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Allianz Global Investors Sustainability and Stewardship Report 2021

Shaping pathways to a sustainable future

Welcome to the Allianz Global Investors Sustainability and Stewardship Report 2021.

Our ambition is to help our clients be informed and position themselves for the opportunities of sustainable investing and the outcomes they seek. Reflecting on our progress in 2021, this report explores Allianz Global Investors' approach to sustainability and our evolving offering. It shows how we are shaping sustainable pathways with our clients through a focus on research capabilities, active stewardship and industry engagement. The report also explores our own journey as a sustainable business.

View our download area or explore the report highlights below.

Introducing our achievements in 2021

Matt Christensen, Global Head of Sustainable and Impact Investing, Allianz Global Investors

Highlights of our year

 

Sustainable investing at Allianz Global Investors

2021 highlights

EUR 673 billion
Total AllianzGI assets under management (AuM)

EUR 303 billion1
Total value of ESG and sustainable investment offering 

+47%
increase in AuM in ESG and sustainable investments compared to 2020 

5 A+ and 3 A ratings
within the UN Principles for Responsible Investment (PRI) assessment2

Joined
Net Zero Asset Managers initiative and One Planet Asset Managers initiative

Exclusion policy
for controversial weapons and thermal coal adopted firm-wide for all mutual funds that we manage

Active stewardship
299 engagement occasions covering 482 topics

1 This figure includes EUR 156 billion of integrated ESG assets that are not considered sustainable according to EU Sustainable Finance Disclosure Regulation.
2 Reporting period January 2019 – December 2019. PRI reporting has been delayed by the PRI Association by one year. Ratings for the reporting period January 2020 – December 2020 are expected to be available by June 2022, while ratings for the reporting period January 2021 – December 2021 will not be available at all.

“Sustainability is a fast-evolving space and it is vital we keep pace with our clients’ thinking and major advances in understanding around both the challenges and opportunities.”

Tobias Pross, Chief Executive Officer, Allianz Global Investors

Insights from our Sustainability and Stewardship Report 2021

As an active manager asset manager, we aim to give investors access to a broad range of sustainable investment strategies. In 2021 we reviewed our definition of sustainable investments to align with the EU Sustainable Finance Disclosure rules.

We categorise our strategies globally into three different types, depending on clients’ sustainability objectives.

See our categorisation below. 

Assets under management - graph

Sustainable product categories
*ESG risk-focused category (our ESG investment approach) is not considered as sustainable according to EU SFDR.

Sustainable investing requires a lateral approach, interconnecting focus areas to achieve the highest impact. We have identified three strategic sustainability themes: climate change, planetary boundaries and inclusive capitalism. We believe these are critical to society, our investors and AllianzGI.

These themes guide our targeted, themed engagement and research designed to ensure the most material risks and opportunities for our business and clients, and to make a positive impact.

Learn more about these themes.

 

Climate change

Planetary boundaries

Inclusive capitalism

Key ESG issues
  • Climate change
  • Climate action
  • Biodiversity
  • Circular economy, resilience
  • Resource use (eg, water use, land management)
  • Ways of work, retirement
  • Access to health, finance and education
  • Human capital, livelihoods

Beliefs

 Climate change is one of our planet's most pressing challenges, AllianzGI takes an active role in shaping our future There is a risk of irreversible and abrupt environmental and social changes "Inclusion" will become the next big wave after climate change and requires innovative thinking and solutions that meet the demands of younger generations

Examples
  • Over 40 mutual funds help implement our Climate Engagement with Outcome approach and engage top carbon emitters to set ambitious pathways
  • Decarbonisation solutions
  • SDG-aligned capabilities: global water, clean planet, food security,
  • Collaboration with initiatives to develop standardised indicators
  • SDG-aligned capabilities: sustainable health, positive change
  • Blended finance focus in emerging markets

We believe that constructive engagement dialogue is essential. During 2021 we transitioned our engagement strategy towards a greater emphasis on thematic analysis aligned with our three themes of climate change, planetary boundaries and inclusive capitalism. Our Sustainability and Stewardship Report 2021 details a number of the engagement topics that were in focus throughout 2021.

Influencing companies through proxy voting at shareholder meetings is our fiduciary responsibility to our clients. It is a core part of our role as an active investor and allows us to have a say on some of the most important issues affecting the long term-term development of investee companies. Consequently we have a robust voting process reviewed at least once a year.

View a snapshot of our engagement activity in 2021

 

Engagements per industry - graphEngagements per industry - graph

 

Selected voting data in key markets 2021 

 

Total votes against all management proposals by location in 2021

Total percentage votes against all management proposals by location in 2021

Trust in our company is based on the integrity, resilience and competency of how we do business, as well as our culture and our people.

We are shaping pathways to a more sustainable future through our workplace culture, inclusion and diversity, our flexible working as well as a focus on our business conduct. Our efforts range from reducing our environmental impacts, securing our systems and data, to creating an inclusive workplace and supporting our colleagues’ health and wellbeing.

Take a look at our progress on reducing negative environmental impacts.

 

Energy consumption - graphGHG emissions - graph

1GHG emissions data (old absolute 3.5 tonnes) has been restated for 2019.

 

 

 

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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 (“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 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 subject to higher risks (include 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 and or other foreign access regimes and/or other permitted means and/or indirectly through all eligible instruments the qualified foreign institutional investor program regime and thus is subject to the associated risks (including quota limitations, change in rule and regulations, repatriation of the Fund’s monies, trade restrictions, clearing and settlement, China market volatility and uncertainty, China market volatility and uncertainty, potential clearing and/or settlement difficulties and, change in economic, social and political policy in the PRC and taxation Mainland China tax risks).  Investing in RMB share classes is also exposed to RMB currency risks and adverse impact on the share classes due to currency depreciation.

    • Some Sub-Funds may adopt the following strategies, Sustainable and Responsible Investment 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) which may result in the Sub-Fund being more volatile and have adverse impact on the performance of the Sub-Fund and consequently adversely affect an investor’s investment in the Sub-Fund. Also, some Sub-Funds may be particularly focusing on the GHG efficiency of the investee companies rather than their financial performance which may have an adverse impact on the Fund’s performance.

    • 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. 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 instrument, 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.  

    • Some Sub-Funds may invest in other underlying collective schemes and exchange traded funds. Investing in exchange traded funds may expose to additional risks such as passive investment, tracking error, underlying index, trading and termination. While investing in other underlying collective schemes (“CIS”) may subject to the risks associated to such CIS. 

    • Some Sub-Funds may invest in high-yield (non-investment grade and unrated) investments and/or convertible bonds which may 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 Fund. Convertibles may also expose to risks such as prepayment, equity movement, and greater volatility than straight bond investments.

    • 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 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. 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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