and yield curve positioning

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by Maxence-Louis Mormede | 14/10/2025

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Multi Asset Quarterly Update

Navigate complex markets with Gregor Hirt, Global Head of Multi Asset Investments at AllianzGI. Join Greg looking back at market trends over the last quarter, the outlook for the coming months and portfolio positioning.

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Discover our investable themes

Navigating Rates

Navigating Rates

Geopolitics and technology are upending age-old certainties and centres of gravity. This creates an environment that calls for a dynamic approach to investing. Volatility will likely persist and, while interest rates should continue to fall in many parts of the world, the path to lower rates may be uneven. Predicting the outlook for markets is set to be difficult – even in the short term – and an agile approach will be essential. We are confident that market upheaval can create opportunities. The key is to stay invested and rebalance portfolios as needed. Consider rethinking diversification: deepen exposures within traditional asset classes and explore a broader set of uncorrelated assets.
Our teams bring ideas and expertise across public and private markets at a time when we think it is important to stay diversified, prepare for the unexpected, and position for new opportunities.

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Embracing Disruption

Embracing Disruption

We think it’s time to recast traditional definitions of “disruption”. Once a story for the tech sector, disruption is now all-encompassing as artificial intelligence and other transformative technologies are used widely.
While technology may be driving many of the changes, this new wave of disruption could shape many aspects of our daily lives. There are also geopolitical shifts to watch as China becomes preeminent in high-tech industries like electric cars and India positions itself as an emerging power.
The implications of this new age of disruption will be profound and exponential, and together we can embrace the opportunities.

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Achieving Sustainability

Achieving Sustainability

Sustainable investing is evolving rapidly. Increased flows rightly come with increased expectations of measurability and impact. The industry is on a journey: from a focus on ESG-led risk management to purposeful sustainability solutions and ultimately to impact investing strategies that contribute to measurable environmental or social benefits.
We believe this direction of travel towards real-world change will be the long-term trend of the decade. With a considered approach to achieving sustainable outcomes, we are alongside you at the different stages of your journey, whatever your ambitions.

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Interpreting China

Transforming Infrastructure

Infrastructure is key for the development and smooth running of economies and societies, but much of the infrastructure needed tomorrow does not exist today. Private capital can play a crucial role in funding essential projects as huge investments are needed, especially for the transition to greener energy.
Investors have many ways to enter this complex asset class and can pick their spot in the capital structure and the region or duration of the investment.
With our expertise and market access we are working with investors today to transform the infrastructure of tomorrow.

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Allianz Global Investors

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  • Allianz Global Investors Fund (“AGIF”)

    • Allianz Global Investors Fund (“AGIF”) as an umbrella fund under the UCITS regulations has within it different Sub-Funds investing in fixed income securities, equities, and derivative instruments, each with a different investment objective and/or risk profile.

    • All Sub-Funds may invest in financial derivative instruments (“FDI”) which may expose to higher leverage, counterparty, liquidity, valuation, volatility, market and over the counter transaction risks. A Sub-Fund’s net derivative exposure may be up to 50% of its net asset value (“NAV”).
      • Some Sub-Funds as part of their investments may invest in any one or a combination of the instruments such as fixed income securities, emerging market securities, and/or mortgage-backed securities, asset-backed securities, property-backed securities (especially REITs) and/or structured products and/or FDI, exposing to various potential risks (including leverage, counterparty, liquidity, valuation, volatility, market, fluctuations in the value of and the rental income received in respect of the underlying property, and over the counter transaction risks).

    • Some Sub-Funds may invest in single countries or industry sectors (in particular small/mid cap companies) which may reduce risk diversification. Some Sub-Funds are exposed to significant risks which include investment/general market, country and region, emerging market (such as Mainland China), creditworthiness/credit rating/downgrading, default, asset allocation, interest rate, volatility and liquidity, counterparty, sovereign debt, valuation, credit rating agency, company-specific, currency (in particular RMB), RMB debt securities and Mainland China tax risks.

    • Some Sub-Funds may invest in convertible bonds, high-yield, non-investment grade investments and unrated securities that may be subject to higher risks (including volatility, loss of principal and interest, creditworthiness and downgrading, default, interest rate, general market and liquidity risks) and therefore may adversely impact the net asset value of the Sub-Funds. Convertibles will be exposed prepayment risk, equity movement and greater volatility than straight bond investments.

    • Some Sub-Funds may invest a significant portion of the assets in interest-bearing securities issued or guaranteed by a non-investment grade sovereign issuer (e.g. Philippines) and is subject to higher risks of liquidity, credit, concentration and default of the sovereign issuer as well as greater volatility and higher risk profile that may result in significant losses to the investors.

    • Some Sub-Funds may invest in European countries. The economic and financial difficulties in Europe may get worse and adversely affect the Sub-Funds (such as increased volatility, liquidity and currency risks associated with investments in Europe).

    • Some Sub-Funds may invest in the China A-Shares market, China B-Shares market and/or debt securities directly via the Stock Connect or the China Interbank Bond Market or Bond Connect or other foreign access regimes and/or other permitted means and/or indirectly through all eligible instruments and thus is subject to the associated risks (including quota limitations, change in rule and regulations, repatriation of the Sub-Fund’s monies, trade restrictions, clearing and settlement, China market volatility and uncertainty, China market volatility and uncertainty, potential clearing and/or settlement difficulties, change in economic, social and political policy in the PRC and Mainland China tax risks).

    • Some Sub-Funds may adopt the following strategies, Socially Responsible Investment (Proprietary Scoring) Strategy, SDG-Aligned Strategy, Sustainability Key Performance Indicator Strategy (Relative), Green Bond Strategy, Multi Asset Sustainable Strategy, Sustainability Key Performance Indicator Strategy (Absolute Threshold), Environment, Social and Governance (“ESG”) Score Strategy, and Sustainability Key Performance Indicator Strategy (Absolute). The Sub-Funds may be exposed to sustainable investment risks relating to the strategies (such as foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, selling securities when it might be disadvantageous to do so, and/or relying on information and data from third party ESG research data providers and internal analyses which may be subjective, incomplete, inaccurate or unavailable and/or reducing risk diversifications compared to broadly based funds). Also, some Sub-Funds may be particularly focusing on the greenhouse gas emissions (“GHG”) efficiency of the investee companies rather than their financial performance. These may have an adverse impact on the performance of the Sub-Funds.

    • Some Sub-Funds may invest in share class with fixed distribution percentage (Class AMf). Investors should note that fixed distribution percentage is not guaranteed. The share class is not an alternative to fixed interest paying investment. The percentage of distributions paid by these share classes is unrelated to expected or past income or returns of these share classes or the Sub-Funds. Distribution will continue even the Sub-Fund has negative returns and may adversely impact the net asset value of the Sub-Fund. Positive distribution yield does not imply positive return.

    • Investment involves risks that could result in loss of part or entire amount of investors’ investment.

    • In making investment decisions, investors should not rely solely on this [website/material].

       

    Note: Dividend payments may, at the sole discretion of the Investment Manager, be made out of the Sub-Fund’s capital or effectively out of the Sub-Fund’s capital which represents a return or withdrawal of part of the amount investors originally invested and/or capital gains attributable to the original investment. This may result in an immediate decrease in the NAV per share and the capital of the Sub-Fund available for investment in the future and capital growth may be reduced, in particular for hedged share classes for which the distribution amount and NAV of any hedged share classes (HSC) may be adversely affected by differences in the interests rates of the reference currency of the HSC and the base currency of the respective Sub-Fund, particularly if such HSC are applying the IRD Neutral Policy. Dividend payments are applicable for Class A/AM/AMg/AMi/AMgi/AQ Dis (Annually/Monthly/Quarterly distribution) and for reference only but not guaranteed. Positive distribution yield does not imply positive return. For details, please refer to the Sub-Fund’s distribution policy disclosed in the offering documents.

     


    Allianz Global Investors Asia Fund

    • Allianz Global Investors Asia Fund (the “Trust”) is an umbrella unit trust constituted under the laws of Hong Kong pursuant to the Trust Deed. Allianz Thematic Income and Allianz Selection Income and Growth and Allianz Yield Plus Fund are the sub-funds of the Trust (each a “Sub-Fund”) investing in fixed income securities, equities and derivative instruments, each with a different investment objective and/or risk profile.

    • Some Sub-Funds are exposed to significant risks which include investment/general market, company-specific, emerging market, creditworthiness/credit rating/downgrading, default, volatility and liquidity, valuation, sovereign debt, thematic concentration, thematic-based investment strategy, counterparty, interest rate changes, country and region, asset allocation risks and currency (such as exchange controls, in particular RMB), and the adverse impact on RMB share classes due to currency depreciation.

    • A Sub-Fund may invest in asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”) which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater general market risk, concentration risk, credit and counterparty default risk, liquidity risk and interest rate risk compared to other debt securities.

    • Some Sub-Funds may invest in high-yield (non-investment grade and unrated) investments and convertible bonds which may be subject to higher risks, such as volatility, creditworthiness, default, interest rate changes, general market and liquidity risks and therefore may adversely impact the net asset value of the Sub-Fund.

    • All Sub-Funds may invest in financial derivative instruments (“FDI”) which may expose to higher leverage, counterparty, liquidity, valuation, volatility, market and over the counter transaction risks. The use of derivatives may result in losses to the Sub-Funds which are greater than the amount originally invested. A Sub-Fund’s net derivative exposure may be up to 50% of its net asset value (“NAV”).

    • These investments may involve risks that could result in loss of part or entire amount of investors’ investment.

    • In making investment decisions, investors should not rely solely on this website.

    Note: Dividend payments may, at the sole discretion of the Investment Manager, be made out of the Sub-Fund’s income and/or capital which in the latter case represents a return or withdrawal of part of the amount investors originally invested and/or capital gains attributable to the original investment. This may result in an immediate decrease in the NAV per distribution unit and the capital of the Sub-Fund available for investment in the future and capital growth may be reduced, in particular for hedged share classes for which the distribution amount and NAV of any hedged share classes (HSC) may be adversely affected by differences in the interests rates of the reference currency of the HSC and the base currency of the Sub-Fund, particularly if such HSC are applying the IRD Neutral Policy. Dividend payments are applicable for Class A/AM/AMg/AMi/AMgi Dis (Annually/Monthly distribution) and for reference only but not guaranteed. Positive distribution yield does not imply positive return. For details, please refer to the Sub-Fund’s distribution policy disclosed in the offering documents.

     

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