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320px)'> <img src="/-/media/allianzgi/globalagi/editorial/tariffs-an-explainer/1920x980-tariffs-an-explainer.jpg?w=1360&rev=8a4f9b81bc294c0099266b4898359e72&hash=5C99F12F058894F4C7FD3247BD01240E" srcset="/-/media/allianzgi/globalagi/editorial/tariffs-an-explainer/1920x980-tariffs-an-explainer.jpg?w=1360&rev=8a4f9b81bc294c0099266b4898359e72&hash=5C99F12F058894F4C7FD3247BD01240E, /-/media/allianzgi/globalagi/editorial/tariffs-an-explainer/1920x980-tariffs-an-explainer.jpg?w=2040&rev=8a4f9b81bc294c0099266b4898359e72&hash=101BF4A9195BD5FB6D4EF69DA5F9CA65 2x" class="c-hero-banner__img swiper-lazy" loading=lazy alt="" title="" /> </picture> <div class="c-hero-banner__gradient"></div> </div> <div class="l-container c-hero-banner__container"> <div class="c-hero-banner__content " data-swiper-parallax="-30%" data-swiper-parallax-opacity> <a href="/en/insights/outlook-and-commentary/tariffs-explainer" class="c-heading u-margin-bottom-s u-text-weight-semibold" data-track="teaserClick" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Tariffs: an explainer", "bannerPosition":"2"}" > <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> Tariffs: an explainer </h1> </a> <div class="c-copy u-margin-bottom-s"> Tariffs have emerged as a risk to the global economy. While it is unclear the extent to which planned tariffs will materialise, we think investors can position for targeted opportunities in fixed income and equities. </div> <a href="/en/insights/outlook-and-commentary/tariffs-explainer" class="c-link c-link--block c-hero-banner__link c-link--icon" aria-label="Discover more" target="_self" title="Tariffs: an explainer" data-track="teaserClick" href="/en/insights/outlook-and-commentary/tariffs-explainer" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Tariffs: an explainer", "bannerPosition":"2"}" > <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> </div> </div> <div class="c-hero-banner__slide"> <div class="c-hero-banner__image-wrapper"> <picture> <source srcset="/-/media/allianzgi/shared/2025-hero-banners/1920x980-deepseek.jpg?w=1360&rev=3117958195384399bb97121b80c6d89b&hash=183863063EEC641CA6C8F7A4130E3825, 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src="/-/media/allianzgi/shared/2025-hero-banners/1920x980-deepseek.jpg?w=1360&rev=3117958195384399bb97121b80c6d89b&hash=183863063EEC641CA6C8F7A4130E3825" srcset="/-/media/allianzgi/shared/2025-hero-banners/1920x980-deepseek.jpg?w=1360&rev=3117958195384399bb97121b80c6d89b&hash=183863063EEC641CA6C8F7A4130E3825, /-/media/allianzgi/shared/2025-hero-banners/1920x980-deepseek.jpg?w=2040&rev=3117958195384399bb97121b80c6d89b&hash=E7C15C38B50B962BDAAE9D4DB3D6A1E4 2x" class="c-hero-banner__img swiper-lazy" loading=lazy alt="" title="" /> </picture> <div class="c-hero-banner__gradient"></div> </div> <div class="l-container c-hero-banner__container"> <div class="c-hero-banner__content " data-swiper-parallax="-30%" data-swiper-parallax-opacity> <a href="/en/insights/outlook-and-commentary/deepseek-r1" class="c-heading u-margin-bottom-s u-text-weight-semibold" data-track="teaserClick" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"DeepSeek R1 – what just happened?", "bannerPosition":"3"}" > <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> DeepSeek R1 – what just happened? </h1> </a> <div class="c-copy u-margin-bottom-s"> A private Chinese company, DeepSeek, recently launched a new “large language model” – DeepSeek R1 – that resulted in a significant negative reaction to stocks that have previously been seen as artificial intelligence winners. </div> <a href="/en/insights/outlook-and-commentary/deepseek-r1" class="c-link c-link--block c-hero-banner__link c-link--icon" aria-label="Discover more" target="_self" title="DeepSeek R1 – what just happened?" data-track="teaserClick" href="/en/insights/outlook-and-commentary/deepseek-r1" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"DeepSeek R1 – what just happened?", "bannerPosition":"3"}" > <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> </div> </div> <div class="c-hero-banner__slide"> <div class="c-hero-banner__image-wrapper"> <picture> <source srcset="/-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=1360&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=98344ECD5651CE2A3D4295BF8CA139F6, /-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=2040&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=FBD34D8EA613F5F3E9BAF0E9B5DF6DBC 2x" media='(min-width: 1360px)'> <source srcset="/-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=768&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=31F34D335D99A4362ABF1806649B58AE, /-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=1152&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=87382F12AB0B7BFD3CA1F1EE523DF407 2x" media='(min-width: 768px)'> <source srcset="/-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=640&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=C8451995BF13ACC82637689B632E38A1, /-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=960&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=E84F2C0578647925B1C9C96ED85CA298 2x" media='(min-width: 320px)'> <img src="/-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=1360&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=98344ECD5651CE2A3D4295BF8CA139F6" srcset="/-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=1360&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=98344ECD5651CE2A3D4295BF8CA139F6, /-/media/allianzgi/globalagi/editorial/european-equities-outlook-q1-2025/1920x980-allianz-global-investors-insights-european-equities-outlook-q12025-kv.jpg?w=2040&rev=b8d9c2e2250041518ac8996bf2b2424d&hash=FBD34D8EA613F5F3E9BAF0E9B5DF6DBC 2x" class="c-hero-banner__img swiper-lazy" loading=lazy alt="" title="" /> </picture> <div class="c-hero-banner__gradient"></div> </div> <div class="l-container c-hero-banner__container"> <div class="c-hero-banner__content " data-swiper-parallax="-30%" data-swiper-parallax-opacity> <a href="/en/insights/outlook-and-commentary/european-equities-outlook-q1-2025" class="c-heading u-margin-bottom-s u-text-weight-semibold" data-track="teaserClick" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Looking forward after a good performance in 2024 amid a difficult environment", "bannerPosition":"4"}" > <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> Looking forward after a good performance in 2024 amid a difficult environment </h1> </a> <div class="c-copy u-margin-bottom-s"> In 2024, European equities posted a second consecutive year of strong performance despite several significant headwinds. </div> <a href="/en/insights/outlook-and-commentary/european-equities-outlook-q1-2025" class="c-link c-link--block c-hero-banner__link c-link--icon" aria-label="Discover more" target="_self" title="Looking forward after a good performance in 2024 amid a difficult environment" data-track="teaserClick" href="/en/insights/outlook-and-commentary/european-equities-outlook-q1-2025" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Looking forward after a good performance in 2024 amid a difficult environment", "bannerPosition":"4"}" > <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> </div> </div> <div class="c-hero-banner__slide"> <div class="c-hero-banner__image-wrapper"> <picture> <source srcset="/-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=1360&rev=6a5873227d5f41c88fdbdd460a985414&hash=6B35675881D348205030DA534074740E, /-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=2040&rev=6a5873227d5f41c88fdbdd460a985414&hash=39DBB30D2EF24A7D55E0D90CB576F463 2x" media='(min-width: 1360px)'> <source srcset="/-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=768&rev=6a5873227d5f41c88fdbdd460a985414&hash=9E7A41F81A8857B8A765BA2B25067FF0, /-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=1152&rev=6a5873227d5f41c88fdbdd460a985414&hash=4D1F355B5DB02FD845A128709336676D 2x" media='(min-width: 768px)'> <source srcset="/-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=640&rev=6a5873227d5f41c88fdbdd460a985414&hash=BA59BEAA065BBE1C1C920233E2A9A8DA, /-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=960&rev=6a5873227d5f41c88fdbdd460a985414&hash=DF94E39D30FE896C9675091BD1E59069 2x" media='(min-width: 320px)'> <img src="/-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=1360&rev=6a5873227d5f41c88fdbdd460a985414&hash=6B35675881D348205030DA534074740E" srcset="/-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=1360&rev=6a5873227d5f41c88fdbdd460a985414&hash=6B35675881D348205030DA534074740E, /-/media/allianzgi/shared/sustainability/2024-gsf/1920x980-gsf-hero.png?w=2040&rev=6a5873227d5f41c88fdbdd460a985414&hash=39DBB30D2EF24A7D55E0D90CB576F463 2x" class="c-hero-banner__img swiper-lazy" loading=lazy alt="" title="" /> </picture> <div class="c-hero-banner__gradient"></div> </div> <div class="l-container c-hero-banner__container"> <div class="c-hero-banner__content " data-swiper-parallax="-30%" data-swiper-parallax-opacity> <a href="/en/investable-themes/sustainability" class="c-heading u-margin-bottom-s u-text-weight-semibold" data-track="teaserClick" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Sustainability. It’s in the details.", "bannerPosition":"5"}" > <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> Sustainability. It’s in the details. </h1> </a> <div class="c-copy u-margin-bottom-s"> When it comes to sustainability, detail is everything. That’s why we have a dedicated team of investment experts who meticulously interrogate stocks before we select them. </div> <a href="/en/investable-themes/sustainability" class="c-link c-link--block c-hero-banner__link c-link--icon" aria-label="Discover more" target="_self" title="Sustainability. It’s in the details." data-track="teaserClick" href="/en/investable-themes/sustainability" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Sustainability. It’s in the details.", "bannerPosition":"5"}" > <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> </div> </div> <div class="c-hero-banner__slide"> <div class="c-hero-banner__image-wrapper"> <picture> <source srcset="/-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=1360&rev=f8708df4deca40adbb837d01915ad109&hash=3D081134F70032BAEAFEC28FE38EB18B, /-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=2040&rev=f8708df4deca40adbb837d01915ad109&hash=9EAF3FE06D04835DB2491FE51D609F90 2x" media='(min-width: 1360px)'> <source srcset="/-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=768&rev=f8708df4deca40adbb837d01915ad109&hash=4FD528C6A279FFF8189171B65CCF63DA, /-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=1152&rev=f8708df4deca40adbb837d01915ad109&hash=E1B48A58A56139D1E1171559FB9F4D58 2x" media='(min-width: 768px)'> <source srcset="/-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=640&rev=f8708df4deca40adbb837d01915ad109&hash=8752DFAC944FD58D71AF6BD7B8CE2347, /-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=960&rev=f8708df4deca40adbb837d01915ad109&hash=A9D319F2C25DD59249911A3DE32D5E24 2x" media='(min-width: 320px)'> <img src="/-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=1360&rev=f8708df4deca40adbb837d01915ad109&hash=3D081134F70032BAEAFEC28FE38EB18B" srcset="/-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=1360&rev=f8708df4deca40adbb837d01915ad109&hash=3D081134F70032BAEAFEC28FE38EB18B, /-/media/allianzgi/shared/2023-hero-banners/1920x980-hero-allianz-giobal-investors-global-disruption-edited.jpg?w=2040&rev=f8708df4deca40adbb837d01915ad109&hash=9EAF3FE06D04835DB2491FE51D609F90 2x" class="c-hero-banner__img swiper-lazy" loading=lazy alt="" title="" /> </picture> <div class="c-hero-banner__gradient"></div> </div> <div class="l-container c-hero-banner__container"> <div class="c-hero-banner__content " data-swiper-parallax="-30%" data-swiper-parallax-opacity> <a href="/en/investable-themes/disruption" class="c-heading u-margin-bottom-s u-text-weight-semibold" data-track="teaserClick" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Disruption. Change multiplies opportunity", "bannerPosition":"6"}" > <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> Disruption. Change multiplies opportunity </h1> </a> <div class="c-copy u-margin-bottom-s"> Disruption is all around us. From new technologies to shifting trade patterns, the status quo is being challenged. Embrace disruption to seize the moment. </div> <a href="/en/investable-themes/disruption" class="c-link c-link--block c-hero-banner__link c-link--icon" aria-label="Discover more" target="_self" title="Disruption. Change multiplies opportunity" data-track="teaserClick" href="/en/investable-themes/disruption" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Disruption. Change multiplies opportunity", "bannerPosition":"6"}" > <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> </div> </div> <div class="c-hero-banner__slide"> <div class="c-hero-banner__image-wrapper"> <picture> <source srcset="/-/media/allianzgi/shared/our-firm-redesign/hero-images/1920x980-experts-leadership.jpg?w=1360&rev=0db2c8da30204ab282bf6e29c4972721&hash=90E698FFD30053A12C2AE0D1AFC723A2, /-/media/allianzgi/shared/our-firm-redesign/hero-images/1920x980-experts-leadership.jpg?w=2040&rev=0db2c8da30204ab282bf6e29c4972721&hash=8BD6346F2F743CD91964CAB03360F925 2x" media='(min-width: 1360px)'> <source srcset="/-/media/allianzgi/shared/our-firm-redesign/hero-images/1920x980-experts-leadership.jpg?w=768&rev=0db2c8da30204ab282bf6e29c4972721&hash=F93A8F4AB88C01131D53AF67F9C1CC8C, 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/-/media/allianzgi/shared/our-firm-redesign/hero-images/1920x980-experts-leadership.jpg?w=2040&rev=0db2c8da30204ab282bf6e29c4972721&hash=8BD6346F2F743CD91964CAB03360F925 2x" class="c-hero-banner__img swiper-lazy" loading=lazy alt="" title="" /> </picture> <div class="c-hero-banner__gradient"></div> </div> <div class="l-container c-hero-banner__container"> <div class="c-hero-banner__content " data-swiper-parallax="-30%" data-swiper-parallax-opacity> <a href="/en/our-firm" class="c-heading u-margin-bottom-s u-text-weight-semibold" data-track="teaserClick" data-track-info="{"event":"Hero_Banner","interaction":"click","bannerName":"Allianz Global Investors", "bannerPosition":"7"}" > <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> Allianz Global Investors </h1> </a> <div class="c-copy u-margin-bottom-s"> Our clients can rely on Allianz Global Investors for expertise and solutions that elevate the experience of active investing <nobr>– every</nobr> step of the way. 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MORE</a>.</span></p> </div> </div> <section class="l-container l-container--no-gutters impression-container" data-component="landing-page-tiles"> <div class="l-grid u-margin-top-xl u-margin-bottom-xl"> <div class="l-grid__row align-items-stretch"> <div class="l-grid__column-large-12 u-flex align-items-stretch u-margin-bottom-2m impression-list" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"impression","bannerName":"House View Q1 2025: Fresh thinking","bannerPosition":"1"}'> <div class="c-agi-teaser c-agi-teaser--66-33 c-agi-teaser--reverse" aria-label="House View Q1 2025: Fresh thinking"> <div class="c-agi-teaser__image" tabindex="0"> <a href="/en/insights/outlook-and-commentary/house-view-q1-2025" aria-label="House View Q1 2025: Fresh thinking" data-track="teaserClick" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"click","bannerName":"House View Q1 2025: Fresh thinking","bannerPosition":"1"}'> <figure class="c-image c-image--1dot8by1 "> <img src="/-/media/allianzgi/shared/house-view-q2-2024/house-view-q2-2024-allianz-global-investors.jpg?rev=f45f658352e445ee99423507946fbda6&la=en&h=288&w=564&hash=D1638FBC4C007D67F77DDF3F14CBBC5A" class="c-image__img" alt="House View Q2 2024 - Turning the corner" /> </figure> </a> </div> <div class="c-agi-teaser__content " tabindex="0"> <div class="c-agi-tile t-bg-vibrant-steel-lightest"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <p class="c-copy c-agi-tile__tags"> </p> <h3 class="c-heading c-agi-tile__headline c-heading--link-black"> House View Q1 2025: Fresh thinking </h3> <p class="c-copy c-agi-tile__text"> We focus on Donald Trump’s return to the White House as a game-changer for the US economy and markets. Fresh thinking and broader diversification are advisable as economies diverge in growth, inflation and interest rates. </p> <a class="c-link c-link--block c-link--icon" href="/en/insights/outlook-and-commentary/house-view-q1-2025" aria-label="House View Q1 2025: Fresh thinking" data-track="teaserClick" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"click","bannerName":"House View Q1 2025: Fresh thinking","bannerPosition":"1"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Discover more </span> </a> </div> <div class="c-agi-tile__footer"> <div class="c-agi-tile__footer-content-wrap"> <p class="c-copy c-copy--medium c-agi-tile__author-wrap"> 09/01/2025 </p> </div> </div> </div> </div> </div> </div> </div> <div class="l-grid__column-large-4 l-grid__column-medium-6 u-flex align-items-stretch u-margin-bottom-2m impression-list" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"impression","bannerName":"Fixed Income Forward: January 2025","bannerPosition":"2"}'> <div class="c-agi-teaser " aria-label="Fixed Income Forward: January 2025"> <div class="c-agi-teaser__image" tabindex="0"> <a href="/en/insights/outlook-and-commentary/fixed-income-forward-january-2025" aria-label="Fixed Income Forward: January 2025" data-track="teaserClick" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"click","bannerName":"Fixed Income Forward: January 2025","bannerPosition":"2"}'> <figure class="c-image c-image--1dot8by1 "> <img src="/-/media/allianzgi/redesign-2023/teasers/564x317-teaser-skyscrapers-in-hong-kong.jpg?rev=7075f0c427194cc485bbdbd416c6f32c&la=en&h=317&w=564&hash=5863748257D2932AAC80480C1E98670D" class="c-image__img" alt="Layers of contemporary financial skyscrapers in Central Business District, Hong Kong" /> </figure> </a> </div> <div class="c-agi-teaser__content " tabindex="0"> <div class="c-agi-tile t-bg-vibrant-steel-lightest"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <p class="c-copy c-agi-tile__tags"> Navigating Rates </p> <h3 class="c-heading c-agi-tile__headline c-heading--link-black"> Fixed Income Forward: January 2025 </h3> <p class="c-copy c-agi-tile__text"> Investors are demanding more compensation for holding longer-dated bonds. Benign inflation data has yet to counter the rise of government bond yields. </p> <a class="c-link c-link--block c-link--icon" href="/en/insights/outlook-and-commentary/fixed-income-forward-january-2025" aria-label="Fixed Income Forward: January 2025" data-track="teaserClick" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"click","bannerName":"Fixed Income Forward: January 2025","bannerPosition":"2"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Discover more </span> </a> </div> <div class="c-agi-tile__footer"> <div class="c-agi-tile__footer-content-wrap"> <div class="c-copy c-copy--medium c-agi-tile__author-wrap"> by <a href="/en/search-results?q=Michael Krautzberger" class="c-link c-link--text " data-track='teaserClick' data-track-info='{"event":"Author_Link","interaction":"click","bannerName":"Michael Krautzberger"}'>Michael Krautzberger</a> , <a href="/en/search-results?q=Georgios Georgiou" class="c-link c-link--text " data-track='teaserClick' data-track-info='{"event":"Author_Link","interaction":"click","bannerName":"Georgios Georgiou"}'>Georgios Georgiou</a> | 28/01/2025 </div> </div> </div> </div> </div> </div> </div> </div> <div class="l-grid__column-large-4 l-grid__column-medium-6 u-flex align-items-stretch u-margin-bottom-2m impression-list" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"impression","bannerName":"German election: what is at stake?","bannerPosition":"3"}'> <div class="c-agi-teaser " aria-label="German election: what is at stake?"> <div class="c-agi-teaser__image" tabindex="0"> <a href="/en/insights/outlook-and-commentary/german-election-analysis" aria-label="German election: what is at stake?" data-track="teaserClick" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"click","bannerName":"German election: what is at stake?","bannerPosition":"3"}'> <figure class="c-image c-image--1dot8by1 "> <img src="/-/media/allianzgi/globalagi/editorial/german-election-curtain-raiser/1920x980-german-election-curtain-raiser.jpg?rev=5dfc4e4e43694686a102437cad4b7f80&la=en&h=288&w=564&hash=3394312FBAD3F60ECF780D99C3ACEA9F" class="c-image__img" alt="" /> </figure> </a> </div> <div class="c-agi-teaser__content " tabindex="0"> <div class="c-agi-tile t-bg-vibrant-steel-lightest"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <p class="c-copy c-agi-tile__tags"> Navigating Rates </p> <h3 class="c-heading c-agi-tile__headline c-heading--link-black"> German election: what is at stake? </h3> <p class="c-copy c-agi-tile__text"> Germans head to the polls on 23 February in a federal election that carries far reaching implications for the German economy, as well as potentially European financial markets. </p> <a class="c-link c-link--block c-link--icon" href="/en/insights/outlook-and-commentary/german-election-analysis" aria-label="German election: what is at stake?" data-track="teaserClick" data-track-info='{"event":"Insight_Landing_Tiles","interaction":"click","bannerName":"German election: what is at stake?","bannerPosition":"3"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Discover more </span> </a> </div> <div class="c-agi-tile__footer"> <div class="c-agi-tile__footer-content-wrap"> <p class="c-copy c-copy--medium c-agi-tile__author-wrap"> by <a href="/en/search-results?q=Stefan Hofrichter, CFA" class="c-link c-link--text " data-track='teaserClick' data-track-info='{"event":"Author_Link","interaction":"click","bannerName":"Stefan Hofrichter, CFA"}'>Stefan Hofrichter, CFA</a> | 3 days ago </p> </div> </div> </div> </div> </div> </div> </div> <div class="l-grid__column-large-4 u-flex align-items-stretch u-margin-bottom-2m impression-list" data-track-info='{"event":"Blue_Tile","bannerPosition":"4","interaction":"impression","bannerName":"Sustainable ideas"}'> <div class="c-agi-teaser c-agi-teaser--negative" aria-label="Sustainable ideas"> <div class="c-agi-teaser__image" tabindex="0"> </div> <div class="c-agi-teaser__content" tabindex="0"> <div class="c-agi-tile c-agi-tile--negative t-bg-rich-ocean"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h4 class="c-heading c-agi-tile__headline c-heading--link-black"> Sustainable ideas </h4> <div class="c-copy c-agi-tile__text"> Insights on investing for real-world change. </div> <a href="/en/insights/sustainability-blog/2025-theme-5-working-with-the-modern-workforce" title="2025-theme-5-working-with-the-modern-workforce" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="2025-theme-5-working-with-the-modern-workforce"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Theme 5: Working with the modern workforce [Blog]</span> </a> <a href="/en/insights/sustainability-blog/a-greener-future-for-steel" title="a-greener-future-for-steel" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="a-greener-future-for-steel"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">A greener future for steel [Blog]</span> </a> <a href="/en/insights/sustainability-blog/2025-theme-4-the-case-for-defence" title="2025-theme-4-the-case-for-defence" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="2025-theme-4-the-case-for-defence"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Theme 4: The case for defence [Blog]</span> </a> <a href="/en/insights/sustainability-blog/2025-theme-3-sovereignty-of-climate" title="2025-theme-3-sovereignty-of-climate" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="2025-theme-3-sovereignty-of-climate"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Theme 3: The sovereignty of climate [Blog]</span> </a> <a href="/en/insights/sustainability-blog/2025-theme-2-big-moment-of-truth" title="2025-theme-2-big-moment-of-truth" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="2025-theme-2-big-moment-of-truth"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Theme 2: Big moment of truth [Blog]</span> </a> <a href="/en/insights/sustainability-blog/2025-theme-1-climate-transition" title="2025-theme-1-climate-transition" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="2025-theme-1-climate-transition"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Theme 1: Climate impact to climate transition [Blog]</span> </a> <a href="/en/insights/sustainability-blog/climate-transition-plans" title="climate-transition-plans" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="climate-transition-plans"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">When is a climate transition plan a real plan? [Blog]</span> </a> <a href="/en/insights/sustainability-blog/making-work-pay" title="making-work-pay" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="making-work-pay"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Making work pay [Blog]</span> </a> <a href="/en/insights/sustainability-blog/driving-the-next-phase-of-electric-vehicles" title="driving-the-next-phase-of-electric-vehicles" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="driving-the-next-phase-of-electric-vehicles"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Driving the next phase of electric vehicles [Blog]</span> </a> <a href="/en/insights/outlook-and-commentary/sustainable-investing-in-2025-five-themes-to-watch" title="sustainable-investing-in-2025-five-themes-to-watch" target="" class="c-link c-agi-tile__list-link c-link--negative u-margin-bottom-s c-link--icon" aria-label="sustainable-investing-in-2025-five-themes-to-watch"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Sustainable investing in 2025: five themes to watch</span> </a> </div> </div> </div> </div> </div> </div> </div> </div> </section> <div class="l-container " data-component="general-content" > </div> <div class="component agi-general-content-rte " data-component="general-content" > <div class="l-container u-margin-top-xl u-margin-bottom-2m agi-rte"> <p class="body-one" style="text-align: center; margin-top:-50px;"> <a href="/en/insights/outlook-and-commentary"> <button class="c-button"> <span style="text-transform: uppercase; letter-spacing: 1px;">Explore all our articles</span> </button> </a> </p> <h2 style="text-align: center; margin-top: 32px;">Get to know Allianz Global Investors</h2> <p style="text-align: center;"><span class="body-one">Allianz Global Investors is a leading active asset manager with over 600 investment professionals in more than 20 offices worldwide and managing EUR 560 billion in assets for individuals, families and institutions.*<br /> By being active and investing for the long term, our goal is to elevate the investment experience for our clients and generate value every step of the way.</span></p> <div style="position: relative; display: block; margin: auto; max-width: 960px;"> <div style="padding-top: 56.25%;"> <iframe src="https://players.brightcove.net/5288560598001/NCIT6wBX70_default/index.html?videoId=6283699660001&autoplay=false" allow="encrypted-media" style="position: absolute; top: 0px; right: 0px; bottom: 0px; left: 0px; width: 100%; height: 100%;"> </iframe> </div> </div> <p style="text-align: center;"><span class="note-one">*Data as at 30 September 2024. Source: Allianz Global Investors</span></p> <h2 style="text-align: center; margin-top: 64px; margin-bottom: -40px;">Discover our investable themes</h2> <script> document.addEventListener("DOMContentLoaded", function() { var iframe = document.querySelector("iframe"); if (iframe) { var src = iframe.getAttribute("src"); if (src && !src.includes("autoplay=false")) { iframe.setAttribute("src", src + "&autoplay=false"); } } }); </script> </div> </div> <div class="l-container " data-component="general-content" > </div> <div class="component agi-general-content-rte " data-component="general-content" > <div class="l-container u-margin-top-xl u-margin-bottom-2m agi-rte"> <link rel="stylesheet" href="/-/media/allianzgi/shared/investable-themes/global-styles-and-scripts/investable-themes-navigation-styles.css" /> <style> .first { width: 122px; height: 122px; margin: auto; background-image: url("-/media/AllianzGI/Shared/Icons/special/investable-themes-icons-2024/navigating-rates-empty.png"); background-repeat: no-repeat; 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display: block; margin-top: 40px;"> <div id="tab-content-d76c3709-b53a-4831-a0ce-e75c9cc8acbf_0" class="c-tabs__content__item delayed animated fadeIn" aria-labelledby="item.TabId" role="tabpanel" tabindex="-1"> <div class="l-container " data-component="general-content"> </div> <div class="component agi-general-content-rte " data-component="general-content"> <div class="l-container u-margin-top-xl u-margin-bottom-2m agi-rte"> <div class="l-grid__column-medium-12 u-text-align-left"> <div class="l-grid__row align-items: center"> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <img style="" alt="Navigating Rates" src="/-/media/allianzgi/shared/investable-themes/2022/navigating-rates-564x317.jpg?rev=7fa477f6206d45e388684ff0a97f6560&hash=6CCA7F85B92CEE58D733AD3B1C123061" /> </div> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <h4 style="margin: 16px 0 16px;"> Navigating Rates </h4> <p class="body-one" style="margin-bottom: 16px;"> A dynamic approach is required as investors adapt to shifting interest rates, inflation expectations and exchange rates. Volatility will likely persist: while we expect monetary policy to become gradually less restrictive than in recent times, higher rates will likely uncover weak points as industries feel the impact of elevated borrowing costs. Visibility of how markets will develop remains limited, even in the short term, and expectations could be upended. But we are confident this environment also creates opportunities. <br /> Diversification is key – across public and private markets – and we have the ideas and expertise to navigate the complexity. </p> <p class="body-one" style=""> <a href="/en/investable-themes/rates" class="c-link c-link--block c-link--icon" letter-spacing:1px;"=""> <span class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Learn more </span> </a> </p> </div> </div> </div> </div> </div> </div> <div id="tab-content-d76c3709-b53a-4831-a0ce-e75c9cc8acbf_1" class="c-tabs__content__item active delayed animated fadeIn" aria-labelledby="item.TabId" role="tabpanel" tabindex="-1"> <div class="l-container " data-component="general-content"> </div> <div class="component agi-general-content-rte " data-component="general-content"> <div class="l-container u-margin-top-xl u-margin-bottom-2m agi-rte"> <div class="l-grid__column-medium-12 u-text-align-left"> <div class="l-grid__row align-items: center"> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <img style="" alt="Embracing Disruption" src="/-/media/allianzgi/shared/investable-themes/2022/embracing-disruption-564x317.jpg?rev=9cc7a1a830754bbfba5fb8a1bc31ff5d&hash=BBA466B9213A56388093D2FCFB7C9073" /> </div> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <h4 style="margin: 16px 0 16px;"> Embracing Disruption </h4> <p class="body-one" style="margin-bottom: 16px;"> 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. <br /> 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. <br /> The implications of this new age of disruption will be profound and exponential, and together we can embrace the opportunities. </p> <p class="body-one" style=""> <a href="/en/investable-themes/disruption" class="c-link c-link--block c-link--icon" letter-spacing:1px;"=""> <span class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Learn more </span> </a> </p> </div> </div> </div> </div> </div> </div> <div id="tab-content-d76c3709-b53a-4831-a0ce-e75c9cc8acbf_2" class="c-tabs__content__item" aria-labelledby="item.TabId" role="tabpanel" tabindex="-1" aria-hidden="aria-hidden"> <div class="l-container " data-component="general-content"> </div> <div class="component agi-general-content-rte " data-component="general-content"> <div class="l-container u-margin-top-xl u-margin-bottom-2m agi-rte"> <div class="l-grid__column-medium-12 u-text-align-left"> <div class="l-grid__row align-items: center"> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <img style="" alt="Achieving Sustainability" src="/-/media/allianzgi/shared/investable-themes/2022/achieving-sustainability-564x317.jpg?rev=5c0cfff41e3840328971e2bc92e68c70&hash=52817D2194B1039C5BA8C0B1500FBBD4" /> </div> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <h4 style="margin: 16px 0 16px;"> Achieving Sustainability </h4> <p class="body-one" style="margin-bottom: 16px;"> 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. <br /> 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. </p> <p class="body-one" style=""> <a href="/en/investable-themes/sustainability" class="c-link c-link--block c-link--icon" letter-spacing:1px;"=""> <span class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Learn more </span> </a> </p> </div> </div> </div> </div> </div> </div> <div id="tab-content-d76c3709-b53a-4831-a0ce-e75c9cc8acbf_3" class="c-tabs__content__item" aria-labelledby="item.TabId" role="tabpanel" tabindex="-1" aria-hidden="aria-hidden"> <div class="l-container " data-component="general-content"> </div> <div class="component agi-general-content-rte " data-component="general-content"> <div class="l-container u-margin-top-xl u-margin-bottom-2m agi-rte"> <div class="l-grid__column-medium-12 u-text-align-left"> <div class="l-grid__row align-items: center"> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <img style="" alt="Interpreting China" src="/-/media/allianzgi/shared/investable-themes/2024/transforming-infrastructure-564x317.jpeg?rev=88283005453f41ec982fae432cf9d93c&hash=345D923E4A366913C91679F39057392F" /> </div> <div class="l-grid__column-large-6 l-grid__column-large-6 u-margin-bottom-1m"> <h4 style="margin: 16px 0 16px;"> Transforming Infrastructure </h4> <p class="body-one" style="margin-bottom: 16px;"> 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. <br /> 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. <br /> With our expertise and market access we are working with investors today to transform the infrastructure of tomorrow. </p> <p class="body-one" style="display:none;">  <a href="/en/investable-themes/china" class="c-link c-link--block c-link--icon" letter-spacing:1px;"=""> <span class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text"> Learn more </span> </a> </p> </div> </div> </div> </div> </div> </div> </div> </div> </div> <script src="/-/media/allianzgi/shared/investable-themes/global-styles-and-scripts/investable-themes-navigation-script.js"></script> </div> </div> <section class="component agi-explore-insights impression-container" 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capabilities. </div> <a href="/en/capability-landing" title="Capabilities" target="_self" class="c-link c-link--block c-link--icon" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"Teaser_List","bannerPosition":"1","interaction":"click","bannerName":"Capabilities"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> <div class="c-agi-tile__footer"> <div class="c-agi-tile__footer-content"> </div> </div> </div> </div> </div> <div class="l-grid__column-medium-4 u-margin-bottom-2m navigation-tile u-flex align-items-stretch impression-list" data-track-info='{"event":"Teaser_List","bannerPosition":"2","interaction":"impression","bannerName":"Why partner with us"}'> <div class="c-agi-tile c-agi-tile__full-height t-bg-vibrant-steel-lightest"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h4 class="c-heading c-agi-tile__headline c-heading--link-black" data-track-info='{"event":"Teaser_List","bannerPosition":"2","interaction":"click","bannerName":"Why partner with us"}'> Why partner with us </h4> <div class="c-copy c-agi-tile__text"> Our investment thinking is rooted in our purpose: to help our clients achieve their investment goals. </div> <a href="/en/our-firm" title="Why partner with us" target="_self" class="c-link c-link--block c-link--icon" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"Teaser_List","bannerPosition":"2","interaction":"click","bannerName":"Why partner with us"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Discover more</span> </a> </div> <div class="c-agi-tile__footer"> <div class="c-agi-tile__footer-content"> </div> </div> </div> </div> </div> <div class="l-grid__column-medium-4 u-margin-bottom-2m navigation-tile u-flex align-items-stretch impression-list" data-track-info='{"event":"Teaser_List","bannerPosition":"3","interaction":"impression","bannerName":"AllianzGI Academy"}'> <div class="c-agi-tile c-agi-tile__full-height t-bg-vibrant-steel-lightest"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h4 class="c-heading c-agi-tile__headline c-heading--link-black" data-track-info='{"event":"Teaser_List","bannerPosition":"3","interaction":"click","bannerName":"AllianzGI Academy"}'> AllianzGI Academy </h4> <div class="c-copy c-agi-tile__text"> Access the most current topics and strategies, packaged into interactive and easy to digest learning modules. </div> <a href="https://academy.allianzgi.com/" title="AllianzGI Academy" target="_blank" class="c-link c-link--block c-link--icon" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"Teaser_List","bannerPosition":"3","interaction":"click","bannerName":"AllianzGI Academy"}'> <span aria-hidden="true" class="c-link__icon c-icon 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